The Financial Struggles of Canoo in 2024

Revenue Projections

Canoo is forecasting revenue between $50 and $100 million for 2024, falling short of analyst expectations. The company’s recent financial results and outlook suggest a challenging year ahead.

2023 Performance

In 2023, Canoo generated $886,000 in revenue, a significant improvement from the previous year. However, the company still faces losses and spent a substantial amount on private jet flights for its CEO.

Private Jet Expenditure

Canoo’s regulatory filings revealed that it spent $1.7 million on private jet flights for CEO Tony Aquila in 2023, double its total revenue for the year. The company also allocated funds to Aquila Family Ventures for shared services support.

Challenges in the EV Industry

Despite revenue forecasts, Canoo faces challenges in a slowing EV market. Major players like Tesla and BYD have experienced setbacks, indicating a tough road ahead for Canoo.

Market Response

Investors have reacted negatively to Canoo’s 2024 forecast, with the stock price plummeting. The company plans to source additional capital to navigate the financial hurdles it faces this year.