Canoo Inc (NASDAQ:GOEV) Gives Topline Forecast

Canoo Inc (NASDAQ:GOEV) stock plunges 26.36% (As on April 2, 11:30:06 AM UTC-4, Source: Google Finance) after the company forecast 2024 revenue well below analyst expectations, amid a broader slowdown in demand for battery-powered cars that has hit startups and forced major automakers to push back EV investment plans. The company has reported GAAP net loss and comprehensive loss of $29.0 million and $302.6 million for the three and twelve months ended December 31, 2023, compared to a GAAP net loss and comprehensive loss of $80.2 million and $487.7 million for the three and twelve months ended December 31, 2022. Adjusted EBITDA of $(54.6) million and $(224.4) million for the three and twelve months ended December 31, 2023, compared to $(60.5) million and $(408.6) million for the three and twelve months ended December 31, 2022. Net cash used in operating activities totaled $251.1 million for the twelve months ended December 31, 2023, compared to net cash used in operating activities of $400.5 million for the twelve months ended December 31, 2022. Net cash used in investing activities was $67.1 million during the twelve months ended December 31, 2023, compared to net cash used in investing activities of $66.8 million during the twelve months ended December 31, 2022. Net cash provided by financing activities was $288.5 million during the twelve months ended December 31, 2023, compared to net cash provided by financing activities of $290.4 million during the twelve months ended December 31, 2022.

Moreover, the company has completed 22 Vehicles for Full Year 2023 and 17 vehicles in Q4, delivered Vehicles to State of Oklahoma, Kingbee, and Zeeba in Q4, 2023 and  $45.0 million Investment from Foreign Strategic Institutional Investor

GOEV in the fourth quarter of FY 23 has reported the adjusted earnings per share of ($1.73), beating the analysts’ estimates for the adjusted earnings per share of ($1.77). The company had reported the adjusted revenue of $370 thousand in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $723.8 thousand

Canoo had also implemented a reverse stock split in March as it sought to regain compliance with the minimum $1 bid price requirement of the Nasdaq exchange.

Canoo said it expects full-year 2024 revenue to be between $50 million and $100 million, below analysts’ expectations of $152.5 million, according to LSEG data. FY 24 Cash Outflow is expected to be in the range of $45 million to $75 million per quarter

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