GOEV - Canoo stock sinks despite lighter than expected loss

2023-03-30 17:06:07 ET

Canoo ( NASDAQ: GOEV ) shares wavered in a wide range during Thursday’s extended session after posting a mixed earnings result.

For its fiscal fourth quarter, the California-based EV startup posted a loss of $0.25 per share and recorded no revenue. Analysts had anticipated a $0.35 per share loss. Net losses for the full year 2022 narrowed to $83.17M as compared to $141.48M in 2021.

"In 2022, we focused on achieving as many of our milestones as possible, including: aggressively managing legacy matters, increasing our commitment to Grade A credit customers, completing our Phase 1 manufacturing and pushing forward on our strategy in America's heartland,” CEO Tony Aquila said. “We continue to optimize manufacturing and cost efficiency and already shifted more than 90% of our supply chain to the US or allied nations.  In addition, we delivered our first vehicle, the LTV – to the US Army.”

Aquila added that the company is “focused on bringing our facilities online, scaling production and aligning with our strategic distribution partners for our global expansion,” but did not update production targets. The company had previously projected 20K vehicles to be manufactured in 2023.

Management expects operating expenses for Q1 to range from $55M  to $70M while capital expenditures are slated to range from $30M to $45M. The company ended 2022 with $36.6M in cash and cash equivalents.

Elsewhere, the company said that it has settled an SEC Investigation and agreed to pay a $1.5M penalty. An investigation was launched in 2021 with a broad scope to investigate the company’s SPAC merger.

Shares of Canoo ( GOEV ) rose nearly 3% after the bell before slumping over 10% on significant volume in after hours trading on Thursday. Shares slid 9.13% as its conference call kicked off at 5PM ET.

Read more on the details of the results .

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