Summary by Moomoo AI
Canoo Inc., an advanced mobility technology company, has reported its financial results for the year ended December 31, 2023. The company generated revenue of $0.9 million, primarily from vehicle sales and engineering services. However, the cost of revenue was significantly higher at $2.4 million, resulting in a negative gross margin of $1.5 million. Research and development expenses decreased by 53% to $139.2 million, while selling, general, and administrative expenses also saw a reduction of 42% to $113.3 million. The company's net loss improved by 38% to $302 million compared to the previous year. Canoo's business development has been marked by the commercialization of its first production vehicles and a commitment to manufacturing fully electric vehicles in Oklahoma, focusing on sustainability and supporting customers' net zero emissions goals. The company...Show More