Summary by Moomoo AI
On November 13, 2024, Canoo Inc., a Delaware-incorporated electric vehicle company, released its financial results for the third quarter ending September 30, 2024. The company reported a quarterly revenue of $0.9 million and a year-to-date revenue of $1.50 million. Despite a quarterly Adjusted EBITDA loss of $(37.7) million, this represented a 2% improvement compared to the third quarter of 2023. The Adjusted Net Loss Per Share improved significantly by 67% to $(0.54) from $(1.71) in the same quarter of the previous year. Canoo also reduced its quarterly cash outflow by 20.7% from the second quarter of 2024 and by 58.6% from the third quarter of 2023. The company is undergoing a consolidation of operations, moving from California to Texas and Oklahoma, which is expected to save approximately $12 million to $14 million annually. Canoo's...Show More
