EV startup Canoo posts wider quarterly loss

Shares of Canoo Inc.
GOEV,
-0.17%
fell more than 7% in the extended session Monday after the electric-vehicle startup reported a wider-than-expected quarterly loss. Canoo said it lost $138.1 million, or 60 cents a share, in the fourth quarter, compared with a loss of $9.2 million, or 6 cents a share, in the year-ago quarter. FactSet consensus, drawn from four analyst estimates, called for a loss of 51 cents a share for the quarter. Canoo, which went public in December 2020 after a merger with a blank-check company, said it ended the quarter with cash and equivalents of $224.7 million. Canoo is a pre-revenue company, and its plans include an electric delivery van and a pickup truck. “We continue to make key progress and recently executed multiple agreements with the state of Oklahoma, including for the purchase of 1,000 vehicles,” Chief Executive Tony Aquila said in a statement.