What will quarterly financial results show for EV maker Canoo?


Investors in the struggling EV manufacturer Canoo will be anxious to learn the second quarter earnings report when it is released on Monday, August 14.

The company, with operations in Oklahoma City and Pryor as well as incentive deals with the Oklahoma Department of Commerce, will report its financial results after the market closes on that day.

Leadership will hold a conference call and live webcast at 4 p.m. Central Time on the same day.

Canoo is coming off a second quarter where it incurred an adjusted net loss of $72 million compared to $120.1 million for the three months ended March 31, 2022. However, the net loss and comprehensive loss for the time period was $90.7 million, down from the $125.4 million lost a year earlier.

In the same quarter, Canoo reported it had raised more than $150 mllion in on and off balance sheet financing. It also said a battery module manufacturing system had been delivered at its operations in Pryor while the initial installation of a general assembly line was underway at the Oklahoma City campus located at I-40 and Morgan Road.

The Oklahoma City assembly line was to include innovative robotics, a paint shop and an upfitting center. The I-40 location includes a 500,000-square-foot-building.

Just a month ago, Canoo announced it had delivered on time three Crew Transportation Vehicles to NASA’s Kennedy Space Center in Florida. The vehicles will transport the astronauts to the launch pad for the Artemis lunar missions.