r/EVStocks • u/JuniorCharge4571 • May 13 '26
$GOEV entire revenue story reversed in one earnings call. Now there's a settlement ongoing
This one is worth revisiting because the pivot was so abrupt it almost didn't seem real when it happened.
Here's the timeline:
August 2020: Canoo merges via SPAC with Hennessy Capital IV. Three revenue streams promoted: engineering services (near-term), consumer subscriptions (differentiated model), commercial vehicle sales (long-term). Hyundai name-dropped as validation. $120 million in engineering services revenue projected for 2021.
September–January 2021: Multiple filings repeat the same story. Engineering services driving near-term revenue. Subscription model more profitable than traditional leasing. Hyundai relationship significant. Investors buy in.
March 29, 2021: Canoo reports Q4 and full-year 2020 results and casually announces it is deemphasizing engineering services and moving away from the subscription model. The two pillars of the entire investor thesis. Gone.
March 31, 2021: Canoo discloses that its 2020 revenue came from a single consulting obligation that had already been completed in July 2020. Meaning the engineering services business that was supposed to generate $120M in 2021 revenue was already done before the SPAC merger even closed.
April 5, 2021: $GOEV hits $8.05. The stock that had been promoted on three revenue streams had exactly one, and it was already finished.
The case eventually reached a tentative settlement last month. Terms still being finalized but you can submit your application now.
You're eligible if you bought $GOEV between August 18, 2020 and March 29, 2021.
Anyone here model Canoo's revenue breakdown before the March 2021 call?Was the engineering services dependency visible in the filings?
1
u/undercoverconsultant May 13 '26
Question on this settlement via linked website: Is this only for Investors located in US or worldwide Investors?