Canoo (GOEV) investor relations material

Executive summary

• Focus shifted to commercial, government, and military fleet customers, exiting consumer market due to lack of scale and profitability.

• Expansion into the UK market with regulatory approval, legal entity formation, and partnerships targeting zero-emission vehicle demand.

• Consolidation of facilities from six to three, with significant workforce reductions and relocations to Oklahoma and Texas.

• Cost reduction, supply chain harmonization, and capital raising initiatives underway to support manufacturing and operational efficiency.

• Canoo faces significant liquidity challenges and must raise substantial additional capital to fund operations through 2024 and beyond.

Financial highlights

• Q3 2024 revenue was $0.9M, up from $0.5M in Q3 2023; nine-month revenue was $1.5M, up from $0.5M year-over-year.

• Adjusted EBITDA for Q3 2024 was negative $37.7M, improved from negative $40.4M in Q3 2023.

• Q3 2024 GAAP net income was $3M, compared to a net loss of $112M in Q3 2023, driven by a $62M gain on warrant and derivative liability fair value changes.

• Cash, cash equivalents, and restricted cash totaled $16.1M as of September 30, 2024, but dropped to $0.7M by November 6, 2024.

• Net cash used in operating activities for the nine months ended September 30, 2024 was $110M, down from $191M in the prior year period.

Outlook and guidance

• Production target of 3 jobs per day by Q4 2025, scaling to multiple jobs per hour in 2026.

• Q4 2024 cash outflow projected at $30–40M; adjusted EBITDA guidance of negative $30M to $35M.

• Management states substantial doubt exists about the company's ability to continue as a going concern for the next 12 months.

• Future manufacturing ramp and growth depend on successful capital raising and supply chain alignment.

• Capital and operating expenditures expected to increase as investments in technology and commercialization continue.