Aurora Innovation(US:AUR)2025-02-14 21:30Financial Performance - Aurora Innovation reported a net loss of $748 million for the twelve months ended December 31, 2024, a decrease of 6% from a net loss of $796 million in 2023[293]. - Net cash used in operating activities increased to $611 million in 2024 from $598 million in 2023, primarily due to advanced payments for hardware materials[308]. - The company reported a basic and diluted net loss per share of $0.46 in 2024, compared to $0.60 in 2023, showing an improvement of 23.3%[353]. - The net loss for the twelve months ended December 31, 2024, was $748 million, compared to $796 million in 2023 and $1,723 million in 2022, indicating a reduction in losses[440]. Operating Expenses - Total operating expenses decreased by 6% to $786 million in 2024 from $835 million in 2023, driven by reductions in research and development and selling, general, and administrative expenses[293]. - Research and development expenses decreased by $40 million, or 6%, to $676 million in 2024, primarily due to lower non-cash stock-based compensation and hardware costs[294]. - Selling, general and administrative expenses decreased by $9 million, or 8%, to $110 million in 2024, mainly due to lower insurance and administrative costs[295]. - Total operating expenses decreased to $786 million in 2024 from $835 million in 2023, a decline of 5.9%[353]. Cash and Investments - As of December 31, 2024, the company had $211 million in cash and cash equivalents and $1,012 million in short-term investments, excluding restricted cash[305]. - Cash and cash equivalents at the end of the period were $227 million, down from $518 million in 2023, a decrease of 56.2%[359]. - The company’s total short-term and long-term investments increased to $1,012 million as of December 31, 2024, up from $847 million as of December 31, 2023[393]. Financing Activities - The company completed a public offering of approximately 134 million shares at $3.60 per share, raising $466 million in net proceeds on August 2, 2024[291]. - Net cash provided by financing activities decreased by $339 million to $492 million for the twelve months ended December 31, 2024, from $831 million for the twelve months ended December 31, 2023[312]. - Net cash provided by financing activities increased by $820 million to $831 million for the twelve months ended December 31, 2023, from $11 million for the twelve months ended December 31, 2022[313]. Goodwill and Impairments - The Company recognized a $1,114 million goodwill impairment during the twelve months ended December 31, 2022[320]. - The carrying value of goodwill was $0 as of December 31, 2024, and December 31, 2023[320]. - The company recognized a goodwill impairment loss of $1,114 million during the twelve months ended December 31, 2022, due to a significant decline in market capitalization[391]. Revenue and Collaboration - The company has not recognized any collaboration revenue in 2024, compared to $68 million in 2023[353]. - The company received $0 million in collaboration revenue from Toyota for the twelve months ended December 31, 2024 and 2023, compared to $100 million in 2022[394]. Assets and Liabilities - Total current assets increased to $1,254 million in 2024 from $1,217 million in 2023, representing a growth of 3.0%[350]. - Total liabilities increased to $263 million in 2024 from $250 million in 2023, an increase of 5.2%[350]. - Stockholders' equity decreased to $1,875 million in 2024 from $1,985 million in 2023, a decline of 5.5%[350]. Future Commitments and Plans - The company plans to launch the Aurora Driver for Freight as its first commercial service, targeting the driverless trucking market[290]. - Aurora expects to adopt a Driver as a Service (DaaS) model, allowing customers to manage fleets while subscribing to the Aurora Driver[289]. - The Company has non-cancelable future minimum payments for cloud hosting services amounting to $64 million for 2025 and $38 million for 2026[315]. - The company expects to continue incurring operating losses and may need to raise additional capital to support the development of the Aurora Driver[385]. Stock-Based Compensation - Total stock-based compensation expense for 2024 was $144 million, down from $160 million in 2023[410]. - RSUs granted in 2024 totaled 41 million, with a weighted average grant date fair value of $2.56[406]. - The unrecognized stock-based compensation related to unvested RSUs was $181 million, to be recognized over a weighted average period of 2.3 years[406]. - Stock options granted in 2024 amounted to 41 million, with a weighted average grant date fair value of $1.41[408]. - The intrinsic value of stock options exercised was $62 million for the twelve months ended December 31, 2024[409]. Tax and Regulatory Matters - Federal net operating losses were $2,029 million and state net operating losses were $2,715 million as of December 31, 2024, with expiration beginning in 2036 and 2029, respectively[429]. - The deferred tax assets, net of valuation allowance, increased to $97 million as of December 31, 2024, from $72 million in 2023[429]. - The valuation allowance for deferred tax assets increased to $1,037 million as of December 31, 2024, from $726 million in 2023[431]. - Federal research and development credits were $174 million as of December 31, 2024, set to expire in 2037[430]. Legal and Contingency Matters - Legal fees and other costs associated with claims are expensed as incurred, with no material losses recorded in the twelve months ended December 31, 2024, 2023, and 2022[314]. - The Company assesses the need to record a liability for litigation and other loss contingencies, with reserve estimates recorded if a loss is both probable and reasonably estimable[314]. - The company did not record any material loss contingencies for the twelve months ended December 31, 2024[436].