On November 1, 2023, Aurora Innovation Inc (AUR, Financial) released its Q3 2023 earnings report, demonstrating strong progress towards its commercial launch. The company's Autonomy Readiness Measure (ARM), a weighted measure of completeness across all claims of its Safety Case for the launch lane, reached 84% as of September 30, 2023. This represents a 40-point increase since the end of the first quarter and a 19-point increase during the third quarter.
Financial Performance
Aurora Innovation Inc (AUR, Financial) reported Q3 2023 operating expenses of $212 million, including stock-based compensation (SBC). Excluding SBC of $41 million, operating expenses totaled $171 million, reflecting $146 million in R&D, primarily comprised of personnel costs as the company continues to invest in its industry-leading autonomy technology, and $25 million in SG&A. The company used approximately $147 million in operating cash during the third quarter of 2023 and capital expenditures totaled $5 million.
Commercial Launch Progress
The company is making excellent progress towards its Commercial Launch, scheduled for the end of 2024. Aurora Innovation Inc (AUR, Financial) has completed all of the claims related to Aurora Driver hardware and Aurora Services necessary for Commercial Launch. The company's Aurora Driver software teams have also made significant progress towards Aurora Driver Ready.
Financial Position
Aurora Innovation Inc (AUR, Financial) ended Q3 2023 with a strong balance sheet, including $1.5 billion in cash and short-term investments. The company continues to expect this liquidity to support its planned Commercial Launch and fund its operations into the second half of 2025.
Regulatory Environment
The company also highlighted the supportive regulatory environment for its Commercial Launch. Under existing law and regulation, autonomous vehicles can today be deployed in the vast majority of states in the U.S., including Texas, where current law expressly enables the safe operation of autonomous vehicles with or without a human driver.
Explore the complete 8-K earnings release (here) from Aurora Innovation Inc for further details.
