Tucked inside Canoo's 2023 earnings report is a nugget regarding the use of CEO Tony Aquila's private jet — just one of many expenses that illustrates the gap between spending and revenue at the EV startup.
Canoo posted Monday its fourth-quarter and full-year earnings for 2023 in a regulatory filing that shows a company burning through cash as it tries to scale up volume production of its commercial electric vehicles and avoid the same fate as other EV startups, like recently bankrupt Arrival. The regulatory filing once again contained a "going concern" warning — which has persisted since 2022 — as well as some progress on the expenses and revenue fronts.
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