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Canoo Inc. (GOEV-6.57%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $891,000 compared to $519,000 in the same quarter the previous year. Cost of revenue was $170,000, resulting in a gross margin of $721,000.
Research and development expenses, excluding depreciation, decreased to $17,502,000 from $21,965,000 in the previous year, while selling, general and administrative expenses, excluding depreciation, were $22,604,000, down from $24,925,000.
Depreciation expense increased to $3,752,000 from $1,495,000 in the previous year. Reorganization and related exit costs were $16,055,000.
Interest expense for the quarter was $2,398,000, compared to $4,195,000 in the previous year.
The company reported a net income of $3,258,000 for the quarter, compared to a net loss of $111,974,000 in the previous year.
Canoo had a working capital deficit and highlighted substantial doubt about its ability to continue as a going concern for the next twelve months.
The filing also details various financial agreements, including a new revolving credit facility agreement and a secured working capital facility agreement with AFV Management Advisors, LLC.
Canoo continues to focus on commercializing its electric vehicles and managing its financial resources amid challenging macroeconomic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Canoo Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.