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Jun 30, 2023
Aurora Q2 2023 Earnings Report
Aurora made progress toward closing the Aurora Driver Safety Case, enhancing autonomy performance, and expanding its partner ecosystem.
Key Takeaways
Aurora made significant strides in Q2 2023, highlighted by an $853 million capital raise and advancements in their autonomous trucking service, Aurora Horizon. The company is on track for commercial launch by the end of 2024, supported by key partnerships and technological milestones.
Raised $853 million through a public offering and private placement, strengthening financial position.
Achieved an Autonomy Readiness Measure (ARM) of 65% as of June 30, 2023, reflecting progress towards Aurora Driver Ready milestone.
Released Aurora Horizon Beta 7.0, showcasing enhancements in on-road autonomy and commercial procedures.
Exceeded pilot activity targets, autonomously hauling over 50 loads per week for customers.
Forward Guidance
Aurora is focused on achieving the Aurora Driver Ready milestone by the end of the year, which prepares them for their anticipated Commercial Launch by the end of 2024.
Positive Outlook
- Strong momentum toward achieving the Aurora Driver Ready milestone by the end of the year.
- Anticipated Commercial Launch by the end of 2024.
- Well-positioned to commercialize autonomous trucking technology.
- Expects total liquidity of $1.6 billion to support planned Commercial Launch by the end of 2024 and fund operations into the second half of 2025.
- Expect to be contracted for Commercial Launch by the end of the year.
Challenges Ahead
- The company's ability to achieve certain milestones around the development, manufacturing, scaling, and commercialization of the Aurora Driver and related services on the timeframe they expect or at all is uncertain.
- The company's expected cash runway is subject to risks and uncertainties.
- The company's forward-looking statements are based on management’s current assumptions and are neither promises nor guarantees.
Historical Earnings Impact
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