Shares of struggling electric vehicle maker Canoo, Inc. GOEV slid in after-hours trading on Thursday following the release of the company’s quarterly results.
Earnings Beat, Cash Drawdown: Canoo reported a fourth-quarter GAAP net loss of $80.2 million and a comprehensive loss of $487.7 million for the fourth quarter, narrower the year-ago numbers of $138.1 million and $346.8 million, respectively.
The company noted that the fourth-quarter numbers for 2022 included a gain on the fair value change of the contingent earnout share liability of $3.2 million and $26 million, respectively.
Adjusted EBITDA came in at a negative $60.7 million for the fourth quarter, narrower than the $120.3 million EBITDA loss a year earlier.
Net loss per share narrowed from $0.60 to $0.25, coming in better than the consensus estimate for a loss of $0.35 per share.
Canoo is a pre-revenue company and has yet to collect revenue. The company delivered its first new light-tactical vehicle, or LTV, to the U.S. for analysis and demonstration in early December, in fulfillment of the contract awarded in July 2022.
Cash, cash-equivalents at the end of 2022 stood at $36.59 million, down from $224.72 million at the end of 2021.
The company projects operating expenses, excluding stock-based compensation and depreciation, of $55 million to $70 million and capital expenditure of $30 million to $45 million.
See Also: Best Electric Vehicle Stocks
SEC Settlement: The EV maker said it reached a $1.5 settlement with the SEC. The company has been in the regulator's crosshairs since May 2021 over its SPAC deal with Hennessy Capital Acquisition Corp, as well as its operations, business models, strategy, customer agreement, earnings and executive departures.
Why It’s Important: Canoo has a modular electric platform that can deliver maximum interior space, customizable to the requirements of consumers. Its pipeline includes a lifestyle vehicle, a multi-purpose delivery van and a pickup truck, all electrified.
The EV maker has a definitive agreement in place to supply 4,500 EVs to Walmart and binding agreements with fleet management companies Zeeba and Kingbee as well.
Like all EV startups, the company is facing liquidity problems. In May 2022, the company warned it may not have funds to bring its EVs to the market. The company announced a $52.5 million capital raise earlier this year through a registered, direct offering.
It is also plagued by other issues, including product delays, the exit of its co-founders and legal troubles.
In after-hours trading on Thursday, Canoo traded down 3.69% to $0.60, according to Benzinga Pro data.
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