Electric-vehicle maker Canoo Inc. said Monday that it lost $90.7 million for its first quarter for 2023 but stuck to its guns, saying it would be building 20,000 cars by the end of the year.
In a call with analysts, Tony Aquila said production lines are being made ready at its new Oklahoma facilities and said plans are still on track for a run rate of 20,000 vehicles by the end of the year. He said some production will be underway by the end of the second quarter and that the company plans to have an annual production run of 40,000 by the end of 2024.
"We have a lot to prove," Aquila said. "We intend to prove it."
In April, the company said it signed a long-term lease for a 500,000-square-foot manufacturing facility in Oklahoma City that would eventually employ 500 workers.
Aquila said Monday that the company has an order book valued at $2.8 billion. Some of those orders are from Walmart Stores Inc.
"We have to continue to do more with less," Aquila said on the call.
The company released its earnings after market close Monday and held a call with analysts shortly afterward. Shares of Canoo closed at 60 cents Monday, up about 1 cent, or about 2%, in trading on the Nasdaq. Shares have traded as low as 50 cents and as high as $5 over the past year.
Canoo has yet to make a profit.
The company reported a loss of $90.7 million, or 22 cents per share, for the quarter that ended March 31, compared with a loss of $125.36 million, or 54 cents per share, for the same quarter a year ago. Three analysts estimated a loss of 19 cents per share for the period, according to Yahoo Finance.
Shares of Canoo Inc. began trading at less than $1 in February, shortly after the company said it made a deal to sell shares to institutional investors at a discount to generate much-needed cash. The move will result in about $52.5 million available for general working capital.
In late March, Canoo received notice from the Securities and Exchange Commission that the company no longer complies with Nasdaq's $1 minimum bid requirements to be listed in the index. The company has 180 days, or until Sept. 25, to regain compliance, according to an SEC filing.