Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo reported on Wednesday its second-quarter earnings posting a record revenue of $605,000. The company did not disclose the number of vehicles delivered between April and June.
However, the chief executive Tony Aquila, said in a statement the results represent “good progress” with customers adding that they “drove more than 34,000 recent real world, industrial use miles”.
“We are focused on left-hand drive and right-hand drive large fleet customers and finalizing their configurations. This demonstrates our platform’s versatility and stability, a result of more than 34,000 recent real world, industrial use customer miles,” Aquila stated.
At the time of writing, shortly after the results were released, shares of the EV maker are trading 7.80% higher at $1.52 in the after-hours trading session.
Canoo’s shares closed at $1.41 on Wednesday, down 6%. The stock has lost more than 86% of its value in the last 12 months.
The stock reached a record low at $1.22 per share in March reflecting concerns over the lack of progress in the pilot programs announced over the last two years.
Never Miss an Update on Canoo
Earlier this week, the company shared on social media pictures from the three-day partner event at its facility.
In a social media post, Canoo announced it is “taking a different approach” on its journey — without sharing any details —while expressing gratitude to the partners who participated in their three-day event in Oklahoma.
On January 17, CFO Greg Ethridge publicly projected deliveries of 3,000 to 5,000 vehicles for the year. However, as reported by EV, a confidential document filed the same day revealed that the company actually anticipated delivering only “roughly 100 units” of each of its two main models, the LDV130 and LDV190.
Geode, the index fund arm of Fidelity, has published the quarterly update of its portfolio revealing that increased its stake in the EV startup by 150.61% over the last three months.
As of today, and according to Fintel, the company has 130 institutional shareholders holding a total of 15,574,349 million shares.
Written by Cláudio Afonso | LinkedIn | X
Never Miss an Update on Canoo
The post Canoo CEO Says Customers Drove 34,000+ Miles in Q2 first appeared on EV.