(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
The |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CANOO INC. | ||||||||
By: | /s/ Hector Ruiz | |||||||
Hector Ruiz | ||||||||
General Counsel and Corporate Secretary |
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 4,993 | $ | 36,589 | |||||||
Restricted cash, current | 3,788 | 3,426 | |||||||||
Inventory | 5,312 | 2,954 | |||||||||
Prepaids and other current assets | 11,410 | 9,350 | |||||||||
Total current assets | 25,503 | 52,319 | |||||||||
Property and equipment, net | 362,612 | 311,400 | |||||||||
Restricted cash, non-current | 10,600 | 10,600 | |||||||||
Operating lease right-of-use assets | 37,945 | 39,331 | |||||||||
Deferred warrant asset | 50,175 | 50,175 | |||||||||
Deferred battery supplier cost | 30,000 | 30,000 | |||||||||
Other non-current assets | 5,261 | 2,647 | |||||||||
Total assets | $ | 522,096 | $ | 496,472 | |||||||
Liabilities and stockholders' equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 84,425 | $ | 103,187 | |||||||
Accrued expenses and other current liabilities | 80,962 | 63,091 | |||||||||
Convertible debt, current | 24,979 | 34,829 | |||||||||
Derivative liability, current | 4,359 | — | |||||||||
Financing liability, current | 7,633 | — | |||||||||
Warrant liability, current | — | 17,171 | |||||||||
Total current liabilities | 202,358 | 218,278 | |||||||||
Contingent earnout shares liability | 449 | 3,013 | |||||||||
Operating lease liabilities | 37,308 | 38,608 | |||||||||
Warrant liability, non-current | 25,269 | — | |||||||||
Financing liability, non-current | 23,967 | — | |||||||||
Total liabilities | 289,351 | 259,899 | |||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.0001 par value; 10,000 authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022 | — | — | |||||||||
Common stock, $0.0001 par value; 1,000,000 and 500,000 authorized as of June 30, 2023 and December 31, 2022, respectively; 568,904 and 355,388 issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 56 | 35 | |||||||||
Additional paid-in capital | 1,574,114 | 1,416,361 | |||||||||
Accumulated deficit | (1,341,425) | (1,179,823) | |||||||||
Total stockholders’ equity | 232,745 | 236,573 | |||||||||
Total liabilities and stockholders’ equity | $ | 522,096 | $ | 496,472 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Costs and Operating Expenses | |||||||||||||||||||||||
Cost of revenue, excluding depreciation | — | — | — | — | |||||||||||||||||||
Research and development expenses, excluding depreciation | 38,582 | 115,460 | 85,686 | 197,946 | |||||||||||||||||||
Selling, general and administrative expenses, excluding depreciation | 30,421 | 55,152 | 60,270 | 110,773 | |||||||||||||||||||
Depreciation | 4,562 | 2,892 | 9,137 | 5,570 | |||||||||||||||||||
Total costs and operating expenses | 73,565 | 173,504 | 155,093 | 314,289 | |||||||||||||||||||
Loss from operations | (73,565) | (173,504) | (155,093) | (314,289) | |||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Interest (expense) income | (2,264) | 19 | (2,560) | (9) | |||||||||||||||||||
Gain on fair value change in contingent earnout shares liability | 59 | 9,471 | 2,564 | 24,936 | |||||||||||||||||||
Gain on fair value change in warrant and derivative liability | 5,623 | — | 22,965 | — | |||||||||||||||||||
Loss on extinguishment of debt | (949) | — | (27,688) | — | |||||||||||||||||||
Other income (expense), net | 226 | (378) | (1,790) | (395) | |||||||||||||||||||
Loss before income taxes | (70,870) | (164,392) | (161,602) | (289,757) | |||||||||||||||||||
Provision for income taxes | — | — | — | — | |||||||||||||||||||
Net loss and comprehensive loss | $ | (70,870) | $ | (164,392) | $ | (161,602) | $ | (289,757) | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (0.14) | $ | (0.68) | $ | (0.35) | $ | (1.22) | |||||||||||||||
Weighted-average shares outstanding, basic and diluted | 505,576 | 242,772 | 462,303 | 238,242 |
Six months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (161,602) | $ | (289,757) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation | 9,137 | 5,570 | |||||||||
Non-cash operating lease expense | 1,658 | 966 | |||||||||
Non-cash commitment fee under SEPA | — | 582 | |||||||||
Stock-based compensation expense | 16,543 | 41,453 | |||||||||
Gain on fair value change of contingent earnout shares liability | (2,564) | (24,936) | |||||||||
Gain on fair value change in warrants liability | (23,015) | — | |||||||||
Loss on fair value change in derivative liability | 50 | — | |||||||||
Loss on extinguishment of debt | 27,688 | — | |||||||||
Non-cash debt discount | 1,538 | — | |||||||||
Non-cash interest expense | 1,386 | — | |||||||||
Non-cash offering cost associated with the warrant liability | 800 | — | |||||||||
Common shares issued to vendor for services | 250 | ||||||||||
Changes in assets and liabilities: | |||||||||||
Inventory | (2,358) | — | |||||||||
Prepaid expenses and other current assets | (2,060) | 136 | |||||||||
Other assets | (2,614) | 574 | |||||||||
Accounts payable, accrued expenses and other current liabilities | 5,619 | 27,847 | |||||||||
Net cash used in operating activities | (129,544) | (237,565) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (33,905) | (65,420) | |||||||||
Return of prepayment from VDL Nedcar | — | 30,440 | |||||||||
Net cash (used in) investing activities | (33,905) | (34,980) | |||||||||
Cash flows from financing activities: | |||||||||||
Repurchase of unvested shares | — | (6) | |||||||||
Payment of offering costs | (400) | (250) | |||||||||
Proceeds from exercise of YA warrants | 21,223 | — | |||||||||
Proceeds from the purchase of shares and warrants by VDL Nedcar | — | 8,400 | |||||||||
Proceeds from issuance of shares under SEPA agreement | — | 32,500 | |||||||||
Proceeds from issuance of shares under PIPE | 8,750 | 50,000 | |||||||||
Proceeds from employee stock purchase plan | 635 | 1,986 | |||||||||
Proceeds from issuance of shares under RDO, net of issuance cost | 50,961 | — | |||||||||
Proceeds from convertible debenture | 45,120 | — | |||||||||
Payment of transaction costs | (25) | — | |||||||||
Payment made on financing arrangement | (205) | — | |||||||||
Proceeds for issuance of shares under ATM | 1,155 | — | |||||||||
Proceeds from PPA | 5,001 | — | |||||||||
Net cash provided by financing activities | 132,215 | 92,630 | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (31,234) | (179,915) | |||||||||
Cash, cash equivalents, and restricted cash | |||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 50,615 | 227,492 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 19,381 | $ | 47,577 | |||||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||||||
Cash and cash equivalents at end of period | $ | 4,993 | $ | 33,799 | |||||||
Restricted cash, current at end of period | 3,788 | 3,528 | |||||||||
Restricted cash, non-current at end of period | $ | 10,600 | $ | 10,250 | |||||||
Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows | $ | 19,381 | $ | 47,577 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
EBITDA | Adjusted EBITDA | Adjusted Net Loss | EBITDA | Adjusted EBITDA | Adjusted Net Loss | |||||||||||||||||||||||||||||||||
Net loss | $ | (70,870) | $ | (70,870) | $ | (70,870) | $ | (164,392) | $ | (164,392) | $ | (164,392) | ||||||||||||||||||||||||||
Interest expense (income) | 2,264 | 2,264 | — | (19) | (19) | — | ||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation | 4,562 | 4,562 | — | 2,892 | 2,892 | — | ||||||||||||||||||||||||||||||||
Gain on fair value change in contingent earnout shares liability | — | (59) | (59) | — | (9,471) | (9,471) | ||||||||||||||||||||||||||||||||
Gain on fair value change in warrant and derivative liability | — | (5,623) | (5,623) | — | — | — | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 949 | 949 | — | — | — | ||||||||||||||||||||||||||||||||
Other income (expense), net | — | (226) | (226) | — | 378 | 378 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | 6,707 | 6,707 | — | 20,773 | 20,773 | ||||||||||||||||||||||||||||||||
Adjusted Non-GAAP amount | (64,044) | (62,296) | (69,122) | (161,519) | (149,839) | (152,712) | ||||||||||||||||||||||||||||||||
US GAAP net loss per share | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | (0.14) | N/A | N/A | (0.68) | ||||||||||||||||||||||||||||||||
Diluted | N/A | N/A | (0.14) | N/A | N/A | (0.68) | ||||||||||||||||||||||||||||||||
Adjusted Non-GAAP net loss per share (Adjusted EPS): | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | (0.14) | N/A | N/A | (0.63) | ||||||||||||||||||||||||||||||||
Diluted | N/A | N/A | (0.14) | N/A | N/A | (0.63) | ||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | 505,576 | N/A | N/A | 242,772 | ||||||||||||||||||||||||||||||||
Diluted | N/A | N/A | 505,576 | N/A | N/A | 242,772 | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
EBITDA | Adjusted EBITDA | Adjusted Net Loss | EBITDA | Adjusted EBITDA | Adjusted Net Loss | |||||||||||||||||||||||||||||||||
Net loss | $ | (161,602) | $ | (161,602) | $ | (161,602) | $ | (289,757) | $ | (289,757) | $ | (289,757) | ||||||||||||||||||||||||||
Interest expense (income) | 2,560 | 2,560 | — | 9 | 9 | — | ||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Depreciation | 9,137 | 9,137 | — | 5,570 | 5,570 | — | ||||||||||||||||||||||||||||||||
Gain on fair value change in contingent earnout shares liability | — | (2,564) | (2,564) | — | (24,936) | (24,936) | ||||||||||||||||||||||||||||||||
Gain on fair value change in warrant and derivative liability | — | (22,965) | (22,965) | — | — | — | ||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 27,688 | 27,688 | — | — | — | ||||||||||||||||||||||||||||||||
Other income (expense), net | — | 1,790 | 1,790 | — | 395 | 395 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | 16,543 | 16,543 | — | 41,453 | 41,453 | ||||||||||||||||||||||||||||||||
Adjusted Non-GAAP amount | (149,905) | (129,413) | (141,110) | (284,178) | (267,266) | (272,845) | ||||||||||||||||||||||||||||||||
US GAAP net loss per share | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | (0.35) | N/A | N/A | (1.22) | ||||||||||||||||||||||||||||||||
Diluted | N/A | N/A | (0.35) | N/A | N/A | (1.22) | ||||||||||||||||||||||||||||||||
Adjusted Non-GAAP net loss per share (Adjusted EPS): | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | (0.31) | N/A | N/A | (1.15) | ||||||||||||||||||||||||||||||||
Diluted | N/A | N/A | (0.31) | N/A | N/A | (1.15) | ||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | N/A | N/A | 462,303 | N/A | N/A | $ | 238,242 | |||||||||||||||||||||||||||||||
Diluted | N/A | N/A | 462,303 | N/A | N/A | $ | 238,242 | |||||||||||||||||||||||||||||||
Cover |
Aug. 14, 2023 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K/A |
Document Period End Date | Aug. 14, 2023 |
Entity Registrant Name | CANOO INC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38824 |
Entity Tax Identification Number | 82-1476189 |
Entity Address, Address Line One | 19951 Mariner Avenue |
Entity Address, City or Town | Torrance |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90503 |
City Area Code | 424 |
Local Phone Number | 271-2144 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001750153 |
Amendment Flag | true |
Amendment Description | On August 14, 2023, Canoo Inc. (the “Company”) issued a press release announcing certain financial and other results for the second quarter ended June 30, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. |
Common stock | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | GOEV |
Security Exchange Name | NASDAQ |
Warrant | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
Trading Symbol | GOEVW |
Security Exchange Name | NASDAQ |
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