TuSimple: Revenues and Losses Expanded Simultaneously

TuSimple's release of its first financial report after the IPO negatively affected its share price.

On August 6, TuSimple released its financial report of the second quarter of 2021. According to the financial report, TuSimple's revenue for Q2 2021 was USD 1.482 million, achieving a year-on-year increase of 463.5%. The net loss was USD 117 million, up 316.6% from a year earlier. The operating loss was USD 121 million, with an increase of 331.8% year on year.

Affected by this news, TuSimple's shares fell 5.77% to USD 35.47 per share before the U.S. Stock market ended on August 6.

In terms of expenses, TuSimple's total costs and expenses in Q2 were USD 122 million, achieving a year-on-year increase of 331.3%. Among them, R&D expenditure was USD 75.891 million, decreasing by 65.8% compared with the year before. The sales and marketing expenses were USD 1.041 million, while the general and administrative expenses were USD 42.425 million, and the YoY increase was 328.4% and 714.8%, respectively.

With respect to cash flow, as of June 30, 2021, TuSimple owned USD 1.49 billion in cash and cash equivalents, which was 68 times larger than the previous year. The restricted cash the company owned was USD 1.506 million, increasing 100.8% on a year-on-year basis.

In terms of scientific research, TuSimple had more than 300 core technology patents and about 70 self-driving trucks around the world. At present, there are more than 1200 employees worldwide, about 80% of whom are R&D personnel.

TuSimple expects that its revenue will reach USD 5 million to USD 7 million in 2021, among which the R&D expenditure will reach USD 200 million to USD 220 million. It anticipates that the cash held would be more than USD 1.25 billion by the end of 2021.

TuSimple, founded in September 2015, is an automatic driving company with a large number of teams in both China and the United States. Headquartered in San Diego, the United States, it also has R&D and application centers in Shanghai, Hebei and Arizona. The company's main business is to provide driverless truck freight services worldwide, dedicated to providing computer vision-based commercial L4 high-speed scenes and in-port container trucks driverless transportation solutions.

TuSimple landed on NASDAQ on April 15, 2021, and was issued at a price of USD 40 per share. As of the closing of U.S. stocks on August 6, TuSimple's share price rose 0.05% to $37.64 per share, declining 5.9% from the listing price. At present, the market value reaches USD 7.868 billion (about CNY 50.884 billion).

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