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Earnings/results
Canoo reports over USD 1 billion sales pipeline
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Aug 8, 2022
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Aug 8, 2022

Canoo reports over USD 1 billion sales pipeline

Earnings/results

  • Canoo, a Nasdaq-listed EV manufacturer, reported its Q2 2022 results. The company has not brought in any revenue since its public debut in 2020, but reports over USD 1 billion in their sales pipeline, an increase of 33.3% from USD 750 million in Q1 2022.

  • Operating loss for the quarter amounted to USD 173.5 million, an increase of 66.3% YoY. This was due to increases in R&D expenses (+100.3% YoY) and selling and general and administrative costs (+23.6% YoY).

  • Canoo expects operating expenses for 2H 2022 to be between USD 200 million–245 million, a 20% decrease from 1H, due to the company completing its Gamma phase investments with plans to start production in Q4 2022.

<ul><li>Other operating highlights for the quarter included Canoo’s partnership with Walmart to provide 4,500 Lifestyle Delivery Vehicles for last-mile deliveries, with the option to sell up to 10,000 units.</ul>

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