Aurora Q3 2022 Earnings Report
Key Takeaways
Aurora Innovation made significant strides in Q3 2022, marked by the release of Aurora Driver Beta 4.0 with enhanced navigation, scaling operations by achieving commercial load booking targets and expanding the Uber Freight pilot, and deploying next-generation autonomy-development trucks. The company also hosted its first Analyst & Investor Day, showcasing progress toward Aurora Horizon's commercial launch.
Released Aurora Driver Beta 4.0 with new capabilities for unexpected obstacles.
Achieved commercial load booking target and expanded pilot with Uber Freight.
Built and deployed next-generation fleet of autonomy-development trucks.
Hosted first Analyst & Investor Day, demonstrating Aurora Driver-operated autonomous truck rides.
Aurora
Aurora
Forward Guidance
Aurora expects to achieve Feature Complete for the Aurora Driver by the end of Q1 2023 and anticipates launching commercially by the end of 2024.
Positive Outlook
- Continue to mature software and hardware for a commercial-ready Aurora Driver.
- Expect Aurora Driver to be Feature Complete by the end of the first quarter of 2023.
- Share Autonomy Readiness Measure to quantify progress toward commercial launch.
- Anticipate launching commercially by the end of 2024.
- Expect cash runway to fund Aurora through mid-2024.
Challenges Ahead
- Ability to achieve certain milestones around the development and commercialization of the Aurora Driver and related services on the timeframe expected
- The metrics that are planned to be reported to the public in the future may not be accurate
- Expected cash runway may be affected by unforseen circumstances
- On-road driving performance alone will not determine when Aurora Horizon launches
- Certain situations (e.g. flat tires) will always require on-site support