Canoo Inc., an advanced mobility technology company, has reported its financial results for the year ended December 31, 2023. The company generated revenue of $0.9 million, primarily from vehicle sales and engineering services. However, the cost of revenue was significantly higher at $2.4 million, resulting in a negative gross margin of $1.5 million. Research and development expenses decreased by 53% to $139.2 million, while selling, general, and administrative expenses also saw a reduction of 42% to $113.3 million. The company's net loss improved by 38% to $302 million compared to the previous year. Canoo's business development has been marked by the commercialization of its first production vehicles and a commitment to manufacturing fully electric vehicles in Oklahoma, focusing on sustainability and supporting customers' net zero emissions goals. The company...Show More

Canoo Inc., an advanced mobility technology company, has reported its financial results for the year ended December 31, 2023. The company generated revenue of $0.9 million, primarily from vehicle sales and engineering services. However, the cost of revenue was significantly higher at $2.4 million, resulting in a negative gross margin of $1.5 million. Research and development expenses decreased by 53% to $139.2 million, while selling, general, and administrative expenses also saw a reduction of 42% to $113.3 million. The company's net loss improved by 38% to $302 million compared to the previous year. Canoo's business development has been marked by the commercialization of its first production vehicles and a commitment to manufacturing fully electric vehicles in Oklahoma, focusing on sustainability and supporting customers' net zero emissions goals. The company's future plans include continuing to innovate and develop its business, with strategic investments in technology and products to capture growing markets in commercial and passenger vehicles, upfitting and accessories, and telematics data. Despite these developments, management has expressed substantial doubt about the company's ability to continue as a going concern over the next twelve months.