Aurora Q2 2024 Earnings Report
Key Takeaways
Aurora made commercial progress in Q2 2024, securing another launch customer and contracting a meaningful portion of its expected 2025 capacity. The company is focused on its planned commercial launch at the end of the year and believes it is well-positioned in the self-driving industry due to its responsible technology approach, robust safety culture, Driver as a Service business model, and financial discipline.
Announced another launch customer and contracted a meaningful portion of expected 2025 capacity.
Advanced Verifiable AI approach for a practical, verifiable, and commercially scalable solution.
Premier Autonomy program launched with Uber Freight to democratize autonomous trucks for carriers.
Volvo VNL Autonomous production-ready truck unveiled, powered by the Aurora Driver.
Aurora
Aurora
Forward Guidance
Aurora anticipates cash use to be within the $175 - $185 million quarterly average range for the remainder of 2024, including capital expenditures for Commercial Launch. They expect liquidity to fund operations into the fourth quarter of 2025.
Positive Outlook
- Strong balance sheet with $1.0 billion in cash and short-term investments.
- Liquidity expected to support planned Commercial Launch.
- Liquidity expected to fund operations into the fourth quarter of 2025.
- Focus on capital preservation.
- Advancing the Aurora Driver hardware for scalability.
Challenges Ahead
- Expected quarterly cash use of $175 - $185 million.
- Ongoing investment in R&D.
- Capital expenditures required for Commercial Launch.
- Net Loss of $182 million
- Loss from operations of $198 million