Shares of Canoo (NASDAQ:GOEV) gained in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at -$0.14, which beat analysts’ consensus estimate of -$0.20 per share.
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The company finished the quarter with $5 million in cash, although it raised $56.3 million since then in convertible debentures and a PIPE offering.
Looking forward, management now expects adjusted EBITDA and capital expenditures for the second half of 2023 to be in the ranges of $120 million to $140 million and $70 million to $100 million, respectively.
Overall, Wall Street has a consensus price target of $4.50 on GOEV stock, implying almost 800% upside potential, as indicated by the graphic above.