Topics
Latest
AI
Amazon
Image Credits:Canoo
Apps
Biotech & Health
mood
Image Credits:Canoo
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
Fundraising
gismo
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
security department
Social
blank space
Startups
TikTok
Transportation
speculation
More from TechCrunch
case
Startup Battlefield
StrictlyVC
Podcasts
television
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
insert inside Canoo ’s 2023 pay report is a nugget regarding the enjoyment of CEO Tony Aquila ’s secret jet — just one of many expenses thatillustrates the crack between outlay and revenue at the EV startup .
Canoo post Monday its 4th - quarter and full - year profits for 2023 in aregulatory filingthat shows a company burning through John Cash as it tries to scale up volume production of its commercial electric vehicles and nullify the same fate as other EV startup , like recently bankruptArrival . The regulative filing once again contained a “ going worry ” warning — which haspersisted since 2022 — as well as some procession on the expenses and revenue fronts .
The company generated $ 886,000 in revenue in 2023 compared to zero dollars in 2022 , as the company present 22 vehicles to entities like NASA and the state of Oklahoma . And it did concentrate its loss from operation by nearly one-half , from $ 506 million in 2022 to $ 267 million in 2023.The revenue - to - loss opening is still considerable though : The company report total net expiration of $ 302.6 million in 2023 .
Still , one only needs to look at what Canoo is pay to pull the CEO ’s private jet to put those “ win ” into linear perspective . Under a hand reached in November 2020 , Canoo reimburse Aquila Family Ventures , an entity owned by the CEO , for use of an aircraft . In 2023 , Canoo spend $ 1.7 million on this reimbursement — that ’s double the amount of revenue it give . Canoo paid Aquila Family Ventures $ 1.3 million in 2022 and $ 1.8 million in 2021 for use of the aircraft .
severally , Canoo also paid Aquila Family Ventures $ 1.7 million in 2023 , $ 1.1 million in 2022 and $ 500,000 in 2021 for shared service support in its Justin , Texas , bodied office deftness , according to regulative filing .
This could be chalked up to lowly pecuniary potatoes if Canoo contact its revenue forecast for 2024 of $ 50 million to $ 100 million .
We ’ve asked Canoo for comment and will update this post if we hear back .
