Canoo gastó el doble de sus ingresos anuales en el jet privado del CEO en 2023

Canoo reported its fourth quarter and full-year 2023 earnings on Monday in a regulatory filing. This shows a company that is spending money as it tries to ramp up production volume of its commercial electric vehicles and avoid the same fate as other new electric vehicle companies like Arrival, which recently went bankrupt. The regulatory filing once again contained a «going concern» warning – which has persisted since 2022 – as well as some advances on the expenses and revenue fronts.

The company generated $886,000 in revenue in 2023, compared to zero dollars in 2022, as the company delivered 22 vehicles to entities such as NASA and the state of Oklahoma. And it reduced operating losses by nearly half, from $506 million in 2022 to $267 million in 2023. The difference between revenue and losses remains significant: the company recorded total net losses of $302.6 million in 2023.

Still, just look at what Canoo is paying to rent the CEO’s private jet to put these «wins» into perspective. Under an agreement reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for the use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement, double the revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for the use of the plane.

Moreover, Canoo also paid Aquila Family Ventures $1.7 million in 2023, $1.1 million in 2022, and $500,000 in 2021 for shared services support at its corporate office facilities in Justin, Texas, according to regulatory filings.

This could translate into small monetary gains if Canoo achieves its revenue forecast for 2024 of between $50 and $100 million.

We have asked Canoo for a comment and will update this post if we receive a response.