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Canoo Inc. Announces Third Quarter 2021 Results
Canoo's third-quarter loss was narrower than expected.

Canoo Inc., an electric vehicle (“EV”) with a proprietary and highly versatile EV platform for personal and business use, has announced its financial results for the third quarter of 2021.

The company also announced about their expansion plans and about its battery supplier Panasonic. They also announced the establishment of technology hubs in Tulsa, Oklahoma, and Fayetteville, Arkansas to support R&D in electronics, power trains, battery, vehicle engineering, and testing, as well as expanded operations at its first U.S. factory in Oklahoma, which is currently under construction.

“Our discipline continues to be Big News or No News. Therefore, we will accelerate our advanced manufacturing production in the U.S. to begin before Q4 2022,” stated Tony Aquila, Investor, Chairman & CEO at Canoo Inc. “In June we announced Pryor, Oklahoma as the location for our owned manufacturing facility. We have expanded this partnership to include Arkansas and additional locations in Oklahoma.
We will now focus on completing the definitive agreements with each state, which will include approximately $100 million in additional non-dilutive financial incentives, making the total approximately $400 million. In addition, with these agreements, we are targeting approximately $100 million in vehicle orders with the states and universities where we are locating these facilities.”

Canoo, the electric automaker that became a publicly-traded company last year, is expanding its U.S. footprint with plans to establish its headquarters and an advanced manufacturing industrialized facility in Bentonville, Arkansas.

“This is an advanced manufacturing facility that will allow us to produce vehicles for unique use cases as well as accelerate our testing into gamma,” said Canoo CEO and Chai Tony Aquila on Monday. “We’re looking for ways to take down the traditional go-to-market way and this will produce vehicles that we will sell, as well.”

 

Third Quarter Financial Highlights:

Cash and cash equivalents of $414.9 million as of September 30, 2021.

GAAP net loss and comprehensive loss of $80.9 million and $208.7 million for the three and nine months ended September 30, 2021, compared to a GAAP net loss and comprehensive loss of $23.4 million and $77.5 million for the three and nine months ended September 30, 2020, respectively.

The GAAP net loss and comprehensive loss for the three and nine months ended September 30, 2021, included a gain of $25.8 million and $101.2 million on the fair value change of the contingent earnout shares liability, respectively.

The company reported a net loss of $80.9 million in the third quarter, about a fourfold increase from the $23.4 million in losses it reported in the same period last year.

Adjusted EBITDA of $(85.8) million and $(212.3) million for the three and nine months ended September 30, 2021, compared to $(20.1) million and $(60.8) million for the three and nine months ended September 30, 2020, respectively.

Net cash used in operating activities totaled $180.6 million for the nine months ended September 30, 2021, compared to $65.1 million for the nine months ended September 30, 2020.

Net cash used in investing activities was $100.1 million during the nine months ended September 30, 2021, compared to $1.2 million during the nine months ended September 30, 2020.

Canoo Inc. is surged over 20 percent by the time of writing this post.

CANOO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share values)

UNAUDITED

Three months ended

Nine months ended

September 30, 

September 30, 

2021

2020

2021

2020

Revenue

$

$

2,550

$

$

2,550

Costs and Operating Expenses

Cost of revenue, excluding depreciation

670

670

Research and development expenses, excluding depreciation

59,387

18,923

158,033

52,858

Selling, general and administrative expenses, excluding depreciation

45,510

8,405

144,072

15,897

Depreciation

2,109

1,738

6,317

5,179

Total costs and operating expenses

107,006

29,736

308,422

74,604

Loss from operations

(107,006)

(27,186)

(308,422)

(72,054)

Other (expense) income

Interest income (expense)

33

(1,094)

79

(10,465)

Gain on extinguishment of debt

5,045

5,045

Gain on fair value change in contingent earnout shares liability

25,764

101,166

Loss on fair value change in private placement warrants liability

(1,639)

Other income (expense), net

334

(155)

160

(47)

Loss before income taxes

(80,875)

(23,390)

(208,656)

(77,521)

Provision for income taxes

Net loss and comprehensive loss

$

(80,875)

$

(23,390)

$

(208,656)

$

(77,521)

Per Share Data:

Net loss per share, basic and diluted

$

(0.35)

$

(0.20)

$

(0.92)

$

(0.82)

Weighted-average shares outstanding, basic and diluted

228,477

116,293

226,747

94,05

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