GOEV Stock Alert: Canoo Sinks on Cash Crunch

  • Canoo (GOEV) stock is slipping Tuesday with the release of its Q2 earnings report.
  • The company notes that it only has $33.8 million in cash.
  • It also missed earnings per share estimates for the period.
GOEV Stock - GOEV Stock Alert: Canoo Sinks on Cash Crunch

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Canoo (NASDAQ:GOEV) stock is losing ground on Tuesday after posting results for the second quarter of the year.

One aspect of that report sticking out to investors is the electric vehicle (EV) company’s cash position. Canoo notes that it had cash and cash equivalents of $33.8 million at the end of June. It also has access to $250 million, which includes roughly $220 million of unused capacity from its SEPA facility.

It’s worth noting that Canoo is doing better than it was during the first quarter of the year. At that time, the company warned that it might not have enough cash to make it through the end of the year.

Tony Aquila, chairman and CEO of Canoo, had the following to say in the earnings report.

We have navigated a tough global economic backdrop in the first half, and will continue to take a disciplined, long-term, strategic and focused approach to deliver on our announced built in America vehicles, which are for and by America first with the intent of making EV’s available to everyone.

It’s also worth mentioning that Canoo reported diluted earnings per share of -68 cents for the second quarter of the year. That’s worse than the -53 cents per share that Wall Street was expecting.

GOEV stock is down 18% as of noon Tuesday and is down 60.3% since the start of the year.

Investors on the lookout for more recent stock market news are in luck!

We’ve got all of the hottest stock news that traders need to know about for Tuesday! Among that is what has shares of Unity Software (NYSE:U), SoFi Technologies (NASDAQ:SOFI), and Norwegian Cruise (NYSE:NCLH) stock moving today. You can find out all about that at the following links!

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On the date of publication, William White 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.


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