EV startup Canoo rises on narrower loss forecast, spending outlook cut

Canoo

15/11/2023 13:38

(Updates)
    ** Shares of electric-vehicle startup Canoo  GOEV.O  rise
3.7% to 28 cents premarket
    ** Co forecasts a loss in the range of $85 mln to $105 mln
in H2 FY23 vs. $120 mln-$140 mln forecast earlier 
    ** Cuts spending outlook to $30 mln - $40 mln from
previously expected $70 mln - $100 mln 
    ** Co now in manufacturing and revenue-generation phase -
CEO Tony Aquila; co generated first revenue in July FY23
    ** Reports Q3 adj. loss of 6 cents/shr, narrower than
estimated loss of 12 cents/shr - LSEG data 
    ** However, Q3 revenue misses Wall-Street estimates
    ** Roth MKM says management demonstrating fiscal discipline
to reduce operating expenses and cash burn, cuts PT to 30 cents
from 50 cents
    ** Stock down 78% YTD until last close

 (Reporting by Purvi Agarwal and Akash Sriram in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))