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Canoo (GOEVQ)
OTHER OTC:GOEVQ
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Canoo
(OTC:GOEVQ)
Rating:40Underperform
Price Target:―
Positive Factors
Negative Factors
Financial Forecasts
Revenue forecasts for Canoo have been significantly cut for the years 2024 to 2026.
Production Suspension
Canoo has suspended production in Oklahoma and is facing a need for capital.
Workforce Impact
Canoo consolidated its facilities from six to three, impacting its workforce and leading to a 23% furlough of its Oklahoma City factory workers.
Canoo (GOEVQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.74M
Dividend YieldN/A
Average Volume (3M)55.60K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth258.96%
EPS Growth82.54%
CountryUS
Employees651
SectorConsumer Cyclical
Sector Strength56
IndustryVehicles
Share Statistics
EPS (TTM)N/A
Shares Outstanding14,486,039
10 Day Avg. Volume38,437
30 Day Avg. Volume55,596
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$0.50Price Target Upside316.67% Upside
Rating ConsensusHold
Number of Analyst Covering0
Canoo Business Overview & Revenue Model
Company DescriptionCanoo is a mobility technology firm that manufactures electric vehicles for both consumer and commercial markets. The company's products encompass lifestyle delivery vehicles, lifestyle vehicles, pickups, and multi-purpose delivery vehicles. Beyond vehicle manufacturing, it is engaged in developing a software platform tailored to aggregate data from Canoo vehicles and those from other manufacturers, providing customers with valuable insights.
How the Company Makes MoneyCanoo Inc. primarily generates revenue through the sale of its electric vehicles, targeting both individual consumers and commercial clients. The company offers a unique subscription model, allowing customers to access their vehicles through a flexible, all-inclusive monthly fee that covers maintenance, insurance, and other services, providing a steady revenue stream. Additionally, Canoo seeks partnerships and collaborations with various companies and entities to expand its reach and enhance its product offerings. As the EV market continues to grow, Canoo aims to capitalize on the increasing demand for sustainable transportation solutions by leveraging its innovative vehicle designs and technology-driven approach.
Canoo Earnings Call Summary
Earnings Call Date:May 19, 2025
(Q3-2024)
| % Change Since: 0.00%|
Next Earnings Date:Aug 18, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements in revenue, cost reduction, and international expansion. However, it also addressed notable challenges, including workforce reductions, delayed production plans, and capital alignment issues. The company is making strategic moves to focus on fleet customers and international markets.Q3-2024 Updates
Positive Updates
Record-Breaking Revenue
Achieved the highest revenue quarter at $891,000 in Q3 2024, with life-to-date revenues of about $1.5 million.
Engineering and Manufacturing Progress
Completed 45 relocations from California to Oklahoma facilities, established a share pool for supplier partners, and received FTC certifications for exports and imports.
Cost Reduction Achievements
Achieved a 20% reduction in R&D expenses in Q3 2024 compared to Q3 2023 and a $2.6 million quarterly adjusted EBITDA improvement.
International Expansion
Successful engagements with major fleets in the U.K., established a legal entity, and completed IVA for 2 pilot vehicles with a 2% BOM change.
Capital Raising Success
Raised $28 million in capital and secured a $12 million credit facility.
Negative Updates
Workforce Reductions
Furloughed 23% of the workforce or 30 teammates in Oklahoma City due to consolidation efforts.
Delayed Production Plans
Acknowledged being behind plan for production capabilities, with expectations to reach 3 jobs per day by Q4 2025.
Challenges with Capital Alignment
Highlighted difficulties in accessing capital quickly, impacting supply chain and production alignment.
Refund of Consumer Deposits
Decided to refund customer deposits for consumer vehicles, focusing solely on fleet order books due to lack of scale.
Company Guidance
During the Canoo Q3 2024 earnings call, executives provided several key metrics reflecting the company's financial and operational guidance. The company reported a record-breaking quarterly revenue of $891,000, contributing to life-to-date revenues of approximately $1.5 million. They achieved a 20% reduction in research and development expenses compared to the previous year, aiming for annualized savings between $12 million and $14 million through site consolidations. Adjusted EBITDA improved by $2.6 million, moving from negative $40.4 million in Q3 2023 to negative $37.7 million in Q3 2024. The company secured a $12 million credit facility and raised $28 million in capital, with cash and equivalents totaling $16.1 million by the end of the quarter. Looking forward, Canoo anticipates cash outflows between $30 million and $40 million, driven by ongoing location consolidations. The company also highlighted strategic focus areas, including non-GAAP metrics, where they reported a 2.3% improvement in adjusted EBITDA and a significant 74.3% improvement in adjusted net loss per share over a comparable nine-month period.Canoo Financial Statement Overview
Summary
Canoo's financials reflect a company in distress, with substantial challenges across income, balance sheet, and cash flow metrics. Despite some revenue growth, profitability and cash generation remain significant issues. The balance sheet shows some leverage control, but declining equity and continued losses are pressing concerns. The company’s reliance on financing activities underscores the need for operational improvements.Income Statement
Canoo's income statement reveals significant challenges. The gross profit margin and net profit margin are negative, indicating the company is operating at a loss. However, there is a notable increase in revenue from 2023 to the TTM period, suggesting some growth potential. Despite this, the negative EBIT and EBITDA margins reflect deep operational inefficiencies.30
Negative
Balance Sheet
Canoo's balance sheet shows a mixed picture. The debt-to-equity ratio is moderate, suggesting manageable leverage, but the negative net income impacts the return on equity negatively. The equity ratio indicates a reasonable level of equity to total assets, yet the declining stockholders' equity raises concerns about financial stability.35
Negative
Cash Flow
Canoo's cash flow indicates severe pressure. The operating cash flow is consistently negative, and the free cash flow growth rate is also negative. The ratios of operating and free cash flow to net income are unfavorable, highlighting challenges in converting income into cash. However, positive financing cash flow suggests continued access to external funding.28
Negative
| Breakdown | TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.86M | 886.00K | 0.00 | 2.55M | 2.55M | 0.00 |
| Gross Profit | -11.59M | -15.33M | -13.91M | 1.88M | 1.88M | 0.00 |
| EBITDA | -117.54M | -282.64M | -471.54M | -336.80M | -199.72M | -3.25M |
| Net Income | -140.83M | -302.02M | -466.34M | -243.86M | -89.82M | -192.70M |
Balance Sheet | ||||||
| Total Assets | 523.29M | 542.00M | 496.47M | 523.07M | 753.47M | 72.08M |
| Cash, Cash Equivalents and Short-Term Investments | 1.53M | 10.30M | 36.59M | 224.72M | 702.42M | 29.01M |
| Total Debt | 75.80M | 89.99M | 73.44M | 13.83M | 20.20M | 100.13M |
| Total Liabilities | 301.33M | 292.43M | 259.90M | 179.07M | 181.62M | 127.95M |
| Stockholders Equity | 221.96M | 249.58M | 236.57M | 344.00M | 571.86M | -55.87M |
Cash Flow | ||||||
| Free Cash Flow | -201.06M | -318.20M | -497.75M | -437.41M | -114.61M | -193.60M |
| Operating Cash Flow | -169.64M | -251.13M | -400.48M | -300.82M | -107.05M | -171.45M |
| Investing Cash Flow | -31.42M | -67.06M | -66.83M | -162.73M | -7.56M | -22.14M |
| Financing Cash Flow | 194.42M | 288.48M | 290.43M | -11.39M | 787.53M | 205.08M |
Canoo Technical Analysis
Negative
0.12
Price Trends
0.12
Negative
0.13
Negative
4.87
Negative
Market Momentum
>-0.01
Positive
47.36
Neutral
23.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GOEVQ, the sentiment is Negative. The current price of 0.12 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.12, and below the 200-day MA of 4.87, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.36 is Neutral, neither overbought nor oversold. The STOCH value of 23.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GOEVQ.
Canoo Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | HK$23.71B | 3.90 | -1.57% | 6.72% | 0.06% | -64.88% | |
55 Neutral | $159.13M | ― | -186.28% | ― | 8.52% | 98.75% | |
44 Neutral | $370.32K | ― | ― | ― | ― | ||
43 Neutral | $10.44M | ― | -1026.66% | ― | -24.26% | 93.83% | |
40 Underperform | $1.74M | ― | -72.67% | ― | 258.96% | 82.54% | |
| $473.36M | ― | ― | ― | ― | |||
37 Underperform | $20.10M | ― | -220.85% | ― | ― | ― |
* Consumer Cyclical Sector Average
Performance Comparison
GOEVQ
Canoo
0.12
-42.28
-99.72%
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0.11
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-100.00%
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1.00
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NWTN
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23.66%
FFAI
Faraday Future Intelligent Electric
1.63
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-89.81%
REE
REE Automotive
0.65
-3.32
-83.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.