Canoo Q1 net loss widens to $110.7M; adjusted EBITDA improves to $(48.3)M

Canoo Inc.

2024-Q1 EPS reported -$2.20

Adjusted EBITDA loss of $(48.3)M improved 28% YoY and 11.5% QoQ.
GAAP net loss of $(110.7)M vs $(90.7)M in Q1 2023; includes $58.6M loss on convertible debt fair value change.
Adjusted EPS of $(1.13), improving from $(3.96) in Q1 2023 and $(1.73) in Q4 2023.
Cash and restricted cash $18.2M; would be $34.7M if Series C preferred fully drawn.
Delivered LDV190s to USPS; entered Saudi market; expects $50M capex reduction from equipment purchases.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Canoo Inc. reported the first quarter ended March 31, 2024 results: net income $(110.7) million, EPS $(1.13) per share. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Net income: $(110.7) million
EPS: $(1.13) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On May 14, 2024, Canoo Inc. (the “Company”) issued a press release announcing certain financial and other results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001628280-24-023231

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