Even as EV maker Canoo announced this week it had delivered the first of its cars to the state of Oklahoma, the company also reported a net loss of $112 million in the third quarter of the fiscal year. It also slashed spending plans for the remainder of the year.
The firm said the loss for the nine months ended September 30 totaled $273.6 million. The losses compared to $117.7 million in the third quarter and $407.5 million in the ninth month period that ended one year ago.
Canoo’s adjusted net loss was $46.1 million for the third quarter and $187.2 million for the nine months. It was better than the $86.5 million lost in the third quarter of last year and the $359.3 million for the month months ended September 30, 2022.
With Defense Department, NASA and Walmart contracts, the company is projecting a core loss to be between $85 million and $105 million in the second half compared to its previous range of $120 million to $140 million.
Canoo’s revenue came in at $519 million. Adjusted loss per share was 6 cents, compared with LSEG estimates of a 12-cent loss.
“We are now in our manufacturing and revenue-generation phase, while we still have things left to prove. We have worked nearly three years to get to this point,” said Tony Aquila, Investor, Executive Chairman and CEO of Canoo.
“The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels. We continue to move toward our goal of achieving 20,000 annual unit capacity. I think that’s a tribute to the scrappiness of our team driving value to our customers and partners.”
The company announced this week that it had received an EPA permit for its Oklahoma City plant located along Interstate 40 in the west side of the city. It also had started assembling workforce at its Oklahoma operations, expecting 20-25% to be Oklahoma based by the end of the fourth quarter.