Summary by Moomoo AI
Canoo Inc. reported Q3 2024 revenue of $0.9 million and year-to-date revenue of $1.50 million. The company's quarterly Adjusted EBITDA was $(37.7) million, showing a 2% improvement versus Q3 2023. Cash outflow decreased to $31.3 million in Q3, a 20.7% reduction from Q2 2024 and 58.6% from Q3 2023.The company is consolidating operations from California to Texas and Oklahoma, expecting annual savings of $12-14 million. Key developments include achieving final activation of Oklahoma City facility Foreign Trade Zone, launching UK commercial operations, and commencing first pilot with a major UK fleet operator.As of September 30, 2024, Canoo had cash and restricted cash of $16 million. The company reported GAAP net income of $3 million for Q3, including a $62 million gain on warrant and derivative liability fair value changes. For Q4 2024, Canoo projects cash outflow of $30-40 million and Adjusted EBITDA of $(30-35) million.
