GOEV - Canoo stock news: the EV startup narrowed its revenue in Q4
2023-03-30 20:15:26 ET
Canoo Inc ( NASDAQ: GOEV ) is trading slightly down in extended hours even though it reported to have narrowed its loss in the fiscal fourth quarter.
Canoo stock down on no revenue for the quarter
The electric vehicles startup lost $80.2 million in its recently concluded quarter that translates to 25 cents per share. In comparison, it had $138.1 million of loss a year ago or 60 cents a share.
The EV stock is down perhaps because the company is yet to see revenue in a quarter. In the earnings press release , CEO Tony Aquila said:
In 2022, we focused on achieving our milestones, including: managing legacy matters, increasing commitment to Grade A credit customers, completing Phase 1 manufacturing and pushing forward our strategy in America’s heartland.
Canoo stock is down about 50% for the year at writing.
What else was noteworthy in Canoo Q4 results
In the final quarter of 2022, Canoo Inc also announced GCC Olayan as distributor of its EVs in Saudi Arabia. The automotive company ended last year with $36.6 million of cash and cash equivalents.
The Nasdaq-listed firm expects up to $70 million of operating expenses in its current financial quarter. CEO Aquila added:
We continue to optimise manufacturing and cost efficiency and shifted more than 90% of our supply chain to U.S. or allied nations. In addition, we delivered our first vehicle, the LTV – to the U.S. Army.
The Torrance-headquartered firm is also committed to scaling production this year, the press release confirmed. Wall Street currently has a consensus “overweight” rating on Canoo stock.
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