Canoo Inc (NASDAQ: GOEV) is trading down in extended hours on Tuesday after reporting disappointing financial results for its first quarter.
Canoo reiterates guidance for 2024
Investors are concerned because the future guidance failed to impress as well. $GOEV continues to see its annual revenue coming in the range of $50 million and $100 million in 2024.
Cash outflow, the electric vehicles company added, will be capped at $75 million per quarter. Tony Aquila – the chief executive of Canoo Inc said in a press release today:
We continue to execute on our strategy of acquiring deeply discounted long-lead time assets as we prepare for step level manufacturing.
The Nasdaq-listed firm ended its Q1 with $18.2 million in cash including cash equivalents and restricted cash. Canoo stock is now down well over 50% versus its year-to-date high.
Notable figures in Canoo Q1 earnings release
Canoo lost $57.3 million (adjusted) in its fiscal first quarter that translates to $1.13 per share. In comparison, it had $72 million loss or $3.96 a share last year.
The EV company did not generate any revenue in Q1. CEO Aquila also said on Tuesday:
We are proud that our LDV190 vehicles have been delivered to the USPS South Atlanta Sorting and Delivery Center and are already delivering mail.
The earnings report arrives more than a month after $GOEV management said it has identified substantial doubt the company’s ability to continue as a going concern as Invezz reported here. Still, Wall Street has a consensus “buy” rating on Canoo stock at writing.
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