Electric-vehicle (EV) maker Canoo (NASDAQ: GOEV) began trading publicly last December after it closed its merger with a special purpose acquisition company (SPAC). On March 29, the company released its first financial quarterly report since then, and investors hit the shares hard. For the month of March, shares of Canoo fell 29.8%, most of which came on the day after its financial update.
For the year, Canoo reported a net loss of about $90 million, which was about half as much as the company lost in 2019. Canoo has yet to begin producing and selling its products, so losses are expected while it remains in its pre-revenue stage. But even after the stock had lost about 50% over the past 12 months, it was still valued at a market capitalization of more than $3.5 billion prior to the sell-off induced by the earnings report.