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Benchmark analyst Michael Legg initiates coverage on Canoo (GOEV) with a Buy rating and announces Price Target of $5.
Canoo Further Expands its International Market Presence through the Red Sea Global Partnership in the Kingdom of Saudi Arabia
April 08 2024 - 06:00AM
Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company, announced its innovative electric vehicles will be used in a pilot program by Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and AMAALA.
Red Sea Global will pilot Canoo’s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. The Canoo vehicles will be piloted for travel between Red Sea Global’s international airport, its various resorts, facilities, and excursions. This trial will help tailor Canoo’s zero-emission vehicles to RSG’s use cases and mobility needs.
Canoo’s premium LV will provide transportation for guests traveling between Red Sea International Airport (RSI) and its resorts and residential properties. Likewise, Canoo’s LDV 190 can help with the movement of guest luggage items between RSI and the various properties. Canoo’s Bulldog fits the use case and needs of RSG’s experience companies, Akun, WAMA, and Galaxea, for transporting guests to their various excursions.
“Red Sea Global is an inspiring development illustrating the Crown Prince’s Vision 2030 goal to responsibly diversify its economy in an eco-friendly way. This resort will further transform the Kingdom showing the world the beauty of the Red Sea, which is a cornerstone of his vision. If you’ve been there in the last few years you would marvel at the scale and pace that his team has progressed the project with unique experiences.” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo. “This pilot is an important step in further aligning our product portfolio to deliver climate-friendly, all-terrain, and climatic-conditioned versions of our platform. We are excited and honored to return to this important region with our first Red Sea edition pilot vehicles!”
“When we first laid out our vision of regenerative tourism, we knew that not all of the solutions we’d need to achieve our goals yet existed. That is why we seek to work with forward-thinking partners who are pioneering the technology that could help us in the fight against climate change. Canoo is an innovator in the world of clean mobility and we’re proud to be putting their ideas and technology to the test at our unique destinations,” said John Pagano, Group CEO at Red Sea Global.
The detail of Canoo's response:
“Had Reuters called Canoo for comment we would have told them that we raised $324 million in 2022, and $288 million in 2023 and we are currently in discussions with several entities and individuals about investing in the company this year,” Canoo wrote in the post. “We would have also told them that we have begun manufacturing, expect to step up our manufacturing effort this year, and have a backlog of orders. And, that we are not in the consumer market, we are in the commercial market.”
In addition, the EV maker highlighted the fact that the company’s executives firmly believe in the company’s future, adding that CEO Tony Aquila has personally contributed to the automaker.
“Canoo executives, including its CEO, have every confidence in the company. In fact, since mid-2020 and through 2023, Mr. Aquila has invested more than $350 million in the company’s stock.”
The automaker just began initial deliveries of its latest Oklahoma-produced commercial Lifestyle Delivery Vehicles (LDVs) in December, delivering a total of 17 vehicles in Q4 and an additional 5 that were produced in Texas earlier in the year. The initial deliveries went out to a few offices in the state of Oklahoma, as well as companies Kingbee and Zeeba. Earlier in the year, Canoo made deliveries to the U.S. Army and to NASA, though its Oklahoma production facility wasn’t yet running.
“We will continue to make progress towards accessing additional forms of debt and other non-dilutive forms of capital as we move into 2024,” said Canoo CFO Greg Ethridge in a call following the earnings report. “Let’s be very clear. We’ll only raise the capital that we need.”
Canoo Analyst Remains Bullish While Investors Punish The Stock On Disappointing Outlook
BENZINGA
12:09 PM ET 04/02/2024
Canoo Inc (GOEV) shares were tanking in early trading on Tuesday after the company issued weak 2024 revenue guidance. In early March, the company had announced a 1-for-23 reverse stock split.
The company was following a "prudent" approach to scale its manufacturing while building resiliency in its supply chain, according to H.C. Wainwright & Co.
The Canoo (GOEV) Analyst: Amit Dayal maintained a Buy rating for Canoo (GOEV) while raising the price target from $3 to $7.
The Canoo Thesis: The company reported its fourth-quarter revenues at $0.4 million, with an adjusted EBITDA loss of $54.0 million, versus $60.7 million in the year-ago quarter, Dayal said in a note.
"The company's 2024 revenue guidance of $50[M]-100M implies production of roughly 1,000-2,000 vehicles during the year; we believe management is targeting quarterly production levels of 4,000-5,000 by mid-2025," the analyst wrote. "During the last few months, the company has taken steps that position the company for long-term profitable execution," he added.
The change in price target reflects the 1-for-23 reverse stock split, investments from foreign strategic institutional investors, and "other advances against the Pre-Paid Advance Agreement (PPA)," Dayal further stated.
"Wedbush Adjusts Canoo's Price Target to $5 From $4, Maintains Outperform Rating"
"Canoo Remains Cost Conscious Amid Capital Concerns, Wedbush Says
MT NEWSWIRES
1:40 PM ET 04/02/2024
01:40 PM EDT, 04/02/2024 (MT Newswires) -- Canoo (GOEV) has remained cost conscious amid concerns over its capital needs after the electric vehicles maker missed revenue expectations while beating consensus on the bottom line in Q4, Wedbush said in a report Tuesday.
"From a cost perspective, the company remains extremely cost conscious, lowering its overall R&D expense by 53% y/y while turning a corner to cautious expansion," Wedbush analysts, including Daniel Ives, said, adding that Canoo (GOEV) is also disciplined in its capital deployment approach by raising only the amounts of capital it needs for each milestone.
"We estimate the company needs to raise roughly $200 million to $250 million to navigate through this period and emerge in a stronger position into 2025 as this remains a key investor concern," the analysts said.
"We still remain positive in the long-term Canoo (GOEV) growth story, its key partnerships, and its supply chain strategy," they said.
Wedbush kept its outperform rating on Canoo (GOEV) while raising its price target to $5 from $4.
Canoo Enters a $30 Billion Market with Multiple Commercial Vehicle Sales in Saudi Arabia
April 02 2024 - 06:00AM
Canoo Inc. (NASDAQ: GOEV), a leading high-tech advanced mobility company, today signed a vehicle sales agreement with Jazeera Paints, a pioneering paint manufacturer in the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA). Jazeera Paints will initially purchase 20 Canoo's electric vehicles (EVs) into its fleet in 2024, with the option to expand up to 180 additional vehicles. This agreement taps into the Saudi Arabian EV market, which commands a total addressable market (TAM) of over $30 billion, and aligns with initiatives within the GCC region to enhance sustainable mobility solutions.
These vehicles will be one of Canoo’s first international sales exported to Saudi Arabia utilizing Canoo’s recently approved Foreign Trade Zone (FTZ) which contributes to lower unit cost and higher margins as announced in Canoo’s press release on March 18, 2024. In addition, these electric commercial delivery vehicles provide Canoo with a first mover advantage in the Saudi market and a competitive position in the Gulf Cooperation Council (GCC) region.
Jazeera Paints will be deploying Canoo's LDV 130 and LDV 190 delivery vehicles within its existing fleet, which operate throughout the Kingdom of Saudi Arabia and MENA and support Jazeera Paints' commitment to the Saudi Green Initiative’s imperative that 30 percent of new car sales in the Kingdom are electric by 2030.
Canoo’s delivery vehicles are built on a proprietary multi-purpose platform with steer-by-wire technology. Canoo’s software stack allows for end-to-end integration into Jazeera Paints' workflow and its custom-built shelving eliminates the need for third-party upfitting, thereby reducing downtime for operations.
"This partnership is a key milestone in our targeted geographic expansion to the KSA region with a large and important fleet that is focused on deploying sustainable technologies across the fast-growing industry it serves. I have had the pleasure of working closely with Abdullah bin Saud Al-Romaih, the CEO of Jazeera Paints, on how we can partner together to deliver on the Crown Prince’s environmental initiatives for the Kingdom’s Vision 2030,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
“I am delighted to announce this agreement to purchase electric vehicles from Canoo, which symbolizes Jazeera Paints' commitment to sustainability and eco-friendly technologies and materials,” said CEO of Jazeera Paints, Abdullah bin Saud Al-Romaih. “Tony and I have been working on this partnership for over a year and are excited about the future possibilities of ways we can work together to achieve our sustainability goals.”
Looking ahead, this partnership between Canoo and Jazeera Paints represents the beginning of a transformative journey in the realm of electric mobility. Both companies anticipate this alliance will catalyze further innovation and collaboration, paving the way for a more sustainable and technologically advanced future in commercial transportation within the GCC and beyond.
The American Bulldog - Love it!!
Canoo Acquires Additional Advanced Manufacturing Assets at Deep Discounts
GLOBENEWSWIRE
6:00 AM ET Mar-25-2024
Justin, TX, March 25, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (GOEV.NaE) , a leading high-tech advanced mobility company, today announced that it completed the acquisition of a substantial portion of the advanced manufacturing assets that were previously owned by Arrival Automotive UK Limited. The purchased assets will be collected into more than 20 containers and shipped by sea to Canoo’s manufacturing facilities in Oklahoma. As announced in January 2024, Canoo (GOEV.NaE) previously acquired substantially all of the new and like-new assets owned by Arrival Automotive USA, Inc. These assets were transported from Arrival’s North Carolina facility and received at Canoo’s Oklahoma facility where commissioning is underway.
Canoo (GOEV.NaE) has the necessary manufacturing equipment to deliver 2024 production and this acquisition expands its capabilities to deliver its 2025 production at significantly lower costs. The assets purchased in this opportunistic transaction will accelerate Canoo’s transition to automated processes by shortening purchase lead times by over 40%, reducing capital expenditures by 20%, and eventually lowering unit costs. Canoo’s strategy in the near term is to improve its processes and product quality while it is producing at low volumes, allowing for simultaneous completion of supply chain harmonization and implementation of customer feedback before entering high-volume production. By prioritizing deployment of capital to its highest and best use, the company will ultimately achieve the fastest path to achieving positive unit margins.
“Our current strategy will save our shareholders tens of millions of dollars, which today, is not properly reflected in the value of our company. We remain focused on capital discipline and the smartest way to invest and create value,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
The advanced manufacturing assets include equipment supporting cabin production processes such as robots, dispensing systems, advance control equipment, PLC controllers and equipment supporting general assembly capacity expansion such as advanced safety equipment, manipulators, high-tech dynamic vehicle testing equipment and other spare equipment parts. These assets enable the company to increase its general assembly and vehicle cabin build capacity and provide redundancy in the event of equipment malfunction, thereby increasing efficiency and productivity. These assets were all purchased at a discounted price of over 80 percent of the estimated value and are new and like-new assets that were carefully reviewed, inspected and selected by Canoo’s team on multiple on-site visits conducted over several months.
Already the highest volume day ever for Canoo - over 400 million of the pre-split shares!
Hope you got in before the current runup....
Eighth Supplemental Agreement
On July 20, 2022, Canoo Inc. (the “Company”) entered into a Pre-Paid Advance Agreement (as amended and supplemented from time to time, the “PPA”) with YA II PN, Ltd. (“Yorkville”). In accordance with the terms of the PPA, the Company may request advances of up to $50,000,000 in cash (the “Maximum Advance Amount”) from Yorkville (or such greater amount that the parties may mutually agree).
On March 12, 2024 (the “Effective Date”), the Company entered into an eighth Supplemental Agreement (the “Eighth Supplemental Agreement”) with Yorkville to the PPA. Pursuant to the Eighth Supplemental Agreement, Yorkville agreed to advance $62,032,000 to the Company (the “Eighth Supplemental Advance”) and waive certain terms (including waiver of the Maximum Advance Amount) and conditions set forth in the PPA with respect to such Supplemental Advance.
The Eighth Supplemental Agreement provides that with respect to the Eighth Supplemental Advance, the Purchase Price (as such term is used in the PPA) will be equal to $2.30 per share.
As of the Effective Date, $32,000,000 in principal amount and $47,123 of accrued and unpaid interest remained outstanding under all prior pre-paid advances pursuant to the PPA (such amounts, collectively, the “Outstanding Pre-Paid Advances Amount”). Pursuant to the Eighth Supplemental Agreement, the Company used a portion of the proceeds from the Eighth Supplemental Advance to repay all of the Outstanding Pre-Paid Advances Amount plus the Redemption Premium (as such term is used in the PPA) applicable to such repayment. After giving effect to the commitment fee, legal diligence fee and the purchase price discount provided for in the PPA, as well as the repayment of the Outstanding Pre-Paid Advances Amount and the applicable Redemption Premium, net proceeds of the Eighth Supplemental Advance to the Company will be $15,000,000.
The foregoing description of the Eighth Supplemental Agreement is qualified in its entirety by reference to the Eighth Supplemental Agreement, which is filed hereto as Exhibit 10.1 and which is incorporated herein by reference.
Warrant Cancellation and Exchange Agreement
On the Effective Date, the Company and Yorkville entered into a Warrant Cancellation and Exchange Agreement (the “WC&E Agreement”). Pursuant to the WC&E Agreement, on the Effective Date, Yorkville surrendered to the Company and the Company cancelled the outstanding warrants issued pursuant to the Warrant Cancellation and Exchange Agreement, dated January 31, 2024, between the Company and Yorkville (collectively, the “Outstanding Warrants”), which Outstanding Warrants represented the right to purchase an aggregate of 10,351,032 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and in exchange, the Company issued to Yorkville (i) a warrant to purchase 10,351,032 shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 (the “First Warrant”) and (ii) a warrant to purchase 10,948,905 shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 (the “Second Warrant” and together with the First Warrant, collectively, the “New Warrants”). The New Warrants include customary adjustment provisions for stock splits, combinations and similar events.
Last chance for 'cheap' shares....tomorrow they'll be over $2.😉
Split has been approved - timing and split ratio yet to be determined.
I actually think yesterday's Board announcement was good news. Both new members have good reputations, and they wouldn't have accepted positions on Canoo's Board if they had questions about the future of the company, IMO.
Interesting list of Institutional owners. I hadn't checked it in a while. Top ten on the list picked up 10+MM shares, with Vanguard accounting for more than half of the added shares. Top 10 hold 86% of the nearly 80MM institutional shares with Vanguard holding 32% of them itself.
In my opinion, there is only a very small chance of bankruptcy. They have borrowed extensively to build their manufacturing capacity in order to fill the multiple orders they have secured. It's not like producing cars to be bought by individual consumers who might be fickle depending on many factors. Their market is the commercial buyers many of whom offer short haul delivery services - a less challenging market than the consumer one. JMHO
During the past 5 months (Sept 2023 through January 2024), Canoo has secured over $87MM in advances from Yorkville under various terms. Hopefully, shareholders will find out that the money has been invested wisely and positive returns on those investments will be realized in the near future!
For instance, a few days ago CANOO warrants (GOEVW) were trading below 0.06. Today they are above 0.08, an increase of over 30%.
Common is safer (all relative) but warrants offer more upside potential (or downside risk). take your choice.
Interesting video but do you know how current it is? At one point late in the video, when talking about Tony Aquila and underpromising and overdelivering, I thought there was mention of 2022, but couldn't be sure.
Shareholder meeting scheduled Feb 29 AM to vote on Reverse Split (unspecified ) and stock awards to Aquila. Hope for some good news prior to then to minimize split!
Doesn't say how many vehicles were delivered but hasn't had much effect on share price....
Canoo Delivered Electric Vehicles to Kingbee
January 17 2024 - 07:00AM
Canoo Inc. (NASDAQ: GOEV), a leading high-tech advanced mobility company, today announced Kingbee, a national work-ready van provider, will begin using Canoo LDV 130 vehicles in its fleet.
Canoo delivered vehicles to Kingbee consistent with its schedule as part of a phased ramp-up manufacturing approach in Oklahoma City. Additional customer deliveries will be scheduled through 2024.
“We are proud that an increasing number of our vehicles are on the roads of America, and we are looking forward to our vehicles joining Kingbee and its impressive list of customers,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo. “Our vehicles are engineered for service workers, and optimized for safety, reliability, and comfort. This is what distinguishes our vehicles and provides a competitive edge for commercial fleet companies.”
As part of the agreement, Kingbee will purchase 9,300 Canoo vehicles with an option to increase to 18,600 vehicles, subject to availability. Kingbee will upfit, custom wrap, and deliver Canoo vehicles as work-ready fleet solutions for companies across the United States.
“We are excited for the opportunity to help fleets transition to electric vehicles. Fleets of all sizes use Kingbee as a flexible option for vehicle acquisition, and we’re honored to be among the first to add Canoo to our EV portfolio,” said Scott Haslam, CEO of Kingbee Vans
Going back to the proposed proxy statement of Jan 8 concerning the reverse split and stock awards to Mr. Aquila, the reverse split (probably of at least 10:1) is necessary to retain their listing and is common with early-stage development companies. On the other hand, the awards to Tony Aquila would more than double his stock holdings and increase his ownership in the company from 10% to over 20%. The awards are based on achieving certain milestones for revenue and stock price, but since the milestones are unspecified there is no way of knowing how realistic and appropriate they are. Just my observations....
Looks like tax-loss selling may be over and a little buying kicking in. JMHO
Warrants expire 12/31/25 and I believe the strike price is around $12-12.50
Looks to be a positive move consistent with plans by CANOO to expand operations in OK. No knowledge of Carter himself.
Manufacturing facility and product are both impressive, but share price and timing are going to depend on when they can start making deliveries against commitments, and whether those customers are still patiently waiting or hove gone off in a different direction. JMHO
Impressive!!
Easy Rider - Q3 Call: EV Startup Canoo Reaches Revenue, Manufacturing Phase
EV Startup Canoo Reaches Revenue, Manufacturing Phase
Canoo Contracts with Prime Time Shuttle for Up to 550 Electric Vehicles
November 16 2023 - 12:30PM
PR Newswire (US)
Luxury and airport transportation service will purchase vehicles over multiple years, enhance sustainable fleet
JUSTIN, Texas, Nov. 16, 2023 /PRNewswire/ -- Canoo Inc. (Nasdaq: GOEV), a leading high-tech mobility company, today announced a contract with Los Angeles-based Prime Time Shuttle for the purchase of up to 550 electric vehicles.
Prime Time Shuttle will purchase the Lifestyle Vehicle (LV) Premium model vehicles over multiple years, adding to its fleet of luxury vehicles and airport transportation shuttles that service the Los Angeles metropolitan area.
"As a pioneer and leader in the luxury and airport transportation niche, we have experience serving passengers and providing value to both our clients and the industry," said Rattan Joea, CEO of Prime Time Shuttle. "We're practitioners of sustainability and have a separate fleet of sustainable vehicles, so Canoo's LVs fit nicely into our vision of providing differentiated experiences to our clients."
Prime Time Shuttle operates in 34 states and has had more than 50 million customers and riders since starting in 1984. The company will use Canoo vehicles as shuttles in the Los Angeles area, with long term plans of integrating EVs to Prime Time markets outside of California.
"Canoo is passionate about delivering a zero-carbon economy that benefits the environment and communities everywhere," said Tony Aquila, Investor, Executive Chairman and CEO of Canoo. "We applaud the state of California for their disciplined approach to zero emissions. I am proud of our sales team for opening a new market for us, and I look forward to the partnership with Prime Time Shuttle."
Canoo Unveils the American Bulldog
November 10 2023 - 07:56AM
JUSTIN, Texas, Nov. 10, 2023 /PRNewswire/ -- Canoo Inc. (Nasdaq: GOEV), a leading high-tech mobility company, today introduced the American Bulldog.
This vehicle is a derivative of the Screaming Eagle that was delivered to the U.S. Army for extensive testing in 2022. The American Bulldog builds upon Canoo's rapid product development and real-world testing.
A powerhouse of engineering, this vehicle sets a new mobility standard and reflects the grit and resolve of the American people. It combines striking design with world-class performance while emphasizing minimalism with maximum functionality for work, adventure, and service.
The American Bulldog
"Like the American Bulldog, this vehicle is loyal and courageous. It's woven into the American spirit and reflects this country's innovation," said Tony Aquila, Executive Chairman and CEO of Canoo. "When we say 'Made in America,' we mean it."
The American Bulldog builds upon Canoo's rapid product development and real-world testing.
On two wheels or four, this vehicle performs like a battleship. The vehicle's strength comes from its honeycomb design. It's strong and rigid but almost soars like an eagle through harmonized steer-by-wire and brake-by-wire systems.
Driven by Canoo's continuous advanced technologies, this high-tech marvel is entirely different on the inside and on the outside. Most engineers wouldn't believe what Canoo has achieved: this vehicle is a masterclass in form and function.
Lack of any positive news coupled with additional borrowing with 0.10 floor on shares, IMHO. Will have to see what they say in next week's third quarter results announcement.
Good call. Price stayed above 0.25 and now beginning to recover on good volume!
0.285 on nearly 14 MM shares at 11:30.
Looks more like another head fake.....
On October 21, 2023 Refinitiv/Verus upgraded CANOO ORD SHS CLASS A from HOLD to BUY.
Early volume today is good so you may be right, although there was a similar 'bottom' in late September followed by a downturn a week later. Only time will tell....
On October 5, 2023, Canoo Inc. (the “Company”) held a special meeting of stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an amendment to Paragraph A of Article IV of the Company’s Second Amended and Restated Certificate of Incorporation to increase the Company’s number of shares of authorized common stock, par value $0.0001 per share, from 1,000,000,000 shares to 2,000,000,000 shares and the corresponding increase in the total number of authorized share of capital stock the Company may issue from 1,010,000,000 to 2,010,000,000 shares (the “Authorized Shares Amendment”).
The Company’s stockholders approved an amendment to the Pre-Paid Advance Agreement with Yorkville to lower the minimum price at which shares may be sold by us from $0.50 per share to $0.10 per share, which was referred to as the Yorkville Floor Price Proposal.
Anyone have any feedback from yesterday's (Oct 5) virtual shareholder meeting? I'm assuming all the items passed , but any discussion of any kind? Wasn't able to tune in. Thanks
Some end of the month profit taking after the 50% rise of the past 12 days (from 0.42 on 8/18).
Alliance Global Partners Initiates Coverage On Canoo with Buy Rating, Announces Price Target of $1.55
09:57 AM EDT, 08/24/2023 (MT Newswires) -- Canoo (GOEV.NaE) has an average rating of outperform and price targets ranging from $0.50 to $10, according to analysts polled by Capital IQ.