Bank of America reiterated TuSimple at a 'buy' rating, with a target price of USD 60. The bank said TuSimple had plenty of liquidity despite still losing money in the third quarter.
According to TuSimple's financial announcement for the third quarter of 2021:
- The revenue was USD 1.80 million, increasing by 205.65% compared with the same period last year.
- The net loss was USD 115 million, increasing by 28.56% compared with the same period last year.
- The research and development expenditure increased by 40.75% to USD 84.51 million.
- The revenue cost was USD 3.49 million.
- The sales and marketing expenses was USD 910,000.
- The general and administrative expenses was USD 28.83 million.
- TuSimple holds USD 1,41 million in cash and cash equivalents as of September, 30.
- At the end of the reporting period, TuSimple's road mileage was 5.4 million miles (about 8.69 million kilometers), showing an upward trend by 17% compared with last month. Among them, the fully automated truck bookings totaled 6,875, 100 more than that in the second quarter; and map mapping miles totaled 9,900 miles, growing 16% from last quarter.
- TuSimple expects the full-year revenue would be USD 5 million to USD 7 million, with USD 200 million to USD 220 million investments in research and development.