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Jun 30, 2021
TuSimple Q2 2021 Earnings Report
TuSimple made progress on key initiatives to launch scalable autonomous freight operations and expanded its Autonomous Freight Network.
Key Takeaways
TuSimple reported a Q2 2021 revenue of $1.5 million, a ~5x increase year-over-year. The company focused on advancing its Driver-Out pilot program, L4 semi-truck production with Navistar, and expanding the Autonomous Freight Network (AFN). TuSimple's R&D team grew, and the company achieved approximately 4.6 million cumulative road miles by the end of the quarter.
Accelerated hiring of world class R&D talent.
Launched new Dallas-Fort Worth facility to meet growing freight demand.
Demonstrated power of TSP technology to revolutionize freight during a pilot with Giumarra.
Achieved industry-leading ~4.6 million cumulative road miles by quarter-end.
Forward Guidance
TuSimple provided full year 2021 guidance, including revenue between $5 million and $7 million, R&D expense between $200 million and $220 million (excluding stock-based compensation), G&A expense between $50 million and $60 million (excluding stock-based compensation), stock-based compensation between $130 million and $150 million, capex between $14 million and $18 million, Adjusted EBITDA between ($260) million and ($280) million, and expects to end 2021 with a cash position greater than $1.25 billion.
Positive Outlook
- Revenue of $5 -$7 million
- R&D expense guidance upward to $200 -$220 million, excluding stock-based compensation, to reflect enhanced strategic investment in building out critical technology teams to accelerate and de-risk our technology development
- G&A expense guidance upward to $50 -$60 million, excluding stock-based compensation related to higher people costs for critical functions such as IT and HR which scale with the broader business
- Introducing stock-based compensation guidance between $130 -$150 million, includes one-time items triggered by the IPO
- Expect to end 2021 with a cash position greater than $1.25 billion
Challenges Ahead
- Adjusting R&D expense guidance upward to reflect strategic investment in building out critical technology teams.
Historical Earnings Impact
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