EV Roundup: CHPT's Preliminary Q3 Results, LCID's Gravity Specifications & More
Last week, electric vehicle (EV) companies like Canoo Inc. GOEV, Workhorse Group WKHS and Fisker Inc. FSR delivered quarterly results. California-based Canoo incurred a narrower-than-expected loss in the third quarter of 2023. Ohio-based Workhorse posted a wider-than-expected loss for the third quarter of 2023. WKHS also announced that it became the first company to gain approval to join a program established by the California Air Resources Board for HVIP certification. California-based Fisker also incurred a wider-than-expected loss for the third quarter of 2023.
Meanwhile, EV charging solutions provider ChargePoint CHPT announced preliminary results for the third quarter of fiscal 2024. The firm’s revenues in the quarter under discussion are expected to fall short of the prior forecast amid challenges, primarily in North America and Europe. Unfavorable macroeconomic conditions, coupled with delays in fleet and commercial vehicle deliveries, adversely impacted planned deployments with government, auto dealership and workplace customers.
Lucid Group LCID also made it to the headlines with the unveiling of its long-awaited Gravity electric SUV model. Per this California-based EV maker, the new model combines sustainability, performance and luxury in a versatile and eco-conscious package, promising an unparalleled driving and holistic experience.
Last Week’s Top Stories
Canoo incurred third-quarter loss per share of 7 cents, narrower than the Zacks Consensus Estimate of a loss of 12 cents and the year-ago loss of 31 cents. The company has entered the revenue generation stage, posting its first-ever revenues of $519,000 in the quarter under review. Adjusted loss before interest, taxes, depreciation and amortization came in at $40.4 million in the third quarter of 2023. The firm’s R&D and SG&A costs totaled $22 million and $25 million, declining from $57 million and $48.8 million, respectively, in the corresponding period of 2022.
For the nine months ended Sep 30, cash used in operating expenses totaled $191.4 million. Canoo had cash and cash equivalents of $8.2 million as of Sep 30, 2023. Canoo envisions second-half 2023 capital expenditure in the band of $30-$40 million. Loss before interest, taxes, depreciation and amortization during the same timeframe is forecast in the range of $85-$105 million.
The company also announced a significant milestone of delivering its initial batch of Oklahoma-manufactured electric vehicles to the state. This signifies the commencement of Canoo's phased manufacturing in Oklahoma, with Lifestyle Delivery Vehicle models set to be shipped to key customers and partners in 2023, followed by a ramp-up in production units in 2024.
Workhorse incurred third-quarter loss per share of 14 cents, wider than the Zacks Consensus Estimate of a loss of 12 cents. The bottom line, however, improved from the year-ago loss of 22 cents per share. Revenues of $3 million significantly missed the consensus mark of $17 million but increased from $1.54 million generated in the corresponding quarter of 2022. The firm’s R&D and SG&A costs totaled $5.7 million and $11.7 million, declining from $6.1 million and $34.7 million, respectively, in the year-ago quarter.
The lack of HVIP voucher availability in California limited the deliveries of W4 CCs and W750s during the quarter. While awaiting the resolution of the HVIP voucher issue, the production of W4 CCs has been temporarily halted. HVIP certification for W56 is expected to be completed in the fourth quarter of 2023.
In the last reported quarter, successful testing allowed the timely launch of W56 stripped chassis and step van models. Workhorse had cash and cash equivalents of $38.8 million as of Sep 30, 2023. The company expects full-year revenues to be between $10 million and $15 million. The company also notified that it is exploring strategic alternatives, including a potential sale, partnership, or other transactions, for its Aero business.
Fisker incurred a loss per share of 27 cents in the third quarter of 2023, wider than the Zacks Consensus Estimate of 19 cents but narrower than the year-ago quarter’s 49 cents. Revenues of $71.8 million slightly missed the consensus mark of $73 million but jumped from $14,000 in the year-ago period. The firm’s R&D and SG&A costs totaled $9.4 million and $78 million, compared with $117.8 million and $22.1 million, respectively, in the corresponding period of 2022. FSR had cash/cash equivalents/restricted cash of $625.4 million as of Sep 30, 2023. During the quarter under review, net cash used in operating activities and capex totaled $308.2 million and $30.5 million, respectively.
FSR envisions full-year adjusted R&D and SG&A expenses in the band of $160-$190 million and $180-$210 million, respectively. Capital expenditure is forecast within $225-$240 million. After having launched the Ocean SUV in the United States and Europe, Fisker is set to exhibit PEAR and Alaska models at its flagship Grove lounge in Los Angeles from Nov 18 through Nov 26.
The company also set a key milestone last week by delivering 107 vehicles in a single day (on Nov 16). FSR’s new distribution strategy helped the company to ramp up deliveries of the Ocean SUV.
ChargePoint’s third-quarter fiscal 2024 preliminary results suggest revenues in the band of $108-$113 million, down from the prior expectation of $150-$165 million. The company anticipates to incur a non-cash impairment charge of $42 million. Adjusted gross margin is expected to be between negative 17%-19%. Pre-impairment adjusted gross margin is envisioned in the range of 19-21% per the preliminary results, down from the previous guidance of 22-25%. Adjusted operating expenses are anticipated within the range of $80-$82 million, compared with the previous outlook of $81-$84 million. As of Oct 31, 2023, cash/cash equivalents/restricted cash was approximately $397 million. CHPT will report third-quarter fiscal 2024 results on Dec 6.
In a separate development, Rick Wilmer has been named as CHPT’s new president and CEO, effective Nov 16. Wilmer joined the company as chief operating officer in July 2022. ChargePoint’s ex-CEO, Pasquale Romano, will remain as an advisor to ensure a smooth transition. Meanwhile, CFO Rex Jackson also resigned. Mansi Khetani — currently the senior VP of Financial Planning and Analysis — has been named interim CFO.
Last week, California-based CHPT also announced the deployment of its Express Plus Power Link 2000 DC fast charging platform, capable of speeds up to 500kW. The system powers the fastest public charging network in North America, Mercedes-Benz HPC NA.
Lucid unveiled its groundbreaking luxury electric SUV, the Lucid Gravity, marking a significant leap forward in EV technology and design. Building upon the innovation in the Lucid Air sedan, Gravity is set to enter production in late 2024. The model is expected to have a range exceeding 440 miles and a starting price under $80,000. Lucid's innovative design includes an aerodynamic profile with a drag coefficient of less than 0.243, spacious interiors and a user-friendly Clearview Cockpit interface.
Performance-wise, Gravity will accelerate from 0-60 mph in less than 3.5 seconds, with a payload capacity of over 1,500 pounds and 6,000 pounds of towing capacity. Lucid emphasizes sustainability, offering exceptional range with a smaller, lighter battery pack and one of the fastest EV charging systems globally. Gravity promises an elevated driving experience, blending efficiency, luxury and high performance in the electric SUV market.
LCID currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.
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Fisker Inc. (FSR) : Free Stock Analysis Report
Workhorse Group, Inc. (WKHS) : Free Stock Analysis Report
Canoo Inc. (GOEV) : Free Stock Analysis Report
ChargePoint Holdings, Inc. (CHPT) : Free Stock Analysis Report
Lucid Group, Inc. (LCID) : Free Stock Analysis Report
