In Canoo’s 2023 earnings report, there is a mention of CEO Tony Aquila’s private jet usage, highlighting the disparity between spending and revenue at the EV startup.
Canoo released its fourth-quarter and full-year earnings for 2023 in a regulatory filing, revealing a company struggling to balance expenses with revenue as it endeavors to increase production of its commercial electric vehicles. The filing once again included a “going concern” warning, a recurring theme since 2022, despite some improvements in expenses and revenue.
The company saw a revenue increase in 2023, generating $886,000 compared to zero in 2022, delivering 22 vehicles to entities like NASA and Oklahoma. Furthermore, Canoo reduced its operating loss by almost half, from $506 million in 2022 to $267 million in 2023. However, the revenue-to-losses gap remains substantial, with total net losses reaching $302.6 million in 2023.
Despite these improvements, the significant expenses incurred by Canoo, such as the $1.7 million spent on renting the CEO’s private jet in 2023, overshadow the positive revenue trends. Other payments to Aquila Family Ventures for shared services support in the corporate office facility totaled $1.7 million in 2023, $1.1 million in 2022, and $500,000 in 2021, according to regulatory filings.
These expenditures may seem insignificant if Canoo meets its revenue forecast of $50 million to $100 million for 2024.
We have reached out to Canoo for comment and will update this post with any response.
