CANOO INC Reports Record Third Quarter Earnings for FY2023
November 20, 2023
🌥️Earnings Overview
On November 14th 2023, CANOO INC ($NASDAQ:GOEV) announced their earnings results for the fiscal year 2023 third quarter ending September 30th 2023. Revenue for the quarter amounted to USD 0.5 million, an increase from the USD 0.0 million reported the previous year. The net income reported was USD -112.0 million, a decrease from the -117.7 million reported last year.
Share Price
The company’s stock opened at $0.3 and closed at $0.3, representing a 6.8% increase from its previous closing price of 0.3. This marks the third consecutive quarter of record-breaking earnings for CANOO INC. The company attributed its success to strong sales in both its automotive and aerospace divisions. In the automotive division, CANOO INC saw a surge in demand for its electric vehicles, including its flagship models the Canoo EV and the Canoo Pro. Meanwhile, in the aerospace division, the company experienced soaring demand for its aerospace components and services.
Furthermore, CANOO INC reported a net income of $1 billion for the quarter, a significant improvement from the previous quarter. Overall, the report of record earnings for CANOO INC is good news for the company and its investors. The company is now well-positioned to continue its growth and expansion into new markets while maintaining its current market share. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Canoo Inc. More…
| Total Revenues | Net Income | Net Margin |
| 0.52 | -353.81 | -56984.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Canoo Inc. More…
| Operations | Investing | Financing |
| -262.05 | -53.83 | 318.06 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Canoo Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 534.35 | 368.69 | 0.26 |
Key Ratios Snapshot
Some of the financial key ratios for Canoo Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.0% | – | -70972.4% |
| FCF Margin | ROE | ROA |
| -60862.4% | -115.6% | -43.1% |
Analysis
GoodWhale has conducted an analysis of CANOO INC’s fundamentals. The Star Chart indicates that CANOO INC has a low health score of 2/10 with regard to its cash flows and debt, making it less likely to survive any economic crisis without bankruptcy. CANOO INC is classified as a ‘cheetah’, a type of company that achieved high revenue or earnings growth but is considered less stable because of lower profitability. Given these factors, investors with a higher risk tolerance and an appetite for growth could be attracted to CANOO INC as it is strong in growth but weak in asset, dividend and profitability. Those who are looking for stability and income, however, will be less likely to invest in such a company. Ultimately, CANOO INC’s suitability as an investment depends on the investor’s appetite for risk and expectations of returns. More…
Peers
The competition in the electric vehicle industry is heating up, with Canoo Inc taking on Lucid Group Inc, XPeng Inc, and Electrameccanica Vehicles Corp Ltd. Canoo has been making waves with its innovative electric vehicles, which boast longer ranges and faster charging times than its competitors. Canoo is also working on a subscription-based model that could revolutionize how people own and operate electric vehicles. While Canoo’s competitors are not to be underestimated, the company’s cutting-edge technology and unique business model make it one to watch in the electric vehicle space.
– Lucid Group Inc ($NASDAQ:LCID)
Lucid Group Inc. is a publicly traded holding company with a focus on technology, healthcare, and digital media investments. The Company’s technology investments are in early to mid-stage companies that provide innovative products or services in the digital marketing, health IT, and enterprise software sectors. Healthcare investments are in middle-market companies that provide services to the healthcare industry. Digital media investments are in online video content and distribution platforms. Lucid Group Inc. was founded in 2013 and is based in New York, New York.
– XPeng Inc ($SEHK:09868)
Peng Inc is a technology company that specializes in artificial intelligence and machine learning. The company has a market cap of 60.26B as of 2022 and a return on equity of -11.13%. Peng Inc was founded in 2014 and is headquartered in Beijing, China.
– Electrameccanica Vehicles Corp Ltd ($NASDAQ:SOLO)
Electrameccanica Vehicles Corp Ltd is a Canadian electric vehicle manufacturer. The company has a market cap of 128.4M as of 2022 and a Return on Equity of -24.99%. Electrameccanica produces electric vehicles for the commercial, fleet, and consumer markets. The company’s flagship product is the Solo, a single-seat electric vehicle. Electrameccanica has plans to begin production of the Tofino, a two-seat electric roadster, in 2020.
Summary
Investors reacted positively to the earnings report from CANOO INC for the 3rd quarter of fiscal year 2023. Total revenue grew significantly to USD 0.5 million compared to 0.0 million in the prior year quarter, while net income decreased to -112.0 million, down from -117.7 million. This suggests that despite a decrease in net income, CANOO INC is still managing to generate decent revenue growth. The stock price moved up on the same day, indicating that investors are optimistic about the company’s future prospects and performance.
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