Canoo Posts Record Revenue, Narrows Losses In 2Q

Dow Jones08-15

Electric-vehicle maker Canoo posted its highest-ever revenue in the second quarter as it narrowed losses from a year ago.

The shares gained 6.4% in extended trading.

The Torrance, Calif.-based company said Wednesday that it posted a loss of $6 million, or 9 cents a share, for the quarter ended June 30, compared with a loss of $70.9 million, or $3.22 a share, a year earlier.

Stripping out one-time items, the company lost 61 cents per share. Analysts polled by FactSet predicted an adjusted loss of $1.27 per share.

Revenue rose to $605,000 from zero a year earlier, compared to analyst expectations of $900,000.

The company predicted adjusted loss per share before interest, taxes, depreciation and amortization of between $120 million and $140 million for the second half of the year due to the pacing of capital and supply chain harmonization.

Chief Executive Tony Aquila said the company made progress with domestic and international customers and completed pilots and testing, adding that it is focused on left-hand drive and right-hand drive fleet customers.

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