Canoo’s 2023 earnings report revealed a significant gap between spending and revenue, with CEO Tony Aquila’s private jet expenses drawing attention. The company showed progress, generating $886,000 in revenue and reducing operational losses. However, total net losses remained high at $302.6 million. Specifically, Canoo spent $1.7 million in 2023 on the CEO’s jet, double its revenue. The company also paid Aquila Family Ventures for shared services support. These expenses may seem small if Canoo meets its 2024 revenue forecast of $50 million to $100 million. The situation highlights the challenges faced by EV startups like Canoo.
https://techcrunch.com/2024/04/01/canoo-spent-double-its-annual-revenue-on-the-ceos-private-jet-in-2023/