Aurora Innovation (NASDAQ:AUR) Announces Earnings Results

Aurora Innovation (NASDAQ:AUR) posted its quarterly earnings results on Wednesday. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01, FiscalAI reports. The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.97 million. The firm’s quarterly revenue was down 66.7% on a year-over-year basis.

Here are the key takeaways from Aurora Innovation’s conference call:

• Aurora plans a Q2 launch of its second-generation commercial hardware kit and expects to exit 2026 with >200 driverless trucks in operation, positioning the company to scale into its 2027 Driver-as-a-Service offering.
• Hirschbach has signed an MOU to scale to 500 trucks under Aurora’s Driver-as-a-Service model, a deal Aurora says could convert to a definitive agreement this year and represent hundreds of millions in multi-year revenue starting deliveries in 2027.
• Financials show a small Q1 revenue base of $1 million with a large operating loss of $244 million, Q1 cash use of $159 million and guidance for average quarterly cash burn of ~$190–220 million despite ending the quarter with ~$1.3 billion in liquidity.
• The new hardware kit is expected to cut Aurora Driver hardware costs by 50%+, includes a proprietary FirstLight FMCW lidar with a 1 km range (about double competitors) and is designed for 1 million miles of operation, all intended to improve reliability and unit economics.
• Operational metrics highlight progress: the Aurora Driver surpassed 370,000 driverless miles with 100% on-time performance and zero Aurora-attributed collisions, plus high utilization (Werner trucks averaging 4,000+ miles/week) that management says can drive higher revenue per truck.

Aurora Innovation Price Performance

Shares of NASDAQ AUR traded up $0.74 during midday trading on Wednesday, hitting $7.27. 41,746,595 shares of the company’s stock were exchanged, compared to its average volume of 19,501,996. Aurora Innovation has a twelve month low of $3.60 and a twelve month high of $8.19. The company has a market cap of $14.17 billion, a PE ratio of -16.16 and a beta of 2.58. The firm’s fifty day simple moving average is $4.63 and its 200-day simple moving average is $4.49.

Analysts Set New Price Targets

AUR has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Aurora Innovation in a research report on Monday, February 9th. The Goldman Sachs Group increased their price target on Aurora Innovation from $4.00 to $5.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Aurora Innovation in a research report on Monday, April 20th. Wall Street Zen lowered Aurora Innovation from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $13.00 target price on shares of Aurora Innovation in a research report on Thursday, February 12th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.54.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AUR. Royal Bank of Canada increased its position in Aurora Innovation by 35.7% during the first quarter. Royal Bank of Canada now owns 227,475 shares of the company’s stock worth $1,530,000 after buying an additional 59,801 shares during the period. AQR Capital Management LLC grew its stake in shares of Aurora Innovation by 9.4% in the 1st quarter. AQR Capital Management LLC now owns 166,257 shares of the company’s stock valued at $1,118,000 after purchasing an additional 14,220 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Aurora Innovation by 6.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,046,760 shares of the company’s stock valued at $13,764,000 after purchasing an additional 127,953 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Aurora Innovation by 9.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 32,868 shares of the company’s stock valued at $172,000 after purchasing an additional 2,774 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Aurora Innovation by 66.5% in the 2nd quarter. Cetera Investment Advisers now owns 112,351 shares of the company’s stock valued at $589,000 after purchasing an additional 44,867 shares during the last quarter. Institutional investors and hedge funds own 44.71% of the company’s stock.

About Aurora Innovation

Aurora Innovation, Inc is a technology company specializing in the development of self-driving vehicle systems for both passenger and commercial applications. Headquartered in Mountain View, California, Aurora has built an end-to-end platform—known as the Aurora Driver—that integrates proprietary software, machine learning algorithms and a suite of sensors (LiDAR, radar and cameras) to enable vehicles to operate safely and efficiently in diverse driving environments.

The company’s core business revolves around designing, testing and deploying its autonomy stack on vehicles from established automotive and transportation partners.