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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share values)
Three months ended
Nine months ended
Costs and Operating Expenses
Cost of revenue, excluding depreciation
Research and development expenses, excluding depreciation
Selling, general and administrative expenses, excluding depreciation
Total costs and operating expenses
Loss from operations
Other (expense) income
Interest income (expense)
Gain on extinguishment of debt
Gain on fair value change in contingent earnout shares liability
Loss on fair value change in private placement warrants liability
Other income (expense), net
Loss before income taxes
Provision for income taxes
Net loss and comprehensive loss
Per Share Data:
Net loss per share, basic and diluted
Weighted-average shares outstanding, basic and diluted