Canoo Posts Weak Q3 Earnings, Sees Adjusted EBITDA Loss For Second Half Of 2023

Canoo Inc. GOEV shares were volatile in Tuesday's after-hours session following the company's third-quarter financial results.

What To Know: Canoo reported quarterly losses of 18 cents per share, missing the analyst consensus estimate of a loss of 12 cents. The company loss of 43 cents per share from the same period last year.

The company reported quarterly sales of $519,000, missing the Street's estimate of $610,000.

Canoo had cash and cash equivalents of $8.3 million as of Sept. 30. Net cash used in operating activities reached $191.4 million for the nine months ended Sept. 30, compared to $329.9 million for the nine months ended Sept. 30, 2022.

The company issued its outlook for the second half of 2023, with capital expenditures anticipated to be between $30 million and $40 million and Adjusted EBITDA expected to be between losses of $85 million and losses of $105 million.

"We are now in our manufacturing and revenue-generation phase, while we still have things left to prove. We have worked nearly three years to get to this point," said Tony Aquila, Investor, Executive Chairman and CEO of Canoo.

"The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels. We continue to move toward our goal of achieving 20,000 annual unit capacity. I think that's a tribute to the scrappiness of our team driving value to our customers and partners."

Related Link: What's Going On With PaxMedica Stock Today?

GOEV Price Action: Shares of GOEV were down 0.07% at $0.27 in the after-hours session at the time of publication, according to Benzinga Pro. 

Image by Paul Brennan from Pixabay