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Canoo Inc. Announces Second Quarter 2024 Results
Canoo Inc. (Nasdaq: GOEV) reported its Q2 2024 financial results, showing progress in customer acquisition and operational efficiency. The company achieved a quarterly revenue record of $605K and improved its Adjusted EBITDA by 38% year-over-year to $(38.6) million. Canoo reduced its operating expenses by 33% compared to Q1 2024 and decreased total quarterly cash outflow by 49% year-over-year.
Key developments include successful pilots with international customers, advancements in large commercial fleet acquisitions, and the relocation of headquarters from California to Texas. The company also made progress in its Oklahoma City facility and received approval for Foreign Trade Zone activation.
Canoo reaffirmed its cash flow guidance for 2024 and expects Adjusted EBITDA to be between $(120) million to $(140) million for the second half of the year.
Canoo Inc. (Nasdaq: GOEV) reported its Q2 2024 financial results, showing progress in customer acquisition and operational efficiency. The company achieved a quarterly revenue record of $605K and improved its Adjusted EBITDA by 38% year-over-year to $(38.6) million. Canoo reduced its operating expenses by 33% compared to Q1 2024 and decreased total quarterly cash outflow by 49% year-over-year.
Key developments include successful pilots with international customers, advancements in large commercial fleet acquisitions, and the relocation of headquarters from California to Texas. The company also made progress in its Oklahoma City facility and received approval for Foreign Trade Zone activation.
Canoo reaffirmed its cash flow guidance for 2024 and expects Adjusted EBITDA to be between $(120) million to $(140) million for the second half of the year.
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