In the news release, CANOO INC. ANNOUNCES SECOND QUARTER 2023
RESULTS, issued 14-Aug-2023 by Canoo
over PR Newswire, we are advised by the company that the "Second
Half 2023 Business Outlook" section was incorrect as originally
issued. The complete, corrected release follows:
CANOO INC. ANNOUNCES SECOND QUARTER 2023 RESULTS
- SEC matter is settled
- Introduced a derivative of the Lifestyle Delivery Vehicle
(LDV), the LDV 190
- Achieved installed manufacturing capacity at Oklahoma City and Pryor, Oklahoma locations
- Generated first revenues from vehicle deliveries and government
contract
- Closed on Fortune 100 customer agreement to purchase vehicles
for national fleet
JUSTIN,
Texas, Aug. 14, 2023 /PRNewswire/ -- Canoo
Inc. (Nasdaq: GOEV), a high-tech advanced mobility company,
today announced its financial results for the second quarter of
2023.
"We are pleased to close the chapter involving the legacy SEC
matter. Today we introduced the LDV 190, which has been in
development for some time, including in customer trials. Our
facilities are nearing substantial completion as we've achieved a
20,000 unit run rate for our battery module line in Pryor and robotics and assembly line in
Oklahoma City for our MPP1
platform. And we closed another Fortune 100 customer agreement to
purchase vehicles for its national fleet. We entered the revenue
and income generation phase with the advancement of our contract
with the Department of Defense, and we delivered vehicles to NASA,
" said Tony Aquila, Chairman and CEO at Canoo.
Second Quarter & Recent Business Updates:
- Completed customer evaluations with LDV 130 with customized
cargo use
- Completed annual summer testing in record 128 degree heat
- Completed all compliance activities for Federal Vehicle Motor
Safety Standard certification and California Air Resources Board
certification for LDV
- Will be employing a combination of in-house, hybrid and
outsourced strategy in manufacturing to support our 20,000 unit per
year run rate
- Signed agreements with the Cherokee Nation to invest thousands
of dollars to help Canoo hire and train skilled workers for the
battery module manufacturing in Pryor
- Contracted for up to $113 million
of state of Oklahoma incentives to
create 1,360 advanced manufacturing jobs in Oklahoma
Second Quarter Financial Highlights:
- As of June 30, 2023, we had cash
and cash equivalents of $5.0 million.
After giving effect to the issuance and sale of the second and
third Yorkville convertible debentures for a total of $53.2 million, and proceeds from the August PIPE
of $3 million, our cash balance would
have been $61.2 million on
June 30, 2023.
- GAAP net loss and comprehensive loss of $70.9 million and $161.6
million for the three and six months ended June 30, 2023, compared to a GAAP net loss and
comprehensive loss of $164.4 million
and $289.8 million for the three and
six months ended June 30, 2022. The
GAAP net loss and comprehensive loss for the three and six months
ended June 30, 2023 included a gain
of $5.6 million and $23.0 million on the fair value change of the
warrant and derivative liability, respectively.
- Adjusted EBITDA of $(62.3)
million and $(129.4) million
for the three and six months ended June 30,
2023, compared to $(149.8)
million and $(267.3) million
for the three and six months ended June 30,
2022.
- Adjusted Net Loss of $69.1
million and $141.1 million for
the three and six months ended June 30,
2023, compared to $152.7
million and $272.8 million for
the three and six months ended June 30,
2022.
- GAAP Net Loss per share of $(0.14) and $(0.35)
for the three and six months ended June 30,
2023, compared to $(0.68) and
$(1.22) for the three and six months
ended June 30, 2022.
- Adjusted EPS per share of $(0.14)
and $(0.31) for the three and six
months ended June 30, 2023, compared
to $(0.63) and $(1.15) for the three and six months ended
June 30, 2022.
- Net cash used in operating activities totaled $129.5 million for the six months ended
June 30, 2023, compared to
$237.6 million for the six months
ended June 30, 2022.
- Net cash used in investing activities was $33.9 million during the six months ended
June 30, 2023, compared to
$35.0 million net cash used in
investing activities during the six months ended June 30, 2022.
Second Half 2023 Business Outlook
Based upon our current projections, Canoo expects:
- Adjusted EBITDA: $(120) million
to $(140) million
- Capital Expenditures of: $70
million to $100 million
See "Non-GAAP Financial Measures" 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,
August 14, 2023, 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 13740414. To listen to the
webcast, please click here. A telephone replay will be
available until August 28, 2023, at
(877) 660-6853 (U.S.) and (201) 612-7415 (international
callers/U.S. toll), with Conference ID number 13740414. To listen
to the webcast replay, please click here.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with bold innovations in design, pioneering
technologies, and a unique business model that spans the full
lifecycle of the vehicle. Distinguished by its experienced team
from leading technology and automotive companies – Canoo has
designed a modular electric platform purpose-built to deliver
maximum vehicle interior space that is customizable across all
owners in the vehicle lifecycle to support a wide range of vehicle
applications for consumers and businesses.
Canoo has teams in California,
Texas, Oklahoma and Arkansas. For more information, please
visit www.canoo.com. For Canoo press materials, please
visit press.canoo.com. For investors, please
visit investors.canoo.com.
Second Quarter 2023
Financial Results
CANOO
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except par values)
UNAUDITED
|
|
|
June 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
4,993
|
|
$
36,589
|
Restricted cash,
current
|
3,788
|
|
3,426
|
Inventory
|
5,312
|
|
2,954
|
Prepaids and other
current assets
|
11,410
|
|
9,350
|
Total current
assets
|
25,503
|
|
52,319
|
Property and equipment,
net
|
362,612
|
|
311,400
|
Restricted cash,
non-current
|
10,600
|
|
10,600
|
Operating lease
right-of-use assets
|
37,945
|
|
39,331
|
Deferred warrant
asset
|
50,175
|
|
50,175
|
Deferred battery
supplier cost
|
30,000
|
|
30,000
|
Other non-current
assets
|
5,261
|
|
2,647
|
Total
assets
|
$
522,096
|
|
$
496,472
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
84,425
|
|
$
103,187
|
Accrued expenses and
other current liabilities
|
80,962
|
|
63,091
|
Convertible debt,
current
|
24,979
|
|
34,829
|
Derivative liability,
current
|
4,359
|
|
—
|
Financing liability,
current
|
7,633
|
|
—
|
Warrant liability,
current
|
—
|
|
17,171
|
Total current
liabilities
|
202,358
|
|
218,278
|
Contingent earnout
shares liability
|
449
|
|
3,013
|
Operating lease
liabilities
|
37,308
|
|
38,608
|
Warrant liability,
non-current
|
25,269
|
|
—
|
Financing liability,
non-current
|
23,967
|
|
—
|
Total
liabilities
|
289,351
|
|
259,899
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value; 10,000 authorized, no shares issued and
outstanding at June 30, 2023
and December 31, 2022
|
—
|
|
—
|
Common stock, $0.0001
par value; 1,000,000 and 500,000 authorized as of June 30,
2023 and
December 31, 2022, respectively; 568,904 and 355,388 issued
and outstanding at June 30, 2023 and
December 31, 2022, respectively
|
56
|
|
35
|
Additional paid-in
capital
|
1,574,114
|
|
1,416,361
|
Accumulated
deficit
|
(1,341,425)
|
|
(1,179,823)
|
Total stockholders'
equity
|
232,745
|
|
236,573
|
Total liabilities
and stockholders' equity
|
$
522,096
|
|
$
496,472
|
CANOO
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share values)
UNAUDITED
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
|
|
|
|
Costs and Operating
Expenses
|
|
|
|
|
|
|
|
Cost of revenue,
excluding depreciation
|
—
|
|
—
|
|
—
|
|
—
|
Research and
development expenses, excluding depreciation
|
38,582
|
|
115,460
|
|
85,686
|
|
197,946
|
Selling, general and
administrative expenses, excluding depreciation
|
30,421
|
|
55,152
|
|
60,270
|
|
110,773
|
Depreciation
|
4,562
|
|
2,892
|
|
9,137
|
|
5,570
|
Total costs and
operating expenses
|
73,565
|
|
173,504
|
|
155,093
|
|
314,289
|
Loss from
operations
|
(73,565)
|
|
(173,504)
|
|
(155,093)
|
|
(314,289)
|
|
|
|
|
|
|
|
|
Other (expense)
income
|
|
|
|
|
|
|
|
Interest (expense)
income
|
(2,264)
|
|
19
|
|
(2,560)
|
|
(9)
|
Gain on fair value
change in contingent earnout shares liability
|
59
|
|
9,471
|
|
2,564
|
|
24,936
|
Gain on fair value
change in warrant and derivative liability
|
5,623
|
|
—
|
|
22,965
|
|
—
|
Loss on extinguishment
of debt
|
(949)
|
|
—
|
|
(27,688)
|
|
—
|
Other income
(expense), net
|
226
|
|
(378)
|
|
(1,790)
|
|
(395)
|
Loss before income
taxes
|
(70,870)
|
|
(164,392)
|
|
(161,602)
|
|
(289,757)
|
Provision for income
taxes
|
—
|
|
—
|
|
—
|
|
—
|
Net loss and
comprehensive loss
|
$
(70,870)
|
|
$
(164,392)
|
|
$
(161,602)
|
|
$
(289,757)
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.14)
|
|
$
(0.68)
|
|
$
(0.35)
|
|
$
(1.22)
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding, basic and diluted
|
505,576
|
|
242,772
|
|
462,303
|
|
238,242
|
CANOO
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
UNAUDITED
|
|
|
Six months ended
June 30,
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(161,602)
|
|
$
(289,757)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation
|
9,137
|
|
5,570
|
Non-cash operating
lease expense
|
1,658
|
|
966
|
Non-cash commitment
fee under SEPA
|
—
|
|
582
|
Stock-based
compensation expense
|
16,543
|
|
41,453
|
Gain on fair value
change of contingent earnout shares liability
|
(2,564)
|
|
(24,936)
|
Gain on fair value
change in warrants liability
|
(23,015)
|
|
—
|
Loss on fair value
change in derivative liability
|
50
|
|
—
|
Loss on extinguishment
of debt
|
27,688
|
|
—
|
Non-cash debt
discount
|
1,538
|
|
—
|
Non-cash interest
expense
|
1,386
|
|
—
|
Non-cash offering cost
associated with the warrant liability
|
800
|
|
—
|
Common shares issued
to vendor for services
|
250
|
|
|
Changes in assets and
liabilities:
|
|
|
|
Inventory
|
(2,358)
|
|
—
|
Prepaid expenses and
other current assets
|
(2,060)
|
|
136
|
Other
assets
|
(2,614)
|
|
574
|
Accounts payable,
accrued expenses and other current liabilities
|
5,619
|
|
27,847
|
Net cash used in
operating activities
|
(129,544)
|
|
(237,565)
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(33,905)
|
|
(65,420)
|
Return of prepayment
from VDL Nedcar
|
—
|
|
30,440
|
Net cash (used in)
investing activities
|
(33,905)
|
|
(34,980)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Repurchase of unvested
shares
|
—
|
|
(6)
|
Payment of offering
costs
|
(400)
|
|
(250)
|
Proceeds from exercise
of YA warrants
|
21,223
|
|
—
|
Proceeds from the
purchase of shares and warrants by VDL Nedcar
|
—
|
|
8,400
|
Proceeds from issuance
of shares under SEPA agreement
|
—
|
|
32,500
|
Proceeds from issuance
of shares under PIPE
|
8,750
|
|
50,000
|
Proceeds from employee
stock purchase plan
|
635
|
|
1,986
|
Proceeds from issuance
of shares under RDO, net of issuance cost
|
50,961
|
|
—
|
Proceeds from
convertible debenture
|
45,120
|
|
—
|
Payment of transaction
costs
|
(25)
|
|
—
|
Payment made on
financing arrangement
|
(205)
|
|
—
|
Proceeds for issuance
of shares under ATM
|
1,155
|
|
—
|
Proceeds from
PPA
|
5,001
|
|
—
|
Net cash provided by
financing activities
|
132,215
|
|
92,630
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(31,234)
|
|
(179,915)
|
|
|
|
|
Cash, cash
equivalents, and restricted cash
|
|
|
|
Cash, cash equivalents,
and restricted cash, beginning of period
|
50,615
|
|
227,492
|
Cash, cash equivalents,
and restricted cash, end of period
|
$
19,381
|
|
$
47,577
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the condensed
consolidated balance
sheets
|
|
|
|
Cash and cash
equivalents at end of period
|
$
4,993
|
|
$
33,799
|
Restricted cash,
current at end of period
|
3,788
|
|
3,528
|
Restricted cash,
non-current at end of period
|
$
10,600
|
|
$
10,250
|
Total cash, cash
equivalents, and restricted cash at end of period shown in the
condensed consolidated
statements of cash flows
|
$
19,381
|
|
$
47,577
|
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and
Adjusted Earnings Per Share ("EPS")
"EBITDA" is defined as net loss before interest expense, income
tax expense or benefit, and depreciation and amortization.
"Adjusted EBITDA" 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, loss on extinguishment
of debt, and any other one-time non-recurring transaction amounts
impacting the statement of operations during the year. "Adjusted
Net Los"s 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, 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's 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 six months
ended June 30, 2023 and 2022, respectively (in
thousands):
|
|
|
|
Three Months Ended
June 30,
|
|
|
2023
|
|
2022
|
|
|
EBITDA
|
|
Adjusted
EBITDA
|
|
Adjusted
Net Loss
|
|
EBITDA
|
|
Adjusted
EBITDA
|
|
Adjusted
Net Loss
|
Net loss
|
|
$
(70,870)
|
|
$ (70,870)
|
|
$ (70,870)
|
|
$
(164,392)
|
|
$ (164,392)
|
|
$
(164,392)
|
Interest expense
(income)
|
|
2,264
|
|
2,264
|
|
—
|
|
(19)
|
|
(19)
|
|
—
|
Provision for income
taxes
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Depreciation
|
|
4,562
|
|
4,562
|
|
—
|
|
2,892
|
|
2,892
|
|
—
|
Gain on fair value
change in contingent earnout shares liability
|
|
—
|
|
(59)
|
|
(59)
|
|
—
|
|
(9,471)
|
|
(9,471)
|
Gain on fair value
change in warrant and derivative liability
|
|
—
|
|
(5,623)
|
|
(5,623)
|
|
—
|
|
—
|
|
—
|
Loss on extinguishment
of debt
|
|
—
|
|
949
|
|
949
|
|
—
|
|
—
|
|
—
|
Other income (expense),
net
|
|
—
|
|
(226)
|
|
(226)
|
|
—
|
|
378
|
|
378
|
Stock-based
compensation
|
|
—
|
|
6,707
|
|
6,707
|
|
—
|
|
20,773
|
|
20,773
|
Adjusted Non-GAAP
amount
|
|
(64,044)
|
|
(62,296)
|
|
(69,122)
|
|
(161,519)
|
|
(149,839)
|
|
(152,712)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US GAAP net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
(0.14)
|
|
N/A
|
|
N/A
|
|
(0.68)
|
Diluted
|
|
N/A
|
|
N/A
|
|
(0.14)
|
|
N/A
|
|
N/A
|
|
(0.68)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP
net loss per share (Adjusted EPS):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
(0.14)
|
|
N/A
|
|
N/A
|
|
(0.63)
|
Diluted
|
|
N/A
|
|
N/A
|
|
(0.14)
|
|
N/A
|
|
N/A
|
|
(0.63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
505,576
|
|
N/A
|
|
N/A
|
|
242,772
|
Diluted
|
|
N/A
|
|
N/A
|
|
505,576
|
|
N/A
|
|
N/A
|
|
242,772
|
|
|
|
Six Months Ended
June 30,
|
|
|
2023
|
|
2022
|
|
|
EBITDA
|
|
Adjusted
EBITDA
|
|
Adjusted
Net Loss
|
|
EBITDA
|
|
Adjusted
EBITDA
|
|
Adjusted
Net Loss
|
Net loss
|
|
$
(161,602)
|
|
$
(161,602)
|
|
$
(161,602)
|
|
$
(289,757)
|
|
$ (289,757)
|
|
$
(289,757)
|
Interest expense
(income)
|
|
2,560
|
|
2,560
|
|
—
|
|
9
|
|
9
|
|
—
|
Provision for income
taxes
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Depreciation
|
|
9,137
|
|
9,137
|
|
—
|
|
5,570
|
|
5,570
|
|
—
|
Gain on fair value
change in contingent earnout shares liability
|
|
—
|
|
(2,564)
|
|
(2,564)
|
|
—
|
|
(24,936)
|
|
(24,936)
|
Gain on fair value
change in warrant and derivative liability
|
|
—
|
|
(22,965)
|
|
(22,965)
|
|
—
|
|
—
|
|
—
|
Loss on extinguishment
of debt
|
|
—
|
|
27,688
|
|
27,688
|
|
—
|
|
—
|
|
—
|
Other income (expense),
net
|
|
—
|
|
1,790
|
|
1,790
|
|
—
|
|
395
|
|
395
|
Stock-based
compensation
|
|
—
|
|
16,543
|
|
16,543
|
|
—
|
|
41,453
|
|
41,453
|
Adjusted Non-GAAP
amount
|
|
(149,905)
|
|
(129,413)
|
|
(141,110)
|
|
(284,178)
|
|
(267,266)
|
|
(272,845)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US GAAP net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
(0.35)
|
|
N/A
|
|
N/A
|
|
(1.22)
|
Diluted
|
|
N/A
|
|
N/A
|
|
(0.35)
|
|
N/A
|
|
N/A
|
|
(1.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
(0.31)
|
|
N/A
|
|
N/A
|
|
(1.15)
|
Diluted
|
|
N/A
|
|
N/A
|
|
(0.31)
|
|
N/A
|
|
N/A
|
|
(1.15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
N/A
|
|
N/A
|
|
462,303
|
|
N/A
|
|
N/A
|
|
$ 238,242
|
Diluted
|
|
N/A
|
|
N/A
|
|
462,303
|
|
N/A
|
|
N/A
|
|
$ 238,242
|
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" 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 "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" 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's 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 "Risk Factors" and
"Management'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 31, 2022 filed with the U.S.
Securities and Exchange Commission (the "SEC") on March 30, 2023, 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's
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's 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's 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.
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SOURCE Canoo