Uber-backed Aurora slips after Q2 results, stock offering announced

Aurora Innovation

31/07/2024 22:13

** Shares of autonomous-driving tech firm Aurora Innovation
 AUR.O  down 6.5% at $3.74 in extended trading after co reports
Q2 results and launches equity offering
    ** Pittsburgh, PA-based firm, which partners with Uber
Freight, posts net loss in Jun qtr of $182 mln, or 12 cents/sh,
compared to $218 mln loss, or 18 cents/sh, a year ago
    ** "So far 2024 has already been an exciting year at Aurora
and we are confident that the best is yet to come as we execute
toward our planned Commercial Launch at the end of the year and
longer-term deployment at scale," CEO Chris Urmson says in
letter to shareholders
    ** Co commences $350 mln stock offering for working capital
and general corp purposes
    ** Goldman Sachs, Allen & Co and Morgan Stanley leading the
offering, per the SEC filing
    ** Aurora has ~$1 bln in cash and short-term investments as
of Jun 30, which it expects to fund operations into Q4 2025
    ** Ride-hailing firm Uber Technologies  UBER.N  is top AUR
investor with ~325.97 mln shares, or ~27.5% stake, per LSEG
    ** AUR shares on Weds closed up 1% at $4. Stock, which
surged 45% in Jul, down 8% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))