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Mar 31, 2021
TuSimple Q1 2021 Earnings Report
TuSimple's Q1 2021 results were shared for the first time as a publicly traded company, highlighting progress in technology development, ecosystem partnerships, and Autonomous Freight Network expansion.
Key Takeaways
TuSimple reported Q1 2021 revenue of $944,000, a ~4x increase year-over-year. The company increased its R&D headcount to 821 and its global headcount to 978. TuSimple also increased its issued patents to 280 and drove ~3.7 million road miles. The company's cash position at the end of the quarter was $509 million.
Increased 1st Wave Reservations: Increased reservations by 1,200 for a total of 5,775 by quarter-end, with an additional 1,000 reservations added in April, bringing the current reservation book to 6,775 trucks.
Extended their Lead in Real-World Road Miles: Continued growth in real-world road miles with ~3.7M cumulative miles by quarter-end, a ~3x increase over the last 12 months.
Enhanced their Technology Leadership: Increased their issued patents 13% quarter-over-quarter to total 280 by quarter-end and grew R&D headcount 17% quarter-over-quarter to total 821 by quarter-end.
Generated ~$1M of Q1 Revenue: Accelerating revenue generation from paid freight loads which enables further development of their autonomous technology and their AFN commercial relationships.
Forward Guidance
TuSimple provided full year 2021 guidance with revenue of $5 - $7 million, R&D investment of $165 - $185 million (excluding stock-based compensation), G&A spend of $45 – $55 million (excluding stock-based compensation), Capital Expenditures of $5 – $8 million and expects to end 2021 with a cash position in excess of $1.3B
Positive Outlook
- Revenue of $5 - $7 million, driven in part by accelerating utilization of our fleet and enhanced AFN partner operations
- R&D investment of $165 - $185 million excluding stock-based compensation expense
- G&A spend of $45 – $55 million excluding stock-based compensation expense
- Capital Expenditures of $5 – $8 million
- Expect to end 2021 with a cash position in excess of $1.3B
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