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News

CANOO INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2021 RESULTS

gbafNews28

JUSTIN, Texas, Feb. 28, 2022 /PRNewswire/ — Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the fourth quarter and fiscal year 2021.

“We continue to make key progress and recently executed multiple agreements with the state of Oklahoma, including for the purchase of 1,000 vehicles. We broke ground in Pryor Oklahoma, and announced our Advanced Manufacturing facility in Bentonville, Arkansas,” stated Tony Aquila, Investor, Chairman & CEO at Canoo. “We'd like to thank the Governors of Oklahoma, Arkansas and the Chief of the Cherokee Nation for sharing the same mission we have – which is to bring high-paying tech and light blue collar, EV advanced manufacturing jobs to the heartland.”

Additional Recent Updates include:

  • Received full repayment of our capital amounting to $30.4M from VDL, and an equity investment of $8.4M
  • 5 Gamma properties undergoing critical winter testing

Fourth Quarter Business Highlights:

  • Built 7 complete platforms and 9 ladder frames compared to 2 complete platforms and 6 ladder frames in Q3'21
  • Produced 271 modules and 16 battery packs compared to 140 modules and 8 battery packs in Q3'21
  • Successfully remediated all the material weaknesses in our internal controls over financial reporting

Fourth Quarter Financial Highlights:

  • Cash and cash equivalents of $224.7 million as of December 31, 2021.
  • GAAP net loss and comprehensive loss of $138.1 million and $346.8 million for the three and twelve months ended December 31, 2021, compared to a GAAP net loss and comprehensive loss of $9.2 million and $86.7 million for the three and twelve months ended December 31, 2020, respectively. The GAAP net loss and comprehensive loss for the three and twelve months ended December 31, 2021, included a gain of $3.3 million and $104.4 million on the fair value change of the contingent earnout shares liability, respectively.
  • Adjusted EBITDA of $(120.3) million and $(332.6) million for the three and twelve months ended December 31, 2021, compared to $(42.5) million and $(108.3) million for the three and twelve months ended December 31, 2020, respectively.
  • Net cash used in operating activities totaled $300.8 million for the twelve months ended December 31, 2021, compared to $107.1 million for the twelve months ended December 31, 2020.
  • Net cash used in investing activities was $162.7 million during the twelve months ended December 31, 2021, compared to $7.6 million during the twelve months ended December 31, 2020.

First Quarter 2022 Business Outlook

Based upon our current projections, Canoo expects:

  • Operating Expenses (excluding stock-based compensation and depreciation) of: $95 million to $115 million
  • Capital Expenditures of: $60 million to $80 million

Conference Call Information 

Canoo will host a conference call to discuss the results today, February 28, 2022, at 5:00 PM ET.

To listen to the conference call via telephone dial (877) 407-9169 (U.S.) and (201) 493-6755 (international callers/U.S. toll) and enter the conference ID number 13726181. To listen to the webcast, please click here. A telephone replay will be available until March 14, 2022, at (877) 660-6853 (U.S.) and (201) 612-7415 (international callers/U.S. toll), with Conference ID number 13726181. To listen to the webcast replay, please click here.

About Canoo

Canoo's mission is to bring EVs to Everyone. The company has developed breakthrough Multi-Purpose Platforms and digital ecosystems that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses. 

Canoo has teams in California Texas, Michigan, Oklahoma and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit investors.canoo.com.

Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

“EBITDA” is defined as net loss before interest expense, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for stock-based compensation, restructuring charges, asset impairments, and other costs associated with exit and disposal activities, acquisition and related costs, changes to the fair value of contingent earnout shares liability, and any other one-time non-recurring transaction amounts impacting the statement of operations during the year. Adjusted EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe Adjusted EBITDA, when combined with net loss, and EBITDA, is beneficial to an investor's complete understanding of our operating performance. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA and Adjusted EBITDA in the same fashion.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We manage our business utilizing EBITDA and Adjusted EBITDA as supplemental performance measures.

Fourth Quarter 2021 Financial Results

CANOO INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

UNAUDITED

2021

2020

Assets

Current assets

Cash and cash equivalents

$             224,721

$             702,422

Restricted cash

2,771

Prepaids and other current assets

63,814

6,463

Total current assets

291,306

708,885

Property and equipment, net

202,314

30,426

Operating lease right-of-use assets

14,228

12,913

Other assets

15,226

1,246

Total assets

$             523,074

$             753,470

Liabilities and stockholders' equity

Liabilities

Current liabilities

Accounts payable

$               52,267

$               17,243

Accrued expenses and other current liabilities

83,925

10,625

Total current liabilities

136,192

27,868

Contingent earnout shares liability

29,057

133,503

Private placement warrants liability

6,613

Operating lease liabilities

13,826

13,262

Long-term debt

6,943

Other long-term liabilities

39

Total liabilities

179,075

188,228

Stockholders' equity

Preferred stock, $0.0001 par value; 10,000 authorized, no shares issued and outstanding at
December 31, 2021 and 2020

Common stock, $0.0001 par value; 500,000 shares authorized; 238,580,558 and 235,753,000 issued
and outstanding at December 31, 2021 and 2020, respectively

24

24

Additional paid-in capital

1,036,104

910,579

Accumulated deficit

(692,129)

(345,361)

Total stockholders' equity

343,999

565,242

Total liabilities and stockholders' equity

$             523,074

$             753,470

 

CANOO INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share values)

UNAUDITED

Three months ended

Twelve months ended

December 31, 

December 31, 

2021

2020

2021

2020

Revenue

$

$

$

$

$2,550

Costs and Operating Expenses

Cost of revenue, excluding depreciation

670

Research and development expenses, excluding depreciation

88,212

90,004

246,245

142,862

Selling, general and administrative expenses, excluding depreciation

50,664

35,714

194,736

51,611

Depreciation

2,604

1,946

8,921

7,125

Total costs and operating expenses

141,480

127,664

449,902

202,268

Loss from operations

(141,480)

(127,664)

(449,902)

(199,718)

Other (expense) income

Interest income (expense)

24

(14)

103

(10,479)

Gain on fair value change in contingent earnout shares liability

3,280

115,375

104,446

115,375

Gain (loss) on fair value change in private placement warrants liability

3,132

(1,639)

3,132

Gain on extinguishment of debt

5,045

Other income (expense), net

64

8

224

(39)

Loss before income taxes

(138,112)

(9,163)

(346,768)

(86,684)

Provision for income taxes

(2)

(2)

Net loss and comprehensive loss

$

(138,112)

$

(9,165)

$

(346,768)

$

$(86,686)

Per Share Data:

Net loss per share, basic and diluted

$

(0.60)

$

(0.06)

$

$(1.52)

$

(0.79)

Weighted-average shares outstanding, basic and diluted

231,276

158,441

227,909

110,378

 

CANOO INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

UNAUDITED

Three months ended

Twelve months ended

December 31,

December 31,

2021

2020

2021

2020

Cash flows from operating activities:

Net loss

$

(138,112)

$

(9,165)

$

(346,768)

$

(86,686)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

2,604

1,946

8,921

7,125

Non-cash operating lease expense

272

161

1,046

632

Debt discount amortization

2,590

Gain on extinguishment of debt

(5,045)

Stock-based compensation

18,602

83,221

108,360

84,280

Loss (gain) on fair value change in private placement warrants liability

(3,132)

1,639

(3,132)

Gain on fair value in contingent earnout shares liability

(3,280)

(115,375)

(104,446)

(115,375)

Other

9

Changes in operating assets and liabilities:

Prepaids and other current assets

(18,829)

(1,483)

(27,744)

(4,669)

Other assets

(13,041)

(8)

(13,980)

718

Accounts payable

9,450

1,409

33,370

2,491

Accrued expenses and other current liabilities

22,139

424

38,786

9,969

Other long-term liabilities

39

39

Net cash used in operating activities

(120,19)

(41,963)

(300,816)

(107,054)

Cash flows from investing activities:

Purchases of property and equipment

(62,618)

(6,349)

(136,594)

(7,558)

Prepayment to VDL Nedcar

(26,134)

Net cash used in investing activities

(62,618)

(6,349)

(162,728)

(7,558)

Cash flows from financing activities:

Proceeds from issuance of common stock for related party convertible debt

90,000

Proceeds from issuance of common stock for convertible debt

90,500

Proceeds from PPP loan

57

7,064

Repayments on PPP loan

(6,943)

(57)

Proceeds from issuance of unvested shares

4

7

Repurchase of unvested shares

(9)

(37)

(17)

(64)

Business combination and PIPE financing, gross proceeds

629,604

629,604

Business combination and PIPE financing, issuance costs

(22,508)

(22,508)

Settlement on restricted stock tax withholding

(448)

(448)

Payment on stock warrant redemption

(800)

(800)

Payment of offering costs

(6,001)

(4,474)

(11,307)

(5,781)

Proceeds from exercise of public warrants

6,880

Proceeds from the exercise of stock options

1

1

Net cash (used in) provided by financing activities

(6,009)

601,398

(11,386)

787,527

Net (decrease) increase in cash, cash equivalents, and restricted cash

(188,822)

553,086

(474,930)

672,915

Cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash, beginning of period

416,314

149,336

702,422

29,507

Cash, cash equivalents, and restricted cash, end of period

$

227,492

$

702,422

227,492

702,422

Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets

Cash and cash equivalents at end of period

$

224,721

$

702,422

224,721

702,422

Restricted cash at end of period

2,771

2,771

Total cash, cash equivalents, and restricted cash at end of period shown in
the condensed consolidated statements of cash flows

$

227,492

$

702,422

227,492

702,422

 

CANOO INC.

ADJUSTED EBITDA RECONCILIATION TABLE

The following table reconciles Net loss to EBITDA and Adjusted EBITDA:

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(in thousands)

2021

2020

2021

2020

Net loss

$

(138,112)

$

(9,165)

$

(346,768)

$

(86,686)

Interest (income) expense

(24)

14

(103)

10,479

Provision for income taxes

2

2

Depreciation

2,604

1,946

8,921

7,125

EBITDA

(135,532)

(7,203)

(337,950)

(69,080)

Adjustments:

Gain on fair value change in contingent earnout shares liability

(3,280)

(115,375)

(104,446)

(115,375)

Loss (gain) on fair value change in private placement warrants liability

(3,132)

1,639

(3,132)

Gain on extinguishment of debt

(5,045)

Other (income) expense, net

(64)

(8)

(224)

39

Stock-based compensation

18,602

83,221

108,360

84,280

Adjusted EBITDA

$

(120,274)

$

(42,497)

$

(332,621)

$

(108,313)

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo's ability to access future capital, via dept or equity markets, or other sources; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed  under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Canoo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 expected to be filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2022, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo's expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo's assessments to change. However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/canoo-inc-announces-fourth-quarter-and-fiscal-year-2021-results-301492051.html

SOURCE Canoo

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