TuSimple Q1 revenue $2M (+140% YoY); operating loss $112M; Driver Out progress

TuSimple Holdings Inc.

2022-Q1 EPS reported -$0.50 revenue$2,264,000

Revenue of $2M, up 140% YoY and 10% sequentially; quarterly revenue miles flat at ~1.014M as resources shifted to Driver Out testing.
Loss from operations $112M; Adjusted EBITDA ($80M); R&D spend $78M (+$37M YoY); SG&A $32M.
Total truck reservations 7,475 (+500 in Q1); cumulative road miles 7.2M (+14% QoQ); patents 408 (+5% QoQ).
Expanded AFN terminals in Houston and Laredo with Ryder; added Reed Werner to Board as Chair of Government Security Committee.
Continued Driver Out operations with Minimum Risk Condition validation; targeting driverless commercialization by end of 2023.

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