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Electric vehicle startup Canoo (NASDAQ:GOEV) warned on Monday about its ability to continue as a going concern, highlighting its dwindling cash reserves amidst a slump in the EV market.
Shares of the Torrance, California-based company slumped 26% in extended trading.
The EV maker said that it would be required to terminate or curtail its operations if it was unable to obtain sufficient additional funding.
The company recorded a net loss of $29 million for the fourth-quarter. Its cash and cash equivalents were $6.4 million as of December 31, compared with $36.6 million in the same period last year.
Canoo (GOEV) sees 2024 revenue in the range $50 million to $100 million, vs. analysts’ estimates of $152.5 million.
Last week, the New York Stock Exchange announced it had begun the steps to delist shares of EV startup Fisker (OTC:FSRN) common stock due to its “abnormally low” price.
