Canoo Q1 Results: EV Manufacturer Misses Wall Street Forecasts
Portfolio Pulse from Erica Kollmann
Canoo Inc. (NASDAQ:GOEV) reported Q1 financial results with losses of $1.13 per share, missing analyst estimates of 97 cents per share losses. The company had zero sales, aligning with estimates. Operating and investing cash usage decreased compared to the previous year, and cash reserves stood at $18.2 million. Canoo's guidance remains unchanged, highlighting the delivery of LDV190 vehicles to the USPS South Atlanta Sorting and Delivery Center. Shares dropped 1.79% to $2.74 in aftermarket trading.
May 14, 2024 | 8:27 pm
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NEGATIVE IMPACT
Canoo Inc. reported Q1 losses greater than expected and zero sales, which was anticipated. Despite reduced cash usage and maintaining guidance, shares fell 1.79% after hours.
The negative earnings surprise and confirmation of zero sales could dampen investor sentiment in the short term, leading to a decrease in stock price. The after-hours price action suggests immediate negative market reaction. However, the reduction in cash usage and unchanged guidance provide some positive signals that might mitigate the impact slightly.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100