A third quarter financial report by EV manufacturer Canoo could be heavily anticipated after the company, with a manufacturing plant in Oklahoma City and operations in Pryor, recently withdrew its 2024 revenue guidance.
The struggling company had previously expected revenue for the third quarter to be between $100,000 and $1.2 million. The withdrawal came after second quarter adjusted EBITDA totaled $38.6 million, an improvement of 38% compared to a year earlier.
Still, Canoo had an adjusted net loss per share of 61 cents but it described it as a 46% improvement from a loss of $1.13 per share in the first quarter of 2024.
Canoo had yet to announce a date for the release of the third quarter earnings report. But a recent filing with the Securities and Exchange Commission indicated Canoo recently received a $2.5 million prepaid advance from a Cayman Islands exempt limited company. Under terms of a July 2024 contract with YA II PN, Ltd, Canoo could request advances up to $15 million in cash. In exchange, Canoo issued to Yorkville a warrant to buy approximately 1.2 million of common stock in 2025.
Canoo Inc. recently announced its expansion into the United Kingdom market by establishing Canoo Technologies UK Limited, a new legal entity in the UK, marking a significant milestone in the company’s global expansion strategy.
Canoo selected Bicester Motion, an iconic automotive campus, as a key location that reflects the company’s spirit of innovation and commitment to sustainability. This decision and location, being a former WWII Royal Air Force base, underscores the long-standing partnership between the United States and the United Kingdom, a relationship built on shared values, economic collaboration, and mutual trust.
This move signifies a pivotal step in Canoo’s global expansion, setting the stage for the company to introduce groundbreaking commercial electric vehicle (EV) solutions to the UK. Bicester Motion will serve as Canoo’s future operations, customer, and activation center, providing a dynamic base for its commercial efforts across the UK and Europe. The Canoo space plans to open in October.
Canoo recently boasted that Lifestyle Delivery Vehicle 190 (LDV 190) had won the “Overall Electric Vehicle of the Year” award by AutoTech Breakthrough Awards.
The “Overall Electric Vehicle of the Year” accolade acknowledges the LDV 190 for its groundbreaking performance, outstanding range, advanced safety features and sleek design that sets it apart. The AutoTech Breakthrough Awards recognizes the best companies, products and innovations across the global automotive and transportation industry. This year’s program attracted thousands of nominations from all over the world.
Designed with the lowest and flattest platform in the industry, the LDV 190 offers superior maneuverability and flexibility, making it an ideal solution for urban delivery, mobile businesses and a variety of large commercial and government fleet customers globally. Canoo’s focus on sustainability is reflected in the LDV 190, utilizing eco-friendly materials while delivering the longest range in the Class 2 segment.
The LDV 190 offers an EPA estimated range of 200 miles, reducing downtime and boosting productivity. Equipped with advanced driver-assistance systems (ADAS), real-time data analytics and over-the-air software updates, it ensures continuous improvements in safety, efficiency and functionality, keeping the vehicle at the forefront of innovation.
