Aurora Innovation, Inc. (AUR) Bundle
A Brief History of Aurora Innovation, Inc.
Aurora Innovation, Inc. (AUR) has undergone significant developments in the autonomous vehicle sector since its inception. Founded in 2017, the company quickly positioned itself as a leader in self-driving technology, particularly with its Aurora Driver platform.
Corporate Growth and Public Offerings
In August 2024, Aurora completed a public offering of approximately 134 million shares of Class A common stock at a price of $3.60 per share, raising net proceeds of $466 million after transaction costs. This followed a strong performance in 2023, where the company raised $853 million through a combination of public and private placements.
Financial Performance Overview
As of September 30, 2024, Aurora reported total assets of $2.265 billion, up from $2.235 billion at the end of 2023. The company's stockholders' equity stood at $2.018 billion, compared to $1.985 billion in the previous year.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $2.265 billion | $2.235 billion |
| Stockholders' Equity | $2.018 billion | $1.985 billion |
| Net Loss | $(555) million | $(604) million |
| Cash and Cash Equivalents | $263 million | $501 million |
Operating Expenses and Net Loss
For the nine months ended September 30, 2024, Aurora reported operating expenses of $587 million, a decrease from $637 million in the same period of 2023. The net loss narrowed to $555 million from $604 million year-over-year.
| Operating Expenses | 2024 | 2023 |
|---|---|---|
| Research and Development | $505 million | $546 million |
| Selling, General and Administrative | $82 million | $91 million |
| Total Operating Expenses | $587 million | $637 million |
| Net Loss | $(555) million | $(604) million |
Liquidity and Capital Resources
As of September 30, 2024, Aurora had liquidity comprising $263 million in cash and cash equivalents, $985 million in short-term investments, and $104 million in long-term investments. The total cash flows used in operating activities for the nine months ended September 30, 2024, was $469 million, reflecting a slight increase from $465 million in the prior year.
Market Position and Future Prospects
Aurora continues to focus on developing its autonomous driving technology, aiming to launch its Aurora Driver for Freight service, which targets the trucking industry. This approach is anticipated to leverage the growing demand for efficient freight solutions.
A Who Owns Aurora Innovation, Inc. (AUR)
Major Shareholders
As of September 30, 2024, the ownership structure of Aurora Innovation, Inc. (AUR) is characterized by a mix of institutional and retail investors. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Shares Owned (in millions) | Ownership Percentage |
|---|---|---|
| Institutional Investors | 1,000 | 58.3% |
| Insider Ownership | 367 | 21.5% |
| Retail Investors | 346 | 20.2% |
Institutional Ownership
Institutional investors hold a significant portion of Aurora Innovation's shares. The top three institutional investors as of the latest reporting period are:
| Institution | Shares Owned (in millions) | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 250 | 15.0% |
| The Vanguard Group, Inc. | 200 | 12.0% |
| State Street Corporation | 150 | 9.0% |
Insider Ownership
Insider ownership remains strong, with key executives and board members holding a substantial number of shares. The following table details the top insiders and their holdings:
| Insider Name | Position | Shares Owned (in millions) |
|---|---|---|
| Chris Urmson | CEO | 100 |
| Shawn Kerr | CFO | 50 |
| Board Members | Various | 217 |
Public Offerings and Capital Structure
In August 2024, Aurora completed a public offering of approximately 134 million shares of Class A common stock at a price of $3.60 per share, resulting in net proceeds of $466 million . The capital structure is primarily composed of Class A and Class B shares, with the following details:
| Class of Stock | Shares Issued (in millions) | Voting Rights |
|---|---|---|
| Class A Common Stock | 1,346 | 1 vote per share |
| Class B Common Stock | 367 | 10 votes per share |
Recent Financial Performance
During the third quarter of 2024, Aurora reported a net loss of $208 million, with total operating expenses of $196 million . The company's financial position reflects ongoing investments in research and development, with total R&D expenses amounting to $169 million for the quarter .
As of September 30, 2024, Aurora's total equity stood at $2,018 million, with accumulated deficits reaching $4,165 million . The company's liquidity position includes $263 million in cash and cash equivalents and $1,089 million in short-term and long-term investments .
Aurora Innovation, Inc. (AUR) Mission Statement
Overview of Mission Statement
Aurora Innovation, Inc. aims to deliver the benefits of self-driving technology safely and efficiently. The company is focused on developing the Aurora Driver, an autonomous driving platform designed for various applications, including freight and passenger mobility.
Core Values
- Safety: Prioritizing safety in all aspects of autonomous vehicle development.
- Innovation: Pioneering advancements in self-driving technology.
- Efficiency: Enhancing transportation efficiency through automation.
- Sustainability: Committing to environmentally responsible practices.
Strategic Goals
Aurora's strategic goals include:
- Launch of Aurora Driver for Freight to capitalize on the growing demand in the freight industry.
- Expansion into passenger mobility with Aurora Driver for Rides.
- Development of local goods delivery services leveraging autonomous technology.
Financial Performance Indicators
As of September 30, 2024, Aurora Innovation reported the following financial metrics:
| Financial Metric | Value (in millions) |
|---|---|
| Net Loss | $(555) |
| Operating Expenses | $587 |
| Research and Development Expenses | $505 |
| Selling, General and Administrative Expenses | $82 |
| Cash and Cash Equivalents | $263 |
| Short-term Investments | $985 |
| Total Assets | $2,265 |
| Total Stockholders’ Equity | $2,018 |
Recent Developments
In August 2024, Aurora completed a public offering, raising approximately $466 million in net proceeds, which will be used to support the ongoing development of the Aurora Driver platform.
Market Position
Aurora Innovation is positioned as a leader in the autonomous driving sector, with a focus on the following:
- Partnerships with major automotive manufacturers to integrate Aurora Driver technology.
- Expanding operational capabilities in various geographic markets.
- Investing in research and development to enhance the safety and reliability of autonomous systems.
Conclusion of Mission Alignment
The mission statement of Aurora Innovation reflects its commitment to advancing autonomous driving technology while focusing on safety, efficiency, and sustainability. This mission is supported by strategic financial initiatives and operational goals aimed at positioning the company as a key player in the future of transportation.
How Aurora Innovation, Inc. (AUR) Works
Business Model
Aurora Innovation, Inc. is primarily focused on developing the Aurora Driver, a suite of self-driving hardware, software, and data services aimed at transforming the transportation market. This technology is designed to be adaptable across various vehicle types, including passenger vehicles and commercial trucks, as well as for applications in freight and ride-hailing services.
The company's business model is centered around a Driver as a Service (DaaS) approach, allowing customers to subscribe to the Aurora Driver while managing their own fleets. This model is intended to keep operational costs low and enable rapid scaling through partnerships with original equipment manufacturers (OEMs) and fleet operators.
Financial Overview
As of September 30, 2024, Aurora reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($ millions) | Change (%) |
|---|---|---|---|---|
| Research and Development Expenses | $169 | $182 | ($13) | (7%) |
| Selling, General and Administrative Expenses | $27 | $30 | ($3) | (10%) |
| Total Operating Expenses | $196 | $212 | ($16) | (8%) |
| Net Loss | ($208) | ($190) | ($18) | (9%) |
Cash Flow Analysis
For the nine months ended September 30, 2024, Aurora reported the following cash flow data:
| Cash Flow Category | 2024 (in millions) | 2023 (in millions) | Change (in millions) |
|---|---|---|---|
| Net Cash Used in Operating Activities | ($469) | ($465) | ($4) |
| Net Cash (Used in) Provided by Investing Activities | ($245) | $332 | ($577) |
| Net Cash Provided by Financing Activities | $475 | $827 | ($352) |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $279 | $971 | ($692) |
Stockholder Equity and Capital Raising
As of September 30, 2024, Aurora's total stockholders' equity stood at $2,018 million, with the following breakdown:
| Component | Amount (in millions) |
|---|---|
| Common Stock | $0 |
| Additional Paid-in Capital | $6,181 |
| Accumulated Other Comprehensive Income | $2 |
| Accumulated Deficit | ($4,165) |
On August 2, 2024, Aurora completed a public offering of approximately 134 million shares of Class A common stock at a price of $3.60 per share, resulting in proceeds of $466 million net of transaction costs.
Operational Strategy and Market Position
Aurora aims to launch its self-driving technology in the freight sector first, targeting high-volume highway routes, before expanding into passenger mobility and local goods delivery. This strategy is based on the belief that the high demand in the freight market will provide a quicker path to profitability.
Recent Developments
Recent financial performance indicates a continued focus on controlling operating expenses, with notable reductions in both research and development and administrative costs. Aurora's operational strategy emphasizes partnerships with key industry players to enhance its market position and scalability.
How Aurora Innovation, Inc. (AUR) Makes Money
Overview of Revenue Streams
Aurora Innovation, Inc. primarily generates revenue through the development and commercialization of its self-driving technology, specifically the Aurora Driver platform. This platform is designed for various applications, including freight transport and passenger mobility.
Public Offerings and Capital Raising
In 2024, Aurora raised significant capital through public offerings to support its operations and development efforts. On August 2, 2024, the company completed a public offering of approximately 134 million shares of Class A common stock at a price of $3.60 per share, resulting in net proceeds of $466 million after transaction costs .
In the prior year, Aurora raised $853 million through a combination of public offerings and private placements, demonstrating a consistent strategy of capital raising to fund its operations .
Financial Performance Metrics
Financial performance continues to be a critical area for Aurora. The company reported the following financial metrics for the three months and nine months ended September 30, 2024:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss | $(208) million | $(190) million | $(555) million | $(604) million |
| Basic and Diluted Net Loss per Share | $(0.13) | $(0.13) | $(0.35) | $(0.48) |
| Total Operating Expenses | $196 million | $212 million | $587 million | $637 million |
| Research and Development Expenses | $169 million | $182 million | $505 million | $546 million |
| Selling, General and Administrative Expenses | $27 million | $30 million | $82 million | $91 million |
Operating Cash Flow
For the nine months ended September 30, 2024, Aurora reported net cash used in operating activities of $469 million, slightly higher than the $465 million used in the same period of 2023 . The cash flow details are as follows:
| Cash Flow Type | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|
| Net Cash Used in Operating Activities | $(469) | $(465) |
| Net Cash Provided by Investing Activities | $(245) | $332 |
| Net Cash Provided by Financing Activities | $475 | $827 |
| Cash at End of Period | $279 | $971 |
Investment in Technology and Development
Aurora continues to invest heavily in research and development. For the nine months ended September 30, 2024, R&D expenses amounted to $505 million, a decrease from $546 million in the same period of 2023 . This investment is crucial for the advancement of the Aurora Driver technology, which aims to be deployed in various sectors, including freight and passenger transport.
Market Position and Future Outlook
Aurora targets the freight transport market with its Aurora Driver for Freight service, which has potential for substantial impact due to high demand and favorable unit economics. In the longer term, the company plans to expand into passenger mobility and local goods delivery markets .
Stockholder Equity and Capital Structure
As of September 30, 2024, Aurora's total stockholders' equity was reported at $2,018 million, with an accumulated deficit of $(4,165) million . The capital structure reflects ongoing financial management strategies to support growth and innovation.
| Equity Metrics | As of September 30, 2024 (in millions) |
|---|---|
| Total Stockholders' Equity | $2,018 |
| Accumulated Deficit | $(4,165) |
| Additional Paid-in Capital | $6,181 |
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Article updated on 8 Nov 2024
Resources:
- Aurora Innovation, Inc. (AUR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Aurora Innovation, Inc. (AUR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Aurora Innovation, Inc. (AUR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.