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Canoo (GOEV)

Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that defies traditional ownership to put customers first. Distinguished by its experienced team – totaling over 350 employees from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses.

Company profile

Ticker
GOEV, GOEVW
Exchange
CEO
Daniel J. Hennessy
Employees
Incorporated
Location
Fiscal year end
Former names
Hennessy Capital Acquisition Corp IV
SEC CIK
Subsidiaries
Canoo Technologies Inc. • EV US Holdco Inc. • EV Global Holdco LLC • Canoo Sales, LLC • EV Global Ltd. • EVelozcity Hong Kong Ltd. • EVelozcity (Shanghai) Automobile Co. Ltd • Canoo Nederland B.V. ...
IRS number
831476189

GOEV stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 47.58M 47.58M 47.58M 47.58M 47.58M 47.58M
Cash burn (monthly) 23.68M 43M 57.83M 46.9M 39.08M 35.8M
Cash used (since last report) 72.2M 131.1M 176.33M 142.98M 119.14M 109.14M
Cash remaining -24.63M -83.52M -128.75M -95.41M -71.56M -61.56M
Runway (months of cash) -1.0 -1.9 -2.2 -2.0 -1.8 -1.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Sep 22 Ramesh Murthy Common Stock Sell Dispose S No No 2.71 169 457.99 276,621
16 Sep 22 Hector M. Ruiz Common Stock Sell Dispose S No No 2.71 910 2.47K 272,836
13 Sep 22 Tony Aquila Common Stock Buy Acquire P No Yes 2.579 200,000 515.8K 2,738,828
17 Aug 22 Ramesh Murthy Common Stock Sell Dispose S No No 3.9 511 1.99K 276,790
17 Aug 22 Josette Sheeran Common Stock Sell Dispose S No No 3.9 108,211 422.02K 1,398,391
0.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 1
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 1.74M 1.74M
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Davidson Kempner Partners 1.74M $0 0.0%
Largest transactions Shares Bought/sold Change
Davidson Kempner Partners 1.74M 0 0.0%

Financial report summary

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Risks
  • We may be unable to adequately control the costs associated with our operations.
  • We have not achieved positive operating cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain.
  • Our financial results may vary significantly from period to period due to fluctuations in our operating costs, product demand and other factors.
  • If we fail to manage our growth effectively, we may not be able to design, develop, manufacture, market and launch our EVs successfully.
  • We are highly dependent on the services of our key employees and senior management and, if we are unable to attract and retain key employees and hire qualified management, technical personnel, our ability to compete could be harmed.
  • We face significant barriers to manufacture and bring our EVs to market, and if we cannot successfully overcome those barriers our business will be negatively impacted.
  • Our ability to develop and manufacture EVs of sufficient quality and appeal to customers on schedule and on a large scale is unproven and still evolving.
  • We will depend initially on revenue generated from a single EV model and in the foreseeable future will be significantly dependent on a limited number of models.
  • There is no guarantee that we will be able to develop our software platform, Canoo Digital Ecosystem, or that if we are able to develop it, that we will obtain the revenue and other benefits we expect.
  • We may fail to attract new customers in sufficient numbers or at sufficient rates or at all or to retain existing customers, if any, and may face risks if we are dependent on a small number of customers for a significant portion of our revenues.
  • Our business and prospects depend significantly on our ability to build the Canoo product and servicing brand. We may not succeed in continuing to establish, maintain and strengthen the Canoo brand, and our brand and reputation could be harmed by negative publicity regarding Canoo or our EVs.
  • If our EVs fail to perform as expected, our ability to develop, market and deploy our EVs could be harmed.
  • Our distribution model may expose us to risk and if unsuccessful, may impact our business prospects and results of operations.
  • We face legal, regulatory and legislative uncertainty in how our go-to-market models will be interpreted under existing and future law and we may be required to adjust our business model in certain jurisdictions as a result.
  • Future product recalls could materially adversely affect our business, prospects, financial condition and operating results.
  • If we are unable to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry or are subject to negative publicity, then our financial condition, operating results, business prospects and access to capital may suffer materially.
  • We have not yet executed on our EV aftermarket servicing and customer deployment of our integrated software. If we or our partners are unable to adequately service our EVs, our business, prospects, financial condition and operating results may be materially and adversely affected.
  • Our customers may face challenges with charging solutions for our EV.
  • Insufficient reserves to cover warranty expense, future part replacement needs or other vehicle repair requirements, including any potential software upgrades, could materially adversely affect our business, prospects, financial condition and operating results.
  • Preorders for EVs are cancellable.
  • If we fail to successfully build and tool our manufacturing facilities or if our manufacturing facilities become inoperable, we will be unable to produce our vehicles and our business will be harmed.
  • We may not be able to realize the non-dilutive financial incentives offered by the States of Oklahoma and Arkansas where we will develop our own manufacturing facilities. Developing our own manufacturing facilities for production of our EVs could increase our capital expenditures and delay or inhibit production of our EVs.
  • We and our third-party suppliers will rely on complex machinery for production, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.
  • We have no experience to date in high volume manufacture of our EVs.
  • We may experience significant delays in the design, production and launch of our EVs, which could harm our business, prospects, financial condition and operating results.
  • Increases in costs, disruption of supply or shortage of raw materials and other components used in our vehicles, in particular lithium-ion battery cells, could harm our business.
  • We depend upon third parties to manufacture and to supply key semiconductor chip components necessary for our vehicles. We do not have long-term agreements with all of our semiconductor chip manufacturers and suppliers, and if these manufacturers or suppliers become unwilling or unable to provide an adequate supply of semiconductor chips, with respect to which there is a global shortage, we would not be able to find alternative sources in a timely manner and our business would be adversely impacted.
  • We are dependent on our suppliers, some of which are single or limited source suppliers, and the inability of these suppliers to deliver necessary components of our EVs at prices and volumes, performance and specifications acceptable to us, could have a material adverse effect on our business, prospects, financial condition and operating results.
  • Certain of our strategic, development and operational arrangements could be terminated or may not ultimately result in the anticipated long-term contract partnership arrangements.
  • If any of our suppliers become economically distressed or go bankrupt, we may be required to provide substantial financial support or take other measures to ensure supplies of components or materials, which could increase our costs, affect our liquidity or cause production disruptions.
  • We are or may be subject to risks associated with strategic alliances or acquisitions and may not be able to identify adequate strategic relationship opportunities, or form strategic relationships, in the future.
  • The automotive market is highly competitive, and we may not be successful in competing in this industry.
  • If the market for EVs does not develop as we expect or develops more slowly than is expected, our business, prospects, financial condition and operating results will be adversely affected.
  • The demand for EVs depends, in part, on the continuation of current trends resulting from dependence on fossil fuels. Extended periods of low gasoline or other petroleum-based fuel prices could adversely affect demand for our EVs, which would adversely affect our business, prospects, financial condition and operating results.
  • We may not be able to obtain or agree on acceptable terms and conditions for all or a significant portion of the government grants, loans and other incentives for which we may apply. As a result, our business, prospects, financial condition and operating results may be adversely affected.
  • Our EVs are based on the use of complex and novel steer-by-wire technology that is unproven on a wide commercial scale.
  • Our EVs rely on software and hardware that is highly technical, and if these systems contain errors, bugs or vulnerabilities, or if we are unsuccessful in addressing or mitigating technical limitations in our systems, our business could be adversely affected.
  • We may be subject to risks associated with autonomous driving technology.
  • The automotive industry and our technology are rapidly evolving and may be subject to unforeseen changes which could adversely affect the demand for our EVs.
  • Developments in alternative technology or improvements in the internal combustion engine may adversely affect the demand for our EVs.
  • We are subject to cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our EVs and customer data processed by us or third-party vendors.
  • We collect, store, transmit, disclose and retain personal information about our customers, employees or others, and intend to collect, store, transmit, disclose and retain personal information about our drivers and their vehicles, when commercialized, that, if compromised, could materially adversely affect our financial performance and results of operations or prospects.
  • We may need to defend against intellectual property infringement claims or misappropriation claims, which may be time-consuming and expensive and, if adversely determined, could limit our ability to commercialize our EVs.
  • Our business may be adversely affected if we are unable to protect our intellectual property rights from unauthorized use by third parties.
  • Our patent applications for our proprietary technology may not be issued, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
  • Our EVs make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.
  • The unavailability, reduction or elimination of government and economic incentives due to policy changes or government regulation could have a material adverse effect on our business, prospects, financial condition and operating results.
  • We, our third party partners and our suppliers are subject to substantial regulation and unfavorable changes to, or failure by us, our third party partners or our suppliers to comply with, these regulations could substantially harm our business and operating results.
  • Future changes to regulatory requirements may have a negative impact upon our business.
  • Our EVs are subject to motor vehicle standards and the failure to satisfy such mandated safety standards would have a material adverse effect on our business and operating results.
  • We are subject to stringent and evolving laws, regulations, standards and policies, governing data privacy and security as well as contractual obligations related to data privacy and security, and our actual or perceived failure to comply with
  • such obligations could harm our reputation, subject us to significant fines, penalties or other liability, and otherwise adversely affect our business.
  • We are subject to various environmental laws and regulations that could impose substantial costs upon us and cause delays in building our production facilities.
  • Changes in tax laws may materially adversely affect our business, prospects, financial condition and operating results.
  • Our ability to use net operating loss carryforwards and other tax attributes may be limited.
  • The imposition of tariffs and the resulting consequences, could adversely affect our business, prospects, financial condition and operating results.
  • We are subject to governmental export and import controls and laws that could subject us to liability if we are not in compliance with such laws.
  • We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • Investments in us have been and may be subject to U.S. foreign investment regulations which may impose conditions or limitations on certain investors (including, but not limited to, limits on purchasing our Common Stock, limits on
  • information sharing with such investors, requiring a voting trust, governance modifications, forced divestiture, or other measures).
  • We face risks and uncertainties related to litigation, regulatory actions and government investigations and inquiries.
  • Concentration of ownership among our existing executive officers, directors and their respective affiliates may prevent new investors from influencing significant corporate decisions.
  • We do not expect to declare any dividends in the foreseeable future.
  • Our Certificate of Incorporation designates specific courts as the exclusive forum for certain stockholder litigation matters, which could limit the ability of our stockholders to obtain a favorable forum for disputes with us or our directors, officers or employees.
  • The issuance of shares of our Common Stock upon exercise of our outstanding warrants will increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • There is no guarantee that our warrants will be in the money at the time they are exercisable, and they may expire worthless.
  • We may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making such warrants worthless.
  • If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our Common Stock adversely, the price and trading volume of our Common Stock could decline.
  • Substantial blocks of our total outstanding shares may be sold into the market, which may cause the price of our Common Stock to decline.
  • An active trading market for our Common Stock or our warrants may not be maintained.
  • Registration of the shares of our Common Stock issuable upon exercise of the warrants under the Securities Act may not be in place when an investor desires to exercise warrants.
  • We may issue additional shares of Common Stock or preferred stock, including under our equity incentive plan. Any such issuances would dilute the interest of our stockholders and likely present other risks.
  • We have been, and may in the future be, adversely affected by health epidemics and pandemics, including the ongoing global COVID-19 pandemic, the duration and economic, governmental and social impact of which is difficult to predict, which may significantly harm our business, prospects, financial condition and operating results.
  • Some members of our management team have limited experience in operating a public company.
  • We incur increased costs and administrative burden as a result of operating as a public company, and our management devotes substantial time to maintaining compliance.
  • Our employees and independent contractors may engage in misconduct or other improper activities, which could have an adverse effect on our business, prospects, financial condition and operating results.
  • We expect initial launch of our EVs to be concentrated in certain targeted jurisdictions, putting it at risk of region-specific disruptions.
  • We may become subject to product liability claims, including possible class action and derivative lawsuits, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
  • Our business may be adversely affected by labor and union activities.
  • We no longer qualify as an “emerging growth company” or a “smaller reporting company” within the meaning of the Securities Act and in the future will be required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • Certain figures included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding.
  • Canoo is a mobility technology company with a mission to bring electric vehicles (“EVs”) to everyone and provide connected services that improve the vehicle ownership experience. We are developing a technology platform that we believe will enable us to rapidly innovate and bring new products, addressing multiple use cases, to market faster than our competition and at lower cost. Our vehicle architecture and design philosophy are aimed at driving productivity and returning capital to our customers, and we believe the software and technology capabilities we are developing, packaged around a modular, customizable product, have the potential to fundamentally alter the value proposition across a vehicle’s lifecycle. We remain committed to the environment and to delivering sustainable mobility that is accessible to everyone. We proudly intend to manufacture our fully electric vehicles in Arkansas and Oklahoma, bringing advanced manufacturing and technology jobs to communities in America's heartland. We are committed to building a diverse workforce that will draw heavily upon the local communities of Native Americans and veterans.

Content analysis

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