Loading...
•
Dec 31, 2023
Aurora Q4 2023 Earnings Report
Aurora experienced a pivotal year in 2023, advancing towards commercial launch and scaling operations, while maintaining financial discipline.
Key Takeaways
Aurora made significant strides in Q4 2023, highlighted by the progression of vehicle partnerships, technology readiness, and customer engagement, all while maintaining strong fiscal discipline. The company focused on advancing the Aurora Driver's capabilities and preparing for commercial launch by the end of 2024.
Completed bring-up of first hardware-complete Volvo trucks capable of fully autonomous operation and began track testing.
Achieved an Autonomy Readiness Measure (ARM) of 93% as of mid-January, progressing towards closing the Safety Case for the launch lane.
The Autonomy Performance Indicator (API) was 99% for the fourth quarter of 2023.
Deepened customer relationships and consistently scheduled over 100 loads per week, logging approximately 25,000 commercial miles weekly.
Aurora
Aurora
Forward Guidance
Aurora anticipates continued progress toward commercial launch in 2024, with expectations of increased capital expenditures and consistent quarterly cash use.
Positive Outlook
- Contractual commitment on volume and pricing for a portion of 2024 and 2025 capacity.
- Advancing the Aurora Driver’s autonomy performance.
- Deepening and expanding customer base.
- Progressing the co-development of autonomy-enabled truck platforms with OEM partners.
- Finalization of the design and architecture of the future Aurora Driver hardware generation.
Challenges Ahead
- Expected quarterly cash use of $175 - $185 million, on average, reflecting an increase in capital expenditures relative to 2023.
- The company did not record any revenue during the fourth quarter of 2023.
- Net loss of $192 million.
- Operating expenses totaled $198 million.
- Still needs to close the final 7% of Safety Case.