By Canoo, the electric car maker, has seen a promising uptick in its business with the posting of revenue in its latest quarter. In the third quarter ended on Sept. 30, the company reported a more narrow loss of $112 million, or 18 cents a share, compared to $117.7 million, or 43 cents a share, during the same period last year. The adjusted loss for this quarter was recorded at 7 cents a share.
Although Canoo’s revenue came in at $519,000, falling just short of analysts’ expectations of $600,000, it is important to note that the company did not record any revenue during the same period last year.
In light of these results, Canoo has adjusted its guidance for the second half of the year. They now anticipate an adjusted Ebitda loss between $85 million and $105 million, along with capital expenditures of $30 million to $40 million.
Looking ahead, Canoo is making strides in expanding its workforce in Oklahoma. It plans to establish facilities there and aims to have 20% to 25% of its company based in the state by the end of the current quarter.
Chief Executive Tony Aquila expressed optimism for the future, stating, “We are now in our manufacturing and revenue-generation phase, while we still have things left to prove.”
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