Summary by Moomoo AI
Aurora Innovation reported a net loss of $748 million for fiscal year 2024, compared to $796 million in 2023, as the self-driving technology company continued heavy investment in research and development. Operating expenses decreased 6% to $786 million, with R&D costs of $676 million representing the bulk of spending as the company advances its Aurora Driver autonomous system.The company maintained a strong liquidity position with $1.2 billion in cash and investments as of December 31, 2024, bolstered by a $466 million public offering completed in August. Strategic partnerships remained key to commercialization plans, including an exclusive agreement with Continental to manufacture and service Aurora Driver hardware systems on a per-mile basis.Looking ahead, Aurora plans to launch its driverless trucking service as its first commercial product, leveraging partnerships with major truck manufacturers PACCAR and Volvo. The company continues development of its autonomous technology while operating pilot programs with customers including FedEx, Hirschbach, and Werner. Management believes current funding is sufficient for at least 12 months of operations as they work toward commercialization.
Comment(0)
Reason For Report