(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, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 33,799 | $ | 224,721 | |||||||
Restricted cash, current | 3,528 | 2,771 | |||||||||
Prepaids and other current assets | 33,239 | 63,814 | |||||||||
Total current assets | 70,566 | 291,306 | |||||||||
Property and equipment, net | 275,725 | 202,314 | |||||||||
Restricted cash, non-current | 10,250 | — | |||||||||
Operating lease right-of-use assets | 26,321 | 14,228 | |||||||||
Other assets | 14,651 | 15,226 | |||||||||
Total assets | $ | 397,513 | $ | 523,074 | |||||||
Liabilities and stockholders' equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 93,640 | $ | 52,267 | |||||||
Accrued expenses and other current liabilities | 86,089 | 83,925 | |||||||||
Total current liabilities | 179,729 | 136,192 | |||||||||
Contingent earnout shares liability | 4,121 | 29,057 | |||||||||
Operating lease liabilities | 25,318 | 13,826 | |||||||||
Total liabilities | 209,168 | 179,075 | |||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.0001 par value; 10,000 authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021 | — | — | |||||||||
Common stock, $0.0001 par value; 500,000 authorized; 268,896 and 238,578 issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 26 | 24 | |||||||||
Additional paid-in capital | 1,170,207 | 1,036,104 | |||||||||
Accumulated deficit | (981,888) | (692,129) | |||||||||
Total stockholders’ equity | 188,345 | 343,999 | |||||||||
Total liabilities and stockholders’ equity | $ | 397,513 | $ | 523,074 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | — | $ | — | — | — | |||||||||||||||||
Costs and Operating Expenses | |||||||||||||||||||||||
Cost of revenue, excluding depreciation | — | — | — | — | |||||||||||||||||||
Research and development expenses, excluding depreciation | 115,460 | 57,638 | 197,946 | 96,956 | |||||||||||||||||||
Selling, general and administrative expenses, excluding depreciation | 55,152 | 44,625 | 110,773 | 100,252 | |||||||||||||||||||
Depreciation | 2,892 | 2,083 | 5,570 | 4,207 | |||||||||||||||||||
Total costs and operating expenses | 173,504 | 104,346 | 314,289 | 201,415 | |||||||||||||||||||
Loss from operations | (173,504) | (104,346) | (314,289) | (201,415) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income (expense) | 19 | 34 | (9) | 46 | |||||||||||||||||||
Gain (loss) on fair value change in contingent earnout shares liability | 9,471 | (8,157) | 24,936 | 75,402 | |||||||||||||||||||
Loss on fair value change in private placement warrants liability | — | — | — | (1,639) | |||||||||||||||||||
Other (expense), net | (378) | (85) | (395) | (174) | |||||||||||||||||||
Loss before income taxes | (164,392) | (112,554) | (289,757) | (127,780) | |||||||||||||||||||
Provision for income taxes | — | — | — | — | |||||||||||||||||||
Net loss and comprehensive loss | $ | (164,392) | $ | (112,554) | (289,757) | (127,780) | |||||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (0.68) | $ | (0.50) | (1.22) | (0.57) | |||||||||||||||||
Weighted-average shares outstanding, basic and diluted | 242,772 | 226,928 | 238,242 | 225,885 | |||||||||||||||||||
Six months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (289,757) | $ | (127,780) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation | 5,570 | 4,207 | |||||||||
Non-cash operating lease expense | 966 | 235 | |||||||||
Non-cash commitment fee under SEPA | 582 | — | |||||||||
Stock-based compensation | 41,453 | 70,660 | |||||||||
Gain on fair value in contingent earnout shares liability | (24,936) | (75,402) | |||||||||
Loss on fair value change in private placement warrants liability | — | 1,639 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaids and other current assets | 136 | (7,714) | |||||||||
Other assets | 574 | 256 | |||||||||
Accounts payable, accrued expenses and other current liabilities | 27,847 | 25,081 | |||||||||
Net cash used in operating activities | (237,565) | (108,818) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (65,420) | (28,653) | |||||||||
Return of prepayment to VDL Nedcar | 30,440 | — | |||||||||
Net cash used in investing activities | (34,980) | (28,653) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of public warrants | — | 6,867 | |||||||||
Repurchase of unvested shares | (6) | (4) | |||||||||
Payment of offering costs | (250) | (1,306) | |||||||||
Repayment of PPP loan | — | (6,943) | |||||||||
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 | 50,000 | — | |||||||||
Proceeds from employee stock purchase plan | 1,986 | — | |||||||||
Net cash provided by (used in) financing activities | 92,630 | (1,386) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (179,915) | (138,857) | |||||||||
Cash, cash equivalents, and restricted cash | |||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 227,492 | 702,422 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 47,577 | $ | 563,565 | |||||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||||||
Cash and cash equivalents at end of period | $ | 33,799 | $ | 563,075 | |||||||
Restricted cash, current at end of period | 3,528 | 490 | |||||||||
Restricted cash, non-current at end of period | $ | 10,250 | $ | — | |||||||
Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows | $ | 47,577 | $ | 563,565 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net loss | $ | (164,392) | $ | (112,554) | $ | (289,757) | $ | (127,780) | ||||||||||||||||||
Interest (income) expense | (19) | (34) | $ | 9 | $ | (46) | ||||||||||||||||||||
Provision for income taxes | — | — | $ | — | $ | — | ||||||||||||||||||||
Depreciation | 2,892 | 2,083 | $ | 5,570 | $ | 4,207 | ||||||||||||||||||||
EBITDA | (161,519) | (110,505) | $ | (284,178) | $ | (123,619) | ||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
(Gain) loss on fair value change in contingent earnout shares liability | (9,471) | 8,157 | $ | (24,936) | $ | (75,402) | ||||||||||||||||||||
Loss on fair value change in private placement warrants liability | — | — | $ | — | $ | 1,639 | ||||||||||||||||||||
Other expense, net | 378 | 85 | $ | 395 | $ | 174 | ||||||||||||||||||||
Stock-based compensation | 20,773 | 25,514 | 41,453 | 70,660 | ||||||||||||||||||||||
Adjusted EBITDA | $ | (149,839) | $ | (76,749) | $ | (267,266) | $ | (126,548) |
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