TuSimple Loses $110 Million in Operations in Q2

On August 2, TuSimple, a driverless truck company, released its Q2 financial report. In Q2, its revenue totaled $2.594 million, up 73% compared with that of $1.482 million in the same period last year. Its operational loss was $110 million, while the adjusted EBITDA was $82.7 million.

As of June 30, TuSimple had a cumulative road mileage of 8.1 million miles, up by 13% compared with 7.2 million miles at the end of Q1. The total number of reserved trucks was 7,485, a slight growth from Q1’s 7,475 units.

In terms of costs, TuSimple spent $85.5 million in R&D, mainly for personnel expenditure, which totaled $60.8 million. Sales and general and administrative expenses were $22 million, while that of Q1 last year was $21.5 million. TuSimple spent $25.2 million as equity incentive. At the end of Q2, the company had a total of $1.16 billion cash reserves on its balance sheet.

In the financial report, TuSimple adjusted its performance forecast for 2022. The company now expects annual revenue to be $9 million to $11 million, basically the same as before. After adjustment, EBITDA losses were $360 million to $380 million, narrower than the previous forecast of $400 million to $420 million.

TuSimple, founded in 2015, is an automated driving tech company headquartered in San Diego, U.S. Its main business is driverless trucks. Currently, the company helps speed up the process of mass production. In its financial report, the company said it was at a critical stage of transition from technology R&D to commercialization with security as its prerequisite.

SEE ALSO: Autonomous Driving Startup TuSimple Explores Sale of China Unit

In addition to commercialization, its personnel changes have attracted much attention from the outside world. In July this year, some media reported that TuSimple’s co-founder and VP of engineering Huang Zehua left the job in October 2021 and founded a smart truck company in April this year. Wang Yi, another senior employee of TuSimple, also left at the same time. Patrick Dillon, former CFO, submitted his resignation on June 15 this year and later officially resigned.