Aurora Q1 2024 Earnings Report
Key Takeaways
Aurora Innovation demonstrated a strong start to 2024, driven by progress in autonomy performance and financial discipline. The company is focused on its commercial launch, with key partnerships and customer enthusiasm underpinning expectations for rapid revenue growth and high gross margins. They ended the quarter with a solid balance sheet, including $1.2 billion in cash and investments.
Improved Aurora Driver’s autonomy performance and advanced launch lane Safety Case.
Secured multi-year contractual commitments on volume and pricing from multiple customers.
Finalizing contractual commitments through 2025 while increasing load capacity strategically.
Ended the first quarter with $1.2 billion in cash & short-term and long-term investments.
Aurora
Aurora
Forward Guidance
Aurora expects quarterly cash use of $175 - $185 million on average, with Q2 above this range due to incentive compensation payments. Current liquidity is expected to fund operations into the fourth quarter of 2025.
Positive Outlook
- Continued progress in autonomy performance.
- Advancing launch lane Safety Case.
- Secured multi-year contractual commitments.
- Increasing load capacity strategically.
- Strong balance sheet with $1.2 billion in cash and investments.
Challenges Ahead
- Expected quarterly cash use of $175 - $185 million.
- Second quarter cash spend expected to be above this range.
- Ongoing net losses.
- Dependence on achieving commercial launch milestones.
- Risks associated with development, manufacturing, and scaling of Aurora Driver.