Aurora Q3 2023 Earnings Report
Key Takeaways
Aurora focused on execution and capital discipline in Q3 2023. They progressed the Aurora Driver Safety Case, enhanced autonomy performance, scaled trucking operations, and advanced partnerships while managing cash spend below the quarterly average target. The company raised $853 million in gross proceeds and ended the quarter with $1.5 billion in cash and short-term investments.
Achieved an Autonomy Readiness Measure (ARM) of 84% as of September 30, 2023.
Completed build-out of second commercial-ready terminal in Houston.
Achieved end of third quarter target to autonomously haul 75 loads per week for customers.
The Autonomy Performance Indicator (API) was 98%.
Aurora
Aurora
Forward Guidance
Aurora anticipates completing the work to validate a small number of their Aurora Driver software safety case claims around the end of Q1 2024 and is focused on achieving Commercial Launch, on schedule, at the end of 2024.
Positive Outlook
- The work on the segment of claims does not impact the expected timing for Commercial Launch.
- Validation work is accelerating.
- The quality of the Aurora Driver is improving every day.
- Reallocating parts of the engineering team to begin work beyond the Aurora Driver Ready milestone.
- Volvo Autonomous Solutions reiterated their excitement for their autonomous trucking product.
Challenges Ahead
- Completing the work to validate a small number of Aurora Driver software safety case claims will stretch beyond the end of the year goal.
- The work is being performed by a limited subset of the team.
- Cyclically challenged commercial freight market.
- Certain situations (e.g., flat tires) will always require on-site support.
- The company did not record any revenue during the third quarter of 2023.