Canoo, Inc. (NASDAQ:GOEV) Q2 2024 Earnings Conference Call August 14, 2024 5:00 PM ET

Company Participants

Jon Wolf - VP, IR & Corporate Finance
Tony Aquila - Investor, Executive Chairman & CEO
Greg Ethridge - CFO
Ramesh Murthy - SVP, Finance & Chief Accounting Officer

Conference Call Participants

Dan Ives - Wedbush Securities
Michael Legg - The Benchmark Company
Craig Irwin - ROTH MKM
Stephen Gengaro - Stifel
Amit Dayal - H.C. Wainright

Operator

Greetings and welcome to the Canoe Second Quarter 2024 Earnings Call. [Operator Instructions]. I would now like to turn the call over to Jon Wolf, Vice President, Capital Markets and Investor Relations. Thank you, Jon. You may begin.

Jon Wolf

Thank you Paul. Thanks everyone for joining us. Welcome to our Q2 2024, earnings call. During the call today, Tony will update you on our business and strategy, Greg will provide an update on our financing activities, and Ramesh will go over the Q2 financial results and discuss the OpEx and capital efficiencies we continue to generate. Please be advised that we may make forward looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. For discussion of factors that could affect our future financial results and business please refer to the disclosure in today's earnings release and on our most recent Form 10-Q and 10K and other reports that we may file with the SEC, including Form-8Ks.

All of our statements are made as of today and are based on information currently available to us, except as required by law. We assume no obligation to update any such statements. During this call, we'll discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in today's earnings release, which can be found in the IR section of our website.

With that, I'll hand it over to Tony.

Tony Aquila

Thanks John, and thanks everyone for joining us today. We will review our recent achievements and give some insights into announcements we expect to conclude in the coming quarter. As we advance into manufacturing, we are finalizing build specs and configurations with our most significant fleet customers. Once complete, we will align our supply chain and announce our projected delivery and allocation schedules for 2025 and into 2026. Turning to the quarter Q2 ‘24 was our largest revenue quarter, $605,000. Our lowest cash outflow was approximately 50% lower than Q2 ’23. On May 24 we delivered our first right hand drive, configured LDV 190s to the USPS, approximately 75 days of mail delivery in Atlanta, Georgia, in some of its seasonally wet, hot and humid weather conditions. We recognized revenue from Phase 3 of our DoD DIU battery testing program awarded to us earlier this year. Our customers have logged over 34,000 miles of real world industrial use cases.