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Aurora Innovation(AUR) - 2024 Q2 - Quarterly Results
AURAurora Innovation(AUR)2024-07-31 20:13

Autonomous Trucking Services - Aurora's driverless trucking subscription service has been rebranded to Aurora Driver for Freight from Aurora Horizon[3] - 75% of the commercial loads on the Dallas to Houston launch lane had a 100% API during the second quarter, increasing to over 80% in June[7] - Aurora has autonomously delivered 6,785 loads, driving over 1.8 million commercial miles with nearly 100% on-time performance for pilot customers[13] - Aurora announced a long-standing relationship with Uber Freight expanding from pilot operations to committed volume, with driverless hauls expected by the end of 2024[10] - Aurora's Premier Autonomy program with Uber Freight provides early access to over one billion driverless miles through 2030[10] Financial Performance and Expenses - Aurora's operating expenses for Q2 2024 totaled 198million,including198 million, including 38 million in stock-based compensation[28] - Aurora used approximately 176millioninoperatingcashduringQ22024,withcapitalexpenditurestotaling176 million in operating cash during Q2 2024, with capital expenditures totaling 11 million[29] - Aurora ended Q2 2024 with 1.0billionincashandshort−terminvestments,expectedtofundoperationsintoQ42025[29]−Cashandcashequivalentsdecreasedto1.0 billion in cash and short-term investments, expected to fund operations into Q4 2025[29] - Cash and cash equivalents decreased to 402 million as of June 30, 2024, from 501millionasofDecember31,2023[33]−Totalcurrentassetsdecreasedto501 million as of December 31, 2023[33] - Total current assets decreased to 1,043 million as of June 30, 2024, from 1,217millionasofDecember31,2023[33]−NetlossforthesixmonthsendedJune30,2024,was1,217 million as of December 31, 2023[33] - Net loss for the six months ended June 30, 2024, was 347 million, compared to 414millionforthesameperiodin2023[34]−ResearchanddevelopmentexpensesforthesixmonthsendedJune30,2024,were414 million for the same period in 2023[34] - Research and development expenses for the six months ended June 30, 2024, were 336 million, down from 364millioninthesameperiodin2023[34]−AdjustedEBITDAforthesixmonthsendedJune30,2024,was364 million in the same period in 2023[34] - Adjusted EBITDA for the six months ended June 30, 2024, was (306) million, compared to (333)millionforthesameperiodin2023[40]−NetcashusedinoperatingactivitiesforthesixmonthsendedJune30,2024,was(333) million for the same period in 2023[40] - Net cash used in operating activities for the six months ended June 30, 2024, was 326 million, compared to 318millionforthesameperiodin2023[38]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodwere318 million for the same period in 2023[38] - Cash, cash equivalents, and restricted cash at the end of the period were 419 million as of June 30, 2024, compared to 182millionasofJune30,2023[38]−Stock−basedcompensationforthesixmonthsendedJune30,2024,was182 million as of June 30, 2023[38] - Stock-based compensation for the six months ended June 30, 2024, was 74 million, down from 82millioninthesameperiodin2023[38]−Totalliabilitiesdecreasedto82 million in the same period in 2023[38] - Total liabilities decreased to 197 million as of June 30, 2024, from 250millionasofDecember31,2023[33]−Accumulateddeficitincreasedto250 million as of December 31, 2023[33] - Accumulated deficit increased to (3,957) million as of June 30, 2024, from $(3,610) million as of December 31, 2023[33] Technology and Product Development - Aurora's production-ready Volvo VNL Autonomous, powered by the Aurora Driver, began production in May 2024[20] - Aurora's FirstLight Lidar on chip technology is undergoing validation testing, with integration into a single photonics engine expected by the end of 2024[21]