Workflow
Aurora Innovation(AUR) - 2024 Q4 - Annual Results
AURAurora Innovation(AUR)2025-02-12 21:19

Commercial Launch and Operations - Aurora is on track for a Commercial Launch in April 2025, with a focus on driverless trucks operating between Dallas and Houston[8] - Aurora plans to deploy up to 10 driverless trucks initially, using a phased approach to ensure a seamless product launch[15] - Pilot operations with DHL Supply Chain have commenced, marking the beginning of scaled autonomous transport[22] Autonomy and Technology Development - The Autonomy Readiness Measure (ARM) reached 99% as of January 2025, up from 97% in October 2024, indicating significant progress in safety case closure[9] - The company aims for an average of 90% in the Autonomy Performance Indicator (API) for commercial loads by launch, with 88% of fourth quarter loads achieving 100% API excluding early software issues[12] - A three-way partnership with NVIDIA and Continental was announced, enhancing Aurora's capabilities for scaling autonomous trucking operations[4] - The company is advancing its second generation commercial hardware kit, expected to significantly reduce hardware costs and support scaling to hundreds of millions of miles traveled autonomously[43] - Aurora's partnerships with OEMs and Tier 1 suppliers position it uniquely for large-scale deployment of autonomous trucking technology[38] Financial Performance and Projections - In Q4 2024, operating expenses totaled 199million,with199 million, with 142 million allocated to R&D and 22 million to SG&A, excluding 35 million in stock-based compensation[49] - The company ended fiscal 2024 with over 1.2billionincashandshort−terminvestments,whichisexpectedtosupportoperationsintothesecondhalfof2026[51]−For2025,thecompanyanticipatesquarterlycashuseof1.2 billion in cash and short-term investments, which is expected to support operations into the second half of 2026[51] - For 2025, the company anticipates quarterly cash use of 175 - 185million,reflectingincreasedcapitalexpendituresanddevelopmentofnewhardwareprograms[52]−RevenuerecognitionwillbeginatCommercialLaunch,withexpected2025revenueinthemidsingle−digitmillionsrange,primarilyfromdriverlessoperations[53]−Thenetlossforfiscal2024was185 million, reflecting increased capital expenditures and development of new hardware programs[52] - Revenue recognition will begin at Commercial Launch, with expected 2025 revenue in the mid single-digit millions range, primarily from driverless operations[53] - The net loss for fiscal 2024 was 748 million, with a basic and diluted net loss per share of 0.46[60]−Totalcurrentassetsincreasedto0.46[60] - Total current assets increased to 1.254 billion in 2024 from 1.217billionin2023,whiletotalliabilitiesroseto1.217 billion in 2023, while total liabilities rose to 263 million from 250million[58]−Thecompanyreportedatotaloperatingexpenseof250 million[58] - The company reported a total operating expense of 786 million for fiscal 2024, down from 832millionin2023[60]−AdjustedEBITDAforQ42024wasalossof832 million in 2023[60] - Adjusted EBITDA for Q4 2024 was a loss of 158 million, compared to a loss of 155millioninQ42023[68]−Capitalexpendituresforfiscal2024totaled155 million in Q4 2023[68] - Capital expenditures for fiscal 2024 totaled 34 million, with $8 million spent in Q4 2024[50] Cost Management and Efficiency - The Aurora Driver-powered trucks are achieving fuel efficiency that is 15% above the industry average, with potential reductions in fuel use and emissions by up to 32%[21] - The company plans to focus on cost reduction initiatives, including the introduction of next-generation hardware kits[53] - The company is actively engaging with regulatory bodies to modernize safety systems for autonomous trucks, despite a recent denial of a pilot application for a new warning system[33]