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Jun 30, 2024
Aurora Q2 2024 Earnings Report
Aurora made commercial progress and maintained financial discipline.
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