GOEVW Canoo Inc

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Basis of Presentation and Principles of Consolidation

The Company's unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting. Accordingly, certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited Consolidated Financial Statements. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024 (“Annual Report on Form 10-K”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. In the opinion of management, the Company has made all adjustments necessary to present fairly its Condensed Consolidated Financial Statements for the periods presented. Such adjustments are of a normal, recurring nature. The Company’s financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future.

The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its subsidiaries. The Company’s comprehensive loss is the same as its net loss.

Except for any updates below, no material changes have occurred with respect to the Company’s significant accounting policies disclosed in Note 2 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Annual Report on Form 10-K.

Reverse Stock Split

On February 29, 2024, the Company held a special meeting of its stockholders to approve an amendment to the Company's Second Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's Common Stock at a reverse stock split ratio ranging from 1:2 to 1:30, and to authorize the Board to determine the timing of the amendment at its discretion at any time, if at all, but in any case prior to the one-year anniversary of the date on which the reverse stock split is approved by the Company’s stockholders. On March 8, 2024, the Company effected a 1-for-23 reverse stock split (the "Reverse Stock Split") of the Company’s Common Stock. As a result of the Reverse Stock Split, every 23 shares of the Company’s issued and outstanding Common Stock as of 8:00 a.m. (Eastern Time) on March 8, 2024 was automatically combined into one issued and outstanding share of Common Stock, with no change in par value per share. No fractional shares of Common Stock were issued as a result of the Reverse Stock Split. Any fractional shares in connection with the Reverse Stock Split were rounded down to the nearest whole share and cash payments were made to the stockholders. The Reverse Stock Split had no impact on the number of shares of Common Stock or Preferred Stock that the Company is authorized to issue pursuant to its certificate of incorporation. Proportional adjustments were made to the number of shares of Common Stock issuable upon exercise or conversion of the Company's equity awards and warrants, as well as the applicable exercise price. All share and per share information included in this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the impact of the Reverse Stock Split.

Liquidity and Capital Resources

As of March 31, 2024, the Company’s principal sources of liquidity are its unrestricted cash balance of $3.7 million and its access to capital under the Yorkville PPA (as defined in Note 9 Convertible Debt). The Company has incurred losses and negative cash flow from operating activities since inception and has a working capital deficit. The

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Company had negative cash flow from operating activities of $47.5 million for the three months ended March 31, 2024. The Company expects to continue to incur net losses and negative cash flows from operating activities in accordance with its operating plan and expects that expenditures will increase significantly in connection with its ongoing activities. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.

As an early-stage growth company, the Company’s ability to access capital is critical. Although management continues to explore raising additional capital through a combination of debt financing, other non-dilutive financing and/or equity financing to supplement the Company’s capitalization and liquidity, management cannot conclude as of the date of this filing that its plans are probable of being successfully implemented.

The Company believes substantial doubt exists about the Company’s ability to continue as a going concern for twelve months from the date of issuance of the Company's Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.

Macroeconomic Conditions

Current adverse macroeconomic conditions, including but not limited to heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, challenges in the supply chain could negatively affect the Company's business.

Ultimately, the Company cannot predict the impact of current or worsening macroeconomic conditions. The Company continues to monitor macroeconomic conditions to remain flexible and to optimize and evolve its business as appropriate. To do this, the Company is working on projecting demand and infrastructure requirements and deploying its workforce and other resources accordingly.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available:

•Level 1 Quoted prices in active markets for identical assets or liabilities.

•Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company's financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, accounts payable, and other current liabilities and are reflected in the financial statements at cost. Cost approximates fair value for these items due to their short-term nature.

Contingent Earnout Shares Liability

The Company has a contingent obligation to issue shares of Common Stock to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods (the “Earnout Shares”). The Company determined that the right to Earnout Shares represents a contingent liability that meets the definition of a derivative and recognized it on the balance sheet at its fair value upon the grant date. The right to Earnout Shares is

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remeasured at fair value each period through earnings. The fair value is determined using Level 3 inputs, since estimating the fair value of this contingent liability requires the use of significant and subjective inputs that may and are likely to change over the duration of the liability with related changes in internal and external market factors. The tranches were valued using a Monte Carlo simulation of the stock prices using an expected volatility assumption based on the historical volatility of the price of the Company’s stock and implied volatility derived from the price of exchange traded options on the Company’s stock. Upon the occurrence of a bankruptcy or liquidation, any unissued Earnout Shares would be fully issued regardless of whether the share price target has been met.

Convertible Debt

The Company accounts for convertible debt that does not meet the criteria for equity treatment in accordance with the guidance contained in ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.The Company classifies convertible debt based on the re-payment terms and conditions. Any discounts or premiums on the convertible debt and costs incurred upon issuance of the convertible debt are amortized to interest expense over the terms of the related convertible debt. Convertible debt is also analyzed for the existence of embedded derivatives, which may require bifurcation from the convertible debt and separate accounting treatment. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the Condensed Consolidated Statements of Operations. Refer to Note 9 for further information.

The Company has elected the fair value option to account for the YA Convertible Debentures (as defined in Note 9), the Ninth Pre-Paid Advance (as defined in Note 9), and the Tenth Pre-Paid Advance (as defined in Note 9) (collectively "Convertible Debt") and recorded such instruments at fair value upon issuance. The Company records changes in fair value in the Condensed Consolidated Statements of Operations, with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income. Interest expense related to the Convertible Debt is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the Convertible Debt were expensed as incurred.

Warrants

The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity ("ASC 480"), then in accordance with ASC 815-40 ("ASC 815"), Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. Refer to Note 15 for information regarding the warrants issued.

Redeemable Preferred Stock

Accounting for convertible or redeemable equity instruments in the Company’s own equity requires an evaluation of the hybrid security to determine if liability classification is required under ASC 480-10. Liability classification is required for freestanding financial instruments that are not debt in legal form and are: (1) subject to an unconditional obligation requiring the issuer to redeem the instrument by transferring assets (i.e., mandatorily redeemable), (2) instruments other than equity shares that embody an obligation of the issuer to repurchase its equity shares, or (3) certain types of instruments that obligate the issuer to issue a variable number of equity shares. Securities that do not meet the scoping criteria to be classified as a liability under ASC 480 are subject to redeemable equity guidance, which prescribes securities that may be subject to redemption upon an event not solely within the control of the issuer to be classified outside permanent equity (i.e., classified in temporary equity). Securities classified in temporary equity are initially measured at the proceeds received, net of issuance costs and excluding the fair value of bifurcated embedded derivatives (if any). Subsequent measurement of the carrying value is not required unless the instrument is probable of becoming redeemable or

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is currently redeemable. When the instruments are currently redeemable or probable of becoming redeemable, the Company will recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period Refer to Note 13 for information regarding the Redeemable Preferred Stock issued.

Stock-Based Compensation

The Company accounts for stock-based compensation awards granted to employees and directors based on the awards’ estimated grant date fair value. The Company estimates the fair value of its Common Stock options using the Black-Scholes-Merton option-pricing model. For stock-based awards that vest solely based on continued service (“service-only vesting conditions”), the resulting fair value is recognized under the graded vesting method over the requisite service period, which is usually the vesting period and generally four years. The Company recognizes the fair value of stock-based awards which contain performance conditions using the graded vesting method, when it is probable the performance condition will be met. The Company recognizes the fair value of stock-based awards which contain market conditions, such as stock price milestones, by simulating a range of possible future stock prices for the Company over the performance period using a Monte-Carlo simulation model to determine the grant date fair value. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations in the same manner in which the award recipient’s payroll costs are classified. For grants to non employees, an expense is recognized when the good or service is received.

The Company estimates the fair value of RSUs based on the market price of the Company’s Common Stock underlying the awards on the grant date. Fair value for awards with stock price performance metrics is calculated using the Monte Carlo simulation model, which incorporates stock price correlation and other variables over the time horizons matching the performance periods. Refer to Note 14 for awards granted to employees during the period.

Net loss per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of the Company's common shares outstanding during the period, without consideration for potential dilutive securities. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive.

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”), in the form of ASUs, to the FASB’s Accounting Standards Codification.

The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have immaterial impact on the Company’s Condensed Consolidated Financial Position, Results of Operations or Cash Flows.

Recently Issued Accounting Pronouncements Adopted

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"), which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. Specifically, it amends the accounting for leasehold improvements. The amendments requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The adoption of ASU 2023-01 did not have material impact on the Company’s unaudited Condensed Consolidated Financial Statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after

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December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements.

On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements.

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands):

			March 31, 2024
			Fair Value						Level 1						Level 2						Level 3
Liability
Contingent earnout shares liability			$	15					$	—					$	—					$	15
Derivative liability, current			$	1,604					$	—					$	—					$	1,604
Convertible debt, current			$	63,289					$	—					$	—					$	63,289
Derivative liability, non-current			$	15,138					$	—					$	—					$	15,138
Warrant liability, non-current			$	80,314					$	—					$	80,314					$	—

			December 31, 2023
			Fair Value						Level 1						Level 2						Level 3
Liability
Contingent earnout shares liability			$	41					$	—					$	—					$	41
Derivative liability, current			$	860					$	—					$	—					$	860
Convertible debt, current			$	16,052					$	—					$	—					$	16,052
Derivative liability, non-current			$	25,919					$	—					$	—					$	25,919
Warrant liability, non-current			$	17,390					$	—					$	17,390					$	—

    

The Company’s Contingent Earnout liability, convertible debt, derivative liabilities are considered “Level 3” fair value measurement. Refer to Note 2 for discussion of the Company’s methods for valuation.

The Company entered into the Ninth Pre-Paid Advance and Tenth Pre-Paid Advance as discussed in Note 9 whereby the Company elected to account transactions under the fair value option of accounting upon issuance. The Ninth Pre-Paid Advance was fully paid off as of the end of the reporting period. The Company estimated the fair value of the Tenth Pre-Paid Advance based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period:

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						Tenth Pre-Paid Advance
Stock price						$	3.57
Risk free interest rate						5.3		%
Interest rate						5.0		%
Expected volatility						150.8		%
Expected dividend yield						—		%
Remaining term (in years)						0.5

Following is a summary of the change in fair value of the Convertible Debt for the three months ended March 31, 2024 and March 31, 2023 (in thousands).

			Three months ended March 31,
Convertible Debt			2024						2023
Beginning fair value			$	16,052					$	—
Addition during the period			28,960						—
Payments in cash and common stock during the period			(40,307)						—
Change in fair value during the period			58,584						—
Ending fair value			$	63,289					—

As the proceeds of the freestanding instruments identified within the Ninth Pre-Paid Advance exceeded the fair value, a gain on issuance on convertible debt was recognized. As the fair value of the freestanding instruments identified within Tenth Pre-Paid Advance exceeded the proceeds received, a loss on issuance on convertible debt was recognized. Refer to Note 9 for further information.

The Company has a contingent obligation to issue shares of Common Stock to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods. Issuances are made in three tranches of approximately 0.2 million shares, for a total of 0.7 million shares, each upon reaching share price targets within specified time frames from December 21, 2020 ("Earnout Date"). The first tranche was not issued given the share price did not reach the specified threshold as of December 21, 2022. The second tranche will be issued if the share price reaches $575.00 within four years of the closing of the Earnout Date. The third tranche will be issued if the share price reaches $690.00 within five years of the Earnout Date. The tranches may also be issued upon a change of control transaction that occurs within the respective timeframes and results in per share consideration exceeding the respective share price target. As of March 31, 2024, the Company has a remaining contingent obligation to issue 0.4 million shares of Common Stock.

Following is a summary of the change in fair value of the Earnout Shares liability for the three months ended March 31, 2024 and March 31, 2023 (in thousands).

			Three months ended March 31,
Earnout Shares Liability			2024						2023
Beginning fair value			$	41					$	3,013
Change in fair value during the period			(26)						(2,505)
Ending fair value			$	15					$	508

The Company entered into a Lease Agreement ("Lease Agreement") with I-40 OKC Partners LLC ("I-40") which contained a "Market Value Shortfall" provision that meets the definition of a derivative. The Company estimated the fair value of the Market Value Shortfall based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period: the price of the Company’s common stock of $3.57; shares subject to Market Value shortfall of 0.1 million shares; a risk-free interest rate of 5.4%; expected volatility of the Company’s common stock of 150.8%; expected dividend yield of 0.0%; and remaining term of 0.02 years. The fair value of the Market Value

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Shortfall derivative measured as of December 31, 2023 and March 31, 2024 was $0.9 million and $1.6 million, respectively, resulting in a loss of $0.7 million during the three months ended March 31, 2024 included within the Condensed Consolidated Statement of Operations.

The Company entered into the Series B Preferred Stock Purchase Agreement with the Series B Preferred Stock Purchaser whose conversion feature meets the definition of a derivative liability which requires bifurcation. The Company estimated the fair value of the conversion feature derivative embedded in the Series B Preferred Stock Purchase Agreement based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period: the price of the Company’s Common Stock of $3.57; a risk-free interest rate of 4.2%; expected volatility of the Company’s Common Stock of 131.1%; expected dividend yield of 0.0%; and remaining term of 4.53 years. The fair value of the conversion feature derivative measured as of December 31, 2023 and March 31, 2024 was $25.9 million and $15.1 million, respectively, resulting in a gain of $10.8 million during the three months ended March 31, 2024 included within Consolidated Statement of Operations.

			Three months ended March 31,
Derivative liability			2024						2023
Beginning fair value			$	26,779					$	—
Addition during the period			—						—
Change in fair value during the period			(10,037)						—
Derecognition of liability upon extinguishment of convertible debt			—						—
Ending fair value			$	16,742					$	—

Refer to Note 15 for discussion related to warrants fair value measurements.

Prepaids and other current assets consisted of the following (in thousands):

			March 31, 2024						December 31, 2023
Prepaid expense			$	11,406					$	9,300
Short term deposits			5,946						6,312
Other current assets			594						487
Prepaids and other current assets			$	17,946					$	16,099

    As of March 31, 2024 and December 31, 2023, the inventory balance was $6.8 million and $6.2 million, respectively, which consisted primarily of raw materials related to the production of vehicles for sale. The Company writes-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories ("LCRNV") is less than the carrying value. No write-downs were recorded for the three months ended March 31, 2024 and March 31, 2023.

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Property and equipment, net consisted of the following (in thousands):

			March 31, 2024						December 31, 2023
Tooling, machinery, and equipment			$	47,299					$	44,025
Computer hardware			8,921						8,921
Computer software			9,835						9,835
Vehicles			1,528						1,528
Building			28,475						28,475
Land			5,800						5,800
Furniture and fixtures			788						788
Leasehold improvements			17,881						17,470
Construction-in-progress			310,708						307,489
Total property and equipment			431,235						424,331
Less: Accumulated depreciation			(50,495)						(47,231)
Total property and equipment, net			$	380,740					$	377,100

Construction-in-progress is primarily related to the development of manufacturing lines as well as equipment and tooling necessary in the production of the Company’s vehicles. Completed tooling assets are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use.

Accrued expenses consisted of the following (in thousands):

			March 31, 2024						December 31, 2023
Accrued property and equipment purchases			$	31,391					$	29,433
Accrued research and development costs			13,498						15,913
Accrued professional fees			7,169						6,623
Other accrued expenses			12,959						11,932
Total accrued expenses and other current liabilities			$	65,017					$	63,901

Yorkville PPA

On July 20, 2022, the Company entered into the Pre-Paid Advance Agreement (the "PPA") with YA II PN, Ltd. ("Yorkville") pursuant to which the Company could request advances of up to $50.0 million in cash from Yorkville, with an aggregate limit of $300.0 million (the "Pre-Paid Advance"). Amounts outstanding under Pre-Paid Advances could be offset by the issuance of shares of Common Stock to Yorkville at a price per share calculated pursuant to the PPA as the lower of 120.0% of the daily volume-weighted average price (“VWAP”) on Nasdaq as of the day immediately preceding the date a Pre-Paid Advance was made (“Fixed Price”) or 95.0% of the VWAP on Nasdaq as of the day immediately preceding the conversion date, which in no event would be less than $23.00 per share (“Floor Price”). The third Pre-Paid Advance (the "Third Pre-Paid Advance") amended the purchase price to be the lower of 110.0% of the VWAP on Nasdaq as of the day immediately preceding the date a Pre-Paid Advance was made (“Amended Fixed Price”) or 95.0% of the VWAP on Nasdaq during the five days immediately preceding the conversion date, which in no event would be less than $11.50 per share (“Amended Floor Price”). The Company's stockholders approved the Amended Floor Price, which was proposed and voted on at the special meeting of Company stockholders held on January 24, 2023. The Company's

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stockholders further approved the Second Amended Floor Price (as defined below), which was proposed and voted on at the special meeting of Company stockholders held on October 5, 2023. The issuance of the shares of Common Stock under the PPA is subject to certain limitations, including that the aggregate number of shares of Common Stock issued pursuant to the PPA (including the aggregation with the issuance of shares of Common Stock under Standby Equity Purchase Agreement entered into by the Company with Yorkville on May 10, 2022 (the “SEPA”), which was terminated effective August 26, 2022) cannot exceed 19.9% of the Company's outstanding shares of Common Stock as of May 10, 2022 ("PPA Exchange Cap"). The Company's stockholders approved the issuance of shares of the Company’s Common Stock in excess of the PPA Exchange Cap, which was proposed and voted on at the special meeting of Company stockholders held on January 24, 2023. Interest accrues on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 5.0%, subject to an increase to 15.0% upon events of default described in the PPA. Each Pre-Paid Advance has a maturity date of 15 months from the Pre-Paid Advance Date. Yorkville is not entitled to participate in any earnings distributions until a Pre-Paid Advance is offset with shares of Common Stock.

Between July 2022 and October 2022, Yorkville agreed to advance amounts to the Company on account of the first and second pre-paid advances (“Previous Pre-Paid Advances”) in accordance with the PPA. The Previous Pre-Paid Advances were fully paid off through the issuance of shares of Common Stock to Yorkville as of December 31, 2022.

On November 10, 2022, Yorkville agreed to advance $20.0 million to the Company on account of the Third Pre-Paid Advance in accordance with the PPA. On December 31, 2022, the Company received an aggregate of $32.0 million on account of the fourth Pre-Paid Advance in accordance with the PPA (the "Fourth Pre-Paid Advance"). In accordance with the second supplemental agreement, the Fourth Pre-Paid Advance may, at the sole option of Yorkville, be increased by up to an additional $8.5 million (the "YA PPA Option"). On January 13, 2023, Yorkville partially exercised their option, and increased their investment amount by $5.3 million, which resulted in net proceeds of $5.0 million, and was applied to the fourth PPA. Pursuant to the second supplemental agreement, the Fourth Pre-Paid Advance included issuances of warrants to Yorkville. Of the aggregate Fourth Pre-Paid Advance proceeds, $14.8 million was allocated to convertible debt presented in the Consolidated Balance Sheets as of December 31, 2022, and an additional $2.3 million was allocated to convertible debt as a result of Yorkville exercising the YA PPA Option. Refer to Note 15, Warrants, for further information on the warrants and the allocation of proceeds. During the year 2023, the Third Pre-Paid Advance and Fourth Pre-Paid Advance were each fully paid off through the issuance of 2.9 million shares of Common Stock in the aggregate to Yorkville.

On September 11, 2023, Yorkville agreed to advance $12.5 million to the Company on account of the fifth Pre-Paid Advance in accordance with the PPA (the "Fifth Pre-Paid Advance"). The net proceeds received by the Company, after giving affect to the commitment fee and the purchase price discount provided for in the PPA, was $11.8 million. Of the aggregate proceeds, $6.0 million was allocated to derivative assets for an embedded conversion feature included in the Fifth Pre-Paid Advance. Any portion of the convertible debt settled using the Variable Price (as defined further in Note 9) will be extinguished as a share settled redemption while any settlement using the Fixed Price or the applicable floor price will be settled via conversion accounting. As of December 31, 2023, the Fifth Pre-Paid Advance was fully paid off through the issuance of 1.2 million shares of Common Stock to Yorkville.

The Company's stockholders approved an amendment to the PPA with Yorkville to lower the minimum price which shares may be sold from $11.50 per share to $2.30 per share (the "Second Amended Floor Price"), which was proposed and voted on at the special meeting of Company stockholders held on October 5, 2023 (the "October Special Meeting").

On November 21, 2023, Yorkville agreed to advance $21.3 million to the Company on account of the Sixth Pre-Paid Advance in accordance with the PPA (the "Sixth Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $20.0 million. As of March 31, 2024, the Sixth Pre-Paid Advance was fully paid off through the issuance of 6.1 million shares of Common Stock to Yorkville. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Sixth Pre-Paid Advance was $1.2 million and interest expense incurred as a result of effective interest under the PPA was $0.2 million.

On December 20, 2023, Yorkville agreed to advance $16.0 million to the Company on account of the Seventh Pre-Paid Advance in accordance with the PPA (the "Seventh Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $15.0 million. As of March 31, 2024, the Seventh Pre-Paid Advance was fully paid off through the issuance of 2.9 million shares of Common Stock to Yorkville, in addition to $7.2 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Seventh Pre-Paid Advance was $0.5 million and interest expense incurred as a result of effective interest under the PPA was $0.4 million.

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On January 11, 2024, Yorkville agreed to advance $17.5 million to the Company on account of the Eighth Pre-Paid Advance in accordance with the PPA (the "Eighth Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $16.5 million. As of March 31, 2024, the Eighth Pre-Paid Advance was fully paid off through the issuance of 4.1 million shares of Common Stock to Yorkville, in addition to $8.3 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Eighth Pre-Paid Advance was $0.6 million and interest expense incurred as a result of effective interest under the PPA was $0.4 million.

On January 31, 2024, Yorkville agreed to advance $20.0 million to the Company on account of the Ninth Pre-Paid Advance. The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $18.8 million. The Company elected to account for the Ninth Pre-Paid Advance under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value. As of March 31, 2024, the Ninth Pre-Paid Advance was fully paid off through the issuance of 1.3 million shares of Common Stock to Yorkville, in addition to $17.5 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Ninth Pre-Paid Advance was nominal.

On March 12, 2024, Yorkville agreed to advance $62.0 million to the Company on account of the Tenth Pre-Paid Advance. Approximately $33.0 million of the proceeds received from the Tenth Pre-Paid Advance were used to repay the remaining outstanding amounts on the Seventh, Eighth, and Ninth Pre-Paid Advance (refer to above). The net proceeds received by the Company, after giving the effect to the repayment, financing charges of $14.0 million provided for in the PPA, were $15.0 million. With respect to the Tenth Pre-Paid Advance, the Purchase Price (as such term is used in the PPA) is equal to $2.30 per share.

The Company elected to account for the Ninth Pre-Paid Advance and Tenth Pre-Paid Advance under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value. On March 12, 2024, the Ninth Pre-Paid Advance was fully paid through the issuance of the Tenth Pre-Paid Advance. During the three months ended March 31, 2024, 7.4 million shares of Common Stock converted at the Second Amended Floor Price have been issued under the Tenth Pre-Paid Advance, with a gain on extinguishment of debt of $7.6 million recorded. As of March 31, 2024, a principal balance of $45.0 million remains outstanding under the Tenth Pre-Paid Advance.

The PPA provides that in respect of any Pre-Paid Advance, if the VWAP of shares of Common Stock is less than the Floor Price (as amended from time to time) for at least five trading days during a period of seven consecutive trading days or the Company has issued substantially all of the shares of Common Stock available under the Exchange Cap, then the Company is required to make monthly cash payments of amounts outstanding under any Pre-Paid Advance beginning on the 10th calendar day and continuing on the same day of each successive calendar month until the entire amount of such Pre-Paid Advance balance has been paid or until the payment obligation ceases. Pursuant to the PPA, the monthly payment obligation ceases if the Exchange Cap no longer applies and the VWAP is greater than the Floor Price (as amended from time to time) for a period of five consecutive trading days, unless a subsequent triggering date occurs.

The Company, at its option, has the right, but not the obligation, to repay early in cash a portion or all amounts outstanding under any Pre-Paid Advance, provided that the VWAP of the Common Stock is less than the Fixed Price during a period of three consecutive trading days immediately prior to the date on which the Company delivers a notice to Yorkville of its intent and such notice is delivered at least ten trading days prior to the date on which the Company will make such payment. If elected, the early repayment amount is to include a 3.0% redemption premium (“Redemption Premium”). If any Pre-Paid Advances are outstanding and any event of default has occurred, the full amount outstanding under the Pre-Paid Advances plus the Redemption Premium, together with interest and other amounts owed in respect thereof, will become, at Yorkville’s election, immediately due and payable in cash.

Yorkville Convertible Debentures

On August 2, 2023, the Company entered into a Securities Purchase Agreement with Yorkville (the “August Convertible Debenture”) in connection with the issuance and sale by the Company of convertible debentures in an aggregate principal amount of $27.9 million (the “August Initial Loan”). The net proceeds received by the Company from Yorkville includes a 6.0% discount of the Loan in accordance with the YA Convertible Debenture. Yorkville has the right and option (the “August Loan Option”) to purchase additional convertible debentures in an aggregate principal amount of up to $53.2 million. In conjunction with the August Initial Loan, the Company issued to Yorkville an initial warrant (the “August Initial Warrant”) to purchase 2.2 million shares of Common Stock at an exercise price of $12.42 per share. Yorkville did not exercise the August Loan Option, as a result of which, the August Loan Option and the related August Option Warrant are no longer applicable. During the year 2023, 4.2 million shares of Common Stock were previously issued to Yorkville. As of March 31, 2024, the August Convertible Debentures was fully paid off through the issuance of

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an additional 1.2 million shares of Common Stock to Yorkville, resulting in a loss on extinguishment of debt of $0.3 million. During the three months ended March 31, 2024, the Company incurred nominal interest expense.

On September 26, 2023, the Company entered into a Securities Purchase Agreement with Yorkville (the “September Convertible Debenture”, together with the August Convertible Debenture, collectively, the "YA Convertible Debentures"), receiving an aggregate of $15.0 million (the “September Initial Debenture”). The net proceeds received by the Company from Yorkville includes a 16.5% discount of the Loan in accordance with the September Convertible Debenture. Yorkville has the right and option (the “September Loan Option”) to purchase additional convertible debentures in an aggregate principal amount of up to $30.0 million. In conjunction with the September Convertible Debenture, the Company issued to Yorkville an initial warrant (the “September Initial Warrant”) to purchase 1.2 million shares of Common Stock at an exercise price of $12.42. If Yorkville exercises the September Loan Option, the Company will issue to Yorkville an additional warrant (the “September Option Warrant”) for a number of shares of Common Stock determined by dividing the principal amount so exercised (up to $30.0 million) by $12.42 per share. Yorkville did not exercise the September Loan Option, as a result of which, the September Loan Option and the related September Option Warrant are no longer applicable. As of March 31, 2024, the September Convertible Debentures was fully paid off through the issuance of 3.5 million shares of Common Stock to Yorkville, resulting in a loss on extinguishment of debt of $0.8 million. During the three months ended March 31, 2024, the Company incurred $0.1 million of interest expense. Additionally, Yorkville did not exercise the September Loan Option, as a result of which, the September Loan Option and the related September Option Warrant are no longer applicable.

Amounts outstanding in the YA Convertible Debentures could be offset by the issuance of shares of Common Stock to Yorkville at a price per share calculated at the lower of $11.50 (the "Note Fixed Price") or 95.0% of the lowest daily VWAP on Nasdaq as of the five immediately preceding the conversion date (“Variable Price”), which in no event would be less than $2.30 per share. The issuance of the shares of Common Stock under the YA Convertible Debentures are subject to certain limitations, including that the aggregate number of shares of Common Stock issued pursuant to the YA Convertible Debenture cannot exceed 4.1 million ("Note Exchange Cap"). With respect to the August Convertible Debenture, the Company's stockholders approved the issuance of shares of the Company’s Common Stock in excess of the Note Exchange Cap, which was proposed and voted on at the October Special Meeting.

Interest accrues on the outstanding balance of the August Convertible Debenture and the September Convertible Debenture at an annual rate equal to 3.0%, subject to an increase to 15.0% upon events of default described in their respective agreements. The YA Convertible Debentures each have a maturity date of 14 months from their respective Convertible Debenture date.

The Company elected to account for the August Convertible Debenture and the September Convertible Debenture under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value.

The primary reason for electing the fair value option is for simplification of accounting for the YA Convertible Debentures at fair value in its entirety versus bifurcation of the embedded derivatives. The fair value was determined using a Monte Carlo valuation model.

The YA Convertible Debentures provides that if the VWAP of shares of Common Stock is less than the then-applicable floor price for at least five trading days during a period of seven consecutive trading days (“Trigger Date”) or the Company has issued substantially all of the shares of Common Stock available under the Exchange Cap, or the Company is unable to issue Common Stock to Yorkville which may be freely resold by Yorkville without any limitations or restrictions, including, without limitation, due to a stop order or suspension of the effectiveness of the Registration Statement, then the Company is required to make monthly cash payments of amounts outstanding under the YA Convertible Debentures beginning on the 10th Trading Day after the Trigger Date and continuing on the same day of each successive calendar month until the entire amount of the YA Convertible Debentures balance has been paid or until the payment obligation ceases. Pursuant to the YA Convertible Debenture, the monthly payment obligation ceases if the Exchange Cap no longer applies and the VWAP is greater than the Floor Price for a period of five consecutive trading days, unless a subsequent triggering date occurs.

The Company, at its option, has the right, but not the obligation, to repay early in cash a portion or all amounts outstanding under the YA Convertible Debentures, provided that the VWAP of the Common Stock is less than the Fixed Price during a period of three consecutive trading days immediately prior to the date on which the Company delivers a notice to Yorkville of its intent and such notice is delivered at least ten trading days prior to the date on which the Company will make such payment. If elected, the early repayment amount is to include a 5.0% redemption premium (“Redemption Premium”). If any event of default has occurred, the full amount outstanding under the Loan plus the Redemption Premium, together with interest and other amounts owed in respect thereof, will become, at Yorkville’s election, immediately due and payable in cash.

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Justin Texas Lease

On January 31, 2023, the Company entered into a real estate lease for an approximately 8,000 square foot facility in Justin, Texas with an entity owned by Tony Aquila, Executive Chair and Chief Executive Officer ("CEO") of the Company. The initial lease term is three years, five months, commencing on November 1, 2022, and terminating on March 31, 2026, with one option to extend the term of the lease for an additional five years. Prior to execution, the contract was a month-to-month arrangement. The total minimum lease payments over the initial lease term is $0.3 million.

Oklahoma Manufacturing Facility Lease

On November 9, 2022, the Company entered into a PSA with Terex for the purchase of approximately 630,000 square foot vehicle manufacturing facility on approximately 121 acres in Oklahoma City, Oklahoma. On April 7, 2023, pursuant to the assignment of real estate purchase agreement, the Company assigned the right to purchase the Property to I-40 Partners, a special purpose vehicle managed by entities affiliated with the CEO. The Company then entered into a lease agreement with I-40 Partners commencing April 7, 2023. The lease term is approximately ten years with a five year renewal option and the minimum aggregate lease payment over the initial term is expected to be approximately $44.3 million, which includes equity portion of rent composed of $1.5 million fully vested non-refundable shares. Refer to Note 15 on warrants issued in conjunction with this lease.

The lease was evaluated as a sale and leaseback of real estate because the Company was deemed to control the asset once the rights under the PSA were assigned to I-40 Partners. The Company accounted for the transaction as a financing lease since the lease agreement contains a repurchase option which precludes sale and leaseback accounting. The purchase option is exercisable between the third and fourth anniversary of the lease commencement in the greater of the fair value or a 150.0% of the amounts incurred by Landlord for the purchase price for the Property, the construction allowance, and expenses incurred with the purchase of the Property.

The lease did not qualify for sale-leaseback accounting and was accounted for as a financing obligation. Under a failed sale-leaseback transaction, the real estate assets generally recorded on the Consolidated Balance Sheets and are depreciated over their useful lives while a failed sale and leaseback financing obligation is recognized for the proceeds. As a result, the Company recorded an asset and a corresponding finance liability in the amount of the purchase price of $34.2 million. The financing liability at inception was initially allocated to the warrants issued to I-40 valued at $0.9 million described in Note 15 and the derivative liability valued at $0.6 million described in Note 4.

As described above, for the failed sale and leaseback transaction, the Company reflects the real estate asset on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continue to recognize depreciation expense over the estimated useful life. The Company does not recognize rent expense related to the lease but has recorded a liability for the failed sale and leaseback obligation and monthly interest expense. The Company could not readily determine the implicit rate in the lease, as such the Company imputed an interest rate of approximately 10.0%. There have been no gains or losses recorded in connection with the transactions described above.

Future minimum payments under the failed sale leaseback are as follows (in thousands):

2024 (excluding the three months ended March 31, 2024)			$	2,657
2025			3,635
2026			4,097
2027			4,302
2028			4,384
Thereafter			21,647
Total payments			$	40,722

Lease Portfolio

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The Company uses an estimated incremental borrowing rate based on information available at lease commencement to determine the present value of lease payments when the rate implicit in the lease is not readily determinable. The weighted average discount rate used was 6.7%. As of March 31, 2024, the remaining operating lease ROU asset and operating lease liability were approximately $35.4 million and $38.1 million, respectively. As of December 31, 2023, the operating lease ROU asset and operating lease liability were approximately $36.2 million and $38.8 million, respectively. As of March 31, 2024 and December 31, 2023, $3.2 million and $3.1 million, respectively, of the lease liability was determined to be short term and was included in accrued expenses and other current liabilities within the Condensed Consolidated Balance Sheets.

Related party lease expense related to the Company's leases in Justin, Texas was $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

Certain lease agreements also provide the Company with the option to renew for additional periods. These renewal options are not considered in the remaining lease term unless its reasonably certain that the Company will exercise such options. The weighted average remaining lease term as of March 31, 2024, and December 31, 2023 was 8.4 years and 8.7 years, respectively.

Throughout the term of the lease agreements, the Company is responsible for paying certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities, and insurance. These additional charges are considered variable lease costs and are recognized in the period in which costs are incurred.

Maturities of the Company’s operating lease liabilities at March 31, 2024 were as follows (in thousands):

			Operating Lease
2024 (excluding three months ended March 31, 24)			$	4,200
2025			5,728
2026			5,504
2027			5,532
2028			5,813
Thereafter			23,707
Total lease payments			50,484
Less: imputed interest (1)			12,408
Present value of operating lease liabilities			38,076
Current portion of operating lease liabilities (2)			3,183
Operating lease liabilities, net of current portion			$	34,893

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(1)Calculated using the incremental borrowing rate

(2)Included within Accrued expenses and other current liabilities line item on the Condensed Consolidated Balance Sheets.

Commitments

In connection with the commencement of the Company's Bentonville, Arkansas and Michigan leases in 2022, the Company issued standby letters of credit of $9.5 million and $1.1 million, respectively, which are included in restricted

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cash within the accompanying Consolidated Balance Sheets as of March 31, 2024. The letters of credit have 5 year and 13 year terms, respectively, and will not be drawn upon unless the Company fails to make its payments.

Refer to Note 10 for information regarding the lease arrangements.

Legal Proceedings

From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions or relief.

On April 2, 2021, and April 9, 2021, the Company was named as a defendant in putative class action complaints filed in California on behalf of individuals who purchased or acquired shares of the Company’s stock during a specified period. Through the complaint, plaintiffs are seeking, among other things, compensatory damages. On February 28, 2023, the court granted the Company’s motion to dismiss with leave to amend. On March 10, 2023, the lead plaintiff filed a second amended consolidated complaint. On April 10, 2023, the court entered a stipulated order granting the lead plaintiff leave to file a third amended consolidated complaint and relieving defendants of any obligation to respond to the second amended consolidated complaint. The lead plaintiff filed a third amended consolidated complaint on September 8, 2023, and defendants subsequently filed a motion to dismiss the third amended consolidated complaint. On January 4, 2024, the lead plaintiff filed his opposition to the defendants’ motion to dismiss. On February 1, 2024, the defendants filed their reply in support of the motion to dismiss. The final determinations of liability arising from these litigation matters will only be made following comprehensive investigations and litigation processes.

In March 2022, the Company received demand letters on behalf of shareholders of the Company identifying purchases and sales of the Company’s securities within a period of less than six months by DD Global Holdings Ltd. (“DDG”) that resulted in profits in violation of Section 16(b) of the Exchange Act. On May 9, 2022, the Company brought an action against DDG in the Southern District of New York seeking the disgorgement of the Section 16(b) profits obtained by DDG from such purchases and sales. In the action, the Company seeks to recover an estimated $61.1 million of Section 16(b) profits. In September 2022, the Company filed an amended complaint and DDG filed a motion to dismiss the amended complaint. On September 21, 2023, the court issued a decision denying DDG's motion to dismiss. DDG's answer to the complaint was filed on October 19, 2023. An initial pretrial conference was held on January 12, 2024, and the court entered the case management order that day. The fact discovery deadline for the case is January 24, 2025.

On January 16, 2024, the Company was named as a defendant in an action for damages and injunctive relief filed in the Southern District of New York by an affiliated party to DD Global Holdings Ltd., Champ Key Limited ("Champ Key"). The complaint alleges that the Company breached a registration rights agreement and violated Delaware law (6 Del. C. Section 8-401) when the Company refused in November 2022 to remove the restrictive legends on 17.2 million shares of Common Stock owned by Champ Key, thereby preventing Champ Key from selling the shares of Common Stock. The complaint alleges claims for breach of contract, violation of Delaware law, and seeks injunctive relief, compensatory damages in excess of $23.0 million and punitive damages, interests, costs of suit and attorneys’ fees. On March 1, 2024, the Company filed an answer and affirmative defenses to the complaint. An initial pretrial conference is scheduled for May 14, 2024. The final determinations of liability arising from these litigation matters will only be made following comprehensive investigations and litigation processes.

On April 19, 2024, the Company was named as a defendant in a putative class action complaint filed in Los Angeles Superior Court on behalf of individuals who purchased or acquired shares of Hennessy Capital Acquisition Corp. IV (“HCAC”) prior to the Company’s merger with HCAC and held shares through consummation of the merger. The complaint alleges breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and unjust enrichment claims related to the many of the same allegations at issue in the above described prior securities complaint. The final determinations of liability arising from this litigation matter will only be made following comprehensive investigations and litigation processes.

At this time, the Company does not consider any such claims, lawsuits or proceedings that are currently pending, individually or in the aggregate, including the matters referenced above, to be material to the Company’s business or likely to result in a material adverse effect on its future operating results, financial condition or cash flows should such proceedings be resolved unfavorably.

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Indemnifications

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third-parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The Company provided indemnifications to certain of its officers and employees with respect to claims filed by a former employee.

On November 25, 2020, Canoo Holdings Ltd., prior to the Company's merger with HCAC ("Legacy Canoo") entered into an agreement, which remains in effect, with the CEO of the Company to reimburse Mr. Aquila for certain air travel expenses based on certain agreed upon criteria (“aircraft reimbursement”). The total aircraft reimbursement to Mr. Aquila for the use of an aircraft owned by Aquila Family Ventures, LLC (“AFV"), an entity controlled by Mr. Aquila, for the purposes related to the business of the Company was $0.2 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. In addition, certain AFV staff provided the Company with shared services support in its Justin, Texas corporate office facility. For the three months ended March 31, 2024 and 2023, the Company paid AFV approximately $0.1 million and $0.5 million, respectively, for these services.

On June 22, 2023, the Company entered into a Common Stock and Common Warrant Subscription Agreement with certain special purpose vehicles managed by entities affiliated with Mr. Aquila ("June 2023 PIPE"). The Subscription Agreement provides for the sale and issuance by the Company of 0.7 million shares of the Company’s Common Stock, together with warrants to purchase up to 0.7 million shares of Common Stock at a combined purchase price of $12.42 per share and accompanying warrants. The total net proceeds from the transaction was $8.8 million. The warrant issued is further discussed in Note 15.

On August 4, 2023, the Company entered into a Common Stock and Common Warrant Subscription Agreement with certain special purpose vehicles managed by entities affiliated with Mr. Aquila ("August 2023 PIPE") and together with the June 2023 PIPE, collectively, the "PIPEs").The Subscription Agreement provides for the sale and issuance by the Company of 0.2 million shares of the Company’s Common Stock, together with warrants to purchase up to 0.2 million shares of Common Stock at a combined purchase price of $12.42 per share and accompanying warrants. The total net proceeds from the transaction was $3.0 million. The warrant issued is further discussed in Note 15.

At-The-Market Offering Program

On August 8, 2022, the Company entered into an Equity Distribution Agreement (as supplemented by side letters entered into on August 8, 2022 and on October 5, 2022, the “ATM Sales Agreement”) with Evercore Group L.L.C. ("Evercore") and H.C. Wainwright & Co., LLC (collectively, the "agents"), to sell shares of Common Stock having an aggregate sales price of up to $200.0 million, from time to time, through an “at-the-market offering” program under which the agents act as sales agents (the “ATM Offering”). The sales are made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to sell any shares of Common Stock under the ATM Sales Agreement and may at any time suspend solicitation and offers thereunder.

On October 5, 2022, the Company entered into a Side Letter to the ATM Sales Agreement, pursuant to which, notwithstanding the existence of outstanding balances under the PPA (refer to Note 9) as of October 5, 2022, but only for so long as any portion of such balance is outstanding, the agents agreed to allow the Company to submit orders to sell Common Stock of the Company under the ATM Sales Agreement beginning on October 5, 2022. In addition, pursuant to the Side Letter to the ATM Sales Agreement, during the period from October 5, 2022 until the beginning of the third business day after the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2022: (i) only H.C. Wainwright may be designated as a Designated Manager under the ATM Sales Agreement and receive the entire compensation payable thereunder (equal to 3.0% of the gross proceeds of the shares of Common Stock sold), and (ii) for so long as H.C. Wainwright acts as the sole Designated Manager, H.C. Wainwright agreed to waive the additional fee of 1.5% of the gross proceeds from any sales under the ATM Sales Agreement.

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On February 28, 2023, Evercore delivered to us a notice to terminate the ATM Sales Agreement with respect to itself, which termination became effective on February 28, 2023.

Other Issuances of Equity

On February 5, 2023, the Company entered into a securities purchase agreement ("RDO SPA") with certain investors. The SPA provides for the sale and issuance by the Company of 2.2 million shares of the Company's Common Stock, together with warrants to purchase up to 2.2 million shares of Common Stock (the “RDO SPA Warrants”) at a combined purchase price of $24.15 per share and accompanying warrants. The total net proceeds from the transaction was $49.4 million.

On February 5, 2023, the Company also issued warrants to purchase 0.1 million shares of our Common Stock (the “Placement Agent Warrants”) to our placement agent as part of the compensation payable for acting as our exclusive placement agent in connection with the RDO SPA. The Placement Agent Warrants had the same terms as the warrants issued under the RDO SPA. These warrants are equity classified and were measured at fair value on the issuance date for a total of $1.6 million.

The Company entered into other equity agreements including the Yorkville PPA and YA Convertible Debentures discussed in Note 9, the PIPEs discussed in Note 12, and warrants issued to various parties discussed in Note 15.

Authorized Shares Amendment

On October 5, 2023, at the October Special Meeting, the Company’s stockholders approved an amendment to Paragraph A of Article IV of the Company’s Second Amended and Restated Certificate of Incorporation to increase the Company’s number of shares of authorized Common Stock from 1.0 billion shares to 2.0 billion shares and the corresponding increase in the total number of authorized share of capital stock the Company may issue from 1.0 billion to 2.0 billion shares.

Series B Preferred Stock Purchase Agreement

On September 29, 2023, the Company entered into a securities purchase agreement (the "Series B Preferred Stock Purchase Agreement") with an institutional investor (the "Series B Preferred Stock Purchaser") in connection with the issuance, sale and delivery by the Company of an aggregate of 45,000 shares (the "Series B Preferred Shares") of the Company’s 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock") and a stated value of $1,000.00 per share, which is convertible into shares of the Company’s Common Stock, and pursuant to which the Company issued warrants to purchase approximately 1.0 million shares of Common Stock (the "Series B Preferred Warrants"), for a total purchase price of $45.0 million. On October 12, 2023, the Company closed the sale of the Series B Preferred Shares and the Series B Preferred Warrants to the Series B Preferred Stock Purchaser and filed the certificate of designation for the Series B Preferred Stock (the "Certificate of Designation"). The transaction is initially recognized on the settlement date of October 12, 2023. Refer to Note 15, Warrants, for further information on the Series B Preferred Warrants.

The Series B Preferred Stock is convertible into shares of Common Stock at an initial conversion price of approximately $12.88 per common share (“Conversion Price”), which is equal to 120.0% of the average Common Stock price of the Company for the ten consecutive trading days immediately preceding the closing of the transaction. The Conversion Price is subject to customary anti-dilution and price protective adjustments. The holders have the ability to exercise the conversion rights at any time, or upon a Change of Control event (as defined in the Series B Certificate of Designation). The Series B Preferred Stock does not provide the holder with any voting rights. As of March 31, 2024, no conversion of the Series B Preferred Stock has occurred.

Upon the occurrence of certain contingent events, the Company may, at its option, redeem the Series B Preferred Stock for cash at a redemption price equal to 103.0% of the Liquidation Preference, plus any accumulated and unpaid dividends. Additionally, on or after October 12, 2028 (“First Reset Date”), the Company may, at its option, redeem the Series B Preferred Stock at any time for cash at a redemption price equal to 103.0% of the Liquidation Preference plus any accumulated and unpaid dividends. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the Series B Preferred Stock Purchaser will be entitled to payment out of the assets of the Company, prior and in preference to holders of Common Stock of the Company, in an amount per share equal to $1,000.00 (the “Liquidation Preference”) plus any accumulated and unpaid dividends thereon. As of March 31, 2024, the Liquidation Preference of the Series B Preferred Stock was $46.3 million.

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Dividends on the Series B Preferred Stock can be paid in either cash or in kind in the form of additional shares of Series B Preferred Stock, at the option of the Company, subject to certain exceptions. The Company will pay dividends whether in cash or in kind at a rate of 7.5% per annum (“Dividend Rate”), subject to certain adjustments and exceptions. On and after the First Reset Date, the Dividend Rate on the Series B Preferred Stock will increase by 1.5% per Payment Period. As of March 31, 2024, the accumulated but not declared or paid dividends on the Series B Preferred Stock were $1.4 million.

Based on an evaluation of the terms of the Series B Preferred Stock, the Company determined that the Series B Preferred Stock is not eligible for permanent equity classification. Under applicable US GAAP, the Company is required to assume cash-settlement of the Series B Preferred Stock in a conversion scenario that requires delivery of shares in excess of the Exchange Cap. Accordingly, the Company presents the Series B Preferred Stock outside of permanent equity (i.e., the Series B Preferred Stock is presented in mezzanine equity).

The Company determined that cash settlement or redemption of the Series B Preferred Stock is unlikely; therefore, the Series B Preferred Stock is not currently redeemable or probable of becoming redeemable. As a result of the increasing rate dividend described above, the Company uses the interest method to accrete the carrying value of the Series B Preferred Stock from its initial recognized value to its expected settlement value on the expected redemption date.

2024 CEO Equity Awards

On February 29, 2024, the Company held a special meeting of its stockholders to approve the issuance of a performance-vesting restricted stock unit award (the “CEO PSUs”) representing the right to receive 1.7 million shares of the Company’s Common Stock, 50.0% of which may vest based on the achievement of certain cumulative Company revenue milestones for the twelve months ended December 31, 2024 and for the twenty-four months ended December 31, 2025, and 50% of which may vest based on certain thresholds relating to the volume weighted average trading price of the Company’s Common Stock any time during the twelve months ended December 31, 2024 and the twenty-four months ended December 31, 2025, subject to continuous services requirements through the applicable service vesting date. Additionally, the approval also included the issuance of a restricted stock unit award (the “CEO RSUs” and, together with the “CEO PSUs”, the “CEO Equity Awards”) representing the right to receive 3.4 million shares of the Company’s Common Stock, the initial 50.0% of which vested immediately and the latter 50.0% of which will vest in equal increments on January 1, 2025 and January 1, 2026.

In connection with the issuance of the CEO Equity Awards, previously granted restricted stock units were automatically cancelled and forfeited. The cancellation of prior awards and issuance of the CEO Equity Awards was determined to be a modification. At the modification date, the vesting conditions for all awards besides a tranche of CEO PSUs that vest upon achievement of revenue milestones were expected to be satisfied. The incremental stock-based compensation expense recognized as a result of the modification of the awards during the three months ended March 31, 2024 was $3.7 million.

Restricted Stock Units

The Company granted stock to compensate existing employees and attract top talent, primarily through various forms of equity, including restricted stock unit awards (“RSU”). Each RSU represents a contingent right to receive one share of Common Stock. During the three months ended March 31, 2024 and 2023, 3.6 million and 0.1 million RSUs, inclusive of the CEO RSUs, were granted subject to time-based vesting, respectively.

The total fair value of restricted stock units granted during the three months ended March 31, 2024 and 2023 were $8.4 million and $1.3 million, respectively.

Performance-Based Restricted Stock Units

Performance stock unit awards (“PSU”) represent the right to receive a share of Common Stock if service, performance, and market conditions, or a combination thereof, are met over a defined period. PSUs that contain a market condition, such as stock price milestones, are subject to a Monte Carlo simulation model to determine the grant date fair value by simulating a range of possible future stock prices for the Company over the performance period. The grant date fair value of the market condition PSUs is recognized as compensation expense over the greater of the Monte Carlo

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simulation model’s derived service period and the arrangement’s explicit service period, assuming both conditions must be met.

PSUs subject to performance conditions, such as operational milestones, are measured on the grant date, the total fair value of which is calculated as the product of the number of PSUs and the grant date stock price. Compensation expense for PSUs with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period. The PSUs vest based on the Company's achievement of certain specified operational milestones by various dates through December 2025. The Company granted zero PSUs to employees during the three months ended March 31, 2024 and 2023, except as noted below as it relates to the CEO. As of March 31, 2024, the Company's analysis determined that these operational milestone events are probable of achievement and as such, compensation expense excluding the impact of forfeitures of $0.2 million has been recognized for the previously awarded PSUs to employees during the three months ended March 31, 2024. The compensation expense recognized during the three months ended March 31, 2023 was $0.7 million.

There were 1.7 million PSUs granted to the CEO during the three months ended March 31, 2024 with a grant date fair value of $3.2 million. There were no PSUs granted to the CEO during the three months ended March 31, 2023. The compensation expense recognized for PSUs to the CEO was $2.2 million and $3.5 million for the three months ended March 31, 2024 and 2023, respectively.

The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands):

			Three months ended March 31,
			2024						2023
Research and development			$	630					$	4,135
Selling, general and administrative			10,324						5,701
Total			$	10,954					$	9,836

The Company’s total unrecognized compensation cost as of March 31, 2024, was $21.5 million

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was adopted by the board of directors on September 18, 2020, approved by the stockholders on December 18, 2020, and became effective on December 21, 2020, with the merger between HCAC and Legacy Canoo. On December 21, 2020, the board of directors delegated its authority to administer the 2020 ESPP to the Compensation Committee. The Compensation Committee determined that it is in the best interests of the Company and its stockholders to implement successive three-month purchase periods. The 2020 ESPP provides participating employees with the opportunity to purchase up to a maximum number of shares of Common Stock of 0.2 million, plus the number of shares of Common Stock that are automatically added on January 1st of each year for a period of ten years, in an amount equal to the lesser of (i) 1.0% of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, and (ii) 0.4 million shares of Common Stock.

Public Warrants

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As of March 31, 2024, the Company had approximately 1.0 million public warrants outstanding. Each public warrant entitles the registered holder to purchase 23 shares of Common Stock at a price of $264.50 per share, subject to adjustment. The public warrants will expire on December 21, 2025, or earlier upon redemption or liquidation.

There were no public warrants exercised for the three months ended March 31, 2024 and 2023.

VDL Nedcar Warrants

In February 2022, the Company and a company related to VDL Nedcar entered into an investment agreement, under which the VDL Nedcar-related company agreed to purchase shares of Common Stock for an aggregate value of $8.4 million, at the market price of Common Stock as of December 14, 2021. As a result, the Company issued 42.3 thousand shares of Common Stock upon execution of the agreement. The Company also issued a warrant to purchase an aggregate 42.3 thousand shares of Common Stock to VDL Nedcar at exercise prices ranging from $414.00 to $920.00 per share, which are classified as equity. The exercise period is from November 1, 2022, to November 1, 2025 ("Exercise Period"). The warrant can be exercised in whole or in part during the Exercise Period but can only be exercised in three equal tranches and after the stock price per Common Stock has reached at least the relevant exercise price. None of the warrants have been exercised as of March 31, 2024.

Walmart Warrants

On July 11, 2022, Canoo Sales, LLC, a wholly-owned subsidiary of the Company, entered into an Electric Vehicle Fleet Purchase Agreement (the “Walmart EV Fleet Purchase Agreement") with Walmart. Pursuant to the Walmart EV Fleet Purchase Agreement, subject to certain acceptance and performance criteria, Walmart agreed to purchase at least 4,500 EVs, with an option to purchase up to an additional 5,500 EVs, for an agreed upon capped price per unit determined based on the EV model. The Walmart EV Fleet Purchase Agreement (excluding any work order or purchase order as a part thereof) has a five-year term, unless earlier terminated.

In connection with the Walmart EV Fleet Purchase Agreement, the Company entered into a Warrant Issuance Agreement with Walmart pursuant to which the Company issued to Walmart a Warrant to purchase an aggregate of 2.7 million shares of Common Stock, subject to certain anti-dilutive adjustments, at an exercise price of $49.45 per share, which represented approximately 20.0% ownership in the Company on a fully diluted basis as of the issuance date. As a result of the anti-dilution adjustments, as of March 31, 2024, the Warrant is exercisable for an aggregate of 2.9 million shares of Common Stock at a per share exercise price of $44.87. The Warrant has a term of 10 years and is vested with respect to 0.7 million shares of Common Stock. The Warrant will vest quarterly in amounts proportionate with the net revenue realized by the Company from transactions with Walmart or its affiliates under the Walmart EV Fleet Purchase Agreement or enabled by any other agreement between the Company and Walmart, and any net revenue attributable to any products or services offered by Walmart or its affiliates related to the Company, until such net revenue equals $300.0 million, at which time the Warrant will have vested fully.

Since the counterparty is also a customer, the issuance of the Warrant was determined to be consideration payable to a customer within the scope of ASC 606, Revenue from Contracts with Customers, and was measured at fair value on the Warrant’s issuance date. Warrants that vested immediately resulted in a corresponding deferred warrant asset presented on the Condensed Consolidated Balance Sheets under ASC 606 and amortized on a pro-rata basis, commencing upon initial performance, over the term of the Walmart EV Fleet Purchase Agreement.

The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			10.0
Risk free interest rate			3.0		%
Expected volatility			91.3		%
Dividend yield			—		%
Exercise price			$	49.45
Stock price			$	83.49

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Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

As of March 31, 2024, a total of 0.7 million warrants have vested, of which none have been exercised.

Yorkville Warrants

In connection with the YA Convertible Debentures discussed in Note 9, as well as a previously paid off convertible debenture issued with a warrant to purchase 2.1 million shares, the Company issued warrants to Yorkville to purchase an aggregate of 5.5 million shares of Common Stock, with an exercise price of $12.42 per share (collectively, the “Yorkville Debenture Warrants”). The Yorkville Debenture Warrants are immediately exercisable and will expire five years from the issuance date.

The warrants were liability classified and subject to periodic remeasurement. The fair value of the warrants at the issuance date was measured using the Black-Scholes option pricing model. The warrants were reclassified to equity as a result of the special meeting the Company stockholders held on October 5, 2023. The Company elected to value the YA Convertible Debentures at fair value therefore the total proceeds from the transaction were allocated among the freestanding financial instruments. Refer to Note 9 for additional discussion. The total fair value of the warrants measured at issuance was $61.5 million. As of October 5, 2023, the warrants were reclassified to liability and the fair value of the warrants was $43.4 million.

In connection with the Yorkville PPA discussed in Note 9, on December 31, 2022, the Company issued warrants to Yorkville to purchase an aggregate of 1.3 million shares of Common Stock, with an exercise price of $26.45 per share and expiration date of December 31, 2023. On January 13, 2023, Yorkville partially exercised its option to increase its investment and the Company issued warrants to Yorkville to purchase an additional 0.2 million shares of Common Stock. Upon the expiration of the option on January 31, 2023, a $0.3 million gain was recognized as a result of remeasuring the warrant liability and $19.5 million was reclassified from liability to additional paid in capital. The exercise price of the warrants was adjusted to $24.15 per share on February 9, 2023 and subsequently adjusted to $14.26 per share on April 24, 2023.

On January 31, 2024, the Company and Yorkville entered into a Warrant Cancellation and Exchange Agreement (the “January WC&E Agreement”). Pursuant to the January WC&E Agreement, Yorkville surrendered to the Company and the Company cancelled all outstanding Yorkville Debenture Warrants, which outstanding Yorkville Debenture Warrants represented the right to purchase an aggregate of 5.5 million shares of Common Stock, and in exchange, the Company issued to Yorkville (i) a warrant to purchase 4.8 million shares of Common Stock at an exercise price of $4.14, exercisable beginning on July 31, 2024 and with an expiration date of February 1, 2029 (the “January First Warrant”) and (ii) a warrant to purchase 5.5 million shares of Common Stock at an exercise price of $4.14, exercisable beginning on July 31, 2024 and with an expiration date of February 1, 2029 (the “January Second Warrant” and together with the January First Warrant, collectively, the “January Yorkville Warrants”).

On March 12, 2024, the Company and Yorkville entered into a Warrant Cancellation and Exchange Agreement (the “March WC&E Agreement”). Pursuant to the March WC&E Agreement, on March 12, 2024, Yorkville surrendered to the Company and the Company cancelled all of the outstanding January Yorkville Warrants, and in exchange, the Company issued to Yorkville (i) a warrant to purchase 10.4 million shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 and (ii) a warrant to purchase 10.9 million shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 (the warrants set forth in clauses (i) and (ii), collectively, the "March Yorkville Warrants").

The warrants are classified as liabilities and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

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Expected term (year)			5.0
Expected volatility			131.1		%
Dividend yield			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$	3.30
Exercise price			$	1.37
Stock price			$	3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and do not presently expect to pay dividends.

The fair value as of March 31, 2024 was $70.2 million resulting in a loss of $26.8 million for the three months ended March 31, 2024. The warrants were previously equity classified with a carrying value of $43.4 million prior to the January WC&E Agreement, at which point in time the warrants became liability classified. None of the warrants have been exercised as of March 31, 2024.

RDO SPA Warrants

On February 5, 2023, the Company received net proceeds of $49.4 million in connection with the RDO SPA. The Company issued the RDO SPA Warrants to multiple parties to purchase an aggregate of 2.2 million shares of Common Stock, with an exercise price of $29.90 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.

The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			4.4
Expected volatility			131.1		%
Expected dividend rate			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$	2.19
Exercise price			$	29.90
Stock price			$	3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

As the common stock and warrants were issued in a single transaction, the total proceeds from the transaction were allocated among the freestanding instruments. The fair value of the warrants measured at issuance was $40.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. The fair value as of March 31, 2024 was $4.8 million resulting in a gain of $3.5 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

June 2023 PIPE

On June 22, 2023, the Company received an aggregate of $8.8 million in connection with the Common Stock and Common Warrant Subscription Agreement. The Company issued warrants to multiple parties to purchase an aggregate of 0.7 million shares of Common Stock, with an exercise price of $15.41 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.

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The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			4.7
Expected volatility			131.1		%
Expected dividend rate			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$2.60
Exercise price			$15.41
Stock price			$3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

The fair value of the warrants measured at issuance was $7.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $1.8 million resulting in a gain of $1.3 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

I-40 Warrants

In connection with the lease agreement entered into with I-40 Partners discussed in Note 10, the Company issued warrants to I-40 Partners to purchase an aggregate of 0.1 million shares of Common Stock, with an exercise price of $14.93 per share and expiration date of October 7, 2028.

The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			4.5
Expected volatility			131.1		%
Expected dividend rate			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$2.55
Exercise Price			$14.93
Stock Price			$3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

The fair value of the warrants measured at issuance was $0.9 million with the remaining proceeds allocated to the Common Stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $0.3 million, resulting in a gain of $0.2 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

August 2023 PIPE

On August 4, 2023, the Company received an aggregate of $3.0 million in connection with the Common Stock and Common Warrant Subscription Agreement. The Company issued warrants to multiple parties to purchase an aggregate of 0.2 million shares of Common Stock, with an exercise price of $15.41 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.

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The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			4.8
Expected volatility			131.1		%
Expected dividend rate			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$	2.63
Exercise price			$	15.41
Stock price			$	3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

As the common stock and warrants were issued in a single transaction, the total proceeds from the transaction were allocated among the freestanding instruments. The fair value of the warrants at issuance was $3.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $0.6 million resulting in a gain of $0.5 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

Series B Preferred Stock Warrants

On September 29, 2023, the Company entered into the Series B Preferred Stock Purchase Agreement with the Series B Preferred Stock Purchaser in connection with the issuance, sale and delivery by the Company of an aggregate of 45,000 Series B Preferred Shares of the Series B Preferred Stock, which is convertible into shares of the Company’s Common Stock, and pursuant to which the Company issued the Series B Preferred Warrants to purchase approximately 1.0 million shares of Common Stock, with an exercise price of $12.91 per share and expiration date of October 12, 2028.

The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows:

Expected term (years)			4.5
Expected volatility			131.1		%
Expected dividend rate			—		%
Risk free rate			4.2		%
Estimated fair value per warrant			$	2.61
Exercise price			$	12.91
Stock price			$	3.57

Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends.

The total fair value of the warrants measured at issuance was $5.9 million. As of March 31, 2024, the fair value of the warrants was $2.6 million resulting in a gain of $1.9 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

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The table below presents a reconciliation of the basic and diluted net loss per share that were computed for the following periods:    

			March 31,
			2024						2023
Numerator:
Net loss attributable to Canoo			$	(110,687)					$	(90,732)
Less: dividend on redeemable preferred stock			862						—
Less: additional deemed dividend on redeemable preferred stock			—						—
Net loss available to common shareholders			$	(111,549)					$	(90,732)
Denominator:
Weighted-average common shares outstanding:
Basic and diluted			50,746						18,177
Net loss per common share:
Basic and diluted			$	(2.20)					$	(4.99)

For all periods presented, the shares included in computing basic net loss per share exclude restricted shares and shares issued upon the early exercise of share options where the vesting conditions have not been satisfied.

Diluted net income per share adjusts basic net income per share for the impact of potential Common Stock shares. As the Company has reported net losses for all periods presented, all potential Common Stock shares are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share.

The following table presents the outstanding potentially dilutive shares that have been excluded from the computation of diluted net loss per share, because including them would have an anti-dilutive effect (in thousands):

			March 31,
			2024						2023
Convertible debt (Note 9)			20,595						—
Restricted and performance stock units			4,174						1,251
Warrants to purchase common stock (Note 15)			27,268						—
Early exercise of unvested stock options			—						17
Options to purchase common stock			5						5

As the Company has not generated any taxable income since inception, the cumulative deferred tax assets remain fully offset by a valuation allowance, and no benefit from federal or state income taxes has been included in the Condensed Consolidated Financial Statements.

On April 9, 2024 (the “Agreement Date”), the Company entered into a securities purchase agreement (the "Series C Preferred Stock Purchase Agreement") with certain special purpose vehicles managed by entities affiliated with Mr. Tony Aquila, the Company’s Chief Executive Officer and Executive Chair (collectively, the “Series C Preferred Stock Purchasers”), in connection with the issuance, sale and delivery by the Company of an aggregate of 10,000 of shares (the “Series C Preferred Shares”) of the Company’s Series C Cumulative Perpetual Redeemable Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), which is convertible into shares of Common Stock, and pursuant to which the Company issued warrants (the “Series C Warrants”) to purchase in the aggregate 4.4 million shares of Common Stock, for a total aggregate purchase price of $10,000,000. On May 3, 2024, the Company closed the sale of the Series C

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Preferred Shares and the Series C Warrants to the Series C Preferred Stock Purchasers and filed the certificate of designation for the Series C Preferred Stock. The transaction is initially recognized on the settlement date of May 3, 2024.

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v3.24.1.1.u2

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38824
Entity Registrant Name	CANOO INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476189
Entity Address, Address Line One	19951 Mariner Avenue
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90503
City Area Code	424
Local Phone Number	271-2144
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,567,495
Entity Central Index Key	0001750153
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	GOEV
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase shares of Common Stock
Trading Symbol	GOEVW
Security Exchange Name	NASDAQ

v3.24.1.1.u2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 3,656	$ 6,394
Restricted cash, current		3,986	3,905
Inventory		6,805	6,153
Prepaids and other current assets		17,946	16,099
Total current assets		32,393	32,551
Property and equipment, net		380,740	377,100
Restricted cash, non-current		10,600	10,600
Operating lease right-of-use assets		35,372	36,241
Deferred warrant asset		50,175	50,175
Deferred battery supplier cost		30,000	30,000
Other non-current assets		5,396	5,338
Total assets		544,676	542,005
Current liabilities
Accounts payable		67,770	65,306
Accrued expenses and other current liabilities		65,017	63,901
Convertible debt, current		63,289	51,180
Derivative liability, current		1,604	860
Financing liability, current		3,542	3,200
Total current liabilities		201,222	184,447
Contingent earnout shares liability		15	41
Operating lease liabilities		34,893	35,722
Derivative liability, non-current		15,138	25,919
Financing liability, non-current		28,832	28,910
Warrant liability, non-current		80,314	17,390
Total liabilities		360,414	292,429
Commitments and contingencies (Note 11)
Redeemable preferred stock, $0.0001 par value; 10,000 authorized, 45 shares issued and outstanding as of March 31, 2024, and December 31, 2023 respectively.		6,469	5,607
Stockholders’ equity
Common stock, $0.0001 par value; 2,000,000 authorized as of March 31, 2024 and December 31, 2023, respectively; 66,406 and 37,591 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (1)	[1]	6	4
Additional paid-in capital (1)	[1]	1,770,318	1,725,809
Accumulated deficit		(1,592,531)	(1,481,844)
Total preferred stock and stockholders’ equity		184,262	249,576
Total liabilities, preferred stock and stockholders’ equity		$ 544,676	$ 542,005
[1] Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024. See Note 1- Organization and Basis of Presentation - Reverse Stock Split, for additional information.

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	45,000	45,000
Preferred stock, shares outstanding (in shares)	45,000	45,000
Common stock, par (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	66,406,000	37,591,000
Common stock, shares outstanding (in shares)	66,406,000	37,591,000

v3.24.1.1.u2

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue		$ 0	$ 0
Cost of revenue		0	0
Gross margin		0	0
Operating Expenses
Research and development expenses, excluding depreciation		26,390	47,104
Selling, general and administrative expenses, excluding depreciation		32,868	29,849
Depreciation		3,390	4,575
Total operating expenses		62,648	81,528
Loss from operations		(62,648)	(81,528)
Other (expense) income
Interest expense		(5,624)	(296)
Gain on fair value change in contingent earnout shares liability		26	2,505
(Loss) Gain on fair value change in warrant and derivative liability		(9,471)	17,342
Loss on fair value change in convertible debt		(58,584)	0
Gain (Loss) on extinguishment of debt		24,466	(26,739)
Other income (expense), net		1,148	(2,016)
Loss before income taxes		(110,687)	(90,732)
Provision for income taxes		0	0
Net loss and comprehensive loss attributable to Canoo		(110,687)	(90,732)
Net loss and comprehensive loss attributable to Canoo		(110,687)	(90,732)
Less: dividend on redeemable preferred stock		862	0
Less: additional deemed dividend on redeemable preferred stock		0	0
Net loss and comprehensive loss available to common shareholders		$ (111,549)	$ (90,732)
Per Share Data:
Net loss per share, basic (in dollars per share)	[1]	$ (2.20)	$ (4.99)
Net loss per share, diluted (in dollars per share)	[1]	$ (2.20)	$ (4.99)
Weighted-average shares outstanding, basic (in shares)	[1]	50,746	18,177
Weighted-average shares outstanding, diluted (in shares)	[1]	50,746	18,177
[1] Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024. See Note 1- Organization and Basis of Presentation - Reverse Stock Split, for additional information.

v3.24.1.1.u2

Condensed Consolidated Statement of Redeemable Preferred Stock and Stockholders’ Equity - USD ($) $ in Thousands		Total	Pre-Paid Advance Agreement	Standby Equity Purchase Agreement	Securities Purchase Agreement	Redeemable Preferred Stock	Common stock		Common stock Pre-Paid Advance Agreement		Common stock Standby Equity Purchase Agreement		Additional paid-in capital	[1]	Additional paid-in capital Pre-Paid Advance Agreement	[1]	Additional paid-in capital Standby Equity Purchase Agreement	[1]	Additional paid-in capital Securities Purchase Agreement		Accumulated deficit
Balance as of beginning of period (in shares) at Dec. 31, 2022						0
Balance as of beginning of period (in shares) at Dec. 31, 2022	[1]						15,452,000
Balance as of beginning of period at Dec. 31, 2022		$ 236,573				$ 0	$ 2	[1]					$ 1,416,394								$ (1,179,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of unvested shares – forfeitures (shares)	[1]						(1,000)
Issuance of shares for restricted stock units vested (in shares)	[1]						120,000
Issuance of shares under employee stock purchase plan (in shares)	[1]						30,000
Issuance of shares under employee stock purchase plan		389											389
Vesting of early exercised stock options and restricted stock awards		26											26
Issuance of shares under the PPA and SPA, net of offering costs (in shares)	[1]								2,903,000		2,174,000
Issuance of shares under the PPA, SPA , ATM, SEPA and PIPE			$ 64,389	$ 10,161	$ 1,600				$ 0	[1]	$ 0	[1]			$ 64,389		$ 10,161		$ 1,600	[1]
Reclassification of warrant liability to additional paid-in capital		19,510											19,510
Stock-based compensation		9,836											9,836
Net loss		(90,732)																			(90,732)
Comprehensive loss		(90,732)																			(90,732)
Balance as of end of period (in shares) at Mar. 31, 2023						0
Balance at the end of the period (in shares) at Mar. 31, 2023	[1]						20,678,000
Balance as of end of period at Mar. 31, 2023		$ 251,752				$ 0	$ 2	[1]					1,522,305								(1,270,555)
Balance as of beginning of period (in shares) at Dec. 31, 2023		45,000				45,000
Balance as of beginning of period (in shares) at Dec. 31, 2023		37,591,000					37,591,000	[1]
Balance as of beginning of period at Dec. 31, 2023		$ 249,576				$ 5,607	$ 4	[1]					1,725,809								(1,481,844)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares for restricted stock units vested (in shares)	[1]						1,892,000
Issuance of shares for restricted stock units vested		0
Issuance of shares under employee stock purchase plan (in shares)	[1]						26,000
Issuance of shares under employee stock purchase plan		79											79
Issuance of shares under the PPA and SPA, net of offering costs (in shares)	[1]								21,935,000		290,000
Issuance of shares under the PPA, SPA , ATM, SEPA and PIPE			54,940	$ 562					$ 2	[1]					54,938		$ 562		$ 1,600
Issuance of shares under YA convertible debenture (in shares)	[1]								4,672,000
Issuance of shares under YA convertible debenture			$ 22,254												$ 22,254
Exchange of YA warrants		(43,416)											(43,416)
Accretion of preferred shares		0				$ 862							(862)
Stock-based compensation		10,954											10,954
Net loss		(110,687)																			(110,687)
Comprehensive loss		$ (110,687)																			(110,687)
Balance as of end of period (in shares) at Mar. 31, 2024		45,000				45,000
Balance at the end of the period (in shares) at Mar. 31, 2024		66,406,000					66,406,000	[1]
Balance as of end of period at Mar. 31, 2024		$ 184,262				$ 6,469	$ 6	[1]					$ 1,770,318								$ (1,592,531)
[1] Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024. See Note 1- Organization and Basis of Presentation - Reverse Stock Split, for additional information.

v3.24.1.1.u2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (110,687)	$ (90,732)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,390	4,575
Non-cash operating lease expense	870	821
Stock-based compensation expense	10,954	9,836
Gain on fair value change of contingent earnout shares liability	(26)	(2,505)
Loss (Gain) on fair value change in warrants liability	19,508	(17,342)
Gain on fair value change in derivative liability	(10,037)	0
Loss (Gain) on extinguishment of debt	(24,466)	26,739
Loss on fair value change in convertible debt	58,584	0
Non-cash debt discount	3,142	0
Non-cash interest expense	2,599	503
Other	437	800
Changes in assets and liabilities:
Inventory	(652)	(2,151)
Prepaid expenses and other current assets	(1,847)	(2,102)
Other assets	(58)	(8)
Accounts payable, accrued expenses and other current liabilities	770	4,350
Net cash used in operating activities	(47,519)	(67,216)
Cash flows from investing activities:
Purchases of property and equipment	(4,923)	(18,435)
Net cash used in investing activities	(4,923)	(18,435)
Cash flows from financing activities:
Payment of offering costs	0	(275)
Proceeds from issuance of shares under SEPA agreement	0	50,961
Proceeds from employee stock purchase plan	78	389
Payment made on I-40 lease	(543)	0
Proceeds from PPA, net of issuance costs	83,257	5,001
Repayment of PPAs	(33,007)	0
Net cash provided by financing activities	49,785	56,076
Net decrease in cash, cash equivalents, and restricted cash	(2,657)	(29,575)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period	20,899	50,615
Cash, cash equivalents, and restricted cash, end of period	18,242	21,040
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents at end of period	3,656	6,715
Restricted cash, current at end of period	3,986	3,725
Restricted cash, non-current at end of period	10,600	10,600
Total cash, cash equivalents, and restricted cash at end of period shown in the Condensed Consolidated Statements of Cash Flows	18,242	21,040
Supplemental non-cash investing and financing activities
Acquisition of property and equipment included in current liabilities	57,566	79,527
Acquisition of property and equipment included in current liabilities during the period	2,106	21,956
Offering costs included in current liabilities	903	903
Recognition of operating lease right-of-use asset	0	272
Issuance of shares for extinguishment of convertible debt under PPA agreement	54,940	64,389
Issuance of shares for extinguishment of convertible debt under convertible debenture	22,254	0
Exchange of equity classified warrants	43,416	0
Accretion on preferred shares	862	0
Non-cash settlement of accounts payable	125	0
Recognition of warrant liability	0	40,000
Reclassification of warrant liability to additional paid in capital	$ 0	$ 19,510

v3.24.1.1.u2

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	Organization and Description of the Business

v3.24.1.1.u2

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company's unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting. Accordingly, certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited Consolidated Financial Statements. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024 (“Annual Report on Form 10-K”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. In the opinion of management, the Company has made all adjustments necessary to present fairly its Condensed Consolidated Financial Statements for the periods presented. Such adjustments are of a normal, recurring nature. The Company’s financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its subsidiaries. The Company’s comprehensive loss is the same as its net loss. Except for any updates below, no material changes have occurred with respect to the Company’s significant accounting policies disclosed in Note 2 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Annual Report on Form 10-K. Reverse Stock Split On February 29, 2024, the Company held a special meeting of its stockholders to approve an amendment to the Company's Second Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's Common Stock at a reverse stock split ratio ranging from 1:2 to 1:30, and to authorize the Board to determine the timing of the amendment at its discretion at any time, if at all, but in any case prior to the one-year anniversary of the date on which the reverse stock split is approved by the Company’s stockholders. On March 8, 2024, the Company effected a 1-for-23 reverse stock split (the "Reverse Stock Split") of the Company’s Common Stock. As a result of the Reverse Stock Split, every 23 shares of the Company’s issued and outstanding Common Stock as of 8:00 a.m. (Eastern Time) on March 8, 2024 was automatically combined into one issued and outstanding share of Common Stock, with no change in par value per share. No fractional shares of Common Stock were issued as a result of the Reverse Stock Split. Any fractional shares in connection with the Reverse Stock Split were rounded down to the nearest whole share and cash payments were made to the stockholders. The Reverse Stock Split had no impact on the number of shares of Common Stock or Preferred Stock that the Company is authorized to issue pursuant to its certificate of incorporation. Proportional adjustments were made to the number of shares of Common Stock issuable upon exercise or conversion of the Company's equity awards and warrants, as well as the applicable exercise price. All share and per share information included in this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the impact of the Reverse Stock Split. Liquidity and Capital Resources As of March 31, 2024, the Company’s principal sources of liquidity are its unrestricted cash balance of $3.7 million and its access to capital under the Yorkville PPA (as defined in Note 9 Convertible Debt). The Company has incurred losses and negative cash flow from operating activities since inception and has a working capital deficit. The Company had negative cash flow from operating activities of $47.5 million for the three months ended March 31, 2024. The Company expects to continue to incur net losses and negative cash flows from operating activities in accordance with its operating plan and expects that expenditures will increase significantly in connection with its ongoing activities. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. As an early-stage growth company, the Company’s ability to access capital is critical. Although management continues to explore raising additional capital through a combination of debt financing, other non-dilutive financing and/or equity financing to supplement the Company’s capitalization and liquidity, management cannot conclude as of the date of this filing that its plans are probable of being successfully implemented. The Company believes substantial doubt exists about the Company’s ability to continue as a going concern for twelve months from the date of issuance of the Company's Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. Macroeconomic Conditions Current adverse macroeconomic conditions, including but not limited to heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, challenges in the supply chain could negatively affect the Company's business. Ultimately, the Company cannot predict the impact of current or worsening macroeconomic conditions. The Company continues to monitor macroeconomic conditions to remain flexible and to optimize and evolve its business as appropriate. To do this, the Company is working on projecting demand and infrastructure requirements and deploying its workforce and other resources accordingly. Fair Value of Financial Instruments The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available: •Level 1 Quoted prices in active markets for identical assets or liabilities. •Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company's financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, accounts payable, and other current liabilities and are reflected in the financial statements at cost. Cost approximates fair value for these items due to their short-term nature. Contingent Earnout Shares Liability The Company has a contingent obligation to issue shares of Common Stock to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods (the “Earnout Shares”). The Company determined that the right to Earnout Shares represents a contingent liability that meets the definition of a derivative and recognized it on the balance sheet at its fair value upon the grant date. The right to Earnout Shares is remeasured at fair value each period through earnings. The fair value is determined using Level 3 inputs, since estimating the fair value of this contingent liability requires the use of significant and subjective inputs that may and are likely to change over the duration of the liability with related changes in internal and external market factors. The tranches were valued using a Monte Carlo simulation of the stock prices using an expected volatility assumption based on the historical volatility of the price of the Company’s stock and implied volatility derived from the price of exchange traded options on the Company’s stock. Upon the occurrence of a bankruptcy or liquidation, any unissued Earnout Shares would be fully issued regardless of whether the share price target has been met. Convertible Debt The Company accounts for convertible debt that does not meet the criteria for equity treatment in accordance with the guidance contained in ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.The Company classifies convertible debt based on the re-payment terms and conditions. Any discounts or premiums on the convertible debt and costs incurred upon issuance of the convertible debt are amortized to interest expense over the terms of the related convertible debt. Convertible debt is also analyzed for the existence of embedded derivatives, which may require bifurcation from the convertible debt and separate accounting treatment. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the Condensed Consolidated Statements of Operations. Refer to Note 9 for further information. The Company has elected the fair value option to account for the YA Convertible Debentures (as defined in Note 9), the Ninth Pre-Paid Advance (as defined in Note 9), and the Tenth Pre-Paid Advance (as defined in Note 9) (collectively "Convertible Debt") and recorded such instruments at fair value upon issuance. The Company records changes in fair value in the Condensed Consolidated Statements of Operations, with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income. Interest expense related to the Convertible Debt is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the Convertible Debt were expensed as incurred. Warrants The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity ("ASC 480"), then in accordance with ASC 815-40 ("ASC 815"), Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. Refer to Note 15 for information regarding the warrants issued. Redeemable Preferred Stock Accounting for convertible or redeemable equity instruments in the Company’s own equity requires an evaluation of the hybrid security to determine if liability classification is required under ASC 480-10. Liability classification is required for freestanding financial instruments that are not debt in legal form and are: (1) subject to an unconditional obligation requiring the issuer to redeem the instrument by transferring assets (i.e., mandatorily redeemable), (2) instruments other than equity shares that embody an obligation of the issuer to repurchase its equity shares, or (3) certain types of instruments that obligate the issuer to issue a variable number of equity shares. Securities that do not meet the scoping criteria to be classified as a liability under ASC 480 are subject to redeemable equity guidance, which prescribes securities that may be subject to redemption upon an event not solely within the control of the issuer to be classified outside permanent equity (i.e., classified in temporary equity). Securities classified in temporary equity are initially measured at the proceeds received, net of issuance costs and excluding the fair value of bifurcated embedded derivatives (if any). Subsequent measurement of the carrying value is not required unless the instrument is probable of becoming redeemable or is currently redeemable. When the instruments are currently redeemable or probable of becoming redeemable, the Company will recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period Refer to Note 13 for information regarding the Redeemable Preferred Stock issued. Stock-Based Compensation The Company accounts for stock-based compensation awards granted to employees and directors based on the awards’ estimated grant date fair value. The Company estimates the fair value of its Common Stock options using the Black-Scholes-Merton option-pricing model. For stock-based awards that vest solely based on continued service (“service-only vesting conditions”), the resulting fair value is recognized under the graded vesting method over the requisite service period, which is usually the vesting period and generally four years. The Company recognizes the fair value of stock-based awards which contain performance conditions using the graded vesting method, when it is probable the performance condition will be met. The Company recognizes the fair value of stock-based awards which contain market conditions, such as stock price milestones, by simulating a range of possible future stock prices for the Company over the performance period using a Monte-Carlo simulation model to determine the grant date fair value. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations in the same manner in which the award recipient’s payroll costs are classified. For grants to non employees, an expense is recognized when the good or service is received. The Company estimates the fair value of RSUs based on the market price of the Company’s Common Stock underlying the awards on the grant date. Fair value for awards with stock price performance metrics is calculated using the Monte Carlo simulation model, which incorporates stock price correlation and other variables over the time horizons matching the performance periods. Refer to Note 14 for awards granted to employees during the period. Net loss per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of the Company's common shares outstanding during the period, without consideration for potential dilutive securities. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive.

v3.24.1.1.u2

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”), in the form of ASUs, to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have immaterial impact on the Company’s Condensed Consolidated Financial Position, Results of Operations or Cash Flows. Recently Issued Accounting Pronouncements Adopted In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"), which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. Specifically, it amends the accounting for leasehold improvements. The amendments requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The adoption of ASU 2023-01 did not have material impact on the Company’s unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements. On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements.

v3.24.1.1.u2

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Fair Value Level 1 Level 2 Level 3 Liability Contingent earnout shares liability $ 15  $ —  $ —  $ 15  Derivative liability, current $ 1,604  $ —  $ —  $ 1,604  Convertible debt, current $ 63,289  $ —  $ —  $ 63,289  Derivative liability, non-current $ 15,138  $ —  $ —  $ 15,138  Warrant liability, non-current $ 80,314  $ —  $ 80,314  $ —  December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liability Contingent earnout shares liability $ 41  $ —  $ —  $ 41  Derivative liability, current $ 860  $ —  $ —  $ 860  Convertible debt, current $ 16,052  $ —  $ —  $ 16,052  Derivative liability, non-current $ 25,919  $ —  $ —  $ 25,919  Warrant liability, non-current $ 17,390  $ —  $ 17,390  $ —       The Company’s Contingent Earnout liability, convertible debt, derivative liabilities are considered “Level 3” fair value measurement. Refer to Note 2 for discussion of the Company’s methods for valuation. The Company entered into the Ninth Pre-Paid Advance and Tenth Pre-Paid Advance as discussed in Note 9 whereby the Company elected to account transactions under the fair value option of accounting upon issuance. The Ninth Pre-Paid Advance was fully paid off as of the end of the reporting period. The Company estimated the fair value of the Tenth Pre-Paid Advance based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period: Tenth Pre-Paid Advance Stock price $ 3.57  Risk free interest rate 5.3  % Interest rate 5.0  % Expected volatility 150.8  % Expected dividend yield —  % Remaining term (in years) 0.5 Following is a summary of the change in fair value of the Convertible Debt for the three months ended March 31, 2024 and March 31, 2023 (in thousands). Three months ended March 31, Convertible Debt 2024 2023 Beginning fair value $ 16,052  $ —  Addition during the period 28,960  —  Payments in cash and common stock during the period (40,307) —  Change in fair value during the period 58,584  —  Ending fair value $ 63,289  —  As the proceeds of the freestanding instruments identified within the Ninth Pre-Paid Advance exceeded the fair value, a gain on issuance on convertible debt was recognized. As the fair value of the freestanding instruments identified within Tenth Pre-Paid Advance exceeded the proceeds received, a loss on issuance on convertible debt was recognized. Refer to Note 9 for further information. The Company has a contingent obligation to issue shares of Common Stock to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods. Issuances are made in three tranches of approximately 0.2 million shares, for a total of 0.7 million shares, each upon reaching share price targets within specified time frames from December 21, 2020 ("Earnout Date"). The first tranche was not issued given the share price did not reach the specified threshold as of December 21, 2022. The second tranche will be issued if the share price reaches $575.00 within four years of the closing of the Earnout Date. The third tranche will be issued if the share price reaches $690.00 within five years of the Earnout Date. The tranches may also be issued upon a change of control transaction that occurs within the respective timeframes and results in per share consideration exceeding the respective share price target. As of March 31, 2024, the Company has a remaining contingent obligation to issue 0.4 million shares of Common Stock. Following is a summary of the change in fair value of the Earnout Shares liability for the three months ended March 31, 2024 and March 31, 2023 (in thousands). Three months ended March 31, Earnout Shares Liability 2024 2023 Beginning fair value $ 41  $ 3,013  Change in fair value during the period (26) (2,505) Ending fair value $ 15  $ 508  The Company entered into a Lease Agreement ("Lease Agreement") with I-40 OKC Partners LLC ("I-40") which contained a "Market Value Shortfall" provision that meets the definition of a derivative. The Company estimated the fair value of the Market Value Shortfall based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period: the price of the Company’s common stock of $3.57; shares subject to Market Value shortfall of 0.1 million shares; a risk-free interest rate of 5.4%; expected volatility of the Company’s common stock of 150.8%; expected dividend yield of 0.0%; and remaining term of 0.02 years. The fair value of the Market Value Shortfall derivative measured as of December 31, 2023 and March 31, 2024 was $0.9 million and $1.6 million, respectively, resulting in a loss of $0.7 million during the three months ended March 31, 2024 included within the Condensed Consolidated Statement of Operations. The Company entered into the Series B Preferred Stock Purchase Agreement with the Series B Preferred Stock Purchaser whose conversion feature meets the definition of a derivative liability which requires bifurcation. The Company estimated the fair value of the conversion feature derivative embedded in the Series B Preferred Stock Purchase Agreement based on assumptions used in the Monte Carlo simulation model using the following inputs as of the end of the reporting period: the price of the Company’s Common Stock of $3.57; a risk-free interest rate of 4.2%; expected volatility of the Company’s Common Stock of 131.1%; expected dividend yield of 0.0%; and remaining term of 4.53 years. The fair value of the conversion feature derivative measured as of December 31, 2023 and March 31, 2024 was $25.9 million and $15.1 million, respectively, resulting in a gain of $10.8 million during the three months ended March 31, 2024 included within Consolidated Statement of Operations. Three months ended March 31, Derivative liability 2024 2023 Beginning fair value $ 26,779  $ —  Addition during the period —  —  Change in fair value during the period (10,037) —  Derecognition of liability upon extinguishment of convertible debt —  —  Ending fair value $ 16,742  $ —  Refer to Note 15 for discussion related to warrants fair value measurements.

v3.24.1.1.u2

Prepaids And Other Current Assets	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaids and Other Current Assets	Prepaids and Other Current Assets Prepaids and other current assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Prepaid expense $ 11,406  $ 9,300  Short term deposits 5,946  6,312  Other current assets 594  487  Prepaids and other current assets $ 17,946  $ 16,099

v3.24.1.1.u2

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory     As of March 31, 2024 and December 31, 2023, the inventory balance was $6.8 million and $6.2 million, respectively, which consisted primarily of raw materials related to the production of vehicles for sale. The Company writes-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories ("LCRNV") is less than the carrying value. No write-downs were recorded for the three months ended March 31, 2024 and March 31, 2023.

v3.24.1.1.u2

Property and Equipment, net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 Tooling, machinery, and equipment $ 47,299  $ 44,025  Computer hardware 8,921  8,921  Computer software 9,835  9,835  Vehicles 1,528  1,528  Building 28,475  28,475  Land 5,800  5,800  Furniture and fixtures 788  788  Leasehold improvements 17,881  17,470  Construction-in-progress 310,708  307,489  Total property and equipment 431,235  424,331  Less: Accumulated depreciation (50,495) (47,231) Total property and equipment, net $ 380,740  $ 377,100  Construction-in-progress is primarily related to the development of manufacturing lines as well as equipment and tooling necessary in the production of the Company’s vehicles. Completed tooling assets are transferred to their respective asset classes and depreciation begins when an asset is ready for its intended use. Depreciation expense for property and equipment was $3.4 million and $4.6 million for the three months ended March 31, 2024 and 2023, respectively.

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Accrued Expenses and Other Current liabilities	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued Expenses and Other Current liabilities	Accrued Expenses and Other Current liabilities Accrued expenses consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued property and equipment purchases $ 31,391  $ 29,433  Accrued research and development costs 13,498  15,913  Accrued professional fees 7,169  6,623  Other accrued expenses 12,959  11,932  Total accrued expenses and other current liabilities $ 65,017  $ 63,901

v3.24.1.1.u2

Convertible Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Convertible Debt	Convertible Debt Yorkville PPA On July 20, 2022, the Company entered into the Pre-Paid Advance Agreement (the "PPA") with YA II PN, Ltd. ("Yorkville") pursuant to which the Company could request advances of up to $50.0 million in cash from Yorkville, with an aggregate limit of $300.0 million (the "Pre-Paid Advance"). Amounts outstanding under Pre-Paid Advances could be offset by the issuance of shares of Common Stock to Yorkville at a price per share calculated pursuant to the PPA as the lower of 120.0% of the daily volume-weighted average price (“VWAP”) on Nasdaq as of the day immediately preceding the date a Pre-Paid Advance was made (“Fixed Price”) or 95.0% of the VWAP on Nasdaq as of the day immediately preceding the conversion date, which in no event would be less than $23.00 per share (“Floor Price”). The third Pre-Paid Advance (the "Third Pre-Paid Advance") amended the purchase price to be the lower of 110.0% of the VWAP on Nasdaq as of the day immediately preceding the date a Pre-Paid Advance was made (“Amended Fixed Price”) or 95.0% of the VWAP on Nasdaq during the five days immediately preceding the conversion date, which in no event would be less than $11.50 per share (“Amended Floor Price”). The Company's stockholders approved the Amended Floor Price, which was proposed and voted on at the special meeting of Company stockholders held on January 24, 2023. The Company's stockholders further approved the Second Amended Floor Price (as defined below), which was proposed and voted on at the special meeting of Company stockholders held on October 5, 2023. The issuance of the shares of Common Stock under the PPA is subject to certain limitations, including that the aggregate number of shares of Common Stock issued pursuant to the PPA (including the aggregation with the issuance of shares of Common Stock under Standby Equity Purchase Agreement entered into by the Company with Yorkville on May 10, 2022 (the “SEPA”), which was terminated effective August 26, 2022) cannot exceed 19.9% of the Company's outstanding shares of Common Stock as of May 10, 2022 ("PPA Exchange Cap"). The Company's stockholders approved the issuance of shares of the Company’s Common Stock in excess of the PPA Exchange Cap, which was proposed and voted on at the special meeting of Company stockholders held on January 24, 2023. Interest accrues on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 5.0%, subject to an increase to 15.0% upon events of default described in the PPA. Each Pre-Paid Advance has a maturity date of 15 months from the Pre-Paid Advance Date. Yorkville is not entitled to participate in any earnings distributions until a Pre-Paid Advance is offset with shares of Common Stock. Between July 2022 and October 2022, Yorkville agreed to advance amounts to the Company on account of the first and second pre-paid advances (“Previous Pre-Paid Advances”) in accordance with the PPA. The Previous Pre-Paid Advances were fully paid off through the issuance of shares of Common Stock to Yorkville as of December 31, 2022. On November 10, 2022, Yorkville agreed to advance $20.0 million to the Company on account of the Third Pre-Paid Advance in accordance with the PPA. On December 31, 2022, the Company received an aggregate of $32.0 million on account of the fourth Pre-Paid Advance in accordance with the PPA (the "Fourth Pre-Paid Advance"). In accordance with the second supplemental agreement, the Fourth Pre-Paid Advance may, at the sole option of Yorkville, be increased by up to an additional $8.5 million (the "YA PPA Option"). On January 13, 2023, Yorkville partially exercised their option, and increased their investment amount by $5.3 million, which resulted in net proceeds of $5.0 million, and was applied to the fourth PPA. Pursuant to the second supplemental agreement, the Fourth Pre-Paid Advance included issuances of warrants to Yorkville. Of the aggregate Fourth Pre-Paid Advance proceeds, $14.8 million was allocated to convertible debt presented in the Consolidated Balance Sheets as of December 31, 2022, and an additional $2.3 million was allocated to convertible debt as a result of Yorkville exercising the YA PPA Option. Refer to Note 15, Warrants, for further information on the warrants and the allocation of proceeds. During the year 2023, the Third Pre-Paid Advance and Fourth Pre-Paid Advance were each fully paid off through the issuance of 2.9 million shares of Common Stock in the aggregate to Yorkville. On September 11, 2023, Yorkville agreed to advance $12.5 million to the Company on account of the fifth Pre-Paid Advance in accordance with the PPA (the "Fifth Pre-Paid Advance"). The net proceeds received by the Company, after giving affect to the commitment fee and the purchase price discount provided for in the PPA, was $11.8 million. Of the aggregate proceeds, $6.0 million was allocated to derivative assets for an embedded conversion feature included in the Fifth Pre-Paid Advance. Any portion of the convertible debt settled using the Variable Price (as defined further in Note 9) will be extinguished as a share settled redemption while any settlement using the Fixed Price or the applicable floor price will be settled via conversion accounting. As of December 31, 2023, the Fifth Pre-Paid Advance was fully paid off through the issuance of 1.2 million shares of Common Stock to Yorkville. The Company's stockholders approved an amendment to the PPA with Yorkville to lower the minimum price which shares may be sold from $11.50 per share to $2.30 per share (the "Second Amended Floor Price"), which was proposed and voted on at the special meeting of Company stockholders held on October 5, 2023 (the "October Special Meeting"). On November 21, 2023, Yorkville agreed to advance $21.3 million to the Company on account of the Sixth Pre-Paid Advance in accordance with the PPA (the "Sixth Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $20.0 million. As of March 31, 2024, the Sixth Pre-Paid Advance was fully paid off through the issuance of 6.1 million shares of Common Stock to Yorkville. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Sixth Pre-Paid Advance was $1.2 million and interest expense incurred as a result of effective interest under the PPA was $0.2 million. On December 20, 2023, Yorkville agreed to advance $16.0 million to the Company on account of the Seventh Pre-Paid Advance in accordance with the PPA (the "Seventh Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $15.0 million. As of March 31, 2024, the Seventh Pre-Paid Advance was fully paid off through the issuance of 2.9 million shares of Common Stock to Yorkville, in addition to $7.2 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Seventh Pre-Paid Advance was $0.5 million and interest expense incurred as a result of effective interest under the PPA was $0.4 million. On January 11, 2024, Yorkville agreed to advance $17.5 million to the Company on account of the Eighth Pre-Paid Advance in accordance with the PPA (the "Eighth Pre-Paid Advance"). The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $16.5 million. As of March 31, 2024, the Eighth Pre-Paid Advance was fully paid off through the issuance of 4.1 million shares of Common Stock to Yorkville, in addition to $8.3 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Eighth Pre-Paid Advance was $0.6 million and interest expense incurred as a result of effective interest under the PPA was $0.4 million. On January 31, 2024, Yorkville agreed to advance $20.0 million to the Company on account of the Ninth Pre-Paid Advance. The net proceeds received by the Company, after giving effect to the commitment fee and the purchase price discount provided for in the PPA, was $18.8 million. The Company elected to account for the Ninth Pre-Paid Advance under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value. As of March 31, 2024, the Ninth Pre-Paid Advance was fully paid off through the issuance of 1.3 million shares of Common Stock to Yorkville, in addition to $17.5 million of cash. For the three months ended March 31, 2024, the loss on extinguishment of debt from repaying the Ninth Pre-Paid Advance was nominal. On March 12, 2024, Yorkville agreed to advance $62.0 million to the Company on account of the Tenth Pre-Paid Advance. Approximately $33.0 million of the proceeds received from the Tenth Pre-Paid Advance were used to repay the remaining outstanding amounts on the Seventh, Eighth, and Ninth Pre-Paid Advance (refer to above). The net proceeds received by the Company, after giving the effect to the repayment, financing charges of $14.0 million provided for in the PPA, were $15.0 million. With respect to the Tenth Pre-Paid Advance, the Purchase Price (as such term is used in the PPA) is equal to $2.30 per share. The Company elected to account for the Ninth Pre-Paid Advance and Tenth Pre-Paid Advance under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value. On March 12, 2024, the Ninth Pre-Paid Advance was fully paid through the issuance of the Tenth Pre-Paid Advance. During the three months ended March 31, 2024, 7.4 million shares of Common Stock converted at the Second Amended Floor Price have been issued under the Tenth Pre-Paid Advance, with a gain on extinguishment of debt of $7.6 million recorded. As of March 31, 2024, a principal balance of $45.0 million remains outstanding under the Tenth Pre-Paid Advance. The PPA provides that in respect of any Pre-Paid Advance, if the VWAP of shares of Common Stock is less than the Floor Price (as amended from time to time) for at least five trading days during a period of seven consecutive trading days or the Company has issued substantially all of the shares of Common Stock available under the Exchange Cap, then the Company is required to make monthly cash payments of amounts outstanding under any Pre-Paid Advance beginning on the 10th calendar day and continuing on the same day of each successive calendar month until the entire amount of such Pre-Paid Advance balance has been paid or until the payment obligation ceases. Pursuant to the PPA, the monthly payment obligation ceases if the Exchange Cap no longer applies and the VWAP is greater than the Floor Price (as amended from time to time) for a period of five consecutive trading days, unless a subsequent triggering date occurs. The Company, at its option, has the right, but not the obligation, to repay early in cash a portion or all amounts outstanding under any Pre-Paid Advance, provided that the VWAP of the Common Stock is less than the Fixed Price during a period of three consecutive trading days immediately prior to the date on which the Company delivers a notice to Yorkville of its intent and such notice is delivered at least ten trading days prior to the date on which the Company will make such payment. If elected, the early repayment amount is to include a 3.0% redemption premium (“Redemption Premium”). If any Pre-Paid Advances are outstanding and any event of default has occurred, the full amount outstanding under the Pre-Paid Advances plus the Redemption Premium, together with interest and other amounts owed in respect thereof, will become, at Yorkville’s election, immediately due and payable in cash. Yorkville Convertible Debentures On August 2, 2023, the Company entered into a Securities Purchase Agreement with Yorkville (the “August Convertible Debenture”) in connection with the issuance and sale by the Company of convertible debentures in an aggregate principal amount of $27.9 million (the “August Initial Loan”). The net proceeds received by the Company from Yorkville includes a 6.0% discount of the Loan in accordance with the YA Convertible Debenture. Yorkville has the right and option (the “August Loan Option”) to purchase additional convertible debentures in an aggregate principal amount of up to $53.2 million. In conjunction with the August Initial Loan, the Company issued to Yorkville an initial warrant (the “August Initial Warrant”) to purchase 2.2 million shares of Common Stock at an exercise price of $12.42 per share. Yorkville did not exercise the August Loan Option, as a result of which, the August Loan Option and the related August Option Warrant are no longer applicable. During the year 2023, 4.2 million shares of Common Stock were previously issued to Yorkville. As of March 31, 2024, the August Convertible Debentures was fully paid off through the issuance of an additional 1.2 million shares of Common Stock to Yorkville, resulting in a loss on extinguishment of debt of $0.3 million. During the three months ended March 31, 2024, the Company incurred nominal interest expense. On September 26, 2023, the Company entered into a Securities Purchase Agreement with Yorkville (the “September Convertible Debenture”, together with the August Convertible Debenture, collectively, the "YA Convertible Debentures"), receiving an aggregate of $15.0 million (the “September Initial Debenture”). The net proceeds received by the Company from Yorkville includes a 16.5% discount of the Loan in accordance with the September Convertible Debenture. Yorkville has the right and option (the “September Loan Option”) to purchase additional convertible debentures in an aggregate principal amount of up to $30.0 million. In conjunction with the September Convertible Debenture, the Company issued to Yorkville an initial warrant (the “September Initial Warrant”) to purchase 1.2 million shares of Common Stock at an exercise price of $12.42. If Yorkville exercises the September Loan Option, the Company will issue to Yorkville an additional warrant (the “September Option Warrant”) for a number of shares of Common Stock determined by dividing the principal amount so exercised (up to $30.0 million) by $12.42 per share. Yorkville did not exercise the September Loan Option, as a result of which, the September Loan Option and the related September Option Warrant are no longer applicable. As of March 31, 2024, the September Convertible Debentures was fully paid off through the issuance of 3.5 million shares of Common Stock to Yorkville, resulting in a loss on extinguishment of debt of $0.8 million. During the three months ended March 31, 2024, the Company incurred $0.1 million of interest expense. Additionally, Yorkville did not exercise the September Loan Option, as a result of which, the September Loan Option and the related September Option Warrant are no longer applicable. Amounts outstanding in the YA Convertible Debentures could be offset by the issuance of shares of Common Stock to Yorkville at a price per share calculated at the lower of $11.50 (the "Note Fixed Price") or 95.0% of the lowest daily VWAP on Nasdaq as of the five immediately preceding the conversion date (“Variable Price”), which in no event would be less than $2.30 per share. The issuance of the shares of Common Stock under the YA Convertible Debentures are subject to certain limitations, including that the aggregate number of shares of Common Stock issued pursuant to the YA Convertible Debenture cannot exceed 4.1 million ("Note Exchange Cap"). With respect to the August Convertible Debenture, the Company's stockholders approved the issuance of shares of the Company’s Common Stock in excess of the Note Exchange Cap, which was proposed and voted on at the October Special Meeting. Interest accrues on the outstanding balance of the August Convertible Debenture and the September Convertible Debenture at an annual rate equal to 3.0%, subject to an increase to 15.0% upon events of default described in their respective agreements. The YA Convertible Debentures each have a maturity date of 14 months from their respective Convertible Debenture date. The Company elected to account for the August Convertible Debenture and the September Convertible Debenture under the fair value option of accounting upon issuance. The proceeds were allocated to all freestanding instruments recorded at fair value. The primary reason for electing the fair value option is for simplification of accounting for the YA Convertible Debentures at fair value in its entirety versus bifurcation of the embedded derivatives. The fair value was determined using a Monte Carlo valuation model. The YA Convertible Debentures provides that if the VWAP of shares of Common Stock is less than the then-applicable floor price for at least five trading days during a period of seven consecutive trading days (“Trigger Date”) or the Company has issued substantially all of the shares of Common Stock available under the Exchange Cap, or the Company is unable to issue Common Stock to Yorkville which may be freely resold by Yorkville without any limitations or restrictions, including, without limitation, due to a stop order or suspension of the effectiveness of the Registration Statement, then the Company is required to make monthly cash payments of amounts outstanding under the YA Convertible Debentures beginning on the 10th Trading Day after the Trigger Date and continuing on the same day of each successive calendar month until the entire amount of the YA Convertible Debentures balance has been paid or until the payment obligation ceases. Pursuant to the YA Convertible Debenture, the monthly payment obligation ceases if the Exchange Cap no longer applies and the VWAP is greater than the Floor Price for a period of five consecutive trading days, unless a subsequent triggering date occurs. The Company, at its option, has the right, but not the obligation, to repay early in cash a portion or all amounts outstanding under the YA Convertible Debentures, provided that the VWAP of the Common Stock is less than the Fixed Price during a period of three consecutive trading days immediately prior to the date on which the Company delivers a notice to Yorkville of its intent and such notice is delivered at least ten trading days prior to the date on which the Company will make such payment. If elected, the early repayment amount is to include a 5.0% redemption premium (“Redemption Premium”). If any event of default has occurred, the full amount outstanding under the Loan plus the Redemption Premium, together with interest and other amounts owed in respect thereof, will become, at Yorkville’s election, immediately due and payable in cash.

v3.24.1.1.u2

Operating leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating leases	Operating leases     The Company has entered into various operating lease agreements for office and manufacturing spaces. Justin Texas Lease On January 31, 2023, the Company entered into a real estate lease for an approximately 8,000 square foot facility in Justin, Texas with an entity owned by Tony Aquila, Executive Chair and Chief Executive Officer ("CEO") of the Company. The initial lease term is three years, five months, commencing on November 1, 2022, and terminating on March 31, 2026, with one option to extend the term of the lease for an additional five years. Prior to execution, the contract was a month-to-month arrangement. The total minimum lease payments over the initial lease term is $0.3 million. Oklahoma Manufacturing Facility Lease On November 9, 2022, the Company entered into a PSA with Terex for the purchase of approximately 630,000 square foot vehicle manufacturing facility on approximately 121 acres in Oklahoma City, Oklahoma. On April 7, 2023, pursuant to the assignment of real estate purchase agreement, the Company assigned the right to purchase the Property to I-40 Partners, a special purpose vehicle managed by entities affiliated with the CEO. The Company then entered into a lease agreement with I-40 Partners commencing April 7, 2023. The lease term is approximately ten years with a five year renewal option and the minimum aggregate lease payment over the initial term is expected to be approximately $44.3 million, which includes equity portion of rent composed of $1.5 million fully vested non-refundable shares. Refer to Note 15 on warrants issued in conjunction with this lease. The lease was evaluated as a sale and leaseback of real estate because the Company was deemed to control the asset once the rights under the PSA were assigned to I-40 Partners. The Company accounted for the transaction as a financing lease since the lease agreement contains a repurchase option which precludes sale and leaseback accounting. The purchase option is exercisable between the third and fourth anniversary of the lease commencement in the greater of the fair value or a 150.0% of the amounts incurred by Landlord for the purchase price for the Property, the construction allowance, and expenses incurred with the purchase of the Property. The lease did not qualify for sale-leaseback accounting and was accounted for as a financing obligation. Under a failed sale-leaseback transaction, the real estate assets generally recorded on the Consolidated Balance Sheets and are depreciated over their useful lives while a failed sale and leaseback financing obligation is recognized for the proceeds. As a result, the Company recorded an asset and a corresponding finance liability in the amount of the purchase price of $34.2 million. The financing liability at inception was initially allocated to the warrants issued to I-40 valued at $0.9 million described in Note 15 and the derivative liability valued at $0.6 million described in Note 4. As described above, for the failed sale and leaseback transaction, the Company reflects the real estate asset on the Balance Sheets in Property and equipment, net as if the Company was the legal owner, and continue to recognize depreciation expense over the estimated useful life. The Company does not recognize rent expense related to the lease but has recorded a liability for the failed sale and leaseback obligation and monthly interest expense. The Company could not readily determine the implicit rate in the lease, as such the Company imputed an interest rate of approximately 10.0%. There have been no gains or losses recorded in connection with the transactions described above. Future minimum payments under the failed sale leaseback are as follows (in thousands): 2024 (excluding the three months ended March 31, 2024) $ 2,657  2025 3,635  2026 4,097  2027 4,302  2028 4,384  Thereafter 21,647  Total payments $ 40,722  Lease Portfolio The Company uses an estimated incremental borrowing rate based on information available at lease commencement to determine the present value of lease payments when the rate implicit in the lease is not readily determinable. The weighted average discount rate used was 6.7%. As of March 31, 2024, the remaining operating lease ROU asset and operating lease liability were approximately $35.4 million and $38.1 million, respectively. As of December 31, 2023, the operating lease ROU asset and operating lease liability were approximately $36.2 million and $38.8 million, respectively. As of March 31, 2024 and December 31, 2023, $3.2 million and $3.1 million, respectively, of the lease liability was determined to be short term and was included in accrued expenses and other current liabilities within the Condensed Consolidated Balance Sheets. Related party lease expense related to the Company's leases in Justin, Texas was $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. Certain lease agreements also provide the Company with the option to renew for additional periods. These renewal options are not considered in the remaining lease term unless its reasonably certain that the Company will exercise such options. The weighted average remaining lease term as of March 31, 2024, and December 31, 2023 was 8.4 years and 8.7 years, respectively. Throughout the term of the lease agreements, the Company is responsible for paying certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities, and insurance. These additional charges are considered variable lease costs and are recognized in the period in which costs are incurred. Maturities of the Company’s operating lease liabilities at March 31, 2024 were as follows (in thousands): Operating Lease 2024 (excluding three months ended March 31, 24) $ 4,200  2025 5,728  2026 5,504  2027 5,532  2028 5,813  Thereafter 23,707  Total lease payments 50,484  Less: imputed interest (1) 12,408  Present value of operating lease liabilities 38,076  Current portion of operating lease liabilities (2) 3,183  Operating lease liabilities, net of current portion $ 34,893  __________________________ (1)Calculated using the incremental borrowing rate (2)Included within Accrued expenses and other current liabilities line item on the Condensed Consolidated Balance Sheets.

v3.24.1.1.u2

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In connection with the commencement of the Company's Bentonville, Arkansas and Michigan leases in 2022, the Company issued standby letters of credit of $9.5 million and $1.1 million, respectively, which are included in restricted cash within the accompanying Consolidated Balance Sheets as of March 31, 2024. The letters of credit have 5 year and 13 year terms, respectively, and will not be drawn upon unless the Company fails to make its payments. Refer to Note 10 for information regarding the lease arrangements. Legal Proceedings From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, non-monetary sanctions or relief. On April 2, 2021, and April 9, 2021, the Company was named as a defendant in putative class action complaints filed in California on behalf of individuals who purchased or acquired shares of the Company’s stock during a specified period. Through the complaint, plaintiffs are seeking, among other things, compensatory damages. On February 28, 2023, the court granted the Company’s motion to dismiss with leave to amend. On March 10, 2023, the lead plaintiff filed a second amended consolidated complaint. On April 10, 2023, the court entered a stipulated order granting the lead plaintiff leave to file a third amended consolidated complaint and relieving defendants of any obligation to respond to the second amended consolidated complaint. The lead plaintiff filed a third amended consolidated complaint on September 8, 2023, and defendants subsequently filed a motion to dismiss the third amended consolidated complaint. On January 4, 2024, the lead plaintiff filed his opposition to the defendants’ motion to dismiss. On February 1, 2024, the defendants filed their reply in support of the motion to dismiss. The final determinations of liability arising from these litigation matters will only be made following comprehensive investigations and litigation processes. In March 2022, the Company received demand letters on behalf of shareholders of the Company identifying purchases and sales of the Company’s securities within a period of less than six months by DD Global Holdings Ltd. (“DDG”) that resulted in profits in violation of Section 16(b) of the Exchange Act. On May 9, 2022, the Company brought an action against DDG in the Southern District of New York seeking the disgorgement of the Section 16(b) profits obtained by DDG from such purchases and sales. In the action, the Company seeks to recover an estimated $61.1 million of Section 16(b) profits. In September 2022, the Company filed an amended complaint and DDG filed a motion to dismiss the amended complaint. On September 21, 2023, the court issued a decision denying DDG's motion to dismiss. DDG's answer to the complaint was filed on October 19, 2023. An initial pretrial conference was held on January 12, 2024, and the court entered the case management order that day. The fact discovery deadline for the case is January 24, 2025. On January 16, 2024, the Company was named as a defendant in an action for damages and injunctive relief filed in the Southern District of New York by an affiliated party to DD Global Holdings Ltd., Champ Key Limited ("Champ Key"). The complaint alleges that the Company breached a registration rights agreement and violated Delaware law (6 Del. C. Section 8-401) when the Company refused in November 2022 to remove the restrictive legends on 17.2 million shares of Common Stock owned by Champ Key, thereby preventing Champ Key from selling the shares of Common Stock. The complaint alleges claims for breach of contract, violation of Delaware law, and seeks injunctive relief, compensatory damages in excess of $23.0 million and punitive damages, interests, costs of suit and attorneys’ fees. On March 1, 2024, the Company filed an answer and affirmative defenses to the complaint. An initial pretrial conference is scheduled for May 14, 2024. The final determinations of liability arising from these litigation matters will only be made following comprehensive investigations and litigation processes. On April 19, 2024, the Company was named as a defendant in a putative class action complaint filed in Los Angeles Superior Court on behalf of individuals who purchased or acquired shares of Hennessy Capital Acquisition Corp. IV (“HCAC”) prior to the Company’s merger with HCAC and held shares through consummation of the merger. The complaint alleges breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and unjust enrichment claims related to the many of the same allegations at issue in the above described prior securities complaint. The final determinations of liability arising from this litigation matter will only be made following comprehensive investigations and litigation processes. At this time, the Company does not consider any such claims, lawsuits or proceedings that are currently pending, individually or in the aggregate, including the matters referenced above, to be material to the Company’s business or likely to result in a material adverse effect on its future operating results, financial condition or cash flows should such proceedings be resolved unfavorably. Indemnifications In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third-parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The Company provided indemnifications to certain of its officers and employees with respect to claims filed by a former employee.

v3.24.1.1.u2

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On November 25, 2020, Canoo Holdings Ltd., prior to the Company's merger with HCAC ("Legacy Canoo") entered into an agreement, which remains in effect, with the CEO of the Company to reimburse Mr. Aquila for certain air travel expenses based on certain agreed upon criteria (“aircraft reimbursement”). The total aircraft reimbursement to Mr. Aquila for the use of an aircraft owned by Aquila Family Ventures, LLC (“AFV"), an entity controlled by Mr. Aquila, for the purposes related to the business of the Company was $0.2 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. In addition, certain AFV staff provided the Company with shared services support in its Justin, Texas corporate office facility. For the three months ended March 31, 2024 and 2023, the Company paid AFV approximately $0.1 million and $0.5 million, respectively, for these services. On June 22, 2023, the Company entered into a Common Stock and Common Warrant Subscription Agreement with certain special purpose vehicles managed by entities affiliated with Mr. Aquila ("June 2023 PIPE"). The Subscription Agreement provides for the sale and issuance by the Company of 0.7 million shares of the Company’s Common Stock, together with warrants to purchase up to 0.7 million shares of Common Stock at a combined purchase price of $12.42 per share and accompanying warrants. The total net proceeds from the transaction was $8.8 million. The warrant issued is further discussed in Note 15. On August 4, 2023, the Company entered into a Common Stock and Common Warrant Subscription Agreement with certain special purpose vehicles managed by entities affiliated with Mr. Aquila ("August 2023 PIPE") and together with the June 2023 PIPE, collectively, the "PIPEs").The Subscription Agreement provides for the sale and issuance by the Company of 0.2 million shares of the Company’s Common Stock, together with warrants to purchase up to 0.2 million shares of Common Stock at a combined purchase price of $12.42 per share and accompanying warrants. The total net proceeds from the transaction was $3.0 million. The warrant issued is further discussed in Note 15.

v3.24.1.1.u2

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity At-The-Market Offering Program On August 8, 2022, the Company entered into an Equity Distribution Agreement (as supplemented by side letters entered into on August 8, 2022 and on October 5, 2022, the “ATM Sales Agreement”) with Evercore Group L.L.C. ("Evercore") and H.C. Wainwright & Co., LLC (collectively, the "agents"), to sell shares of Common Stock having an aggregate sales price of up to $200.0 million, from time to time, through an “at-the-market offering” program under which the agents act as sales agents (the “ATM Offering”). The sales are made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to sell any shares of Common Stock under the ATM Sales Agreement and may at any time suspend solicitation and offers thereunder. On October 5, 2022, the Company entered into a Side Letter to the ATM Sales Agreement, pursuant to which, notwithstanding the existence of outstanding balances under the PPA (refer to Note 9) as of October 5, 2022, but only for so long as any portion of such balance is outstanding, the agents agreed to allow the Company to submit orders to sell Common Stock of the Company under the ATM Sales Agreement beginning on October 5, 2022. In addition, pursuant to the Side Letter to the ATM Sales Agreement, during the period from October 5, 2022 until the beginning of the third business day after the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2022: (i) only H.C. Wainwright may be designated as a Designated Manager under the ATM Sales Agreement and receive the entire compensation payable thereunder (equal to 3.0% of the gross proceeds of the shares of Common Stock sold), and (ii) for so long as H.C. Wainwright acts as the sole Designated Manager, H.C. Wainwright agreed to waive the additional fee of 1.5% of the gross proceeds from any sales under the ATM Sales Agreement. On February 28, 2023, Evercore delivered to us a notice to terminate the ATM Sales Agreement with respect to itself, which termination became effective on February 28, 2023. Other Issuances of Equity On February 5, 2023, the Company entered into a securities purchase agreement ("RDO SPA") with certain investors. The SPA provides for the sale and issuance by the Company of 2.2 million shares of the Company's Common Stock, together with warrants to purchase up to 2.2 million shares of Common Stock (the “RDO SPA Warrants”) at a combined purchase price of $24.15 per share and accompanying warrants. The total net proceeds from the transaction was $49.4 million. On February 5, 2023, the Company also issued warrants to purchase 0.1 million shares of our Common Stock (the “Placement Agent Warrants”) to our placement agent as part of the compensation payable for acting as our exclusive placement agent in connection with the RDO SPA. The Placement Agent Warrants had the same terms as the warrants issued under the RDO SPA. These warrants are equity classified and were measured at fair value on the issuance date for a total of $1.6 million. The Company entered into other equity agreements including the Yorkville PPA and YA Convertible Debentures discussed in Note 9, the PIPEs discussed in Note 12, and warrants issued to various parties discussed in Note 15. Authorized Shares Amendment On October 5, 2023, at the October Special Meeting, the Company’s stockholders approved an amendment to Paragraph A of Article IV of the Company’s Second Amended and Restated Certificate of Incorporation to increase the Company’s number of shares of authorized Common Stock from 1.0 billion shares to 2.0 billion shares and the corresponding increase in the total number of authorized share of capital stock the Company may issue from 1.0 billion to 2.0 billion shares. Series B Preferred Stock Purchase Agreement On September 29, 2023, the Company entered into a securities purchase agreement (the "Series B Preferred Stock Purchase Agreement") with an institutional investor (the "Series B Preferred Stock Purchaser") in connection with the issuance, sale and delivery by the Company of an aggregate of 45,000 shares (the "Series B Preferred Shares") of the Company’s 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock") and a stated value of $1,000.00 per share, which is convertible into shares of the Company’s Common Stock, and pursuant to which the Company issued warrants to purchase approximately 1.0 million shares of Common Stock (the "Series B Preferred Warrants"), for a total purchase price of $45.0 million. On October 12, 2023, the Company closed the sale of the Series B Preferred Shares and the Series B Preferred Warrants to the Series B Preferred Stock Purchaser and filed the certificate of designation for the Series B Preferred Stock (the "Certificate of Designation"). The transaction is initially recognized on the settlement date of October 12, 2023. Refer to Note 15, Warrants, for further information on the Series B Preferred Warrants. The Series B Preferred Stock is convertible into shares of Common Stock at an initial conversion price of approximately $12.88 per common share (“Conversion Price”), which is equal to 120.0% of the average Common Stock price of the Company for the ten consecutive trading days immediately preceding the closing of the transaction. The Conversion Price is subject to customary anti-dilution and price protective adjustments. The holders have the ability to exercise the conversion rights at any time, or upon a Change of Control event (as defined in the Series B Certificate of Designation). The Series B Preferred Stock does not provide the holder with any voting rights. As of March 31, 2024, no conversion of the Series B Preferred Stock has occurred. Upon the occurrence of certain contingent events, the Company may, at its option, redeem the Series B Preferred Stock for cash at a redemption price equal to 103.0% of the Liquidation Preference, plus any accumulated and unpaid dividends. Additionally, on or after October 12, 2028 (“First Reset Date”), the Company may, at its option, redeem the Series B Preferred Stock at any time for cash at a redemption price equal to 103.0% of the Liquidation Preference plus any accumulated and unpaid dividends. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the Series B Preferred Stock Purchaser will be entitled to payment out of the assets of the Company, prior and in preference to holders of Common Stock of the Company, in an amount per share equal to $1,000.00 (the “Liquidation Preference”) plus any accumulated and unpaid dividends thereon. As of March 31, 2024, the Liquidation Preference of the Series B Preferred Stock was $46.3 million. Dividends on the Series B Preferred Stock can be paid in either cash or in kind in the form of additional shares of Series B Preferred Stock, at the option of the Company, subject to certain exceptions. The Company will pay dividends whether in cash or in kind at a rate of 7.5% per annum (“Dividend Rate”), subject to certain adjustments and exceptions. On and after the First Reset Date, the Dividend Rate on the Series B Preferred Stock will increase by 1.5% per Payment Period. As of March 31, 2024, the accumulated but not declared or paid dividends on the Series B Preferred Stock were $1.4 million. Based on an evaluation of the terms of the Series B Preferred Stock, the Company determined that the Series B Preferred Stock is not eligible for permanent equity classification. Under applicable US GAAP, the Company is required to assume cash-settlement of the Series B Preferred Stock in a conversion scenario that requires delivery of shares in excess of the Exchange Cap. Accordingly, the Company presents the Series B Preferred Stock outside of permanent equity (i.e., the Series B Preferred Stock is presented in mezzanine equity). The Company determined that cash settlement or redemption of the Series B Preferred Stock is unlikely; therefore, the Series B Preferred Stock is not currently redeemable or probable of becoming redeemable. As a result of the increasing rate dividend described above, the Company uses the interest method to accrete the carrying value of the Series B Preferred Stock from its initial recognized value to its expected settlement value on the expected redemption date.

v3.24.1.1.u2

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation 2024 CEO Equity Awards On February 29, 2024, the Company held a special meeting of its stockholders to approve the issuance of a performance-vesting restricted stock unit award (the “CEO PSUs”) representing the right to receive 1.7 million shares of the Company’s Common Stock, 50.0% of which may vest based on the achievement of certain cumulative Company revenue milestones for the twelve months ended December 31, 2024 and for the twenty-four months ended December 31, 2025, and 50% of which may vest based on certain thresholds relating to the volume weighted average trading price of the Company’s Common Stock any time during the twelve months ended December 31, 2024 and the twenty-four months ended December 31, 2025, subject to continuous services requirements through the applicable service vesting date. Additionally, the approval also included the issuance of a restricted stock unit award (the “CEO RSUs” and, together with the “CEO PSUs”, the “CEO Equity Awards”) representing the right to receive 3.4 million shares of the Company’s Common Stock, the initial 50.0% of which vested immediately and the latter 50.0% of which will vest in equal increments on January 1, 2025 and January 1, 2026. In connection with the issuance of the CEO Equity Awards, previously granted restricted stock units were automatically cancelled and forfeited. The cancellation of prior awards and issuance of the CEO Equity Awards was determined to be a modification. At the modification date, the vesting conditions for all awards besides a tranche of CEO PSUs that vest upon achievement of revenue milestones were expected to be satisfied. The incremental stock-based compensation expense recognized as a result of the modification of the awards during the three months ended March 31, 2024 was $3.7 million. Restricted Stock Units The Company granted stock to compensate existing employees and attract top talent, primarily through various forms of equity, including restricted stock unit awards (“RSU”). Each RSU represents a contingent right to receive one share of Common Stock. During the three months ended March 31, 2024 and 2023, 3.6 million and 0.1 million RSUs, inclusive of the CEO RSUs, were granted subject to time-based vesting, respectively. The total fair value of restricted stock units granted during the three months ended March 31, 2024 and 2023 were $8.4 million and $1.3 million, respectively. Performance-Based Restricted Stock Units Performance stock unit awards (“PSU”) represent the right to receive a share of Common Stock if service, performance, and market conditions, or a combination thereof, are met over a defined period. PSUs that contain a market condition, such as stock price milestones, are subject to a Monte Carlo simulation model to determine the grant date fair value by simulating a range of possible future stock prices for the Company over the performance period. The grant date fair value of the market condition PSUs is recognized as compensation expense over the greater of the Monte Carlo simulation model’s derived service period and the arrangement’s explicit service period, assuming both conditions must be met. PSUs subject to performance conditions, such as operational milestones, are measured on the grant date, the total fair value of which is calculated as the product of the number of PSUs and the grant date stock price. Compensation expense for PSUs with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period. The PSUs vest based on the Company's achievement of certain specified operational milestones by various dates through December 2025. The Company granted zero PSUs to employees during the three months ended March 31, 2024 and 2023, except as noted below as it relates to the CEO. As of March 31, 2024, the Company's analysis determined that these operational milestone events are probable of achievement and as such, compensation expense excluding the impact of forfeitures of $0.2 million has been recognized for the previously awarded PSUs to employees during the three months ended March 31, 2024. The compensation expense recognized during the three months ended March 31, 2023 was $0.7 million. There were 1.7 million PSUs granted to the CEO during the three months ended March 31, 2024 with a grant date fair value of $3.2 million. There were no PSUs granted to the CEO during the three months ended March 31, 2023. The compensation expense recognized for PSUs to the CEO was $2.2 million and $3.5 million for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Research and development $ 630  $ 4,135  Selling, general and administrative 10,324  5,701 Total $ 10,954  $ 9,836  The Company’s total unrecognized compensation cost as of March 31, 2024, was $21.5 million 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was adopted by the board of directors on September 18, 2020, approved by the stockholders on December 18, 2020, and became effective on December 21, 2020, with the merger between HCAC and Legacy Canoo. On December 21, 2020, the board of directors delegated its authority to administer the 2020 ESPP to the Compensation Committee. The Compensation Committee determined that it is in the best interests of the Company and its stockholders to implement successive three-month purchase periods. The 2020 ESPP provides participating employees with the opportunity to purchase up to a maximum number of shares of Common Stock of 0.2 million, plus the number of shares of Common Stock that are automatically added on January 1st of each year for a period of ten years, in an amount equal to the lesser of (i) 1.0% of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, and (ii) 0.4 million shares of Common Stock. During the three months ended March 31, 2024 and 2023, total employee withholding contributions for the 2020 ESPP was $0.1 million and $0.4 million, respectively. A nominal amount and approximately $0.2 million of stock-based compensation expense was recognized for the 2020 ESPP during the three months ended March 31, 2024 and 2023, respectively

v3.24.1.1.u2

Warrants	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Warrants	Warrants Public Warrants As of March 31, 2024, the Company had approximately 1.0 million public warrants outstanding. Each public warrant entitles the registered holder to purchase 23 shares of Common Stock at a price of $264.50 per share, subject to adjustment. The public warrants will expire on December 21, 2025, or earlier upon redemption or liquidation. There were no public warrants exercised for the three months ended March 31, 2024 and 2023. VDL Nedcar Warrants In February 2022, the Company and a company related to VDL Nedcar entered into an investment agreement, under which the VDL Nedcar-related company agreed to purchase shares of Common Stock for an aggregate value of $8.4 million, at the market price of Common Stock as of December 14, 2021. As a result, the Company issued 42.3 thousand shares of Common Stock upon execution of the agreement. The Company also issued a warrant to purchase an aggregate 42.3 thousand shares of Common Stock to VDL Nedcar at exercise prices ranging from $414.00 to $920.00 per share, which are classified as equity. The exercise period is from November 1, 2022, to November 1, 2025 ("Exercise Period"). The warrant can be exercised in whole or in part during the Exercise Period but can only be exercised in three equal tranches and after the stock price per Common Stock has reached at least the relevant exercise price. None of the warrants have been exercised as of March 31, 2024. Walmart Warrants On July 11, 2022, Canoo Sales, LLC, a wholly-owned subsidiary of the Company, entered into an Electric Vehicle Fleet Purchase Agreement (the “Walmart EV Fleet Purchase Agreement") with Walmart. Pursuant to the Walmart EV Fleet Purchase Agreement, subject to certain acceptance and performance criteria, Walmart agreed to purchase at least 4,500 EVs, with an option to purchase up to an additional 5,500 EVs, for an agreed upon capped price per unit determined based on the EV model. The Walmart EV Fleet Purchase Agreement (excluding any work order or purchase order as a part thereof) has a five-year term, unless earlier terminated. In connection with the Walmart EV Fleet Purchase Agreement, the Company entered into a Warrant Issuance Agreement with Walmart pursuant to which the Company issued to Walmart a Warrant to purchase an aggregate of 2.7 million shares of Common Stock, subject to certain anti-dilutive adjustments, at an exercise price of $49.45 per share, which represented approximately 20.0% ownership in the Company on a fully diluted basis as of the issuance date. As a result of the anti-dilution adjustments, as of March 31, 2024, the Warrant is exercisable for an aggregate of 2.9 million shares of Common Stock at a per share exercise price of $44.87. The Warrant has a term of 10 years and is vested with respect to 0.7 million shares of Common Stock. The Warrant will vest quarterly in amounts proportionate with the net revenue realized by the Company from transactions with Walmart or its affiliates under the Walmart EV Fleet Purchase Agreement or enabled by any other agreement between the Company and Walmart, and any net revenue attributable to any products or services offered by Walmart or its affiliates related to the Company, until such net revenue equals $300.0 million, at which time the Warrant will have vested fully. Since the counterparty is also a customer, the issuance of the Warrant was determined to be consideration payable to a customer within the scope of ASC 606, Revenue from Contracts with Customers, and was measured at fair value on the Warrant’s issuance date. Warrants that vested immediately resulted in a corresponding deferred warrant asset presented on the Condensed Consolidated Balance Sheets under ASC 606 and amortized on a pro-rata basis, commencing upon initial performance, over the term of the Walmart EV Fleet Purchase Agreement. The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 10.0 Risk free interest rate 3.0  % Expected volatility 91.3  % Dividend yield —  % Exercise price $ 49.45  Stock price $ 83.49  Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. As of March 31, 2024, a total of 0.7 million warrants have vested, of which none have been exercised. Yorkville Warrants In connection with the YA Convertible Debentures discussed in Note 9, as well as a previously paid off convertible debenture issued with a warrant to purchase 2.1 million shares, the Company issued warrants to Yorkville to purchase an aggregate of 5.5 million shares of Common Stock, with an exercise price of $12.42 per share (collectively, the “Yorkville Debenture Warrants”). The Yorkville Debenture Warrants are immediately exercisable and will expire five years from the issuance date. The warrants were liability classified and subject to periodic remeasurement. The fair value of the warrants at the issuance date was measured using the Black-Scholes option pricing model. The warrants were reclassified to equity as a result of the special meeting the Company stockholders held on October 5, 2023. The Company elected to value the YA Convertible Debentures at fair value therefore the total proceeds from the transaction were allocated among the freestanding financial instruments. Refer to Note 9 for additional discussion. The total fair value of the warrants measured at issuance was $61.5 million. As of October 5, 2023, the warrants were reclassified to liability and the fair value of the warrants was $43.4 million. In connection with the Yorkville PPA discussed in Note 9, on December 31, 2022, the Company issued warrants to Yorkville to purchase an aggregate of 1.3 million shares of Common Stock, with an exercise price of $26.45 per share and expiration date of December 31, 2023. On January 13, 2023, Yorkville partially exercised its option to increase its investment and the Company issued warrants to Yorkville to purchase an additional 0.2 million shares of Common Stock. Upon the expiration of the option on January 31, 2023, a $0.3 million gain was recognized as a result of remeasuring the warrant liability and $19.5 million was reclassified from liability to additional paid in capital. The exercise price of the warrants was adjusted to $24.15 per share on February 9, 2023 and subsequently adjusted to $14.26 per share on April 24, 2023. On January 31, 2024, the Company and Yorkville entered into a Warrant Cancellation and Exchange Agreement (the “January WC&E Agreement”). Pursuant to the January WC&E Agreement, Yorkville surrendered to the Company and the Company cancelled all outstanding Yorkville Debenture Warrants, which outstanding Yorkville Debenture Warrants represented the right to purchase an aggregate of 5.5 million shares of Common Stock, and in exchange, the Company issued to Yorkville (i) a warrant to purchase 4.8 million shares of Common Stock at an exercise price of $4.14, exercisable beginning on July 31, 2024 and with an expiration date of February 1, 2029 (the “January First Warrant”) and (ii) a warrant to purchase 5.5 million shares of Common Stock at an exercise price of $4.14, exercisable beginning on July 31, 2024 and with an expiration date of February 1, 2029 (the “January Second Warrant” and together with the January First Warrant, collectively, the “January Yorkville Warrants”). On March 12, 2024, the Company and Yorkville entered into a Warrant Cancellation and Exchange Agreement (the “March WC&E Agreement”). Pursuant to the March WC&E Agreement, on March 12, 2024, Yorkville surrendered to the Company and the Company cancelled all of the outstanding January Yorkville Warrants, and in exchange, the Company issued to Yorkville (i) a warrant to purchase 10.4 million shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 and (ii) a warrant to purchase 10.9 million shares of Common Stock at an exercise price of $1.37, exercisable beginning on September 12, 2024 and with an expiration date of March 13, 2029 (the warrants set forth in clauses (i) and (ii), collectively, the "March Yorkville Warrants"). The warrants are classified as liabilities and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (year) 5.0 Expected volatility 131.1  % Dividend yield —  % Risk free rate 4.2  % Estimated fair value per warrant $ 3.30  Exercise price $ 1.37  Stock price $ 3.57  Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and do not presently expect to pay dividends. The fair value as of March 31, 2024 was $70.2 million resulting in a loss of $26.8 million for the three months ended March 31, 2024. The warrants were previously equity classified with a carrying value of $43.4 million prior to the January WC&E Agreement, at which point in time the warrants became liability classified. None of the warrants have been exercised as of March 31, 2024. RDO SPA Warrants On February 5, 2023, the Company received net proceeds of $49.4 million in connection with the RDO SPA. The Company issued the RDO SPA Warrants to multiple parties to purchase an aggregate of 2.2 million shares of Common Stock, with an exercise price of $29.90 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date. The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.4 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.19  Exercise price $ 29.90  Stock price $ 3.57  Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. As the common stock and warrants were issued in a single transaction, the total proceeds from the transaction were allocated among the freestanding instruments. The fair value of the warrants measured at issuance was $40.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. The fair value as of March 31, 2024 was $4.8 million resulting in a gain of $3.5 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024. June 2023 PIPE On June 22, 2023, the Company received an aggregate of $8.8 million in connection with the Common Stock and Common Warrant Subscription Agreement. The Company issued warrants to multiple parties to purchase an aggregate of 0.7 million shares of Common Stock, with an exercise price of $15.41 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date. The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.7 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.60 Exercise price $15.41 Stock price $3.57 Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. The fair value of the warrants measured at issuance was $7.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $1.8 million resulting in a gain of $1.3 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024. I-40 Warrants In connection with the lease agreement entered into with I-40 Partners discussed in Note 10, the Company issued warrants to I-40 Partners to purchase an aggregate of 0.1 million shares of Common Stock, with an exercise price of $14.93 per share and expiration date of October 7, 2028. The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.55 Exercise Price $14.93 Stock Price $3.57 Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. The fair value of the warrants measured at issuance was $0.9 million with the remaining proceeds allocated to the Common Stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $0.3 million, resulting in a gain of $0.2 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024. August 2023 PIPE On August 4, 2023, the Company received an aggregate of $3.0 million in connection with the Common Stock and Common Warrant Subscription Agreement. The Company issued warrants to multiple parties to purchase an aggregate of 0.2 million shares of Common Stock, with an exercise price of $15.41 per share and will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date. The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.8 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.63  Exercise price $ 15.41  Stock price $ 3.57  Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. As the common stock and warrants were issued in a single transaction, the total proceeds from the transaction were allocated among the freestanding instruments. The fair value of the warrants at issuance was $3.0 million, with the remaining proceeds allocated to the common stock, which is included in additional paid-in capital presented in the Consolidated Balance Sheets. As of March 31, 2024, the fair value of the warrants was $0.6 million resulting in a gain of $0.5 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024. Series B Preferred Stock Warrants On September 29, 2023, the Company entered into the Series B Preferred Stock Purchase Agreement with the Series B Preferred Stock Purchaser in connection with the issuance, sale and delivery by the Company of an aggregate of 45,000 Series B Preferred Shares of the Series B Preferred Stock, which is convertible into shares of the Company’s Common Stock, and pursuant to which the Company issued the Series B Preferred Warrants to purchase approximately 1.0 million shares of Common Stock, with an exercise price of $12.91 per share and expiration date of October 12, 2028. The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.61  Exercise price $ 12.91  Stock price $ 3.57  Estimates were determined as follows: (i) expected term based on the warrant’s contractual term, (ii) based on the blended volatilities of historical and implied market volatility of the Company, (iii) risk-free interest rates based on US Treasury yield for the expected term, and (iv) an expected dividend yield of zero percent was used since we did not yet and not yet presently expect to pay dividends. The total fair value of the warrants measured at issuance was $5.9 million. As of March 31, 2024, the fair value of the warrants was $2.6 million resulting in a gain of $1.9 million for the three months ended March 31, 2024. None of the warrants have been exercised as of March 31, 2024.

v3.24.1.1.u2

Net Loss per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share The table below presents a reconciliation of the basic and diluted net loss per share that were computed for the following periods:     March 31, 2024 2023 Numerator: Net loss attributable to Canoo $ (110,687) $ (90,732) Less: dividend on redeemable preferred stock 862  —  Less: additional deemed dividend on redeemable preferred stock —  —  Net loss available to common shareholders $ (111,549) $ (90,732) Denominator: Weighted-average common shares outstanding: Basic and diluted 50,746  18,177  Net loss per common share: Basic and diluted $ (2.20) $ (4.99) For all periods presented, the shares included in computing basic net loss per share exclude restricted shares and shares issued upon the early exercise of share options where the vesting conditions have not been satisfied. Diluted net income per share adjusts basic net income per share for the impact of potential Common Stock shares. As the Company has reported net losses for all periods presented, all potential Common Stock shares are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share. The following table presents the outstanding potentially dilutive shares that have been excluded from the computation of diluted net loss per share, because including them would have an anti-dilutive effect (in thousands): March 31, 2024 2023 Convertible debt (Note 9) 20,595  —  Restricted and performance stock units 4,174  1,251  Warrants to purchase common stock (Note 15) 27,268  —  Early exercise of unvested stock options —  17  Options to purchase common stock 5  5

v3.24.1.1.u2

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As the Company has not generated any taxable income since inception, the cumulative deferred tax assets remain fully offset by a valuation allowance, and no benefit from federal or state income taxes has been included in the Condensed Consolidated Financial Statements.

v3.24.1.1.u2

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 9, 2024 (the “Agreement Date”), the Company entered into a securities purchase agreement (the "Series C Preferred Stock Purchase Agreement") with certain special purpose vehicles managed by entities affiliated with Mr. Tony Aquila, the Company’s Chief Executive Officer and Executive Chair (collectively, the “Series C Preferred Stock Purchasers”), in connection with the issuance, sale and delivery by the Company of an aggregate of 10,000 of shares (the “Series C Preferred Shares”) of the Company’s Series C Cumulative Perpetual Redeemable Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), which is convertible into shares of Common Stock, and pursuant to which the Company issued warrants (the “Series C Warrants”) to purchase in the aggregate 4.4 million shares of Common Stock, for a total aggregate purchase price of $10,000,000. On May 3, 2024, the Company closed the sale of the Series C Preferred Shares and the Series C Warrants to the Series C Preferred Stock Purchasers and filed the certificate of designation for the Series C Preferred Stock. The transaction is initially recognized on the settlement date of May 3, 2024. Pursuant to the Series C Preferred Stock Purchase Agreement, on or prior to the date that is 20 business days after the Agreement Date, the Series C Preferred Stock Purchasers or entities affiliated with the Series C Preferred Stock Purchasers had the right, but not obligation, to purchase up to an additional $15,000,000 of Series C Preferred Shares and Series C Warrants on substantially identical terms to the transactions contemplated in the Series C Preferred Stock Purchase Agreement (the “Series C Preferred Stock Additional Purchase Right”). Pursuant to the Series C Preferred Stock Additional Purchase Right, the Series C Preferred Stock Purchasers and certain affiliated entities had in the aggregate elected to purchase 6,500 Series C Preferred Shares and 2.9 million Series C Warrants for a total aggregate purchase price of $6,500,000.

v3.24.1.1.u2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (110,687)	$ (90,732)

v3.24.1.1.u2

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.1.1.u2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company's unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the SEC and accounting principles generally accepted in the United States of America (“GAAP”) for interim reporting. Accordingly, certain notes or other information that are normally required by GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited Consolidated Financial Statements. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024 (“Annual Report on Form 10-K”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. In the opinion of management, the Company has made all adjustments necessary to present fairly its Condensed Consolidated Financial Statements for the periods presented. Such adjustments are of a normal, recurring nature. The Company’s financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future.
Consolidation	The accompanying unaudited Condensed Consolidated Financial Statements include the results of the Company and its subsidiaries. The Company’s comprehensive loss is the same as its net loss.
Material Changes	Except for any updates below, no material changes have occurred with respect to the Company’s significant accounting policies disclosed in Note 2 of the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Annual Report on Form 10-K.
Reverse Stock Split	Reverse Stock Split On February 29, 2024, the Company held a special meeting of its stockholders to approve an amendment to the Company's Second Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's Common Stock at a reverse stock split ratio ranging from 1:2 to 1:30, and to authorize the Board to determine the timing of the amendment at its discretion at any time, if at all, but in any case prior to the one-year anniversary of the date on which the reverse stock split is approved by the Company’s stockholders. On March 8, 2024, the Company effected a 1-for-23 reverse stock split (the "Reverse Stock Split") of the Company’s Common Stock. As a result of the Reverse Stock Split, every 23 shares of the Company’s issued and outstanding Common Stock as of 8:00 a.m. (Eastern Time) on March 8, 2024 was automatically combined into one issued and outstanding share of Common Stock, with no change in par value per share. No fractional shares of Common Stock were issued as a result of the Reverse Stock Split. Any fractional shares in connection with the Reverse Stock Split were rounded down to the nearest whole share and cash payments were made to the stockholders. The Reverse Stock Split had no impact on the number of shares of Common Stock or Preferred Stock that the Company is authorized to issue pursuant to its certificate of incorporation. Proportional adjustments were made to the number of shares of Common Stock issuable upon exercise or conversion of the Company's equity awards and warrants, as well as the applicable exercise price. All share and per share information included in this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the impact of the Reverse Stock Split.
Macroeconomic Conditions	Macroeconomic Conditions Current adverse macroeconomic conditions, including but not limited to heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, challenges in the supply chain could negatively affect the Company's business. Ultimately, the Company cannot predict the impact of current or worsening macroeconomic conditions. The Company continues to monitor macroeconomic conditions to remain flexible and to optimize and evolve its business as appropriate. To do this, the Company is working on projecting demand and infrastructure requirements and deploying its workforce and other resources accordingly.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs when available: •Level 1 Quoted prices in active markets for identical assets or liabilities. •Level 2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 Valuations are based on inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company's financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, accounts payable, and other current liabilities and are reflected in the financial statements at cost. Cost approximates fair value for these items due to their short-term nature. Contingent Earnout Shares Liability The Company has a contingent obligation to issue shares of Common Stock to certain stockholders and employees upon the achievement of certain market share price milestones within specified periods (the “Earnout Shares”). The Company determined that the right to Earnout Shares represents a contingent liability that meets the definition of a derivative and recognized it on the balance sheet at its fair value upon the grant date. The right to Earnout Shares is remeasured at fair value each period through earnings. The fair value is determined using Level 3 inputs, since estimating the fair value of this contingent liability requires the use of significant and subjective inputs that may and are likely to change over the duration of the liability with related changes in internal and external market factors. The tranches were valued using a Monte Carlo simulation of the stock prices using an expected volatility assumption based on the historical volatility of the price of the Company’s stock and implied volatility derived from the price of exchange traded options on the Company’s stock. Upon the occurrence of a bankruptcy or liquidation, any unissued Earnout Shares would be fully issued regardless of whether the share price target has been met.
Convertible Debt	Convertible Debt The Company accounts for convertible debt that does not meet the criteria for equity treatment in accordance with the guidance contained in ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.The Company classifies convertible debt based on the re-payment terms and conditions. Any discounts or premiums on the convertible debt and costs incurred upon issuance of the convertible debt are amortized to interest expense over the terms of the related convertible debt. Convertible debt is also analyzed for the existence of embedded derivatives, which may require bifurcation from the convertible debt and separate accounting treatment. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the Condensed Consolidated Statements of Operations. Refer to Note 9 for further information. The Company has elected the fair value option to account for the YA Convertible Debentures (as defined in Note 9), the Ninth Pre-Paid Advance (as defined in Note 9), and the Tenth Pre-Paid Advance (as defined in Note 9) (collectively "Convertible Debt") and recorded such instruments at fair value upon issuance. The Company records changes in fair value in the Condensed Consolidated Statements of Operations, with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income. Interest expense related to the Convertible Debt is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the Convertible Debt were expensed as incurred.
Warrants	Warrants The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity ("ASC 480"), then in accordance with ASC 815-40 ("ASC 815"), Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. Refer to Note 15 for information regarding the warrants issued.
Redeemable Preferred Stock	Redeemable Preferred Stock Accounting for convertible or redeemable equity instruments in the Company’s own equity requires an evaluation of the hybrid security to determine if liability classification is required under ASC 480-10. Liability classification is required for freestanding financial instruments that are not debt in legal form and are: (1) subject to an unconditional obligation requiring the issuer to redeem the instrument by transferring assets (i.e., mandatorily redeemable), (2) instruments other than equity shares that embody an obligation of the issuer to repurchase its equity shares, or (3) certain types of instruments that obligate the issuer to issue a variable number of equity shares. Securities that do not meet the scoping criteria to be classified as a liability under ASC 480 are subject to redeemable equity guidance, which prescribes securities that may be subject to redemption upon an event not solely within the control of the issuer to be classified outside permanent equity (i.e., classified in temporary equity). Securities classified in temporary equity are initially measured at the proceeds received, net of issuance costs and excluding the fair value of bifurcated embedded derivatives (if any). Subsequent measurement of the carrying value is not required unless the instrument is probable of becoming redeemable or is currently redeemable. When the instruments are currently redeemable or probable of becoming redeemable, the Company will recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the then current maximum redemption value at the end of each reporting period Refer to Note 13 for information regarding the Redeemable Preferred Stock issued.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation awards granted to employees and directors based on the awards’ estimated grant date fair value. The Company estimates the fair value of its Common Stock options using the Black-Scholes-Merton option-pricing model. For stock-based awards that vest solely based on continued service (“service-only vesting conditions”), the resulting fair value is recognized under the graded vesting method over the requisite service period, which is usually the vesting period and generally four years. The Company recognizes the fair value of stock-based awards which contain performance conditions using the graded vesting method, when it is probable the performance condition will be met. The Company recognizes the fair value of stock-based awards which contain market conditions, such as stock price milestones, by simulating a range of possible future stock prices for the Company over the performance period using a Monte-Carlo simulation model to determine the grant date fair value. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its Consolidated Statement of Operations in the same manner in which the award recipient’s payroll costs are classified. For grants to non employees, an expense is recognized when the good or service is received. The Company estimates the fair value of RSUs based on the market price of the Company’s Common Stock underlying the awards on the grant date. Fair value for awards with stock price performance metrics is calculated using the Monte Carlo simulation model, which incorporates stock price correlation and other variables over the time horizons matching the performance periods. Refer to Note 14 for awards granted to employees during the period.
Net loss per Share	Net loss per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of the Company's common shares outstanding during the period, without consideration for potential dilutive securities. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive.
Recently Issued Accounting Pronouncements Adopted and Not Yet Adopted	Recently Issued Accounting Pronouncements Adopted In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01"), which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. Specifically, it amends the accounting for leasehold improvements. The amendments requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The adoption of ASU 2023-01 did not have material impact on the Company’s unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements. On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently assessing the provisions of this new pronouncement and evaluating any material impact that this guidance may have on our Consolidated Financial Statements.

v3.24.1.1.u2

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Fair Value Level 1 Level 2 Level 3 Liability Contingent earnout shares liability $ 15  $ —  $ —  $ 15  Derivative liability, current $ 1,604  $ —  $ —  $ 1,604  Convertible debt, current $ 63,289  $ —  $ —  $ 63,289  Derivative liability, non-current $ 15,138  $ —  $ —  $ 15,138  Warrant liability, non-current $ 80,314  $ —  $ 80,314  $ —  December 31, 2023 Fair Value Level 1 Level 2 Level 3 Liability Contingent earnout shares liability $ 41  $ —  $ —  $ 41  Derivative liability, current $ 860  $ —  $ —  $ 860  Convertible debt, current $ 16,052  $ —  $ —  $ 16,052  Derivative liability, non-current $ 25,919  $ —  $ —  $ 25,919  Warrant liability, non-current $ 17,390  $ —  $ 17,390  $ —
Schedule of Fair Value of the Initial Loans Based on Assumptions	Tenth Pre-Paid Advance Stock price $ 3.57  Risk free interest rate 5.3  % Interest rate 5.0  % Expected volatility 150.8  % Expected dividend yield —  % Remaining term (in years) 0.5 The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Research and development $ 630  $ 4,135  Selling, general and administrative 10,324  5,701 Total $ 10,954  $ 9,836  The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 10.0 Risk free interest rate 3.0  % Expected volatility 91.3  % Dividend yield —  % Exercise price $ 49.45  Stock price $ 83.49  Expected term (year) 5.0 Expected volatility 131.1  % Dividend yield —  % Risk free rate 4.2  % Estimated fair value per warrant $ 3.30  Exercise price $ 1.37  Stock price $ 3.57  The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.4 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.19  Exercise price $ 29.90  Stock price $ 3.57  The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.7 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.60 Exercise price $15.41 Stock price $3.57 The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.55 Exercise Price $14.93 Stock Price $3.57 The key inputs used in the valuation were as follows: Expected term (years) 4.8 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.63  Exercise price $ 15.41  Stock price $ 3.57  The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.61  Exercise price $ 12.91  Stock price $ 3.57
Schedule of Fair Value of Convertible Debt and Earnout Shares Liability	Following is a summary of the change in fair value of the Convertible Debt for the three months ended March 31, 2024 and March 31, 2023 (in thousands). Three months ended March 31, Convertible Debt 2024 2023 Beginning fair value $ 16,052  $ —  Addition during the period 28,960  —  Payments in cash and common stock during the period (40,307) —  Change in fair value during the period 58,584  —  Ending fair value $ 63,289  —  Following is a summary of the change in fair value of the Earnout Shares liability for the three months ended March 31, 2024 and March 31, 2023 (in thousands). Three months ended March 31, Earnout Shares Liability 2024 2023 Beginning fair value $ 41  $ 3,013  Change in fair value during the period (26) (2,505) Ending fair value $ 15  $ 508
Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	Three months ended March 31, Derivative liability 2024 2023 Beginning fair value $ 26,779  $ —  Addition during the period —  —  Change in fair value during the period (10,037) —  Derecognition of liability upon extinguishment of convertible debt —  —  Ending fair value $ 16,742  $ —  Refer to Note 15 for discussion related to warrants fair value measurements.

v3.24.1.1.u2

Prepaids and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule Of Prepaids And Other Current Assets	Prepaids and other current assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Prepaid expense $ 11,406  $ 9,300  Short term deposits 5,946  6,312  Other current assets 594  487  Prepaids and other current assets $ 17,946  $ 16,099

v3.24.1.1.u2

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 Tooling, machinery, and equipment $ 47,299  $ 44,025  Computer hardware 8,921  8,921  Computer software 9,835  9,835  Vehicles 1,528  1,528  Building 28,475  28,475  Land 5,800  5,800  Furniture and fixtures 788  788  Leasehold improvements 17,881  17,470  Construction-in-progress 310,708  307,489  Total property and equipment 431,235  424,331  Less: Accumulated depreciation (50,495) (47,231) Total property and equipment, net $ 380,740  $ 377,100

v3.24.1.1.u2

Accrued Expenses and Other Current liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses consisted of the following (in thousands): March 31, 2024 December 31, 2023 Accrued property and equipment purchases $ 31,391  $ 29,433  Accrued research and development costs 13,498  15,913  Accrued professional fees 7,169  6,623  Other accrued expenses 12,959  11,932  Total accrued expenses and other current liabilities $ 65,017  $ 63,901

v3.24.1.1.u2

Operating leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Liability and Interest Expense for Failed Leaseback Transaction	Future minimum payments under the failed sale leaseback are as follows (in thousands): 2024 (excluding the three months ended March 31, 2024) $ 2,657  2025 3,635  2026 4,097  2027 4,302  2028 4,384  Thereafter 21,647  Total payments $ 40,722
Schedule of Future Minimum Rental Payments for Operating Leases	Maturities of the Company’s operating lease liabilities at March 31, 2024 were as follows (in thousands): Operating Lease 2024 (excluding three months ended March 31, 24) $ 4,200  2025 5,728  2026 5,504  2027 5,532  2028 5,813  Thereafter 23,707  Total lease payments 50,484  Less: imputed interest (1) 12,408  Present value of operating lease liabilities 38,076  Current portion of operating lease liabilities (2) 3,183  Operating lease liabilities, net of current portion $ 34,893  __________________________ (1)Calculated using the incremental borrowing rate (2)Included within Accrued expenses and other current liabilities line item on the Condensed Consolidated Balance Sheets.

v3.24.1.1.u2

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	Tenth Pre-Paid Advance Stock price $ 3.57  Risk free interest rate 5.3  % Interest rate 5.0  % Expected volatility 150.8  % Expected dividend yield —  % Remaining term (in years) 0.5 The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Research and development $ 630  $ 4,135  Selling, general and administrative 10,324  5,701 Total $ 10,954  $ 9,836  The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 10.0 Risk free interest rate 3.0  % Expected volatility 91.3  % Dividend yield —  % Exercise price $ 49.45  Stock price $ 83.49  Expected term (year) 5.0 Expected volatility 131.1  % Dividend yield —  % Risk free rate 4.2  % Estimated fair value per warrant $ 3.30  Exercise price $ 1.37  Stock price $ 3.57  The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.4 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.19  Exercise price $ 29.90  Stock price $ 3.57  The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.7 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.60 Exercise price $15.41 Stock price $3.57 The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.55 Exercise Price $14.93 Stock Price $3.57 The key inputs used in the valuation were as follows: Expected term (years) 4.8 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.63  Exercise price $ 15.41  Stock price $ 3.57  The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.61  Exercise price $ 12.91  Stock price $ 3.57

v3.24.1.1.u2

Warrants (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	Tenth Pre-Paid Advance Stock price $ 3.57  Risk free interest rate 5.3  % Interest rate 5.0  % Expected volatility 150.8  % Expected dividend yield —  % Remaining term (in years) 0.5 The following table summarizes the Company’s stock-based compensation expense by line item for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, 2024 2023 Research and development $ 630  $ 4,135  Selling, general and administrative 10,324  5,701 Total $ 10,954  $ 9,836  The fair value of the Warrants at the issuance date was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 10.0 Risk free interest rate 3.0  % Expected volatility 91.3  % Dividend yield —  % Exercise price $ 49.45  Stock price $ 83.49  Expected term (year) 5.0 Expected volatility 131.1  % Dividend yield —  % Risk free rate 4.2  % Estimated fair value per warrant $ 3.30  Exercise price $ 1.37  Stock price $ 3.57  The fair value of the warrants was measured using the Black-Scholes-Merton option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.4 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.19  Exercise price $ 29.90  Stock price $ 3.57  The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.7 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.60 Exercise price $15.41 Stock price $3.57 The warrants are liability classified and subject to periodic remeasurement. The fair value of the warrants was measured using the Black-Scholes option pricing model. The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $2.55 Exercise Price $14.93 Stock Price $3.57 The key inputs used in the valuation were as follows: Expected term (years) 4.8 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.63  Exercise price $ 15.41  Stock price $ 3.57  The key inputs used in the valuation were as follows: Expected term (years) 4.5 Expected volatility 131.1  % Expected dividend rate —  % Risk free rate 4.2  % Estimated fair value per warrant $ 2.61  Exercise price $ 12.91  Stock price $ 3.57

v3.24.1.1.u2

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below presents a reconciliation of the basic and diluted net loss per share that were computed for the following periods:     March 31, 2024 2023 Numerator: Net loss attributable to Canoo $ (110,687) $ (90,732) Less: dividend on redeemable preferred stock 862  —  Less: additional deemed dividend on redeemable preferred stock —  —  Net loss available to common shareholders $ (111,549) $ (90,732) Denominator: Weighted-average common shares outstanding: Basic and diluted 50,746  18,177  Net loss per common share: Basic and diluted $ (2.20) $ (4.99)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the outstanding potentially dilutive shares that have been excluded from the computation of diluted net loss per share, because including them would have an anti-dilutive effect (in thousands): March 31, 2024 2023 Convertible debt (Note 9) 20,595  —  Restricted and performance stock units 4,174  1,251  Warrants to purchase common stock (Note 15) 27,268  —  Early exercise of unvested stock options —  17  Options to purchase common stock 5  5

v3.24.1.1.u2

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands			3 Months Ended
	Mar. 08, 2024	Feb. 29, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserve stock split	0.04347826086
Cash and cash equivalents			$ 3,656	$ 6,715	$ 6,394
Cash flow from operating activities			$ (47,519)	$ (67,216)
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split, conversion ratio		0.3333333333
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split, conversion ratio		0.5

v3.24.1.1.u2

Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, current	$ 1,604	$ 860
Convertible debt, current	63,289	51,180
Derivative liability, non-current	15,138	25,919
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, current	63,289	16,052
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, current	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, current	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, current	63,289	16,052
Contingent earnout shares liability | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	15	41
Contingent earnout shares liability | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	0	0
Contingent earnout shares liability | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	0	0
Contingent earnout shares liability | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	15	41
Derivative liability, current | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, current	1,604	860
Derivative liability, non-current	15,138	25,919
Derivative liability, current | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, current	0	0
Derivative liability, non-current	0	0
Derivative liability, current | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, current	0	0
Derivative liability, non-current	0	0
Derivative liability, current | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, current	1,604	860
Derivative liability, non-current	15,138	25,919
Warrant liability, non-current | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	80,314	17,390
Warrant liability, non-current | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	0	0
Warrant liability, non-current | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	80,314	17,390
Warrant liability, non-current | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability	$ 0	$ 0

v3.24.1.1.u2

Fair Value Measurements - Schedule of Fair Value of the Initial Loans Based on Assumptions (Details) - Yorkville Warrants - August Convertible Debenture	3 Months Ended
	Mar. 31, 2024 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock price (in dollars per share)	$ 3.57
Risk free interest rate	5.30%
Interest rate	5.00%
Expected volatility	150.80%
Dividend yield	0.00%
Remaining term (in years)	6 months

v3.24.1.1.u2

Fair Value Measurements - Schedule of Fair Value of Convertible Debt and Earnout Shares Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Convertible Debt
Fair Value Of The Earnout Shares And Private Placement Warrants [Roll Forward]
Beginning fair value	$ 16,052	$ 0
Addition during the period	28,960	0
Payments in cash and common stock during the period	(40,307)	0
Change in fair value during the period	58,584	0
Ending fair value	63,289	0
Earnout Shares Liability
Fair Value Of The Earnout Shares And Private Placement Warrants [Roll Forward]
Beginning fair value	41	3,013
Change in fair value during the period	(26)	(2,505)
Ending fair value	$ 15	$ 508

v3.24.1.1.u2

Fair Value Measurements - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended
	Apr. 24, 2023	Dec. 21, 2020 tranche $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of tranches for issuance | tranche		3
Number of shares issued or issuable (in shares) | shares			0.4
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price of common stock, percent	95.00%
Securities Purchase Agreement | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on fair value change in derivative asset			$ 0.7
Securities Purchase Agreement | Terex USA, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase share price (in dollars per share) | $ / shares			$ 3.57
Expected volatility			5.40%
Purchase price of common stock, percent			150.80%
Dividend yield			0.00%
Expected term (in years)			7 days
Money market funds, at carrying value			$ 0.1
Derivative, notional amount				$ 0.9
Securities Purchase Agreement | Terex USA, LLC | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value			$ 1.6
Preferred Stock Purchase Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase share price (in dollars per share) | $ / shares			$ 3.57
Expected volatility			4.20%
Purchase price of common stock, percent			131.10%
Dividend yield			0.00%
Expected term (in years)			4 years 6 months 10 days
Derivative, notional amount			$ 15.1	$ 25.9
Preferred Stock Purchase Agreement | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on fair value change in derivative asset			$ (10.8)
Contingent Consideration, Earnout Shares, Tranche 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration number of earnout shares | shares		0.2
Earnout Shares Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration number of earnout shares | shares		0.7
Contingent Consideration, Earnout Shares, Tranche 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration number of earnout shares | shares		0.2
Earnout share price target | $ / shares		$ 575.00
Share price target period		4 years
Contingent Consideration, Earnout Shares, Tranche 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration number of earnout shares | shares		0.2
Earnout share price target | $ / shares		$ 690.00
Share price target period		5 years

v3.24.1.1.u2

Fair Value Measurements - Derivative Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning fair value	$ 26,779	$ 0
Addition during the period	0	0
Change in fair value during the period	10,037	0
Derecognition of liability upon extinguishment of convertible debt	0	0
Ending fair value	$ 16,742	$ 0

v3.24.1.1.u2

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 11,406	$ 9,300
Short term deposits	5,946	6,312
Other current assets	594	487
Prepaids and other current assets	$ 17,946	$ 16,099

v3.24.1.1.u2

Inventory (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Carrying value of inventory	$ 6,800,000		$ 6,200,000
Inventory Write-down	$ 0	$ 0

v3.24.1.1.u2

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 431,235		$ 424,331
Less: Accumulated depreciation	(50,495)		(47,231)
Total property and equipment, net	380,740		377,100
Depreciation	3,390	$ 4,575
Tooling, machinery, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	47,299		44,025
Computer hardware
Property, Plant and Equipment [Line Items]
Total property and equipment	8,921		8,921
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	9,835		9,835
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	1,528		1,528
Building
Property, Plant and Equipment [Line Items]
Total property and equipment	28,475		28,475
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	5,800		5,800
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	788		788
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	17,881		17,470
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 310,708		$ 307,489

v3.24.1.1.u2

Accrued Expenses and Other Current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued property and equipment purchases	$ 31,391	$ 29,433
Accrued research and development costs	13,498	15,913
Accrued professional fees	7,169	6,623
Other accrued expenses	12,959	11,932
Total accrued expenses and other current liabilities	$ 65,017	$ 63,901

v3.24.1.1.u2

Convertible Debt (Details) $ / shares in Units, shares in Millions																	3 Months Ended		12 Months Ended
	Mar. 12, 2024 USD ($) $ / shares	Jan. 31, 2024 USD ($)	Jan. 11, 2024 USD ($)	Dec. 20, 2023 USD ($)	Nov. 21, 2023 USD ($)	Sep. 26, 2023 USD ($) $ / shares shares	Sep. 11, 2023 USD ($) $ / shares	Aug. 02, 2023 USD ($) $ / shares shares	Apr. 24, 2023 USD ($) $ / shares	Jan. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 10, 2022 USD ($)	Jul. 22, 2022 $ / shares	Jul. 21, 2022	Jul. 20, 2022 USD ($) $ / shares	May 10, 2022	Mar. 31, 2024 USD ($) tradingDay d shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 shares
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs																	$ 83,257,000	$ 5,001,000
Loss (Gain) on extinguishment of debt																	(24,466,000)	26,739,000
Other noncash income (expense)																	(437,000)	(800,000)
Repayments on pre-paid purchase agreement																	33,007,000	$ 0
Tenth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Repayments on pre-paid purchase agreement																	45,000,000
Convertible Debt
Debt Conversion [Line Items]
Purchase price of common stock, percent									95.00%
Convertible Debt | Yorkville Warrants | Third Convertible Debentures and Warrants
Debt Conversion [Line Items]
Aggregate principal amount								$ 27,900,000
Unamortized discount, percent								6.00%
Additional aggregate principal amount								$ 53,200,000
Convertible Debt | Yorkville Warrants | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Aggregate principal amount						$ 15,000,000
Percentage of original issue discount						16.50%
Principal amount, exercised						$ 30,000,000
Debt Instrument, Convertible, Carrying Amount of Equity Component						$ 30,000,000
Convertible Debt | Yorkville Warrants | Common Stock | Third Convertible Debentures and Warrants
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares								$ 12.42
Convertible Debt | Yorkville Warrants | Common Stock | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares						$ 12.42
Convertible Debt | Yorkville Warrants | Common Stock | Minimum | Third Convertible Debentures and Warrants
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares								2.2
Convertible Debt | Yorkville Warrants | Common Stock | Minimum | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares						1.2
Yorkville
Debt Conversion [Line Items]
Pre-paid advance agreement, in cash advances															$ 50,000,000
Pre-paid advance agreement, in commitment amount															$ 300,000,000
Purchase price of common stock, percent													110.00%	95.00%	120.00%
Purchase share price (in dollars per share) | $ / shares													$ 11.50		$ 23.00
Pre-paid advance agreement, annual rate																5.00%
Pre-paid advance agreement, increase upon to default																15.00%
Maturity period (in months)													15 months
Yorkville | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Interest Expense, Debt																	$ 100,000
Yorkville | Third Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs												$ 20,000,000
Yorkville | Fourth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs											$ 32,000,000
Proceeds from additional amount of prepaid advance agreement											8,500,000
Proceeds from partial exercise prepaid advance agreement										$ 5,300,000
Net proceeds from exercise in prepaid advance agreement										$ 5,000,000
Aggregate fair value											14,800,000
Yorkville | Fourth Pre Paid Advance Agreement | Additional Paid-in Capital
Debt Conversion [Line Items]
Amount allocated to convertible debt from option exercised											$ 2,300,000
Yorkville | Pre-Paid Advance Agreement
Debt Conversion [Line Items]
Redemption premium																	5.00%
Yorkville | Fifth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs							$ 12,500,000
Amount allocated to convertible debt from option exercised							6,000,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement							$ 11,800,000
Yorkville | Fifth Pre Paid Advance Agreement | Maximum
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares							$ 11.50
Yorkville | Fifth Pre Paid Advance Agreement | Minimum
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares							$ 2.30
Yorkville | Sixth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs					$ 21,300,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement					$ 20,000,000
Loss (Gain) on extinguishment of debt																	$ 1,200,000
Other noncash income (expense)																	200,000
Yorkville | Seventh Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs				$ 16,000,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement				$ 15,000,000
Loss (Gain) on extinguishment of debt																	500,000
Other noncash income (expense)																	400,000
Yorkville | Eighth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs			$ 17,500,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement			$ 16,500,000
Loss (Gain) on extinguishment of debt																	600,000
Other noncash income (expense)																	400,000
Yorkville | Ninth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Proceeds from PPA, net of issuance costs		$ 20,000,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement		$ 18,800,000
Yorkville | Tenth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares	$ 2.30
Proceeds from PPA, net of issuance costs	$ 62,000,000
Proceeds from partial exercise prepaid advance agreement	33,000,000
Proceed from commitment fee and the purchase price discount provided for prepaid advance agreement	15,000,000
Loss (Gain) on extinguishment of debt																	$ (7,600,000)
Repayment of financing charges	$ 14,000,000
Yorkville | Tenth Pre Paid Advance Agreement | Common Stock
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	7.4
Yorkville | Common Stock
Debt Conversion [Line Items]
Exchange cap, maximum ownership percent																19.90%
Yorkville | Common Stock | Pre-Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																			2.9
Yorkville | Common Stock | Fifth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																		1.2
Yorkville | Common Stock | Sixth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	6.1
Yorkville | Common Stock | Seventh Pre Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	2.9
Repayments on pre-paid purchase agreement																	$ 7,200,000
Yorkville | Common Stock | Eighth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	4.1
Repayments on pre-paid purchase agreement																	$ 8,300,000
Yorkville | Common Stock | Ninth Pre Paid Advance Agreement
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	1.3
Repayments on pre-paid purchase agreement																	$ 17,500,000
Yorkville | Convertible Debt
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares									$ 2.30
Number of trading days | d																	5
Number of consecutive trading days | tradingDay																	7
Option, number of consecutive trading days | tradingDay																	3
Option, number of trading days | tradingDay																	10
Standby equity purchase agreement, exchange cap, maximum ownership amount									$ 4,100,000
Debt instrument, interest rate, increase (decrease)									15.00%
Debt instrument, term (in years)																	14 years
Yorkville | Convertible Debt | Pre-Paid Advance Agreement
Debt Conversion [Line Items]
Redemption premium																	3.00%
Yorkville | Convertible Debt | Common Stock | Third Convertible Debentures and Warrants
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																			4.2
Loss (Gain) on extinguishment of debt																	$ 300,000
Yorkville | Convertible Debt | Common Stock | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Loss (Gain) on extinguishment of debt																	$ 800,000
Yorkville | August Convertible Debenture | Common Stock | Third Convertible Debentures and Warrants
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	1.2
Yorkville | September Convertible Debenture | Common Stock | Fourth Convertible Debentures and Warrants
Debt Conversion [Line Items]
Issuance of shares under legal settlement (in shares) | shares																	3.5
Yorkville | July Convertible Debenture
Debt Conversion [Line Items]
Purchase share price (in dollars per share) | $ / shares									$ 11.50
Yorkville | July, August And September Convertible Debentures
Debt Conversion [Line Items]
Stated interest rate									3.00%

v3.24.1.1.u2

Operating leases - Narrative (Details) $ in Thousands			3 Months Ended
	Nov. 09, 2022 USD ($) ft² a	Nov. 01, 2022 option	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 07, 2023 USD ($)	Jan. 31, 2023 squareFoot
Lessee, Lease, Description [Line Items]
Number of options to extend the lease term | option		1
Operating lease renewal term (in years)		5 years
Lease not yet commenced, operating lease liability to be paid			$ 300			$ 44,300
Operating lease equity liability for fully non-refundable shares						$ 1,500
Lease premium over the original purchase price	1.500
Derivative Liability, Statement of Financial Position [Extensible Enumeration]			Derivative liability, non-current
Operating lease, weighted average discount rate, percent			6.70%
Operating lease right-of-use assets			$ 35,372		$ 36,241
Operating lease liability			38,076		38,800
Current portion of operating lease liabilities			$ 3,183		$ 3,100
Weighted average remaining lease term (in years)			8 years 4 months 24 days		8 years 8 months 12 days
I-40 Warrants
Lessee, Lease, Description [Line Items]
Aggregate fair value			$ 900
Derivative liability, current			$ 600
Imputed interest rate			10.00%
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)						10 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)						5 years
Real Estate Facility In Justin, Texas
Lessee, Lease, Description [Line Items]
Number of square feet | squareFoot							8,000
Term of lease (in years)		3 years 5 months
OKLAHOMA | Purchase And Sale Agreement For Manufacturing Facility
Lessee, Lease, Description [Line Items]
Asset acquired, building, number of square feet | ft²	630,000
Area of land acquired (in acres) | a	121
Payments to acquire facility	$ 34,200
TEXAS | Related Party
Lessee, Lease, Description [Line Items]
Related party lease expense			$ 200	$ 100

v3.24.1.1.u2

Operating leases - Schedule of Liability and Interest Expense for Failed Leaseback Transaction (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 2,657
2025	3,635
2026	4,097
2027	4,302
2028	4,384
Thereafter	21,647
Total payments	$ 40,722

v3.24.1.1.u2

Operating leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Lease
2024 (excluding three months ended March 31, 24)	$ 4,200
2025	5,728
2026	5,504
2027	5,532
2028	5,813
Thereafter	23,707
Total lease payments	50,484
Less: imputed interest	12,408
Present value of operating lease liabilities	38,076	$ 38,800
Current portion of operating lease liabilities	3,183	3,100
Operating lease liabilities, net of current portion	$ 34,893	$ 35,722
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities

v3.24.1.1.u2

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 16, 2024	Mar. 31, 2024	Dec. 31, 2023	May 09, 2022
Long-term Purchase Commitment [Line Items]
Common stock, shares issued (in shares)		66,406,000	37,591,000
Minimum | Letter of Credit | Arkansas Lease
Long-term Purchase Commitment [Line Items]
Debt instrument, term (in years)		5 years
Maximum | Letter of Credit | Arkansas Lease
Long-term Purchase Commitment [Line Items]
Debt instrument, term (in years)		13 years
Pending Litigation | Champ Key
Long-term Purchase Commitment [Line Items]
Common stock, shares issued (in shares)	17,200,000
Loss contingency, damages sought, value	$ 23.0
Pending Litigation | DD Global Holdings Ltd
Long-term Purchase Commitment [Line Items]
Estimated possible recovery of Section 16(b) profits				$ 61.1
Letter of Credit
Long-term Purchase Commitment [Line Items]
Restricted cash		$ 9.5
Standby Letters of Credit
Long-term Purchase Commitment [Line Items]
Restricted cash		$ 1.1

v3.24.1.1.u2

Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended
	Aug. 04, 2023	Jun. 22, 2023	Mar. 31, 2024	Mar. 31, 2023	Feb. 05, 2023
Warrant Agreement | Registered Direct Offering & Placement Agency Agreement
Related Party Transaction [Line Items]
Corresponding increase in the total number of authorized share (in shares)					2.2
Purchase share price (in dollars per share)					$ 24.15
Warrant Agreement | Registered Direct Offering & Placement Agency Agreement | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Corresponding increase in the total number of authorized share (in shares)		0.7
Warrant Agreement | Securities Purchase Agreement | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Corresponding increase in the total number of authorized share (in shares)		0.7
Purchase share price (in dollars per share)	$ 12.42	$ 12.42
Proceeds from issuance of warrants	$ 3.0	$ 8.8
Common Stock Subscription Agreement | Registered Direct Offering & Placement Agency Agreement | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0.2
Common Warrant Subscription Agreement | Securities Purchase Agreement | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Corresponding increase in the total number of authorized share (in shares)	0.2
Related Party Aircraft Expense Reimbursement | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Related party transaction amount			$ 0.2	$ 0.5
Shared Services Support | Board of Directors Chairman | Related Party
Related Party Transaction [Line Items]
Related party transaction amount			$ 0.1	$ 0.5

v3.24.1.1.u2

Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Sep. 29, 2023 USD ($) $ / shares shares	Feb. 05, 2023 USD ($) $ / shares shares	Oct. 05, 2022	Aug. 08, 2022 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)		Dec. 31, 2023 shares	Oct. 05, 2023 shares	Apr. 24, 2023 $ / shares	Jul. 22, 2022 $ / shares	Jul. 20, 2022 $ / shares	Jul. 11, 2022 shares
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized (in shares)					10,000,000			10,000,000
Preferred stock dividends accumulated but not declared and unpaid | $					$ 1,400
7.5% Series B Cumulative Perpetual Redeemable Preferred Stock
Subsidiary or Equity Method Investee [Line Items]
Dividend rate (in percentage)					7.50%
Dividend rate increase after first reset date					0.015
Yorkville
Subsidiary or Equity Method Investee [Line Items]
Purchase share price (in dollars per share) | $ / shares											$ 11.50	$ 23.00
Yorkville | Convertible Debt
Subsidiary or Equity Method Investee [Line Items]
Purchase share price (in dollars per share) | $ / shares										$ 2.30
Yorkville | 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock | Fourth Convertible Debentures and Warrants | Convertible Debt
Subsidiary or Equity Method Investee [Line Items]
Issuance of shares under legal settlement (in shares)					0
Minimum
Subsidiary or Equity Method Investee [Line Items]
Corresponding increase in the total number of authorized share (in shares)									1,000,000,000
Minimum | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Corresponding increase in the total number of authorized share (in shares)									1,000,000,000
Maximum
Subsidiary or Equity Method Investee [Line Items]
Corresponding increase in the total number of authorized share (in shares)									2,000,000,000
Maximum | Common Stock
Subsidiary or Equity Method Investee [Line Items]
Corresponding increase in the total number of authorized share (in shares)									2,000,000,000
Securities Purchase Agreement
Subsidiary or Equity Method Investee [Line Items]
Warrants outstanding (in shares)		100,000
Warrant Agreement
Subsidiary or Equity Method Investee [Line Items]
Warrants outstanding (in shares)		2,200,000											2,700,000
Warrant Agreement | RDO SPA Warrants
Subsidiary or Equity Method Investee [Line Items]
Warrants outstanding (in shares)		2,200,000
Purchase share price (in dollars per share) | $ / shares					$ 3.57
Side Letter to the Wainwright Sales Agreement
Subsidiary or Equity Method Investee [Line Items]
Manager commissions, percent of gross proceeds			3.00%
Sale of stock, percentage of additional fee			1.50%
Registered Direct Offering & Placement Agency Agreement | Warrant Agreement
Subsidiary or Equity Method Investee [Line Items]
Corresponding increase in the total number of authorized share (in shares)		2,200,000
Purchase share price (in dollars per share) | $ / shares		$ 24.15
Registered Direct Offering & Placement Agency Agreement | Warrant Agreement | RDO SPA Warrants
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of warrants | $		$ 49,400
Securities Purchase Agreement
Subsidiary or Equity Method Investee [Line Items]
Issuance of shares under the PPA, SPA , ATM, SEPA and PIPE | $						$ 1,600
Series B Preferred Stock Purchase Agreement | 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock
Subsidiary or Equity Method Investee [Line Items]
Purchase share price (in dollars per share) | $ / shares					$ 3.57
Preferred stock, shares authorized (in shares)	45,000
Dividend rate (in percentage)	7.50%
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, stated value per share (in dollars per share) | $ / shares	$ 1,000
Series B Preferred Stock Purchase Agreement | Warrant Agreement
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of warrants | $	$ 45,000
Series B Preferred Stock Purchase Agreement | Warrant Agreement | 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock
Subsidiary or Equity Method Investee [Line Items]
Warrants outstanding (in shares)	1,000,000
Preferred stock, convertible, conversion price (in dollars per share) | $ / shares	$ 12.88
Preferred stock, convertible, conversion ratio	1.200
Preferred stock, liquidation preference (in percentage)	103.00%
Preferred stock, liquidation preference, value | $					$ 46,300
Common Stock | At The Market Offering Agreement
Subsidiary or Equity Method Investee [Line Items]
Sale of stock consideration | $				$ 200,000
Additional Paid-in Capital | Securities Purchase Agreement
Subsidiary or Equity Method Investee [Line Items]
Issuance of shares under the PPA, SPA , ATM, SEPA and PIPE | $					$ 1,600	$ 1,600	[1]
[1] Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024. See Note 1- Organization and Basis of Presentation - Reverse Stock Split, for additional information.

v3.24.1.1.u2

Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Feb. 29, 2024	Dec. 21, 2020	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental share-based compensation expense			$ 3,700
Total fair value of shares granted			3,200
Share-based compensation expense			10,954	$ 9,836
Total unrecognized compensation cost related to options			$ 21,500
CEO PSUs | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation right to receive	1,700,000
Vesting percentage	50.00%
CEO Equity Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation right to receive	3,400,000
Vesting percentage	50.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			3,600,000	100,000
Total fair value of shares granted			$ 8,400	$ 1,300
Performance Stock Unit (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0	0
Share-based compensation expense			$ 200	$ 700
Performance Stock Unit (PSU) | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			2,200	3,500
Employee Stock | 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				200
Purchase periods (in months)		3 months
Shares available in ESPP (in shares)						400,000	200,000
Term of share increase to ESPP (in years)					10 years
Percent increase in shares							1.00%
Contributions to ESPP			$ 100	$ 400
Performance-Based Restricted Stock Units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,700,000	0

v3.24.1.1.u2

Stock-based Compensation - Schedule of Fair Value of the Initial Loans Based on Assumptions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,954	$ 9,836
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	630	4,135
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,324	$ 5,701

v3.24.1.1.u2

Warrants - Narrative (Details)								1 Months Ended	3 Months Ended
	Oct. 05, 2023 USD ($) shares	Sep. 29, 2023 USD ($) $ / shares shares	Aug. 04, 2023 USD ($) $ / shares	Jun. 22, 2023 USD ($) $ / shares shares	Feb. 05, 2023 USD ($) $ / shares shares	Jan. 31, 2023 USD ($)	Jul. 11, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) tranche $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Mar. 12, 2024 $ / shares shares	Jan. 31, 2024 $ / shares shares	Dec. 31, 2023 shares	Feb. 09, 2023 $ / shares	Jan. 13, 2023 shares	Dec. 31, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Shares of common stock per warrant (shares per warrant) | shares									23
Warrant exercise price (in dollars per share) | $ / shares									$ 264.50
Warrant Exercised, Number of Tranche | tranche								3
Earlier terminated (in years)									5 years
(Loss) Gain on fair value change in warrant and derivative liability | $									$ (9,471,000)	$ 17,342,000
Reclassification of warrant liability to additional paid-in capital | $										$ 19,510,000
Preferred stock, shares authorized (in shares) | shares									10,000,000				10,000,000
7.5% Series B Cumulative Perpetual Redeemable Preferred Stock | Series B Preferred Stock Purchase Agreement
Class of Warrant or Right [Line Items]
Purchase share price (in dollars per share) | $ / shares									$ 3.57
Dividend yield									0.00%
Aggregate fair value | $		$ 5,900,000
Warrants fair value | $									$ 2,600,000
Unrealized gain (loss) | $									$ (1,900,000)
Preferred stock, shares authorized (in shares) | shares		45,000
Minimum
Class of Warrant or Right [Line Items]
Corresponding increase in the total number of authorized share (in shares) | shares	1,000,000,000
Minimum | Common Stock
Class of Warrant or Right [Line Items]
Corresponding increase in the total number of authorized share (in shares) | shares	1,000,000,000
Maximum
Class of Warrant or Right [Line Items]
Corresponding increase in the total number of authorized share (in shares) | shares	2,000,000,000
Maximum | Common Stock
Class of Warrant or Right [Line Items]
Corresponding increase in the total number of authorized share (in shares) | shares	2,000,000,000
Walmart Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right exercised (in share) | shares									0
Warrants vested (in shares) | shares									700,000
Walmart Warrants | Walmart Inc
Class of Warrant or Right [Line Items]
Number of electric vehicles | $							4,500
Number of electric vehicles, additions | $							5,500
June 2023 PIPE | PIPE
Class of Warrant or Right [Line Items]
Aggregate fair value | $				$ 7,000,000
Warrants fair value | $									$ 1,800,000
Unrealized gain (loss) | $									(1,300,000)
I-40 Warrants
Class of Warrant or Right [Line Items]
Aggregate fair value | $									900,000
Warrants fair value | $									300,000
Unrealized gain (loss) | $									200,000
August 2023 PIPE | PIPE
Class of Warrant or Right [Line Items]
Aggregate fair value | $				$ 3,000,000
Warrants fair value | $									600,000
Unrealized gain (loss) | $									$ (500,000)
Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares					100,000
VDL Nedcar
Class of Warrant or Right [Line Items]
Payments to acquire other productive assets | $								$ 8,400,000
Warrant Cancellation and Exchange Agreement | Yorkville Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares												5,500,000
Warrant | VDL Nedcar
Class of Warrant or Right [Line Items]
Number of shares issued or issuable (in shares) | shares								42,300
Warrant | VDL Nedcar | Minimum
Class of Warrant or Right [Line Items]
Share price (in dollars per share) | $ / shares								$ 414.00
Warrant | VDL Nedcar | Maximum
Class of Warrant or Right [Line Items]
Share price (in dollars per share) | $ / shares								$ 920.00
Common Stock | Yorkville Warrants
Class of Warrant or Right [Line Items]
Purchase share price (in dollars per share) | $ / shares									$ 14.26
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares									1,000,000
Public Warrants | Warrant
Class of Warrant or Right [Line Items]
Warrants exercised in the period (in shares) | shares									0	0
Warrant Agreement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares					2,200,000		2,700,000
Warrant exercise price (in dollars per share) | $ / shares							$ 49.45
Class of warrant or right exercised (in share) | shares									0
Vested of warrants (in years)							10 years
Warrant Agreement | Registered Direct Offering & Placement Agency Agreement
Class of Warrant or Right [Line Items]
Corresponding increase in the total number of authorized share (in shares) | shares					2,200,000
Purchase share price (in dollars per share) | $ / shares					$ 24.15
Warrant Agreement | Series B Preferred Stock Purchase Agreement
Class of Warrant or Right [Line Items]
Proceeds from issuance of warrants | $		$ 45,000,000
Warrant Agreement | Common Stock | Series B Preferred Stock Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) | $ / shares		$ 1,000,000							$ 12.91
Warrant Agreement | 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock | Series B Preferred Stock Purchase Agreement
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares		1,000,000
Warrant Agreement | Walmart Inc | Canoo Sales, LLC
Class of Warrant or Right [Line Items]
Ownership percentage							20.00%
Warrant Agreement | Walmart Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) | $ / shares							$ 44.87
Corresponding increase in the total number of authorized share (in shares) | shares									2,900,000
Revenue from related affiliates | $							$ 300,000,000
Purchase share price (in dollars per share) | $ / shares									$ 83.49
Dividend yield									0.00%
Warrant Agreement | Yorkville Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares									2,100,000							1,300,000
Warrant exercise price (in dollars per share) | $ / shares									$ 12.42					$ 24.15		$ 26.45
Earlier terminated (in years)									5 years
Stock-based compensation expense | $	$ 61,500,000
Class of additional warrant or right, outstanding (in shares) | shares									5,500,000						200,000
(Loss) Gain on fair value change in warrant and derivative liability | $						$ (300,000)
Reclassification of warrant liability to additional paid-in capital | $	$ 43,400,000					$ 19,500,000
Purchase share price (in dollars per share) | $ / shares									$ 3.57
Warrant Agreement | Yorkville Warrants | PIPE
Class of Warrant or Right [Line Items]
(Loss) Gain on fair value change in warrant and derivative liability | $									$ (26,800,000)
Dividend yield									0.00%
Warrants fair value | $									$ 70,200,000
Warrant Agreement | June 2023 PIPE | PIPE
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares				700,000
Warrant exercise price (in dollars per share) | $ / shares				$ 15.41
Purchase share price (in dollars per share) | $ / shares				$ 3.57
Dividend yield				0.00%					0.00%
Proceeds from issuance of warrants | $				$ 8,800,000
Initial exercise term				5 years
Warrant Agreement | I-40 Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares									100,000
Warrant exercise price (in dollars per share) | $ / shares									$ 14.93
Class of warrant or right exercised (in share) | shares									0
Purchase share price (in dollars per share) | $ / shares									$ 3.57
Dividend yield									0.00%
Warrant Agreement | August 2023 PIPE | PIPE
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares									200,000
Warrant exercise price (in dollars per share) | $ / shares									$ 15.41
Purchase share price (in dollars per share) | $ / shares			$ 3.57
Dividend yield			0.00%
Proceeds from issuance of warrants | $			$ 3,000,000
Initial exercise term			5 years
Warrant Agreement | RDO SPA Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) | shares					2,200,000
Warrant exercise price (in dollars per share) | $ / shares					$ 29.90
Class of warrant or right exercised (in share) | shares									0
Earlier terminated (in years)					5 years
Purchase share price (in dollars per share) | $ / shares									$ 3.57
Dividend yield									0.00%
Warrant Agreement | RDO SPA Warrants | PIPE
Class of Warrant or Right [Line Items]
(Loss) Gain on fair value change in warrant and derivative liability | $									$ 3,500,000
Aggregate fair value | $									40,000,000
Warrants fair value | $									$ 4,800,000
Warrant Agreement | RDO SPA Warrants | Registered Direct Offering & Placement Agency Agreement
Class of Warrant or Right [Line Items]
Proceeds from issuance of warrants | $					$ 49,400,000
Warrant Agreement | August 2023 PIPE Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right exercised (in share) | shares									0
First Warrant | Warrant Cancellation and Exchange Agreement | Yorkville Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) | $ / shares												$ 4.14
Corresponding increase in the total number of authorized share (in shares) | shares											10,400,000	4,800,000
Second Warrant | Warrant Cancellation and Exchange Agreement | Yorkville Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) | $ / shares											$ 1.37	$ 4.14
Corresponding increase in the total number of authorized share (in shares) | shares											10,900,000	5,500,000

v3.24.1.1.u2

Warrants - Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares			3 Months Ended
	Aug. 04, 2023	Jun. 22, 2023	Mar. 31, 2024
Series B Preferred Stock Purchase Agreement | 7.5% Series B Cumulative Perpetual Redeemable Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			4 years 6 months
Risk free interest rate			4.20%
Expected volatility			131.10%
Dividend yield			0.00%
Estimated fair value per warrant			$ 2.61
Exercise price (in dollars per share)			12.91
Purchase share price (in dollars per share)			$ 3.57
Walmart Warrants | Warrant Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			10 years
Risk free interest rate			3.00%
Expected volatility			91.30%
Dividend yield			0.00%
Exercise price (in dollars per share)			$ 49.45
Purchase share price (in dollars per share)			$ 83.49
Yorkville Warrants | Warrant Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			5 years
Risk free interest rate			4.20%
Expected volatility			131.10%
Estimated fair value per warrant			$ 3.30
Exercise price (in dollars per share)			1.37
Purchase share price (in dollars per share)			$ 3.57
Yorkville Warrants | Warrant Agreement | PIPE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield			0.00%
RDO SPA Warrants | Warrant Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			4 years 4 months 24 days
Risk free interest rate			4.20%
Expected volatility			131.10%
Dividend yield			0.00%
Estimated fair value per warrant			$ 2.19
Exercise price (in dollars per share)			29.90
Purchase share price (in dollars per share)			$ 3.57
June 2023 PIPE | Warrant Agreement | PIPE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		4 years 8 months 12 days
Risk free interest rate		4.20%
Expected volatility		131.10%
Dividend yield		0.00%	0.00%
Estimated fair value per warrant		$ 2.60
Exercise price (in dollars per share)		15.41
Purchase share price (in dollars per share)		$ 3.57
I-40 Warrants | Warrant Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			4 years 6 months
Risk free interest rate			4.20%
Expected volatility			131.10%
Dividend yield			0.00%
Estimated fair value per warrant			$ 2.55
Exercise price (in dollars per share)			14.93
Purchase share price (in dollars per share)			$ 3.57
August 2023 PIPE | Warrant Agreement | PIPE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years 9 months 18 days
Risk free interest rate	4.20%
Expected volatility	131.10%
Dividend yield	0.00%
Estimated fair value per warrant	$ 2.63
Exercise price (in dollars per share)	15.41
Purchase share price (in dollars per share)	$ 3.57

v3.24.1.1.u2

Net Loss per Share - Schedule of Reconciliation of the Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss attributable to Canoo		$ 110,687	$ 90,732
Less: dividend on redeemable preferred stock		862	0
Less: additional deemed dividend on redeemable preferred stock		0	0
Net loss available to common shareholders		$ (111,549)	$ (90,732)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding, basic (in shares)	[1]	50,746	18,177
Weighted-average common shares outstanding, diluted (in shares)	[1]	50,746	18,177
Net loss per common share:
Net loss per common share, basic (in dollars per share)	[1]	$ (2.20)	$ (4.99)
Net loss per common share, diluted (in dollars per share)	[1]	$ (2.20)	$ (4.99)
[1] Periods presented have been adjusted to reflect the 1-for-23 reverse stock split on March 8, 2024. See Note 1- Organization and Basis of Presentation - Reverse Stock Split, for additional information.

v3.24.1.1.u2

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	20,595	0
Restricted and performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	4,174	1,251
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	27,268	0
Early exercise of unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	17
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	5	5

v3.24.1.1.u2

Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Income tax expense	$ 0

v3.24.1.1.u2

Subsequent Events (Details) - USD ($)	Apr. 29, 2024	Apr. 09, 2024	Sep. 29, 2024	Mar. 31, 2024	Dec. 31, 2023	Feb. 05, 2023	Jul. 11, 2022
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)				10,000,000	10,000,000
Warrant Agreement
Subsequent Event [Line Items]
Warrants outstanding (in shares)						2,200,000	2,700,000
Subsequent Event | Preferred Stock Purchase Agreement | Warrant Agreement
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)		10,000
Preferred stock, par value per share (in dollars per share)		$ 0.0001
Warrants outstanding (in shares)		4,400,000
Proceeds from issuance of warrants	$ 6,500,000	$ 10,000,000
Warrants exercised in the period (in shares)	15,000,000
Preferred shares issued in transaction (in shares)	6,500
Warrants issued to purchase common shares (in shares)			2,900,000

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