Canoo Inc (NASDAQ: GOEV) stock rose over 1.6% on 18th May, 2021 (as of 11:23:15 UTC-4 · USD; Source: Google finance) after the company in the first quarter of FY 21 has reported the GAAP Net loss and comprehensive loss of $15.2 million for the three months ended March 31, 2021 compared to a GAAP Net loss and comprehensive loss of $30.9 million for the three months ended March 31, 2020. The company delivered Adjusted EBITDA of $(49.8) million for the three months ended March 31, 2021 compared to $(23.0) million for the three months ended March 31, 2020. The company generated net cash used in operating activities of $53.9 million for the period ended March 31, 2021 compared to $23.7 million for the period ended March 31, 2020. The company incurred capital expenditures of $12.1 million during the three months ended March 31, 2021 compared to $0.7 million during the three months ended March 31, 2020. The company’s cash and cash equivalents stood at $641.9 million as of March 31, 2021.
For the first quarter of 2021, the company had announced Pickup Truck. The company had continued to build executive bench with key hires in the areas of Go to Market, Fleet Sales and Software Development. The company in the first quarter grew FTE & contract headcount by approximately 28% compared to year-end 2020 to 544 employees and contractors. As the company focus on innovation, R&D employees which are almost entirely comprised of engineers, make up 80% of the company’s workforce. In addition, the company has priced the vehicles in line with the mission to bring EVs to everyone and opened most of the line-up for preorders, the Lifestyle Vehicle and its variants, the Multi-Purpose Delivery Vehicle and the Pickup Truck. The company is on track to start production in 2022 and ramp to 15,000 units in 2023
Moreover, the company has recently appointed Tony Aquila, who is the Chairman & CEO to lead the next phase of company’s growth. The company has announced targeted pricing starting from $34,750 – $49,950i for the Lifestyle Vehicle Base, Premium and Delivery models, before incentives, or optional equipment. The company has opened pre-orders for Lifestyle Vehicle and Pickup Truck. The company has also expanded employee hubs to three facilities in strategic locations: California, Texas and Michigan. The company has recently announced advanced electric power research collaboration with University of Wisconsin.
For the Second Quarter 2021, Canoo expects Operating Expenses (excluding stock-based compensation and depreciation) to be in the range of $65M – $75M and Capital Expenditures to be in the range of $45M – $55M