Canoo Projects $120M $140M Loss, Urgent Capital Injection Required

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Canoo Projects $120M $140M Loss, Urgent Capital Injection Required
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Canoo, the struggling electric commercial vehicle startup, reaffirmed on Wednesday its expectation for an Adjusted EBITDA loss between $120 million and $140 million for the second half of the year.
The company attributed this outlook to the “pacing of capital and supply chain harmonization.
As of June 30, Canoo reported holding $19.1 million in cash, cash equivalents, and restricted cash.
However, the company warned that after factoring in the net proceeds from a July Private Placement Agreement (PPA) that brought in an additional $14.1 million, Canoo’s cash reserves would have stood at $33.2 million at the end of the second quarter.
Despite the boost from the PPA, Canoo’s cash position shows the company’s urgent need to raise additional capital.

With significant losses expected in the latter half of the year and limited liquidity, the EV maker faces mounting pressure to secure new funding to sustain operations and meet its strategic goals.