Canoo Posts Weak Q3 Earnings, Sees Adjusted EBITDA Loss For Second Half Of 2023
Portfolio Pulse from Ryan Gustafson
Canoo Inc. (NASDAQ:GOEV) reported Q3 losses of 18 cents per share, which was below the analyst consensus estimate of a 12-cent loss. Year-over-year, the loss widened from 43 cents per share. Quarterly sales were $519,000, also missing the expected $610,000. The company's cash reserves stood at $8.3 million, with net cash used in operating activities totaling $191.4 million for the nine months ending Sept. 30. Canoo forecasts an adjusted EBITDA loss of $85 million to $105 million for the second half of 2023. Despite the financial results, CEO Tony Aquila expressed optimism about the company's transition to manufacturing and revenue generation, aiming for an annual unit capacity of 20,000. After the earnings release, GOEV shares saw a slight decrease of 0.07% in after-hours trading.
November 14, 2023 | 10:36 pm
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NEGATIVE IMPACT
Canoo Inc. reported weaker than expected Q3 earnings with a larger per-share loss and lower sales than anticipated. The company also projected significant EBITDA losses for H2 2023, but remains focused on scaling up production.
The negative earnings report and the projected EBITDA losses for the second half of 2023 are likely to impact investor confidence negatively, leading to a potential short-term decline in GOEV's stock price. However, the CEO's optimistic comments about the future may mitigate some of the negative sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100