Aurora Innovation Reports Mixed Q3 Results, Net Loss Decrease, and Capital Raise

Aurora Innovation, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue, expenses, and net losses compared to the previous fiscal period.

As of September 30, 2024, the company had cash and cash equivalents of $263 million, a significant decrease from $501 million at the end of 2023. However, total current assets increased to $1,275 million from $1,217 million, while total assets slightly decreased to $2,265 million from $2,235 million. Total current liabilities also decreased to $93 million from $111 million, contributing to an increase in total stockholders’ equity to $2,018 million, up from $1,985 million.

For the three months ended September 30, 2024, total operating expenses were $196 million, down from $212 million in the same period in 2023, reflecting an 8% reduction. The loss from operations improved to $(196) million from $(212) million year-over-year. However, the loss before income taxes increased to $(208) million from $(190) million, and the net loss for the quarter was $(208) million, compared to $(190) million in the prior year.

For the nine months ended September 30, 2024, total operating expenses decreased to $587 million from $637 million, with a similar improvement in the loss from operations to $(587) million from $(637) million. The net loss for this period was $(555) million, down from $(604) million in 2023, indicating a reduction of 8%.

Research and development expenses for the third quarter decreased by 7% to $169 million, primarily due to reductions in non-cash stock-based compensation and hardware costs. Selling, general, and administrative expenses also saw a decrease of 10% to $27 million. The company reported a change in the fair value of derivative liabilities, which resulted in an expense of $28 million for the quarter, contrasting with income of $5 million in the same period last year.

In terms of capital raising, Aurora completed a public offering on August 2, 2024, generating net proceeds of $466 million from the sale of approximately 134 million shares of Class A common stock. This follows a previous public offering in July 2023, which raised $212 million.

The company continues to focus on the development of the Aurora Driver, an advanced self-driving technology, and plans to launch a driverless trucking subscription service, Aurora Driver for Freight, to capitalize on market demand. Management anticipates ongoing operating losses and will seek additional capital to support the development and commercialization of its technology.