This is the best summary I could come up with:

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.

The revenue-to-losses gap is still considerable though: The company reported total net losses of $302.6 million in 2023.

Still, one only needs to look at what Canoo is paying to rent the CEO’s private jet to put those “wins” into perspective.

Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft.

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