Summary by Moomoo AI
Canoo Inc. reported Q3 2024 financial results with revenue increasing 72% year-over-year to $0.9 million, while posting a net income of $3.3 million compared to a net loss of $112 million in Q3 2023. The company achieved a positive gross margin of $0.7 million in Q3. Operating expenses rose 24% to $59.9 million, including $16.1 million in reorganization costs related to the Torrance facility closure.The company's cash position remained critical with only $1.5 million in cash and cash equivalents as of September 30, 2024. Management secured a new $12 million revolving credit facility in November 2024 but indicated substantial doubt about the company's ability to continue as a going concern. Operating cash burn improved to $109.9 million for the nine months, compared to $191.4 million in the prior year period.Looking ahead, Canoo continues to...Show More
