Some might contend the total stage of theelectric vehicleindustry is to make the humanity a good shoes by cut carbon emanation and fightingclimate change . That ’s what makes it so uproarious that the EV startup Canoo seems to have spent twice what it generated in revenue last year on the chief executive officer ’s private honey oil .
Canoo ’s late full - yr earnings report for 2023 , released this week , read that the company spent $ 1.7 million recoup Aquila Family Ventures , a company have by Canoo ’s CEO , Tony Aquila , as first cover byTechCrunchMonday . The charges to the companionship are relate to “ aircraft reimbursement , ” the filing land .
“ Mr. Aquila , through an entity owned and controlled by him ( Aquila Family Ventures , LLC ( “ AFV ” ) ) , own a personal aircraft that was acquired without our resourcefulness , which aircraft he use for business travel . We reimburse Mr. Aquila for certain cost and third - party payments link up with the purpose of his personal aircraft for Company - related business travel , excluding certain ensuant fee and expenses , ” the filing register .
Photo: T. Schneider (Shutterstock)
Meanwhile , the caller only work in $ 886,000 in revenue during the same year . Doing a warm bite of genial arithmetic , it would look that , yes , the party did , indeed , spend more on its administrator ’s atmosphere traveling disbursement than it did selling electric fomite .
This news is both funny and sad , although it ’s not strange for companies to operate in the bolshy for year and years . It took Uberuntil last class to call on a lucre .
There is , however , a sealed beautiful and terrible irony to the fact that the company is pass more money , not sell world - saving vehicles . TechCrunch give more details on Canoo ’s large expenses versus its general lack of revenue over the past few years :
The caller generated $ 886,000 in gross in 2023 compared to zero dollars in 2022 , as the party delivered 22 fomite to entities like NASA and the state of Oklahoma . And it did reduce its red from operations by nearly half , from $ 506 million in 2022 to $ 267 million in 2023 . The revenue - to - losses gap is still considerable though : The companionship reported total net losses of $ 302.6 million in 2023 .
Gizmodo reached out to Canoo for comment and will update this account if it responds .
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