NORTHWEST ARKANSAS (KNWA/KFTA) — Electric vehicle company Canoo posted a third quarter earnings loss of $112 million.
Canoo reported the loss on Tuesday after the close of market.
The company reported a loss of $117.7 million for the quarter a year ago.
The loss was reported in a news release from the company, which also noted that it is in an “accelerating revenue generation” phase and is delivering first units to the state of Oklahoma.
“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,” said Tony Aquila, the CEO of Canoo.
The company says that it has begun assembling a workforce for its Oklahoma facilities, expecting 20-25% of the company to be based in Oklahoma by the end of the next quarter.