Q3 2024 Aurora Innovation Inc Earnings Call Transcript
Key Points
- Aurora Innovation Inc (AUR) has completed a successful capital raise, adding nearly $0.5 billion to its balance sheet, extending its runway well into 2026.
- The company has made significant progress in its safety case for the Dallas to Houston launch lane, with the Autonomy Readiness Measure (ARM) reaching 97%.
- Aurora Innovation Inc (AUR) has signed another launch customer, fully contracting its expected launch capacity.
- The Aurora Driver's perception system is nearly complete, with over 400 modes validated, showcasing its ability to handle complex and dangerous scenarios.
- Aurora Innovation Inc (AUR) has strong partnerships with major carriers and OEMs, including Volvo and PACCAR, and is making progress on its vehicle programs.
- The commercial launch has been delayed to April 2025, which is modestly later than initially intended.
- There are still remaining validation tasks related to surface street driving and construction zones that need to be completed before the commercial launch.
- The market for autonomous trucking is currently down, affecting pricing, although Aurora Innovation Inc (AUR) aligns its pricing with market rates.
- The company is still in the pilot phase, with commercial operations not yet generating standard revenue.
- Aurora Innovation Inc (AUR) faces challenges in ensuring the Aurora Driver can handle the variability of construction sites, which has delayed some validation work.
Greetings and welcome to the Aurora third-quarter 2024 business review call.
(Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Stacy Feit, Vice President of Investor Relations. Thank you, Stacy. You may begin.
Thanks, Paul. Good afternoon, everyone and welcome to our third quarter 2024 business review call. We announced our results earlier this afternoon. Our shareholder letter and a presentation to accompany this call are available on our Investor Relations website at ir.aurora.tech.
The shareholder letter was also furnished with our form 8-K filed today with the SEC. On the call with me today are Chris Urmson, Cofounder and CEO and David Maday, CFO. Chris will provide an update on the progress we have made across the key pillars of our business and David will recap our third quarter financial results. We will then open the call to Q&A. A recording of this conference call will be
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
