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Canoo spent double its annual revenue on the CEO's private jet

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Re: Canoo spent double its annual revenue on the CEO's private jet

#71

Post by bdcravens »

brandall10 wrote: post #41
dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

It’s also worth noting the projected revenue for 2024 is 50-100M.

From their recent 10K filing:

"Our management has performed an analysis of our ability to continue as a going concern and has identified substantial doubt about our ability to continue as a going concern. If we are unable to obtain sufficient additional funding or do not have access to additional capital, we will be unable to execute our business plans and could be required to terminate or significantly curtail our operations."

Re: Canoo spent double its annual revenue on the CEO's private jet

#72

Post by willcipriano »

skhunted wrote: post #61
dexterdog wrote: post #44

Earlier quoted context omitted.

I'm not fan of the guy by any measure, but how is this any different than the government paying to make any president's existing properties places where a president and his massive entourage can stay? It's been done by every president I can remember aside from maybe Clinton because I don't remember him having any significant places.

What other President profited from government employees being forced to rent rooms at his hotels? You really have to be deep in the cult to not see a problem with this.

[flagged]

Re: Canoo spent double its annual revenue on the CEO's private jet

#73

Post by imzadi »

efnx wrote: post #27
Workaccount2 wrote: post #20

Earlier quoted context omitted.

A former president only stayed at properties owned by his company, billing the government millions in extra overhead. His voters love him.

And they say “if you don’t like it, leave!”. And so now we live in New Zealand.

Must be nice to not be over 40 when the world implodes

Re: Canoo spent double its annual revenue on the CEO's private jet

#74

Post by 28304283409234 »

benjlcox wrote: post #46
dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

$1.7 million is 1-3 employees working to ship your product. When you're company is on the edge of collapse you should have your priorities straight. Diverting company resources to your own private jet is a preposterous use of resources and, imo, speaks volumes about where Canoo is headed.

My mom retired at age 55 with 1 million euros after selling the mom and pop shop. She is 78 now. Still living off of that original mil.

Re: Canoo spent double its annual revenue on the CEO's private jet

#75

Post by ghaff »

onychomys wrote: post #4

I should quit my job and become a CEO, seems like a pretty sweet gig.

The money would probably be nice but I suspect a lot of people here would hate the amount of travel and the degree of scheduling morning, noon, and night that the CEO of any size of company has.

Re: Canoo spent double its annual revenue on the CEO's private jet

#76

Post by ametrau »

imzadi wrote: post #69
dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

The $1.7m is being paid to the family holdings of the CEO to rent the jet already belonging to the CEO for the CEO. Plus an additional $1.7m to the same holdings for "support services."

That’s the actual story. It’s a bit boring though.

The rest is bs clickbait.

Re: Canoo spent double its annual revenue on the CEO's private jet

#77

Post by vidarh »

bdcravens wrote: post #71
brandall10 wrote: post #41

Earlier quoted context omitted.

It’s also worth noting the projected revenue for 2024 is 50-100M.

From their recent 10K filing: "Our management has performed an analysis of our ability to continue as a going concern and has identified substantial doubt about our ability to continue as a going concern. If we are unable to obtain sufficient additional funding or do not have access to additional capital, we will be unable to execute our business plans and could be required to terminate or significantly curtail our o…

Almost any startup will have periods where there will be "substantial doubt about our ability to continue as a going concern" if they are "unable to obtain sufficient additional funding". This is meaningless when looking at a startup without also looking at whether their burn rate is abnormal relative to how much they raised, and whether or not they're meeting their targets.

Re: Canoo spent double its annual revenue on the CEO's private jet

#79

Post by [deleted] »

28304283409234 wrote: post #74
benjlcox wrote: post #46

Earlier quoted context omitted.

$1.7 million is 1-3 employees working to ship your product. When you're company is on the edge of collapse you should have your priorities straight. Diverting company resources to your own private jet is a preposterous use of resources and, imo, speaks volumes about where Canoo is headed.

My mom retired at age 55 with 1 million euros after selling the mom and pop shop. She is 78 now. Still living off of that original mil.

[deleted]

Re: Canoo spent double its annual revenue on the CEO's private jet

#80

Post by rsynnott »

dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

I mean, it seems pretty bizarre to me for a CEO of a company that doesn't have any revenue to have a private jet paid for by that company. Is that... common?

(Honestly, even if they had revenue in the hundreds of millions, it'd still be rather absurd.)

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