Canoo spent double its annual revenue on the CEO’s private jet in 2023

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Tucked wrong Canoo’s 2023 net study is simply a nugget regarding nan usage of CEO Tony Aquila’s backstage pitchy — conscionable 1 of galore expenses that illustrates nan spread betwixt spending and gross astatine nan EV startup.

Canoo posted Monday its 4th fourth and full-year net for 2023 successful a regulatory filing that shows a institution burning done rate arsenic it tries standard up measurement accumulation of its commercialized electrical vehicles and debar nan aforesaid destiny arsenic different EV startups, for illustration precocious bankrupt Arrival. The regulatory filing erstwhile again contained a “going concern” informing — which has persisted since 2022 — arsenic good arsenic immoderate advancement connected nan expenses and gross fronts.

The institution generated $886,000 successful gross successful 2023 compared to zero dollars successful 2022, arsenic nan institution delivered 22 vehicles to entities for illustration NASA and nan authorities of Oklahoma. And it did trim its nonaccomplishment from operations by astir half, from $506 cardinal successful 2022 to $267 cardinal successful 2023. The revenue-to-losses spread is still sizeable though: nan institution reported full nett losses of $302.6 cardinal successful 2023. 

Still, 1 only needs to look astatine what Canoo is paying rent nan CEO’s backstage pitchy to put those “wins” into perspective. Under a woody reached successful November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by nan CEO, for usage of an aircraft. In 2023, Canoo spent $1.7 cardinal connected this reimbursement — that’s double nan magnitude of gross it generated. Canoo paid Aquila Family Ventures $1.3 cardinal successful 2022 and $1.8 cardinal successful 2021 for usage of nan aircraft.

Separately, Canoo besides paid Aquila Family Ventures $1.7 cardinal successful 2023, $1.1 cardinal successful 2022 and $500,000 successful 2021 for shared services support successful its Justin, Texas, firm agency facility, according to regulatory filings.

This could beryllium chalked up to mini monetary potatoes if Canoo reaches its gross forecast for 2024 of $50 cardinal to $100 million.

We’ve asked Canoo for remark and will update this station if we perceive back.