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Mar 31, 2023
Aurora Q1 2023 Earnings Report
Aurora's focus on commercial launch and strategic partnerships drove technological advancements and operational progress.
Key Takeaways
Aurora Innovation achieved Feature Complete for its Aurora Driver, marking a significant milestone towards commercial operations. The company also highlighted a partnership with Continental for hardware development and manufacturing. While no revenue was recorded for the quarter, the company focused on refining its technology and expanding its operational capabilities, maintaining a strong balance sheet with $966 million in cash and short-term investments.
Aurora Driver achieved Feature Complete, encompassing capabilities for commercial operations on the Dallas to Houston launch lane.
Entered a long-term partnership with Continental for the development, manufacturing, and servicing of Aurora Driver hardware.
Autonomy Performance Indicator (API) reached 96%, reflecting operational maturity and value delivery for customers.
Pilot activity exceeded the target, autonomously hauling over 40 loads per week for customers, achieving the second quarter goal of 50 loads per week.
Aurora
Aurora
Forward Guidance
Aurora Innovation is focused on closing the Aurora Driver Safety Case for its commercial launch lane and achieving the Aurora Driver Ready milestone by the end of 2023, which prepares the company for its anticipated Commercial Launch by the end of 2024. The company expects its liquidity to fund operations through mid-2024.
Positive Outlook
- Completing the Aurora Driver Safety Case for commercial launch
- Achieving the Aurora Driver Ready milestone by the end of 2023
- Anticipated Commercial Launch by the end of 2024
- Focus on refining technology and expanding operational capabilities
- Liquidity to fund operations through mid-2024
Challenges Ahead
- Ability to achieve certain milestones around the development, manufacturing, scaling, and commercialization of the Aurora Driver and related services on the timeframe we expect or at all
- Expected cash runway
- Realize the potential benefits of the Aurora Driver and related services on the timeframe we expect or at all
- Statements are based on management’s current assumptions and are neither promises nor guarantees
- Statements involve known and unknown risks, uncertainties and other important factors