TuSimple Announces1st Half 2023 Results.

SAN DIEGO: TuSimple (Nasdaq: TSP) today reported results for the first and second quarters of 2023. TuSimple's quarterly financial results are available in the company's quarterly reports on Form 10-Q filed with the Securities and Exchange Commission and on the company's investor relations website.

"TuSimple continues to advance its technology with regular testing and validation of our autonomous vehicle systems through simulation and on-road testing in the U.S., China, and Japan," said Cheng Lu, CEO at TuSimple. "We continue to expand our strong patent portfolio while navigating significant change within the industry landscape and within TuSimple. We are seeing positive results from the previously announced restructurings in the U.S. in the form of more efficient operations and increased collaboration amongst the technology team. For the remainder of the year, we plan to remain focused on the development and testing of our systems to expand safety, increase reliability, and improve cost-effectiveness. We look forward to sharing our progress on our third quarter 2023 earnings conference call."

Financial Update

Select Financial Data ($ in millions)

Q1 2023

Q2 2023

Q2 2023 vs.

Q1 2023

Fav/(Unfav)

H1 2022

H1 2023

H1 2023 vs.

H1 2022

Fav/(Unfav)

Gross loss

(0.3)

(0.2)

0.1

(5.0)

(0.5)

4.5

Research and development ("R&D") expense

(61.6)

(58.5)

3.1

(163.7)

(120.1)

43.6

Selling, general and administrative ("SG&A") expense

(28.7)

(28.7)

0.0

(54.2)

(57.4)

(3.2)

Stock-based compensation expense

(SBC: included within R&D and SG&A expenses)

(16.8)

(11.0)

5.8

(52.7)

(27.8)

24.9

R&D

(12.1)

(6.3)

5.8

(39.9)

(18.4)

21.5

SG&A

(4.7)

(4.7)

0.0

(12.8)

(9.4)

3.4

Loss from operations

(90.6)

(87.4)

3.2

(222.9)

(178.0)

44.9

AEBITDA loss[1]

(69.5)

(64.9)

4.6

(162.9)

(134.4)

28.5

U.S.

(48.6)

(42.0)

6.6

(123.9)

(90.6)

33.3

APAC

(20.9)

(22.9)

(2.0)

(39.0)

(43.8)

(4.8)

Interest income

9.9

9.7

(0.2)

2.4

19.6

17.2

Cash, equivalents and investments at end of period

909.0

835.7

(73.3)

1,157.9

835.7

(322.2)

1 AEBITDA loss is comprised of loss from operations determined under GAAP minus depreciation and amortization, finance lease interest expense allocated to cost of revenue from truck leases, tax, and adjusted to exclude non-cash expense stock-based compensation and restructuring expenses, including severance and impairment losses. Reconciliations of AEBITDA loss to the most directly comparable GAAP measures are provided in the supplemental information of this release.

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