Canoo Inc.

Hello, and welcome to the QANU Q1 2024 earnings call. If anyone should require operator assistance, please press star zero. A question and answer session will follow the formal presentation. You may be placed at the question queue at any time by pressing star one on your telephone keypad, and we ask you please limit yourselves to one question and one follow-up. As a reminder, this conference is being recorded. It's now my pleasure to turn the conference over to John Wolfe, Vice President of Investor Relations and Corporate Finance. Please go ahead, John.

Thank you, Kevin, and thanks to everyone for joining us. Welcome to our Q1 2024 earnings call. During the call today, Tony will update you on our business and strategy. Greg will provide an update on our financing activities, and Ramesh will go over the Q1 financial results. and discuss the capital efficiencies we have gained through low-cost acquisitions. Please be advised that we may make forward-looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results in business, please refer to the disclosure in today's earnings release and on our most recent Form 10Q and 10K, and other reports that we may file with the SEC, including Form 8Ks. All of our statements are made as of today and are based on information currently available to us, except as required by law. We assume no obligation to update any such statements. During this call, we'll discuss non-GAAP financial measures. You can find the reconciliation of these non-GAAP financial measures, the GAAP financial measures, in today's earnings release, which can be found on the IR section of our website. With that, I'll hand it over to Tony. Thank you, John.

Thank you for joining us. This earnings call will be more abbreviated update given we spoke to you six weeks ago. Our strategy of not focusing in on the consumer market as a first step has played out favorably based on the temporary headwinds facing that industry segment. It's been hard work to get here, and there have been bumps in the road, and we will continue to fine tune. But as the smoke clears and the true value of the companies that made tough decisions early to focus on core markets with differentiated products, we believe we'll see not only appreciation, but we'll deliver a new standard of how global platforms can better meet customer use cases This will also result in lower R&D and higher return on customer and shareholder capital. Our strong technology-focused culture is designed to meet our customers' mission-centric mobility needs. It's taken a lot of grit to get here, and it was made possible by the great contributions of many of our team to innovate and think outside the traditional industry box. To reiterate our strategy, we are focused on commercial fleet, government, and military customers, and their mission and use cases, and their deepening focus on workforce safety and ergonomics. Now let me give you a brief update on our business. We are proud to have recently delivered LDV-190 vehicles to the USPS EV charging depot at South Atlanta Sorting and Delivery Center. These vehicles display our ability to customize configurations for our customers. They are right-hand drive, built for the use case of our hardworking postal workers, which is enabled by our steer-by-wire proprietary technology and our customer-specific modified designs. Watch for new vehicles to be out delivering your mail on routes in Atlanta. We look forward to proving to the USPS that our American-made product can achieve the new standards set by the Postmaster General and the USPS leadership team. Now that we have delivered right-hand drive vehicles to the USPS, we are underway in homologating our vehicles for additional markets. to address the needs of similar customers. And many of you were wondering why we were so focused early on on becoming one of the approximate 261 foreign trade zones in the United States at our OKC facility. Hopefully, this connects yet another dot. We recently completed a two-week tour in the UK with our vehicles, including fleet shows and other events which showcased our right-hand drive LDD configuration. To highlight, we were extremely impressed by the leadership teams from eight of the top 15 UK fleet operators that we met, which together represent over 1 million fleet units on the road today. These fleets have current electric adoption rates of up to 20%. The UK market has the tailwind of an aggressive mandate supported by the people of electrification goals and continues to be one of the fastest to adopt commercial EVs. We were flattered by certain foreign OEMs that spent more time in our booth than their own. We also appreciate being given the One to Watch annual award at the Great British Fleet event. To everyone in the UK, who we met on the tour, we would like to say that your hospitality and your interest in our products has inspired us even more. Last week, the first of our vehicles arrived in Saudi Arabia for Red Sea Global, the inspiring development illustrating the Crown Prince's Vision 2030 goal to responsibly diversify its economy in an eco-friendly way. These vehicles are part of the previously announced pilot program to be used in its regenerative tourism developments. In addition, we recently signed a vehicle sales agreement with Jazeera Paints, enabling us to expand into the rapidly growing $30 billion TAM in Saudi Arabia. These agreements come from longstanding relationships in the kingdom and are now generating strong interest including initial orders and are opening the opportunity for additional capital partnerships. While we are not yet authorized to discuss all of the names, we continue to finalize vehicle configurations and set delivery schedules for our Fortune 100 customers to align with their workflows and use cases, and we will update you as we are able. On our manufacturing and supply chain progress, which to some extent has slowed down, we expect more activity as we move through the year, and given the points above, we are working very aggressively to close the gap. We are increasing our step-level manufacturing to reach a run rate of 20,000 vehicles by year end and to harmonize our supply chains and fulfill our growing backlog. We still have two long poles in our tent, aligning our supply chain and finalizing our capital requirements to meet our operational goals and run rate. And we are well underway and look forward to sharing information as to how we will bring these pieces together in the near future. The supply chain continues to be challenging for various reasons, but we are making very targeted progress. As announced, we continue to purchase new and like new manufacturing assets to close the gap. Our teams are already integrating this equipment into our Oklahoma facilities. Ramesh will speak more about the value created through these acquisitions. To conclude, we would like to extend a deep thank you to those who believe in us and our strategy, and especially to those who are supporting and helping us to resolve these remaining key items which will enable us to scale our operations. In addition, we know that for some investors, it has been a challenging time over the past three years, and we hope that we are proving to you that we are focused on a strategy that is differentiated and we believe will remain in high demand. Because our vehicles have a lower cost of ownership, meet the rising focus of driver satisfaction and higher safety standards on a regenerative platform, allowing us to compete, whether it's ICE, BEV, or hybrid. I look forward to seeing many of you at our first Oklahoma City Investor Day, which Greg will cover in his section. I'll turn it over to Greg.