- Canoo ( NASDAQ: GOEV ) shares fell 16% on Tuesday after the company released its second quarter's results.
- The electric vehicle maker has reported net loss of $164.4M for the quarter compared to the loss of $112.6M in a year-ago quarter.
- GAAP EPS stood at -$0.68.
- Adjusted EBITDA Loss expanded to $149.8M from $76.7M in Q2 2021.
- CEO Tony Aquila commented "We have more than $1 billion in our sales pipeline which includes our recently announced commercial order. We have successfully completed 90% of our structural crash testing in the quarter and are now moving to the final phase of Federal Motor Vehicle Safety Standard certification."
- The company has signed a definitive deal with Walmart where it agrees to purchase 4,500 units, beginning with the lifestyle delivery vehicle with an option to purchase up to 10,000 units.
- Net cash used in operating activities totaled $237.6M for the six months ended June 30, 2022, compared to $108.8M for the six months ended June 30, 2021.
- The company ended the quarter with cash and cash equivalents of $33.80M.
- "We are advancing to Start of Production in Q4 and, our product resonates with the most discerning customers," added Aquila.
- Second-Half Outlook: Canoo expects operating expenses to range between $200-$245M; Capital expenditure is forecasted to range within $100-$125M.
- On July 27, 2022, Seeking Alpha Quant system flagged warning at Sell rating, stating GOEV is at the high risk of performing badly as it has inferior profitability and is overpriced when compared to other consumer discretionary stocks.
- Wall Street analysts , on an average, maintain a Buy on GOEV while SA authors give a Hold .
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EV stock Canoo tumbles after second quarter's results