Canoo Inc. · Q1 2023 earnings

Briefing

Canoo announced its first quarter 2023 financial results, reporting a net loss of $90.7 million and adjusted EBITDA of $(67.1) million.

Canoo Inc. reported its Q1 2023 financial results, featuring a GAAP net loss of $90.7 million and an adjusted EBITDA loss of $67.1 million. The company had $6.7 million in cash and cash equivalents as of March 31, 2023, which would have been $69.7 million after considering subsequent financing activities. Canoo is focused on achieving a 20K run-rate by the end of 2023 and targeting gross margin positivity in 2025.

• Raised over $150 million in on and off balance sheet financing.
• LDV vehicle is eligible for the full IRA commercial tax credit of $7,500 in 2023.
• GAAP net loss and comprehensive loss of $90.7 million for the three months ended March 31, 2023, compared to a GAAP net loss and comprehensive loss of $125.4 million for the three months ended March 31, 2022.
• Adjusted EBITDA of $(67.1) million for the three months ended March 31, 2023, compared to $(117.4) million for the three months ended March 31, 2022.

Headline financials

Revenue & EPS history

Canoo expects operating expenses (excluding stock-based compensation and depreciation) between $40 million and $60 million and capital expenditures between $10 million and $20 million for the second quarter of 2023.