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Goldman Sachs kept its neutral rating on the stock but lowered its target from $7 to $6. Other firms were more optimistic, with Cantor Fitzgerald and Needham keeping their buy-equivalent ratings and targets at $11 and $10. The average analyst target across the group now sits at $13, well above the current price of about $4.40.
Source: Goldman Sachs
Aurora reported that its self-driving system has now covered over 500,000 commercial miles without a person behind the wheel, maintaining a perfect on-time delivery record. The company is moving from testing into a commercial phase, with more than 20 driverless trucks currently being added to its fleet. It lost about 12 cents per share, which was slightly better than the 12.4 cents analysts expected.
Beyond the numbers, the company signed a new agreement with Charger Logistics to eventually deploy 500 autonomous trucks. This shift to a "Driver as a Service" model, where Aurora provides the software and support for a fee, is the core of its plan to turn its technology into a profitable business. While the company still spends more cash than it brings in, these large-scale partnerships show that major freight carriers are beginning to commit to the technology.
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Source: 8-K filing
The U.S. Department of Transportation granted a five-year exemption that allows Aurora's autonomous trucks to use integrated warning beacons if they are stopped on the side of the road. Current rules require a human driver to manually place flares or warning triangles around a vehicle.
This is a small but necessary win for the company's goal of running trucks without any people on board. It shows that regulators are willing to adapt existing safety rules to accommodate vehicles that have no driver to step out and set up equipment.
Source: Reuters
Management consistently hits its targets within a fraction of a penny, showing they have a tight grip on their spending as they move toward a full commercial launch.
| Expectation | |
|---|---|
| EPS | $-0.12 |
| Revenue | $3M |
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