Aurora Innovation(US:AUR)2024-05-08 22:30Financial 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]