Financial Data and Key Metrics - Q1 2024 operating expenses totaled $193 million, including stock-based compensation, and $157 million excluding stock-based compensation [25] - R&D expenses, excluding stock-based compensation, were $135 million, with $565,000 in pilot revenue recorded as a contra R&D expense [25] - SG&A expenses, excluding stock-based compensation, were $22 million [25] - The company used approximately $150 million in operating cash during Q1 2024, including $9 million in prepayments for hardware components [25] - Capital expenditures totaled $8 million, and the company ended the quarter with $1.2 billion in cash and short-term and long-term investments [26] Business Line Data and Key Metrics - The company is focusing on finalizing contractual commitments through 2025 and increasing load capacity strategically to support operational readiness and customer expansion [19] - Cumulative to date through the end of April, the company has autonomously delivered 5,450 loads, driving approximately 1.5 million commercial miles with nearly 100% on-time performance for pilot customers [20] Market Data and Key Metrics - The company is preparing for commercial launch in Texas, which does not currently require additional regulatory steps and is ideal due to high freight volumes and advanced transportation infrastructure [20] - Steady advancement of autonomous vehicle legislation across the United States, with South Dakota and Kentucky enacting autonomous vehicle legislation into law since Q4 2023 [21] Company Strategy and Industry Competition - The company is leading the industry with its commitment to safety and transparency, utilizing a Safety Case to confirm that self-driving vehicles are acceptably safe to operate on public roads [12] - The company has established OEM and Tier 1 partnerships with Volvo trucks, PACCAR, and Continental, supporting a freight ecosystem with aligned incentives to drive growth [22] - The company is working with Fabrinet for the manufacturing assembly of its next-generation Aurora Driver hardware kit, expected to drive a step function reduction in hardware costs [23] Management Commentary on Operating Environment and Future Outlook - The company is confident in its technology and progress, accelerating demand-building efforts and securing multiyear contractual commitments from multiple customers [19] - The company expects final validation and closure of the remaining Safety Case claims to be completed later this year with the anticipated launch platform [14] - The company believes it is the only company positioned to commercialize autonomous trucking at scale, with deep integration with OEMs and suppliers being critical to bringing a safe and commercially viable driverless trucking product to market [22] Other Important Information - The company hosted an Analyst and Investor Day, showcasing the maturity of its ecosystem, the depth of its partnerships, and the enthusiasm of its customers [9] - The company demonstrated the Aurora Driver's performance in highly demanding situations, including handling interactions with aggressive drivers, avoiding dangerous debris, responding to pedestrians, and navigating tire blowouts [10][11] Q&A Session Summary Question: Regulatory approach and transparency [28] - The company endorses a hybrid approach to autonomy, which lends itself to more transparency for regulators and allows for easier explanation of system behavior and issue resolution [29][30] Question: Impact of macro environment on contractual agreements [31] - The macro environment has not hurt the company's ability to finalize contractual agreements with customers, as partners view the company as a long-term credible solution for a more efficient transportation system [32][33][34] Question: Hurdles before commercial launch [36] - The company needs to refine the Aurora Driver, complete validation, ensure regulatory readiness, secure customer excitement, and have a vehicle platform with appropriate redundancies [37] Question: Free cash flow and financial controls [38] - The company is targeting the low end of its quarterly cash use guidance range of $175 million to $185 million, with potential for better-than-expected free cash flow due to fiscal prudence [39] Question: Path to gross profit and scaling [41] - The path to gross profit is somewhat interrelated with scaling but not completely dependent, with controllable levers including driving down hardware costs and improving remote assist operator ratios [42][43] Question: Miles driven to reach gross profit [44] - The company expects to reach gross profit positive by the end of 2026, with a benchmark of roughly 100 to 125 million miles, potentially doubling that percentage [45][46][49] Question: Prepayments and incentive compensation [51] - Prepayments are for core components of the hardware set to ensure sufficient supply, and incentive compensation for Q2 is expected to be similar to the 2023 number of $49 million [52][53] Question: Contra expense growth [54] - Pilot revenue recorded as a contra R&D expense was slightly down from last quarter due to seasonality but is expected to continue on a growth pattern, with Q2 expected to recover [55][56]

Financial Performance - Research and development expenses decreased by $11 million, or 6%, to $166 million for the three months ended March 31, 2024, from $177 million in the same period of 2023[70] - Selling, general and administrative expenses decreased by $4 million, or 13%, to $27 million for the three months ended March 31, 2024, from $31 million in the same period of 2023[70] - Total operating expenses decreased by $15 million, or 7%, to $193 million for the three months ended March 31, 2024, from $208 million in the same period of 2023[73] - The company reported a net loss of $165 million for the three months ended March 31, 2024, a decrease of $31 million from a net loss of $196 million in the same period of 2023[73] Cash Flow - Net cash used in operating activities was $150 million for the three months ended March 31, 2024, an increase of $14 million from $136 million in the same period of 2023[76] - Net cash provided by investing activities was $101 million for the three months ended March 31, 2024, an increase of $47 million from $54 million in the same period of 2023[77] - As of March 31, 2024, the company had $454 million in cash and cash equivalents, $662 million in short-term investments, and $81 million in long-term investments[72] Business Strategy - The company plans to launch the Aurora Driver for Freight as its first commercial product, targeting the driverless trucking subscription service market[67] - The company expects to earn revenue on a fee per mile basis through a Driver as a Service (DaaS) business model, partnering with OEMs and fleet operators[65] - The company anticipates that its total liquidity will be sufficient to meet working capital and capital expenditure requirements for at least twelve months from the date of the report[72]

```markdown [Letter to Shareholders](index=2&type=section&id=Letter%20to%20Shareholders) [Introduction and Q1 2024 Highlights](index=2&type=section&id=Introduction%20and%20Q1%202024%20Highlights) Aurora reports a strong Q1 2024, progressing towards its planned Commercial Launch by year-end with key autonomy and financial advancements - The company is on track for its planned **Commercial Launch at the end of 2024**[3](index=3&type=chunk) - Key progress in Q1 includes improving the Aurora Driver's performance, advancing the launch lane Safety Case, and maintaining **financial discipline**[3](index=3&type=chunk) - Hosted an Analyst & Investor Day in March, showcasing technology maturity, partnerships, and a business model designed for rapid, capital-efficient growth and **high gross margins**[4](index=4&type=chunk) [Technology and Safety Progress](index=4&type=section&id=Technology%20and%20Safety%20Progress) Aurora advances its Driver technology with a strong safety focus, achieving high ARM and API scores, nearing commercial launch targets - The Autonomy Readiness Measure (ARM), a weighted measure of completeness for the launch lane Safety Case, reached **95% as of mid-April 2024**[12](index=12&type=chunk) - In Q1, **75% of commercial loads** on the Dallas to Houston launch lane achieved a **100% Autonomy Performance Indicator (API)**, meaning they required no on-site support. This is a **13-point sequential improvement**[16](index=16&type=chunk) - The company is targeting approximately **90% of loads to have a 100% API at Commercial Launch**[16](index=16&type=chunk) [Commercialization and Operational Readiness](index=6&type=section&id=Commercialization%20and%20Operational%20Readiness) Aurora secured multi-year customer commitments, significantly increased commercial load volume, and achieved high on-time performance over 1.5 million miles - Secured **multi-year contractual commitments** on volume and pricing from multiple customers, with mechanisms to transition to driverless operations[19](index=19&type=chunk) - Currently scheduling about **120 commercial loads per week**, a **threefold increase** in volume compared to the previous year[20](index=20&type=chunk) Cumulative Operational Metrics (as of 4/30/24) | Metric | Value | | :--- | :--- | | Loads Delivered | 5,450 | | Commercial Miles Driven | ~1.5 million | | On-Time Performance | Nearly 100% | [Regulatory Landscape](index=8&type=section&id=Regulatory%20Landscape) The regulatory environment in Texas is favorable for autonomous vehicle launch, requiring no additional steps, with Aurora actively engaging communities - Autonomous vehicle deployment is permitted under existing law in the vast majority of U.S. states, including the **Texas launch market**[27](index=27&type=chunk) - No additional regulatory steps are required to launch in Texas once the company's **Safety Case is closed**[27](index=27&type=chunk) - The company is conducting community engagement events along the I-45 corridor in Texas to build **public trust and awareness**[28](index=28&type=chunk) [Positioning for Scale](index=9&type=section&id=Positioning%20for%20Scale) Aurora is positioned for large-scale commercialization through strategic OEM partnerships and exclusive hardware development agreements with Continental and Fabrinet - Established partnerships with OEMs **Volvo Trucks and PACCAR** to design and manufacture autonomy-enabled trucks with redundant components necessary for safe driverless operations[30](index=30&type=chunk) - Long-term, exclusive partnership with **Continental** to jointly develop, manufacture, and service future generations of Aurora Driver hardware, with scalable production planned for **2027**[30](index=30&type=chunk)[34](index=34&type=chunk) - Engaged **Fabrinet** to manufacture the next-generation Aurora Driver hardware kit, planned for introduction in **2025**, which is expected to cause a **step-function reduction in hardware costs**[34](index=34&type=chunk) [CFO's Financial Commentary](index=12&type=section&id=CFO%27s%20Financial%20Commentary) Aurora demonstrated strong fiscal discipline in Q1 2024 with controlled operating expenses and cash use, ending with $1.2 billion in cash, extending its runway into Q4 2025 Q1 2024 Financial Summary | Metric | Value (in millions) | | :--- | :--- | | Operating Expenses (incl. SBC) | $193 | | Operating Expenses (excl. SBC) | $157 | | Operating Cash Use | ~$150 | | Capital Expenditures | $8 | - Ended Q1 2024 with **$1.2 billion in cash & short-term and long-term investments**[40](index=40&type=chunk) - Current liquidity is expected to fund operations into the **fourth quarter of 2025**, an extension due to identified cost savings[40](index=40&type=chunk) [Financial Statements](index=14&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Aurora reported total assets of $2.089 billion, a decrease from year-end 2023, with liabilities at $231 million and equity at $1.858 billion Condensed Consolidated Balance Sheet Data (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$2,089** | **$2,235** | | Cash and cash equivalents | $454 | $501 | | Short-term investments | $662 | $699 | | Total current assets | $1,142 | $1,217 | | **Total Liabilities** | **$231** | **$250** | | Total current liabilities | $110 | $111 | | **Total Stockholders' Equity** | **$1,858** | **$1,985** | [Condensed Consolidated Statements of Operations](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, Aurora reported a net loss of $165 million ($0.11 per share), an improvement from Q1 2023, driven by lower operating expenses Statement of Operations Highlights (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total operating expenses | $193 | $208 | | Loss from operations | ($193) | ($208) | | **Net loss** | **($165)** | **($196)** | | **Basic and diluted net loss per share** | **($0.11)** | **($0.17)** | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities was $150 million, with $101 million provided by investing activities, ending with $471 million in cash Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($150) | ($136) | | Net cash provided by investing activities | $101 | $54 | | Net cash provided by financing activities | $2 | $0 | | **Net decrease in cash** | **($47)** | **($82)** | | **Cash at end of period** | **$471** | **$195** | [Non-GAAP Financial Information](index=17&type=section&id=Non-GAAP%20Financial%20Information) Aurora's Q1 2024 Non-GAAP Adjusted EBITDA loss was $152 million, an improvement from Q1 2023, primarily excluding stock-based compensation Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | ($165) | ($196) | | Stock-based compensation | $36 | $39 | | Change in fair value of derivative liabilities | ($12) | $2 | | **Adjusted EBITDA** | **($152)** | **($164)** | - Adjusted EBITDA is defined as net loss adjusted to exclude impacts of income taxes, depreciation and amortization, stock-based compensation, changes in fair value of derivative liabilities, goodwill impairment, and other non-operating income and expenses[54](index=54&type=chunk) [Other Information](index=13&type=section&id=Other%20Information) [Cautionary Statement Regarding Forward-Looking Statements](index=13&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This document contains forward-looking statements regarding milestones, commercialization, and financial projections, subject to risks detailed in SEC filings - The document contains forward-looking statements concerning the company's ability to achieve milestones, commercialize the Aurora Driver, and realize benefits from partnerships[43](index=43&type=chunk) - These statements are not guarantees and involve known and unknown risks. Readers are advised to consult the **"Risk Factors" section** of the company's Form 10-K and other SEC filings[43](index=43&type=chunk) ```

Group 1: Growth Stocks Overview - Growth stocks are experiencing a resurgence, with the iShares Russell 2000 up nearly 5% year-to-date, driven by expectations of lower interest rates from the Federal Reserve [1] - The Federal Reserve's projection indicates a potential cut of 0.75 percentage points in the benchmark rate this year, which is likely to positively impact growth stocks [1] Group 2: Celsius Holdings (CELH) - Celsius Holdings has seen its stock price rise from $50 to around $90 since the end of January, indicating strong market interest [2] - The company's sales growth for the four-week period ending March 9 was 67% year-over-year, suggesting rapid popularity of its healthy carbonated drinks [2] - Q1 revenue is expected to exceed analysts' average estimates, further supporting the company's growth narrative [2] Group 3: Aurora Innovation (AUR) - Aurora's stock increased from $2.17 to $2.44 between March 11 and March 20, reflecting investor optimism [3] - The company plans to commercially launch its self-driving technology, Aurora Driver, later this year and aims for positive gross margins by the end of 2026 [3][4] - Aurora's technology is expected to enhance safety and operational hours for trucks, addressing the driver shortage issue in the industry [3][4] Group 4: Xpeng (XPEV) - Xpeng's stock surged from $7.87 to over $9.40 from February 5 to March 21, driven by impressive fourth-quarter results with a 154% increase in revenue year-over-year [5] - The company plans to launch 10 new models over the next three years and expand sales to additional countries [5] - Xpeng is set to introduce affordable EVs priced between $14,000 and $21,000, featuring advanced driver assistance systems, which could significantly boost demand [5][6]

Penny stocks provide risk and profit but frequently lie in the shadows in the fast-paced world of investing. Nevertheless, three-penny stocks stand like diamonds in the dust among the chaos and uncertainties. These companies have the potential to reach previously unheard-of heights and anticipate a 500% increase in revenue by 2026.These stocks are more than simply wild speculations. They are well-thought-out examples of successful market penetration tactics, solid financial relationships and strategic allia ...

Core Insights - Aurora Innovation is showcasing its progress towards driverless deployment and self-funding at its Analyst and Investor Day, highlighting the unveiling of the Aurora Driver, an SAE Level 4 autonomous driving system [1] - The company claims to be nearing a historic milestone in the safe and scalable deployment of driverless trucks, with a focus on commercial launch and sustainable business operations [1] Progress toward Driverless Operations and Commercial Launch - Aurora's Safety Case is 93% complete for its launch lane between Dallas and Houston, demonstrating the safety of its self-driving vehicles [2] - The Aurora Driver-powered truck will navigate advanced scenarios on a closed track, including autonomous operations, advanced capabilities, and defensive driving maneuvers [2] Final Development of Purpose-Designed Redundant Trucks - Aurora has been testing the autonomous Volvo VNL since late 2023, which is designed with robust redundant systems for safety [3] - The company emphasizes collaboration with OEM and manufacturing partners as essential for the safe deployment and scaling of autonomous trucks [3] Path to Self-Funding - Aurora's presentation outlines a roadmap to scale, focusing on capital-efficient revenue growth, high gross margins, and positive free cash flow [4] - Key revenue drivers and cost-reduction strategies are highlighted as critical components of the company's financial strategy [4] About Aurora - Aurora is committed to delivering self-driving technology that enhances transportation safety, accessibility, and efficiency [5] - The Aurora Driver is designed for various vehicle types, supporting both freight-hauling and ride-hailing services, and the company collaborates with industry leaders across the transportation ecosystem [5]

As the broader indices like the Nasdaq and the S&P 500 continue to move higher, this has led to this list of high-risk, high-reward stocks that investors should pay attention to. When the backdrop is bullish as it is today, investors could make some solid returns via investing in companies such as these, as a rising tide lifts all boats.It should be noted that these companies are especially risky. Most have speculative trajectories and could be considered contrarian plays that need to be examined closely be ...

PITTSBURGH--(BUSINESS WIRE)--Aurora Innovation, Inc. (NASDAQ: AUR) will host an Analyst & Investor Day on Thursday, March 14, 2024 at its headquarters in Pittsburgh. The company will share details on its strategy to commercialize the Aurora Driver and scale autonomy across the trucking industry. Keynote presentations by Aurora executives are scheduled to begin at 8:45 a.m. EDT and are expected to conclude by 10:45 a.m EDT. Due to limited capacity, in-person attendance is by invitation only. The presentatio ...

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Aurora Innovation, Inc. (NASDAQ:AUR) Q4 2023 Earnings Conference Call February 14, 2024 5:00 PM ET Company Participants Stacy Feit - Vice President, Investor Relations Chris Urmson - Co-Founder and CEO David Maday - Chief Financial Officer Conference Call Participants George Gianarikas - Canaccord Genuity Justine Laufer - Bernstein Mark Delaney - Goldman Sachs Andres Sheppard - Cantor Fitzgerald Operator Greetings. And welcome to the Aurora Innovation Fourth Quarter 2023 Business Review Call. At this time, ...