It seems like just yesterday that California-based electric vehicle manufacturer Canoo (NASDAQ:GOEV) was a hot topic in the trading community. In late 2020, GOEV stock was riding high on optimistic investor sentiment.

However, that was then, and this is now. 2021 hasn’t been a great year for Canoo’s shareholders, to say the least.

I’ll admit, I’ve been pounding the table in favor of GOEV stock for a while, but to no avail. It seems that Wall Street might not be ready to accept electric vehicles that resemble spaceships.

Moreover, Canoo’s bottom-line financial figures aren’t ideal. Yet, other company-specific stats may paint a more positive picture for Canoo – and hopefully, the share price might turn around soon.

A Closer Look at GOEV Stock

Going back to the beginning, GOEV stock used to trade as HCAC stock and mostly stayed near the $10 level.

The short sellers got the shock of a lifetime when the stock catapulted to $22 in December 2020. Then, it turned in the other direction and declined to $12 on Jan. 4.

What a roller-coaster ride! Unfortunately, it was all downhill after that, as GOEV stock slid below $10 in March, and even below $7 in October.

As a result of this dismal price action, it’s hard to find commentators who like Canoo nowadays.

For instance, InvestorPlace contributor Josh Enomoto suggested that Canoo shares might be headed for the junk heap in the near future.

However, as the old saying goes, one person’s trash is another person’s treasure.

Will car drivers and stock traders eventually embrace what Enomoto calls the “toaster-on-wheels look” of Canoo’s flagship electric vehicle?

Only time will tell. Canoo’s cars aren’t for everyone’s taste, and the company’s fiscal situation isn’t perfect – but there are bright spots to be found, and low-priced GOEV stock could turn out to be the deal of a lifetime.

Canoo’s Blues

I believe in delivering the bad news first, just to get it out of the way. So, here we go.

In Canoo’s second-quarter 2021 results, the company reported a GAAP net loss of $112.6 million.

During the same time period, Canoo recorded adjusted EBITDA of -$76.7 million.

In isolation, those numbers certainly aren’t promising.

The skeptics will also undoubtedly point out that Canoo’s highly anticipated multi-purpose delivery vehicle won’t even have limited availability until 2022.

Moreover, the vehicle’s proposed larger-scale production and launch are planned for 2023.

In light of these facts, it might seem difficult to justify an investment in GOEV stock.

After all, GAAP earnings and EBITDA represent important bottom-line metrics. The lack of Canoo cars on the roadways, furthermore, is testing the stakeholders’ patience.

Getting Results

Despite all of those cautionary notes, Canoo still has positive news to report.

For one thing, the company had cash and cash equivalents of $563.6 million at the second quarter’s end. Thus, we can reasonably expect that Canoo will remain well-capitalized for a while.

Next, we might conclude that Canoo is approaching production readiness, as the company had 87% of its components sourced in the second quarter.

Also, when we exclude bulk material, that figure rises to 95% component sourcing achieved.

Besides, there’s no question that the orders are flowing in. Not long ago, Canoo surpassed 9,500 non-binding refundable pre-orders across the Lifestyle Vehicle, Pickup Truck and Multi-Purpose Delivery Vehicle models.

Even beyond all of that, Chairman and CEO Tony Aquila celebrated a pair of partnerships which will help to prepare the automaker for full production.

“We awarded two significant contracts – phase 1, contract manufacturing with VDL Nedcar and phase 2, selecting Oklahoma as our partner for our owned manufacturing plant,” Aquila clarified.

The Bottom Line

If you only look at Canoo’s bottom-line fiscal figures, it might be tempting to conclude that GOEV is indeed headed for the junk heap.

Yet, I recommend looking at the full picture. Thousands of pre-orders are pouring in for Canoo’s vehicles, and the company is well-capitalized to move towards full production.

So, maybe GOEV stock won’t be joining the junk heap this or next year. And for all we know, we might see a battalion of space-age cars on the roadways pretty soon – with Canoo’s logo, of course.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.