Tucson's future full-year earnings report: revenue increased by 240%, but losses also doubled

Recently, Tucson Future, known as the "world's first stock of autonomous driving", released its fourth quarter financial report, which is also the financial report of Tucson Future for the whole year last year.

After the earnings report, Tucson futures fell 1.83% at the end of the U.S. stock market on February 9 at $16.09.

Tucson's future Q4 revenue was $2.050 million, compared to $737,000 in the year-ago quarter, up 178% year-over-year, and net loss attributable to common shareholders was $115 million, compared to $43.589 million in the year-ago quarter.

For the full year 2021, the company had revenue of $6.261 million, compared to $1.843 million in the year-ago quarter, an increase of 240% year-over-year, and a net loss attributable to common shareholders of $737 million compared to $19,900 for the year-ago quarter. The company has more than $1.3 billion in cash reserves by the end of 2021.

Looking ahead to 2022, Tucson expects full-year revenue of $9-11 million, stock-based compensation expenses between $155 million and $175 million, spending on property and equipment purchases between $30 million and $40 million, and cash reserves of approximately $900 million by the end of 2022.

Despite the growing revenue, we can see that Tucson's future losses continue to widen, both in the fourth quarter and throughout last year.

Huge losses actually have their mark. Operating cash expenses were $73 million in the fourth quarter of last year and $259 million for the full year 2021, the earnings report revealed. Stock-based compensation (SBC) was $32 million.

In addition, Tucson's future R&D expenditure and sales management expenses have doubled, for example, in the fourth quarter, R&D expenditure was $82.393 million, compared with $31.799 million in the same period last year; sales, general and administrative expenses were $31.910 million, compared with $10.270 million in the same period last year.

Correspondingly, as of December 31, 2021, Tucson Future Fleet's road miles reached 6.3 million miles, up 17% sequentially; truck bookings totaled 6,975 units, 100 new bookings from the previous quarter; map mapping miles totaled more than 11,000 miles, up 13% sequentially; and revenue miles exceeded 1 million miles, up 8% sequentially.

On March 23, 2021, Tucson Future officially filed an IPO prospectus with the U.S. Securities and Exchange Commission (SEC) to be listed on the Nasdaq Global Select Market under the ticker symbol "TSP". At the time, it was reported that Morgan Stanley, Citigroup and J.P. Morgan were reported to have been reported. Morgan) will serve as lead bookrunner for the offering.

In April last year, Tucson Future officially entered the US stock market. Prior to this, Tucson has accumulated more than $550 million in public financing in the past six years since its establishment, received investment from giants such as UPS, NVIDIA and Sina Capital, and occupied the leading player position in the field of driverless freight.

Founded in 2015, Tucson has offices in Shanghai and Beijing, China, and San Diego and Tucson in the United States. It is understood that Tucson began with image recognition technology in the future, "The car recognition artifact of sina car channel is developed by Tucson, which can identify car brands and models." ”

Compared with the field of autonomous commercial vehicles that are difficult to land, enterprises focusing on autonomous vehicles on trunk lines can undoubtedly change people's lives earlier, land more first, and provide people with faster and more convenient road transport services. In January this year, Tucson Future announced the successful completion of the world's first unmanned heavy truck on the public road fully unmanned test, the whole process without safety officers on duty and any human intervention.

The fully unmanned test departed from a railroad port near Tucson City, Arizona, and the driverless truck traveled more than 80 miles at night to reach a large logistics distribution center near Phoenix. The whole process lasts up to 1 hour and 20 minutes.

A month ago, Tucson Future also announced with Nvidia that the two sides will deepen their strategic partnership to design and develop a next-generation driverless domain controller designed for the needs of L4-level driverless truck scenarios.

Tucson Future said in the prospectus that its products will not start to be delivered until 2024, if a truck can achieve revenue of $60,000 a year, it will break even when the number of trucks operated reaches 5,000 units, but from the current progress, it may take time for Tucson to achieve profitability in the future and confirm the feasibility of its own business model.

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