By Michael Elkins
Shares of Canoo Inc. (NASDAQ:GOEV) are down almost 16% in mid-day trading Tuesday after the company reported 2Q results and offered forward-looking commentary during the earnings call.
The electric van company reported a 2Q adjusted EPS loss of $(0.68), compared to a loss per share of $(0.50) in the year-ago period, while analysts were expecting an EPS loss of $(0.53).
GOEV reported an adjusted EBITDA of $(149.8) million, compared to $(76.7) million in the year-ago quarter. As of June 30, 2022, Canoo had access of up to $250 million, including approximately $220 million of unused capacity on its SEPA facility, and cash and cash equivalents of $33.8 million.
The company launched advanced delivery tuning with Walmart (NYSE:WMT) to finalize vehicle configuration in the Dallas–Fort Worth metroplex. Canoo completed over 265 tests related to crash and safety in Gamma program. The Gamma fleet has achieved 153,000 miles across real and simulated driving.
Tony Aquila, Chairman, and CEO of Canoo, spoke on the company’s future during the call.
"We have more than $1 billion in our sales pipeline which includes our recently announced commercial order. We have successfully completed 90% of our structural crash testing in the quarter and are now moving to the final phase of Federal Motor Vehicle Safety Standard certification," said Aquila. "We have navigated a tough global economic backdrop in the first half, and will continue to take a disciplined, long-term, strategic and focused approach to deliver on our announced built in America vehicles, which are for and by America first with the intent of making EV's available to everyone. We have also introduced phase one of our just in time, milestone based approach to accessing the capital markets which aid us as we continue to build on access to non-dilutive capital. We are advancing to Start of Production in Q4 and, our product resonates with the most discerning customers."
The company was listed at $3.3044 per share at the time of this report. Down 16.13% from yesterday trading.