Electric vehicle maker Canoo spent double its annual revenue on its CEO’s private jet.
The company’s fourth-quarter and full-year earnings for 2023 show heavy spending as it scales its production of commercial electric vehicles.
The company generated $886,000 in revenue in 2023, compared to 0 in 2022.
It has sold vehicles to the likes of NASA and the State of Oklahoma.
It also reduced its operating loss by nearly half, from $506 million in 2022 to $267 million in 2023.
However, TechCrunch reports the accounts show just how much the company spends on its boss travelling in a private jet.
They show the company pays Aquila Family Ventures, an entity owned by CEO, Tony Aquila, for use of an aircraft – for him.
In 2023, Canoo spent $1.7 million on this reimbursement — which is more than double the amount of revenue it generated.
Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
Need Career Advice? Get employment skills advice at all levels of your career
Separately, Canoo also paid Aquila Family Ventures $1.7 million in 2023, $1.1 million in 2022 and $500,000 in 2021 for shared services support in its Justin, Texas, corporate office facility, according to regulatory filings.
The payments will be easily covered if Canoo reaches its forecast for 2024 of between $50 and $100 million.
It is not known how many journey Aquila has taken since the contract started in 2020.
However, Canoo has been keen to stress its green credentials.
A statement on its website says: “Canoo is passionate about the creation of a Net Positive transportation economy—one that goes beyond Net Zero to put more back into society, the environment, and the global economy than it takes out.
“We are audacious in our pursuit of this vision and will be unrelenting in confronting the roadblocks that appear along the way.”
Canooo had not responded to requests from TechCrunch.
