Canoo Inc. - GOEV STOCK NEWS

Canoo (Nasdaq: GOEV), an advanced mobility company, has announced a commercial fleet order from Go2 Delivery. The agreement involves the initial purchase of five fully-electric Class 1 Delivery Vans, with the potential to purchase up to 85 additional vans. Go2 Delivery aims to use Canoo’s Lifestyle Delivery Vehicle 130 (LDV130) to enhance their operational efficiency and reduce environmental impact, particularly in the healthcare sector in Virginia and the Chesapeake Bay area.

The LDV130 vehicles offer durability, range, reliability, and cargo space, meeting the rigorous demands of Go2 Delivery’s logistics operations. Go2 Delivery provides same-day courier and last-mile delivery services to B2B and B2C customers in retail, healthcare, and e-commerce industries.

Canoo (Nasdaq: GOEV), a high-tech advanced mobility company, announced its inclusion in the Russell 3000®, Russell 2000®, and Russell Microcap® Indexes. This addition follows the annual Russell US Indexes reconstitution, effective from the opening of US equity markets on July 1, 2024. The reconstitution captures the 4,000 largest US stocks, ranking them by total market capitalization as of April 30. Membership in the Russell 3000® Index ensures automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with appropriate growth and value style indexes. The Russell indexes, managed by FTSE Russell, are benchmarks for approximately $10.5 trillion in assets as of December 2023. These indexes are important for investment managers and institutional investors using them for index funds and active investment strategies.

Canoo has achieved significant recognition at the Red Dot Design Awards 2024, winning the 'Best of the Best' award for its Lifestyle Delivery Vehicle 190 (LDV 190) in the Commercial Vehicles category. The LDV 190 is also nominated for the prestigious Red Dot: Luminary award. Additionally, Canoo's American Bulldog electric pickup truck has been honored as a 2024 Red Dot winner.

The Red Dot Award is a global competition celebrating excellence in design, with a prestigious jury evaluating submissions based on innovation, quality, and functionality. Canoo’s LDV 190, designed for versatility and sustainability, highlights eco-friendly materials and advanced technology like steer-by-wire. Its spacious and ergonomic interior caters to drivers of all abilities. The American Bulldog combines rugged utility with modern aesthetics, inspired by military technology.

Canoo's consistent recognition in previous years underscores its commitment to high design standards and innovation in the electric vehicle market.

Canoo, a high-tech advanced mobility company, has acquired new and like-new manufacturing assets at its Oklahoma City facility, previously owned by Arrival Automotive UK This includes 44 containers with 226 lots of advanced manufacturing equipment, such as state-of-the-art robots. These assets aim to enhance production scalability, reduce lead times, and lower unit costs for Canoo's electric cargo vehicles, LDV130 and LDV190. Canoo emphasizes a domestic-focused supply chain with over 90% of parts from the U.S. or allied nations and plans to continue opportunistic acquisitions of advanced equipment. The initiative is part of Canoo's strategy to bolster automation and scale 'Made-in-America' EV production.

Canoo (Nasdaq: GOEV), an advanced mobility company, has announced its participation in two investor conferences in June 2024. The Stifel Cross Sector Insight Conference in Boston will see CFO Greg Ethridge engage in a fireside chat on June 4 at 4:10 p.m. ET. The Sidoti Small Cap Conference, held virtually, will feature both CFO Greg Ethridge and VP of Capital Markets and Investor Relations Jonathan Wolff on June 12 at 3:15 p.m. ET. They will present a 30-minute session followed by a Q&A and host one-on-one meetings with investors. Presentations will be webcast live and archived on Canoo's investor relations webpage.

Canoo (Nasdaq: GOEV) announced its Q1 2024 financial results, showing a 28% improvement in adjusted EBITDA to $(48.3) million from Q1 2023. Adjusted net loss per share improved by 34.6% from Q4 2023 to $(1.13) per share. The company increased purchases of long lead-time equipment at large discounts, reducing future capital expenditures by around $50 million in 2024. Canoo delivered customized LDV 190 vehicles to the USPS and entered the Saudi Arabian and UK commercial vehicle markets. The Oklahoma City facility was designated as a Foreign Trade Zone, potentially saving up to $70 million in vehicle costs. As of March 31, 2024, Canoo had $18.2 million in cash, cash equivalents, and restricted cash, potentially increasing to $34.7 million after a Series C Preferred Stock Purchase Agreement for $16.5 million. Despite these positives, the GAAP net loss for Q1 2024 was $(110.7) million, up from $(90.7) million in Q1 2023. Operating cash flow was negative at $47.5 million.

Canoo Inc. (Nasdaq: GOEV) will announce its financial results for the first quarter of 2024 on May 14, 2024, after market close. The company, a high-tech advanced mobility company, will host a conference call and live webcast to discuss the results, followed by a question-and-answer period. Interested individuals can listen to the live webcast online and access a replay shortly after the event.