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Canoo doubles its annual revenue in 2023 to buy CEO’s private jet

Canoo’s 2023 earnings report includes important information about use of CEO Tony Aquila’s private jet — just one of many expenses Illustrating the gap between spending and revenue for electric vehicle startups.

Canoo reported fourth-quarter and full-year 2023 earnings on Monday in a regulatory filing that showed the company is trying to expand production of commercial electric vehicles and avoid the mistakes of other electric vehicle startups such as the recently bankrupt Arrival. ), it was burning a lot of money. . The regulatory filing once again included a “going concern” warning that has been in place since 2022, as well as some developments on expenses and revenue.

The company generated $886,000 in revenue in 2023, compared to $0 in 2022, as it delivered 22 vehicles to entities including NASA and the state of Oklahoma. It did cut its operating losses by nearly half, from $506 million in 2022 to $267 million in 2023. Still, the gap between revenue and losses is sizable: The company reported a total net loss of $302.6 million in 2023.

One need only look at how much Canoo pays to rent the CEO’s private jet to put these “wins” into perspective, though. Under the agreement reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for the use of the aircraft. In 2023, Canoo spent $1.7 million on this reimbursement—double its revenue. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.

Separately, according to regulatory filings, Canoo also paid $1.7 million, $1.1 million and $500,000 to Aquila Family Ventures in 2023, 2022 and 2021 respectively for the sharing of its corporate office facilities in Justin, Texas service support.

If Canoo hits its 2024 revenue forecast of $50 million to $100 million, that could come down to small money potatoes.

We’ve reached out to Canoo for comment and will update this article if we hear back.

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