Autonomous Driving Firm TuSimple Reports Loss of $116M in Q4 2021
TuSimple, a Chinese autonomous driving technology company, released its unaudited financial report for the fourth quarter of 2021 on Wednesday. According to the announcement, the firm’s total revenue during the period totaled $2 million, up 178% year-on-year, while overall revenue in the fiscal year of 2021 increased 240% year-on-year to $6 million.
TuSimple reported a net loss from operations of $116 million in Q4, while its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $81 million. In 2021, its net loss from operations was $411 million, and the adjusted EBITDA was $279 million.
In addition, TuSimple’s operating cash expenditure during Q4 was $73 million, adding to a total of $259 million in 2021 due to continuous investment in strategic growth and development initiatives. The company ended 2021 with over $1.3 billion of cash on the balance sheet. TuSimple expects full-year revenue in 2022 to be between $9 million and $11 million.
TuSimple said that in 2021, it has successfully completed the first seven fully Automated Driving System (ADS) truck runs on open public roads, and has achieved an 80-mile real freight run.
In Q4, the company issued 30 new patents, including those protecting essential technologies, such as simulation systems, map construction, and perception housing innovations for operating efficiency under variable weather conditions. At present, the company’s R&D team makes up 80% of its full-time employees, which grew in number by 10% during Q4 to a total of 1,100 people.
In January, TuSimple announced a partnership with NVIDIA to design the world’s most advanced Autonomous Domain Control (ADC), specially engineered for TuSimple’s Level 4 autonomous trucking applications.
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