Aurora, a leader in autonomous trucking technology, has reported significant progress in its shareholder letter for the fourth quarter of 2023. The company has highlighted key milestones achieved in technology, commercial operations, and financial discipline as it moves towards its planned commercial launch and operations at scale.
According to the letter, Aurora's technology, the Aurora Driver, became feature complete at the end of the first quarter of 2023. Since then, the company has made substantial advancements in the autonomy performance of the Aurora Driver, moving closer to a commercial launch on the Dallas to Houston lane. Aurora has also established the first commercial-ready autonomous trucking lane in the U.S. and deepened its partnerships with OEMs and suppliers, including a significant partnership with Continental.
The company reported several metrics to showcase its progress, including over 820,000 miles driven in autonomy, 1 million+ commercial loads delivered, and a nearly 100% on-time rate for loads controlled by Aurora. Additionally, Aurora has achieved an Autonomy Performance Indicator (API) of 99%, demonstrating improvement quarter-over-quarter.
Chris Urmson, CEO & Co-Founder of Aurora, expressed confidence in the company's progress, stating, "We are confident that this holistic partnership approach is the right one for the future of self-driving truck technology as a business, and believe it positions only Aurora for driverless commercial operations at scale."
In preparation for the commercial launch, the company has made solid commercial progress with several customers, securing contractual commitments and demonstrating the value of the Aurora Driver to its networks. Aurora has also engaged proactively with Texas law enforcement to ensure the safe interaction of autonomous trucks with emergency vehicles, reflecting its commitment to safety and collaboration with public safety officers.
The company's CFO highlighted strong fiscal discipline during the fourth quarter of 2023, with operating expenses totaling $198 million, excluding stock-based compensation. Aurora did not record any revenue during the quarter as it focused on refining and validating the Aurora Driver for the launch lane.
Aurora's shares have moved 7.2% and are currently trading at a price of $3.29.
Looking ahead to 2024, Aurora emphasized the importance of transparency and proactive external engagement in the safety-critical industry of autonomous vehicles. The company expressed its commitment to responsible innovation and announced the selection of its Chief Safety Officer, Nat Beuse, to join the U.S. Department of Transportation's Transforming Transportation Advisory Committee.
The company's full 8-K submission is available here.
| 2019 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Revenue (k) | $19,601 | $82,000 | $2,897 | -$206,435 |
| Revenue Growth | n/a | 318.35% | -96.47% | -7225.82% |
| Operating Margins | -579% | -891% | -63928% | 459% |
| Net Margins | -480% | -921% | -59475% | 434% |
| Net Income (k) | -$94,077 | -$755,000 | -$1,723,000 | -$898,000 |
| Net Interest Expense (k) | $11,701 | -$45 | $15,000 | $47,000 |
| Depreciation & Amort. (k) | $1,837 | $16,000 | $22,000 | $20,000 |
| Earnings Per Share | -$0.37 | -$1.22 | -$1.51 | -$0.73 |
| EPS Growth | n/a | -229.73% | -23.77% | 51.66% |
| Diluted Shares (k) | 254,398 | 621,000 | 1,143,000 | 1,432,000 |
| Free Cash Flow (k) | -$98,552 | -$612,000 | -$523,000 | -$620,000 |
| Capital Expenditures | $3,826 | $48,000 | $15,000 | $14,000 |
