Aurora Innovation raised $483 million in a public stock offering this week as the Pittsburgh-based autonomous trucking company looks to fund operations beyond its commercial launch later this year.
The raise, which closed Aug. 2, was originally advertised as a $350 million offering but increased due to investor demand. Aurora will use the funding for “working capital and other general corporate purposes,” according to a regulatory filing. Company officials had previously said the company only had enough cash to operate through 2025.
Aurora called off its earnings meeting to announce the stock sale. In a separate letter to investors, CEO Chris Urmson touted “great commercial progress” in the second quarter, including an expanded partnership with Uber Freight and contracts through 2025.
“We believe Aurora is best positioned to continue to lead the industry with our responsible technology approach, robust safety culture, Driver as a Service business model, and continued financial discipline,” he said.
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He highlighted a recent TUV SUD safety audit that found Aurora to be “proactive, responsible and thorough” in its safety approach.
“Before this week’s successful offering, management guided that it needed $850 million in incremental capital; it now finds itself over half way to fully funded. Nicely done,” George Gianarikas, managing director of Canaccord Genuity, wrote in a note to investors.
“We continue to see Aurora’s stock lining up as a highly compelling long-term value creator. This is an early-stage growth company where the road to commercialization and strong equity returns will likely be paved with unseen twists and significant volatility,” he added. “We, nevertheless, remain steadfast that Aurora’s equity remains a rare, meaningful, and timely opportunity.”
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The company’s total assets fell from $2.2 billion to $1.9 billion in the first six months of 2024, regulatory filings show.
Chief financial officer David Maday said Aurora has $1 billion in cash and short-term investments — a liquidity that he said will “support our planned commercial launch and fund our operations into the fourth quarter of 2025.”