GOEV - Troubled EV Startup CEO's Private Jet Expenses Swallow Twice The Company's Revenue | Benzinga
Canoo Inc. (NASDAQ:GOEV) has reportedly spent more than double its annual revenue on the private jet expenses of its CEO, Tony Aquila, in 2023.
What Happened: The electric vehicle (EV) startup’s 2023 earnings report, released on Monday, revealed a significant disparity between its spending and revenue, TechCrunch reported. The report also highlighted the company’s ongoing financial struggles.
Canoo’s revenue for 2023 was $886,000, a substantial increase from the previous year’s zero. This was attributed to delivering 22 vehicles to clients such as NASA and the state of Oklahoma. The company also managed to cut its operating losses by almost half, from $506 million in 2022 to $267 million in 2023. However, its total net annual losses still amounted to $302.6 million.
Despite these improvements, the company’s spending habits, particularly on Aquila’s private jet, have raised concerns. In 2023, Canoo spent $1.7 million to reimburse Aquila Family Ventures, the CEO’s entity, for using the aircraft. This amount is double the company’s total revenue for the year.
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