Electric vehicle startup Canoo Inc (NASDAQ:GOEV) shares fell 2.3% in extended trading Tuesday after it posted weaker-than-expected revenue at the beginning of what CEO Tony Aquila called the company’s “revenue generation phase.”
The company posted an adjusted net loss of $0.07 per share on revenue of $519,000, compared to expectations of a $0.12 per share loss on revenue of $610,000.
"We are now in our manufacturing and revenue-generation phase, while we still have things left to prove. We have worked nearly three years to get to this point,” Aquila said in a statement.
"The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels. We continue to move toward our goal of achieving 20,000 annual unit capacity. I think that's a tribute to the scrappiness of our team driving value to our customers and partners."
During the quarter, Canoo crossed 10,000 industrial and commercial-use miles in pilot and customer delivery testing, the company said.
Canoo stock fell slightly after hours, reversing a portion of the 7% gain it saw during the Tuesday session.
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