all things stitt

  • You are viewing Orangepower as a Guest. To start new threads, reply to posts, or participate in polls or contests - you must register. Registration is free and easy. Click Here to register.
May 4, 2011
3,448
1,571
1,743
Charleston, SC
Canoo warns it may not have enough funds to bring EVs to market

Canoo’s first-quarter earnings shows a company burning through cash, no near-term revenue and a warning that it may not have enough money to stay in business.

Canoo has had a tumultuous and short history. The company’s vehicle designs, the first of which debuted in spring 2019, garnered praise and made it a buzzy EV startup. Just last month, Canoo was even selected by NASA to build the ground crew transportation vehicles for the Artemis space exploration program.

But Canoo has also suffered from a long string of problems and controversies, including internal drama, the exit of its co-founders, legal issues, an SEC investigation and production delays.

This latest earnings report paints an increasingly grim picture for Canoo’s future.

The EV startup, which earlier this week filed suit against one of its major investors in an attempt to reclaim $61 million in profits from allegedly suspicious stock trades, closed out the quarter with $104.9 million in cash and cash equivalents. That means the company, which currently has no revenue, burned through about $120 million since the fourth quarter.

Canoo’s net loss reached $125.4 million, compared to $15.2 million in the same quarter last year, with net cash used in operating activities totaling $120.3 million compared to $53.9 million in Q1 2021.

“Our business plans require a significant amount of capital,” reads a regulatory filing from Canoo. “If we are unable to obtain sufficient funding or do not have access to capital, we will be unable to execute our business plans and could be required to terminate or significantly curtail our operations and our prospects, financial condition and results of operations could be materially adversely affected.”
I'm confused. Where's the connection to Stitt?
 

PF5

Deputy
Jan 3, 2014
1,535
438
713
The World ran a story a couple years ago, the Tribe tried to excommunicate (some other word was used, but I don’t remember) the Stitt family a couple of generations before the Governor and that might be a big reason for the way he acts.
or he's a bigot?!
 
Mar 11, 2006
4,635
2,491
1,743
You know the lawlessness that Stitt talks about all of the time? I think I found the root cause of it...him.

I have never regretted a vote more than I do my vote for Stitt.
Makes for an interesting election. The vote, support, and political donation I have regretted the most is absolutely for Joy Hofeister.

No vote do I regret more, even though I still call her a friend - just not an even decent Superintendent.
 

Duke Silver

Find safe haven in a warm bathtub full of my jazz.
A/V Subscriber
Sep 17, 2004
31,582
14,445
1,743
Cozy's Bar
Makes for an interesting election. The vote, support, and political donation I have regretted the most is absolutely for Joy Hofeister.

No vote do I regret more, even though I still call her a friend - just not an even decent Superintendent.
She was a surrogate for Sandy Garrett and switched to republican to run for office.
Janet Barresi was who we needed to end the corruption
 

StillwaterTownie

Federal Marshal
Jun 18, 2010
17,387
1,915
1,743
Where else but Stillwater
Well this should certainly smooth things over between Stitt and the tribes...
https://thehill.com/news/sunday-tal...r-warns-tribes-not-to-create-abortion-havens/
“Oklahomans will not think very well of that if tribes try to set up abortion clinics,” Stitt said.

Well, I wonder if Stitt did not want the tribes allowed to set up casinos in 2004 because legalized gambling was too immoral and not Christian. If he voted back then, I wonder if he voted NO. It will be interesting to see if Stitt wins reelection.
 
May 4, 2011
3,448
1,571
1,743
Charleston, SC
Dec 9, 2013
1,723
592
743
52
My tribe clearly thinks so. Stitt doesn't like the idea of tribes asserting power and having any degree of sovereignty. It's an old mentality that just doesn't work in Oklahoma where you have to acknowledge that most of the state is made up of reservations where tribes have jurisdiction over their own people. I get that creates problems with how large those are in Oklahoma, but that's all the more reason to work with them instead of throwing toddler tantrums opposing everything involving them.
Do not underestimate the fear that the OK GOP has of the tribes. The tribes at this point are the only check on power.
 
May 4, 2011
3,448
1,571
1,743
Charleston, SC
Do not underestimate the fear that the OK GOP has of the tribes. The tribes at this point are the only check on power.
That seems like a good thing to me. I'm also not sure that's everyone in the Oklahoma GOP, though I'm sure Stitt represents some chunk of it. I say that somewhat cynically though, because I can see how people would want to use tribal power to enhance their own. Play nice with them and you can go farther.
 
Dec 9, 2013
1,723
592
743
52
That seems like a good thing to me. I'm also not sure that's everyone in the Oklahoma GOP, though I'm sure Stitt represents some chunk of it. I say that somewhat cynically though, because I can see how people would want to use tribal power to enhance their own. Play nice with them and you can go farther.
You are right. I should have clarified GOP leadership in OK state government.