There are now plenty of options for investors when it comes to electric vehicle stocks and one of those is Canoo Inc (NASDAQ:GOEV). The company is involved in the development of breakthrough electric vehicles with a platform that can be used by both businesses as well as individuals.
However, the Canoo stock has not performed particularly well in recent days and has actually declined by as much as 20% over the course of the past week. In this context, it should be noted that the company announced its financial results for the second fiscal quarter on August 16 and investors could do well to take a look at it.
The company announced that at the end of the quarter on June 30, 2021 it had cash and cash equivalents on its books to the tune of as much as $563.6 million. The net loss and comprehensive loss as per GAAP (generally accepted accounting principles) for the quarter and for the half year ended on June 30, 2021 came in at $112.6 million and $127.8 million respectively.
The adjusted EBITDA for the quarter stood at $76.7 million and that was a significant rise from the $17.7 million in the same metric in the year ago period.