Canoo releases Q2 2024 results, reaffirms cash flow guidance

Canoo released its Q2 2024 results and reaffirmed its cash flow guidance.

The company reported a quarterly revenue of $605,000 and a quarterly Adjusted EBITDA of $38.6 million. Canoo also reported an Adjusted Net Loss of 61 cents per share. 

“This quarter represented good progress with US and international customers completing pilots and testing. We are focused on left-hand drive and right-hand drive large fleet customers and finalizing their configurations.

“This demonstrates our platform’s versatility and stability, a result of more than 34,000 recent real-world, industrial use customer miles,” said Canon’s Executive Chairman and CEO Tony Aquila. 

Canoo reaffirmed its prior cash flow guidance and expects its Adjusted EBITDA to be between $120 million and $140 million for the second half of 2024. 

The company had a busy second quarter, starting with a vehicle sales agreement with Jazeera Paints. Canoo’s sales agreement with Jazeera Paints helps it tap into Saudi Arabia’s $30 billion electric vehicle (EV) market. In the second quarter, Canoo also delivered right-hand drive LDVs (Lifestyle Delivery Vehicles) to the US Postal Service. 

One of Canoo’s most significant accomplishments in the second quarter was completing an initial milestone for a contract with a division of the United States Department of Defense. The company completed a part of its contract with the Defense Innovation Unit.

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