Canoo Inc. (GOEV) advances a further 19.90% aftermarket, against its rise of 23.67% during the market on November 16. The stock reached $12.53 at an after-hours volume of 1.19 million, while it was at $10.45 at the market close. Intraday trading the stock went as high as $10.55 and as low as $8.50, at 540% of the average 65-day volume, i.e. 20.07 million. The stock has a current market capitalization of $2.01 billion, with 237.49 million outstanding shares. Multiple new developments, including the Q3 financials and accelerated production plans, are responsible for the stock’s current continued uptrend.
The American company Canoo Inc. (GOEV), is developing breakthrough electric vehicles with proprietary and highly versatile EV platforms for personal and business use.
GOEV’s Financials
On November 15, Canoo Inc. (GOEV) announced its third-quarter 2021 financial results after the market closed. According to this, the company had no revenues as it has still to begin production. Moreover, the GAAP net and comprehensive losses were $80.9 for the third quarter and $208.7 million for the first nine months of 2021. While for 2020 it was $23.4 million for Q3 and $77.5 million for the first nine months. Furthermore, the net loss per share for the third quarter of 2021 was $0.35, which beat the consensus estimate of $0.44 net loss per share.
As of September 30, 2021, GOEV had cash and cash equivalents of $414.9 million.
Accelerated Production and Expansion
In conjunction with the Q3 financial results, the company also announced its ongoing expansion as well as the advanced manufacturing dates of its EVs. The expansion plans include Bentonville for HQ and advanced industrialization facility, Fayetteville for R&D center, and expansion of Oklahoma partnership to include R&D, software development, customer support, and finance centers. Moreover, GOEV also entered a partnership with George Kaiser Family Foundation to bring tech jobs to Tulsa. This collaboration will amplify the community impact of Canoo investments.
On November 15, Canoo also announced its advanced timeline for starting production before Q4 of next year. Earlier, the company had marked 2023 for the beginning of production of its EVs.
GOEV’s Future Outlook
The company expects operating expenses of $95 million to $115 million in the fourth quarter of 2021. Moreover, as per the current projections, capital expenditures of $60-$80 million are also expected in Q4.
The CEO Canoo, Tony Aquila added that GOEV is targeting approximately $100 million in vehicle orders in the new facilities under expansion.
