TuSimple released its financial results on May 11. This is the first financial performance release since its April 15 IPO on the Nasdaq board.
● During the first quarter of 2021, TuSimple recorded revenues of USD 944,000 with a year-over-year growth of 264%, and net losses of USD 385 million, 13.92 times larger than the same period last year. By the end of the March of 2021, the cash and cash equivalents on book were CNY 509 million.
● During the quarter, the research and development expenditure recorded USD 41.43 million, marking a year-over-year growth of 127.88% and a month-over-month increase of 30%.
● From January to March of 2021, TuSimple had received 1200 auto-drive truck orders. Also, the company received another 1000 orders in April, which means 6775 orders in total.
● Based on the performance of the first quarter, TuSimple forecasted that the annual revenue for 2021 will be in the range of USD 5 million and 7 million, respectively. The R&D expense will continue to increase to USD 165 and 185 million.