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Sep 30, 2024
Aurora Q3 2024 Earnings Report
Aurora demonstrated fiscal discipline and progressed towards commercial launch.
Key Takeaways
Aurora Innovation reported a net loss of $208 million for Q3 2024. The company raised $483 million in gross proceeds from a public offering, ending the quarter with approximately $1.4 billion in cash, short-term and long-term investments.
Commercial launch is expected in April 2025.
The Autonomy Readiness Measure (ARM) reached 97% at the end of October.
80% of commercial loads on the Dallas to Houston launch lane had a 100% API.
The company raised nearly half a billion dollars, extending the financial runway into 2026.
Aurora
Aurora
Forward Guidance
Aurora anticipates a commercial launch in April 2025 and expects cash use for Q4 2024 to be within the $175 - $185 million quarterly average range, with 2025 quarterly average cash use expected to be in this range as well.
Positive Outlook
- Commercial launch expected in April 2025.
- Plan to extend Fort Worth to El Paso lane to Phoenix in 2025.
- Expect to begin commercial pilots for customers between Fort Worth and Phoenix in the first half of 2025.
- Integrated several new, Aurora Driver-equipped Volvo VNL Autonomous trucks into our fleet.
- Teams are preparing to start initial testing in the first half of 2025 as we continue to progress toward the start of production planned for 2027.
Challenges Ahead
- Commercial launch is modestly later than intended.
- Expect to deploy up to 10 driverless trucks in commercial operations during launch.
- Early efforts will be focused on exercising the full product suite to ensure a seamless product launch.
- Net loss of $208 million.
- Cash use for Q4 2024 is expected to be within the $175 - $185 million quarterly average range.