Canoo Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.
For Q3 2024, Canoo generated revenue of $891,000, a 72% increase from $519,000 in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $1.497 million, up 188% from $519,000 in the same period last year. Despite this growth in revenue, the company reported a loss from operations of $(59.2 million) for Q3 2024, compared to $(48.8 million) in Q3 2023, marking a 21% increase in operational losses. However, for the nine-month period, the loss from operations decreased to $(165 million) from $(203.9 million), reflecting a 19% improvement.
Canoo's total operating expenses for Q3 2024 were $59.9 million, a 24% increase from $48.4 million in Q3 2023. In contrast, total operating expenses for the nine months ended September 30, 2024, decreased by 19% to $164.5 million from $203.5 million in the prior year. The company reported a net income of $3.3 million for Q3 2024, a significant turnaround from a net loss of $(112 million) in Q3 2023. For the nine months, however, the net loss was $(112.4 million), an improvement from $(273.6 million) in the same period last year.
Canoo's cash and cash equivalents as of September 30, 2024, were $1.5 million, a sharp decline from $6.4 million at the end of 2023. The company’s total current liabilities increased to $202.3 million from $184.4 million at the end of 2023. The accumulated deficit also grew to $(1.6 billion) from $(1.5 billion) over the same period.
Strategically, Canoo has faced challenges, including a workforce reduction initiated in August 2024, which involved relocating employees and assets from its Torrance, California facility to Oklahoma and Texas. The company incurred $0.1 million in employee-related relocation costs during Q3 2024, with a remaining liability of $3.3 million related to the reorganization.
Canoo's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to support operations and ongoing investments in technology and manufacturing. The company is exploring various financing options, including debt and equity financing, amid challenging macroeconomic conditions.
About Canoo Inc.
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