Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net Income (Loss) per Share

The table below presents a reconciliation of the basic and diluted net loss per share that were computed for the following periods:    

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator:
Net Income (loss) attributable to Canoo	$	3,258	$	(111,974)	$	(112,389)	$	(273,576)
Less: dividend on redeemable preferred stock	1,235		—		3,174		—
Net income (loss) available to common shareholders - Basic	2,023		(111,974)		(115,563)		(273,576)
Net loss assuming share settlement of instruments	(30,689)		—		—		—
Net loss available to common shareholders - diluted	$	(28,666)	$	—	$	—	$	—
Denominator:
Weighted-average common shares outstanding:
Basic	79,395		27,012		66,645		22,430
Assumed settlement of instruments into common shares	13,609		—		—		—
Diluted	93,004		27,012		66,645		22,430
Net income (loss) per common share:
Basic EPS	$	0.03	$	(4.15)	$	(1.73)	$	(12.20)
Diluted EPS	$	(0.31)	$	(4.15)	$	(1.73)	$	(12.20)

For all periods presented, the shares included in computing basic net loss per share exclude restricted shares and shares issued upon the early exercise of share options where the vesting conditions have not been satisfied.

Diluted net income per share adjusts basic net income per share for the impact of potential Common Stock shares. For those periods when the Company reports net losses, all potential Common Stock shares are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share.

The following table presents the outstanding potentially dilutive shares that have been excluded from the computation of diluted net loss per share, because including them would have an anti-dilutive effect (in thousands):

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Convertible debt (Note 10)	14,620	475	22,229	475
Restricted and performance stock units	4,995	1,616	4,995	1,616
Warrants to purchase common stock (Note 16)	18,975	—	40,275	—
Early exercise of unvested stock options	—	3	—	3
Options to purchase common stock	3	5	3	5
Preferred Stock	12,237	—	12,237	—