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8-K: Current report

SEC ·  Jul 31, 2024 15:17

Summary by Moomoo AI

Aurora Innovation reported significant commercial progress in Q2 2024 as it prepares for Commercial Launch by year-end. The company has contracted a meaningful portion of its expected 2025 capacity and expanded its partnership with Uber Freight, which will be among its first customers on the Dallas-Houston launch lane. Aurora's autonomous trucks achieved 75% loads with 100% API (Autonomy Performance Indicator) in Q2, with performance exceeding 80% on the latest stable software release.The company unveiled the production-ready Volvo VNL Autonomous truck, with initial units now being manufactured at Volvo's Virginia facility. Aurora continues to advance its proprietary FirstLight Lidar on chip technology with Continental, completing design and initial fabrication phases. The company maintained strong pilot operations, delivering 6,785 loads and over 1.8 million commercial...Show More
Aurora Innovation reported significant commercial progress in Q2 2024 as it prepares for Commercial Launch by year-end. The company has contracted a meaningful portion of its expected 2025 capacity and expanded its partnership with Uber Freight, which will be among its first customers on the Dallas-Houston launch lane. Aurora's autonomous trucks achieved 75% loads with 100% API (Autonomy Performance Indicator) in Q2, with performance exceeding 80% on the latest stable software release.The company unveiled the production-ready Volvo VNL Autonomous truck, with initial units now being manufactured at Volvo's Virginia facility. Aurora continues to advance its proprietary FirstLight Lidar on chip technology with Continental, completing design and initial fabrication phases. The company maintained strong pilot operations, delivering 6,785 loads and over 1.8 million commercial miles to date with nearly 100% on-time performance.Q2 operating expenses were $198 million, including $38 million in stock-based compensation. The company ended the quarter with $1.0 billion in cash and short-term investments, which is expected to fund operations into Q4 2025. Quarterly cash use averaged $175-185 million, with Q2 cash use at $176 million including $49 million in annual incentive compensation payments.
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