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Dec 31, 2022
Aurora Q4 2022 Earnings Report
Aurora made significant strides in autonomous trucking, expanded its ecosystem, and advanced its technology.
Key Takeaways
Aurora Innovation made substantial progress in Q4 2022 towards the commercialization of its Aurora Horizon autonomous trucking service. They achieved key technological advancements, expanded their trucking ecosystem, and grew their pilot operations, exceeding their commercial load target.
Expanded trucking ecosystem with the addition of Ryder for on-site fleet maintenance pilot program.
Exceeded Q4 commercial load target, demonstrating growth in pilot operations.
Progressed with OEM partners, Paccar and Volvo, on scalable, autonomy-enabled truck platforms.
Released Beta 5.0 for the Aurora Driver, unlocking key safety-critical highway driving capabilities.
Aurora
Aurora
Forward Guidance
Aurora is on track to achieve its Feature Complete milestone by the end of Q1 2023 and is preparing for the commercial launch of Aurora Horizon by the end of 2024.
Positive Outlook
- Targeting Feature Complete milestone by the end of Q1 2023.
- Preparing to commercially launch Aurora Horizon by the end of 2024.
- Scaling operations throughout 2023 with maturing infrastructure in Texas.
- Continuing to mature command center specialist functionality within Aurora Beacon.
- Expects liquidity to fund Aurora through mid-2024.
Challenges Ahead
- Market capitalization declined below carrying value of net assets.
- Triggered a $114 million non-cash reduction in the carrying value of goodwill.
- Used $141 million in operating cash during the fourth quarter.
- Still in the development and testing phase, with significant R&D expenses.
- No guarantee on achieving milestones around development and commercialization of Aurora Driver.