Canoo's downbeat forecast sends stock tumbling, in latest EV setback

By Emily Bary

EV maker Canoo disappoints with its latest revenue total and outlook

Electric-vehicle maker Canoo Inc. disappointed with its latest financial results and outlook, sending its stock tumbling late Monday.

The maker of electric trucks and delivery vans expects $50 million to $100 million in annual revenue this year, while predicting a cash outflow of $45 million to $75 million a quarter. Analysts tracked by FactSet were expecting $152.5 million in 2024 revenue.

Read: Tesla has had a 'nightmare' first quarter amid weak China demand

The company said that it completed 22 vehicles in 2023, which included 17 during the fourth quarter. Canoo (GOEV) racked up a $29 million net loss and comprehensive loss in the fourth quarter, whereas it lost $80 million in the same period a year before.

Quarterly revenue amounted to $367,000; the company didn't generate revenue in the year-prior quarter. Analysts were expecting about $700,000 in quarterly revenue.

Shares dropped 30% in Monday's extended session. They've fallen 35% so far this year, and they've plunged 74% over the past 12 months as the business experiences challenges.

The company had a $203 million market value as of Monday's close. Canoo's 10-K annual filing contained a "going-concern" doubt, as did the company's prior 10-Q for the third quarter.

Upstart EV companies have had a rough recent go, with Fisker Inc. (FSRN) disclosing last week that talks with a big automaker fell through. The New York Stock Exchange said at the time that it would begin the delisting process for its stock.

See also: Fisker warns of possible 'event of default' following NYSE move to delist stock

-Emily Bary

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04-01-24 1921ET

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