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Canoo Inc. Announces Third Quarter 2024 Results

• Quarterly revenue of $0.9 million, and year-to-date revenue of $1.50 million
• Quarterly Adjusted EBITDA was $(37.7) million, an improvement of 2% versus Q3 2023
• Adjusted Net Loss Per Share was $(0.54), a 67% improvement versus $(1.71) in Q3 2023 and comparable to $(0.61) per share in Q2 2024
• Quarterly cash outflow of $31.3 million in Q3 2024, compared to cash outflow of $39.4 million in Q2, 2024, a 20.7% reduction between Q3 and Q2 2024, and a 58.6% reduction from Q3 2023.
• Our consolidation of operations from California to Texas and Oklahoma will result in estimated future savings of approximately $12 million - $14 million on an annualized basis, with potential for additional savings.
  

JUSTIN, Texas, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Canoo Inc.听(Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the third quarter of 2024.

鈥淲e are grateful for the support of our customers, partners, their belief in us, and in our amazing product. While we focus on our core markets we must continue to take aggressive actions to consolidate our operations, reduce costs, and catch-up to our plan. This starts from the top led by a committed Executive team, which is willing to take short-term pay cuts for long-term incentives and believes in the value we create for our customers, associates and shareholders.鈥� said Tony Aquila, Investor, Executive Chairman, and CEO. 鈥淭his will continue to be a difficult and critical period as we do everything we can to get the capital in place, bring jobs back online, and get back on track with our step-level manufacturing plan.鈥�

Third Quarter and Recent Business Updates:

• North America realignment and relocation of corporate headquarters from California to Texas
• Consolidating our facilities from six to three, which has and will continue to impact our workforce until we are back on track with our step level manufacturing
• Achieved final activation of Oklahoma City facility Foreign Trade Zone
• UK Market: Established legal entity, launched commercial operations, received regulatory Individual Vehicle Approval with less than 2% changes to bill of materials, and signed service partners
• Commenced first pilot in the UK with one of the country鈥檚 largest fleet operators
  

Third Quarter Financial Highlights:

• As of September听30, 2024, we had cash, cash equivalents and restricted cash of $16 million.
• GAAP net income (loss) and comprehensive income (loss) of $3 million and $(112) million for the three and nine months ended September听30, 2024, compared to a GAAP net loss and comprehensive loss of $(112) million and $(274) million for the three and nine months ended September听30, 2023. The GAAP net loss and comprehensive loss for the three and nine months ended September听30, 2024 included a gain of $62 million and gain of $101 million听on the fair value change of the warrant and derivative liability, respectively.
• Adjusted EBITDA of $(38) million and $(125) million for the three and nine months ended September听30, 2024, compared to $(40) million and $(170) million for the three and nine months ended September听30, 2023.
• Adjusted Net Loss of $(43) million and $(143) million for the three and nine months ended September听30, 2024, compared to $(46) million and $(187) million for the three and nine months ended September听30, 2023.
• Adjusted EPS per share of $(0.54) and $(2.14) for the three and nine months ended September听30, 2024, compared to $(1.71) and $(8.34) for the three and nine months ended September听30, 2023.
• Net cash used in operating activities totaled $110 million for the nine months ended September听30, 2024, compared to $191 million for the nine months ended September听30, 2023.
• Net cash used in investing activities was $10 million during the nine months ended September听30, 2024, compared to $45 million during the nine months ended September听30, 2023.
• Net cash provided by financing activities was $115 million during the nine months ended September听30, 2024, compared to $209 million during the nine months ended September听30, 2023.

Q4 2024 Business Outlook

Based on our current projections, Canoo expects the following guidance for Q4, 2024:

• Cash Outflow - $30 million to $40 million
• Adjusted EBITDA - $(30) million to $(35) million

See 鈥淣on-GAAP Financial Measures鈥� section herein for an explanation of Adjusted EBITDA. The Company is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net loss, the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization and interest expense cannot be estimated due to factors outside of the Company's control and could have a material impact on the reported results. A reconciliation is not available without unreasonable effort.

Conference Call Information

Canoo will host a conference call to discuss the results today, November 13, 2024, at 5:00 PM ET.

To listen to the conference call via telephone dial (877) 407-9169 (U.S.) and (201) 493-6755 (international callers/U.S. toll) and enter the conference ID number 13750015. To listen to the webcast, please go to investors.canoo.com. A telephone replay will be available until November 27, 2024, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13750015. To listen to the webcast replay, please go to investors.canoo.com.

About Canoo

Founded in 2017, Canoo Inc. (NASDAQ: GOEV) is an automotive tech company that manufactures electric cargo vehicles, built to deliver, for large commercial, government and fleet customers globally. The company has developed design-forward innovative electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Canoo鈥檚 platform is purpose-built to maximize the vehicle interior space and is customizable to support a wide range of business and government applications. Headquartered in Justin, Texas, Canoo has teams located in California, Michigan and Oklahoma with world-class vehicle and battery facilities in Oklahoma City. For more information please visit www.canoo.com and investors.canoo.com.

Third Quarter 2024 Financial Results

CANOO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
UNAUDITED

(1) Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March听8, 2024.

CANOO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share values)
UNAUDITED

听听听听听听听听

(1) Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March听8, 2024.

CANOO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED

听听听听听听听听听听听听听听听听

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Earnings Per Share ("EPS")

鈥淓BITDA鈥� is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. 鈥淎djusted EBITDA鈥� is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, non-routine legal fees, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, changes to the fair value of warrant and derivative liability, changes to the fair value of the derivative asset, changes to the fair value of convertible debt, loss on extinguishment of debt, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. "Adjusted Net Loss" is defined as net loss adjusted for stock-based compensation, restructuring charges, asset impairments, non-routine legal fees, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, changes to the fair value of warrants and derivative liability, changes to the fair value of the derivative asset, changes to the fair value of convertible debt, loss on extinguishment of debt, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. "Adjusted EPS" is defined as Adjusted Net Loss on a per share basis using the weighted average shares outstanding.

EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS when combined with net loss and net loss per share are beneficial to an investor鈥檚 complete understanding of our operating performance. We believe that the use of EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS in the same fashion.

Because of these limitations, EBITDA, Adjusted EBITDA Adjusted Net Loss, and Adjusted EPS should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We manage our business utilizing EBITDA, Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental performance measures.

CANOO INC.

NON-GAAP RECONCILIATION TABLE
(in thousands)

These non-GAAP financial measures, when presented, are reconciled to the most closely comparable U.S. GAAP measure as disclosed below for the three and nine months ended September听30, 2024 and 2023, respectively (in thousands):

Forward-Looking Statements

The information in this press release includes 鈥渇orward-looking statements鈥� within the meaning of the 鈥渟afe harbor鈥� provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渇orecast,鈥� 鈥渋ntend,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渟eek,鈥� 鈥渢arget鈥� or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding access to capital, estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo鈥檚 management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo's ability to continue as a going concern; Canoo's ability to access existing and future sources of capital via debt or equity markets, which will impact execution of its business plans and could require Canoo to terminate or significantly curtail its operations; Canoo's history of losses; Canoo's ability to adequately control the costs associated with its operations; Canoo's ability to successfully build and tool its manufacturing facilities, establish or continue a relationship with a contract manufacturer or failure of operation of Canoo's facilities ; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed under the captions 鈥淩isk Factors鈥� and 鈥淢anagement's Discussion and Analysis of Financial Condition and Results of Operations" in Canoo's Annual Report on Form 10-K for the fiscal year ended December听31, 2023 filed with the U.S. Securities and Exchange Commission (the 鈥淪EC鈥�) on April 1, 2024, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo鈥檚 expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo鈥檚 assessments to change. However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo鈥檚 assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.