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TuSimple (TSP)

TuSimple is a global autonomous driving technology company, headquartered in San Diego, California, with operations in Arizona, Texas, China, Japan and Europe. Founded in 2015, TuSimple is developing a commercial-ready Level 4 (SAE) fully autonomous driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading proprietary AI technology, which makes it possible for trucks to see 1,000 meters away, operate nearly continuously and consume 10% less fuel than manually driven trucks.

Company profile

Ticker
TSP
Exchange
Employees
Incorporated
Location
Fiscal year end
Former names
Tusimple (Cayman) Ltd
SEC CIK
Subsidiaries
TuSimple, Inc. • TS Logistics, Inc. • AFN Carriers Inc. • TuSimple Research, Inc. • TuSimple Sweden AB • TuSimple Germany GmbH • Tusimple (Hong Kong) Limited • Tusimple (Hong Kong) Auto Tech Limited • TuSimple Japan Co. Ltd • Beijing Tusen Zhitu Technology Co., Ltd. ...
IRS number
862341575

TSP stock data

Calendar

3 May 22
29 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.24B 1.24B 1.24B 1.24B 1.24B 1.24B
Cash burn (monthly) 33.45M (no burn) 37.4M 38.74M 33.54M 26.08M
Cash used (since last report) 99.15M n/a 110.87M 114.85M 99.44M 77.31M
Cash remaining 1.14B n/a 1.13B 1.12B 1.14B 1.16B
Runway (months of cash) 34.1 n/a 30.2 29.0 34.0 44.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 22 James Mullen Class A Common Stock Sell Dispose S No No 6.6608 516 3.44K 33,201
17 Jun 22 Patrick Dillon Class A Common Stock Sell Dispose S No No 6.6608 956 6.37K 17,049
16 Jun 22 James Mullen Class A Common Stock Option exercise Acquire M No No 0 1,250 0 33,717
16 Jun 22 James Mullen Class A Common Stock Sell Dispose S No No 6.2436 588 3.67K 32,467
16 Jun 22 James Mullen RSU Class A Common Stock Option exercise Dispose M No No 0 1,250 0 22,500
16 Jun 22 Patrick Dillon Class A Common Stock Option exercise Acquire M No No 0 1,875 0 18,005
16 Jun 22 Patrick Dillon Class A Common Stock Sell Dispose S No No 6.2437 1,088 6.79K 16,130
16 Jun 22 Patrick Dillon RSU Class A Common Stock Option exercise Dispose M No No 0 1,875 0 37,500
15 Jun 22 James Mullen Class A Common Stock Option exercise Acquire M No No 0 1,250 0 33,055
15 Jun 22 James Mullen RSU Class A Common Stock Option exercise Dispose M No No 0 1,250 0 23,750
63.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 148 170 -12.9%
Opened positions 38 73 -47.9%
Closed positions 60 20 +200.0%
Increased positions 59 47 +25.5%
Reduced positions 24 26 -7.7%
13F shares Current Prev Q Change
Total value 4.64B 6.64B -30.1%
Total shares 127.45M 128.32M -0.7%
Total puts 689.8K 1.29M -46.5%
Total calls 4.44M 2.13M +108.4%
Total put/call ratio 0.2 0.6 -74.3%
Largest owners Shares Value Change
Xiaodi Hou 25.37M $909.42M 0.0%
Traton Se 15.78M $0 0.0%
ARK Investment Management 13.02M $158.79M +31.8%
Mo Chen 12M $430.2M 0.0%
Composite Capital Management 9.23M $112.59M 0.0%
Vanguard 8.81M $107.44M +0.3%
Capital International Investors 6.78M $82.66M -0.1%
Nikko Asset Management Americas 5.57M $68.01M +51.4%
STT State Street 3.67M $44.73M +75.8%
BLK Blackrock 3.28M $40.03M -35.2%
Largest transactions Shares Bought/sold Change
Capital World Investors 0 -4.63M EXIT
CMTDF Sumitomo Mitsui Trust 0 -3.68M EXIT
ARK Investment Management 13.02M +3.14M +31.8%
FMR 523.62K -2.47M -82.5%
Nikko Asset Management Americas 5.57M +1.89M +51.4%
BLK Blackrock 3.28M -1.79M -35.2%
STT State Street 3.67M +1.58M +75.8%
Two Sigma Investments 1.44M +1.44M NEW
Renaissance Technologies 947.6K +947.6K NEW
MS Morgan Stanley 1.39M +845.05K +155.6%

Financial report summary

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Competition
LuminarEmbark Technology
Risks
  • Autonomous driving is an emerging technology and involves significant risks and uncertainties.
  • We have a limited operating history in a new market and face significant challenges as our industry is rapidly evolving.
  • Our business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources.
  • Since the market for autonomous solutions is relatively new and disruptive, if our L4 autonomous driving technology fails to gain acceptance from users and other stakeholders in the freight transportation industry, our business, prospects, operating results, and financial condition could be materially harmed.
  • We may be subject to product liability or warranty claims that could result in significant direct or indirect costs, including reputational harm, increased insurance premiums, or the need to self insure, which could adversely affect our business and operating results.
  • The operation of our L4 autonomous semi-trucks is different from non-autonomous semi-trucks and may be unfamiliar to our users and other road users.
  • Reservations for our purpose-built L4 autonomous semi-trucks are cancellable
  • We operate in a highly competitive market and some market participants have substantially greater resources than we do. We compete against a large number of both established competitors and new market entrants.
  • Disruptions to the trucking industry, including changes in transportation and shipping infrastructure, could adversely impact our business, operating results, and financial condition.
  • The trucking industry is subject to economic, business, and regulatory factors that are largely beyond our control, any of which could have a material adverse effect on us and our business.
  • Seasonality and the impact of weather can affect our revenues and profitability.
  • Risks Related to Our Dependence on Third Parties
  • We rely on our business partners and other industry participants for our AFN. Business collaboration with partners is subject to risks, and these relationships may not lead to significant revenue. Any adverse change in our cooperation with them could harm our business.
  • We rely on third party suppliers and because some of the raw materials and key components in our products come from limited or sole sources of supply, we are susceptible to supply shortages, long lead times for components, and supply changes, any of which could disrupt our supply chain and could delay deliveries of our products to users.
  • We depend on an international supply chain that is subject to risk of foreign regulatory requirements and trade policy.
  • Risks Related to Our Financial Position and Need for Additional Capital
  • We expect to need to raise additional funds and these funds may not be available to us on attractive terms when we need them, or at all. If we cannot raise additional funds on attractive terms when we need them, our operations and prospects could be negatively affected.
  • We may be subject to risks associated with potential future acquisitions.
  • Risks Related to Our Business Operations
  • We depend on the experience and expertise of our senior management team, technical engineers, and certain key employees, and the loss of any executive officer or key employee, or the inability to identify and recruit executive officers, technical engineers, and key employees in a timely manner, could harm our business, operating results, and financial condition.
  • We have experienced rapid growth in recent periods and expect to continue to invest in our growth for the foreseeable future. If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service, or adequately address competitive challenges.
  • Our management team has limited experience managing a public company.
  • Our L4 autonomous semi-trucks are expensive and, as a result, we, along with our users, may need to obtain financing to purchase or lease semi-trucks.
  • We will be required to make significant capital expenditures to maintain our fleet of L4 autonomous semi-trucks.
  • We and our manufacturing partners may experience significant delays in the manufacture, launch, and financing of our purpose-built L4 autonomous semi-trucks, which could harm our business and prospects.
  • If our L4 autonomous semi-trucks fail to perform as expected, our ability to develop our AFN and market, sell or lease our purpose-built L4 autonomous semi-trucks could be harmed. Future product recalls involving our purpose-built L4 autonomous semi-trucks or hardware deployed on our L4 autonomous semi-trucks could materially and adversely affect our business, prospects, operating results, and financial condition.
  • If we are unable to establish and maintain confidence in our long-term business prospects among users, securities and industry analysts, and within our industries, or are subject to negative publicity, then our financial condition, operating results, business prospects, and access to capital may suffer materially.
  • We have previously identified a material weakness in our internal control over financial reporting. In the future, we may identify additional material weaknesses that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate such material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.
  • Pandemics and epidemics, including the ongoing COVID-19 pandemic, natural disasters, terrorist activities, political unrest, and other outbreaks could have a material adverse impact on our business, results of operations, financial condition, cash flows or liquidity, and the extent to which we will be impacted will depend on future developments, which cannot be predicted.
  • Risks Related to Our Intellectual Property, Information Technology and Data Privacy
  • We may become subject to litigation brought by third parties claiming infringement, misappropriation or other violation by us of their intellectual property rights.
  • Our business may be adversely affected if we are unable to adequately establish, maintain, protect, and enforce our intellectual property and proprietary rights or prevent third parties from making unauthorized use of our technology and other intellectual property rights.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Our patent applications may not issue as patents, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
  • We may not be able to protect our intellectual property rights throughout the world.
  • In addition to patented technology, we rely on our unpatented proprietary technology, trade secrets, processes, and know-how.
  • We utilize open source software, which may pose particular risks to our proprietary software, technologies, products, and services in a manner that could harm our business.
  • If our software contains serious errors or defects, we may lose revenue and market acceptance and may incur costs to defend or settle claims with our licensees, franchisees or other parties.
  • We are exposed to, and may be adversely affected by, interruptions to our information technology systems and networks and sophisticated cyber-attacks.
  • Unauthorized control or manipulation of systems in autonomous semi-trucks may cause them to operate improperly or not at all, or compromise their safety and data security, which could result in loss of confidence in us and our products, cancellation of contracts with certain of our OEM or Tier 1 partners and harm our business.
  • We collect, process, transmit, and store personal information in connection with the operation of our business and are subject to various data privacy and consumer protection laws. The costs to comply with, or our actual or perceived failure to comply with, changing U.S. and foreign laws related to data privacy, security, and protection, such as the California Consumer Privacy Act and the E.U. General Data Protection Regulation, or contractual obligations related to data privacy, security, and protection, could adversely affect our financial condition, operating results, and our reputation.
  • Risks Related to Regulations
  • Our business may be adversely affected by changes in automotive safety regulations or concerns that drive further regulation of the automobile safety market.
  • We are subject to substantial regulations, including regulations governing autonomous vehicles, and unfavorable changes to, or failure by us to comply with, these regulations could substantially harm our business and operating results.
  • Risks Related to Our International Operations
  • We face risks associated with our international operations, including unfavorable regulatory, political, tax, and labor conditions, which could harm our business.
  • Changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations.
  • Investments in us have been and may be subject to U.S. foreign investment regulations which may impose conditions or limitations on certain investors (including, but not limited to, limits on purchasing our Common Stock, limits on information sharing with such investors, requiring a voting trust, governance modifications, forced divestiture, or other measures).
  • We are subject to various requirements and restrictions under the NSA, and we have incurred and expect to incur significant costs to comply with those requirements and may be subject to significant monetary penalties if we do not comply with the requirements and restrictions under the NSA. In addition, restrictions under the NSA could limit our business activities.
  • The dual class structure of our common stock has the effect of concentrating voting control with certain stockholders, in particular, our Founders, which will limit your ability to influence the outcome of important transactions, including a change in control.
  • The dual class structure of our common stock may adversely affect the trading market for our Class A common stock.
  • We may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to decline.
  • Because we do not expect to pay dividends in the foreseeable future, investors must rely on price appreciation of our Class A common stock for return on the investment.
  • If securities or industry analysts do not publish research or reports about our business or if they issue an adverse or misleading opinion regarding our Class A common stock, our share price and trading volume could decline.
  • Sales of a substantial number of shares of our Class A common stock in the public market could cause our share price to fall.
  • We are an “emerging growth company,” and the reduced disclosures applicable to emerging growth companies may make our common stock less attractive to investors.
  • The requirements of being a public company, particularly after we are no longer an “emerging growth company”, may materially strain our resources, divert management’s attention, and affect our ability to attract and retain qualified board members.
  • Our failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act could have a material adverse effect on our business.
  • We may be subject to securities litigation, which is expensive and could divert our management’s attention.
  • Anti-takeover provisions in our charter documents may discourage our acquisition by a third party, which could limit our stockholders’ opportunity to sell their shares, at a premium.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware and federal court within the State of Delaware as the exclusive forum for certain types of actions and proceedings that our stockholders may initiate, which could limit a stockholder’s ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • When used in this report, the terms “TuSimple”, “Company”, “we”, “us”, and “our” mean TuSimple Holdings Inc. and all subsidiaries.
  • We are an autonomous technology company that is revolutionizing the estimated $4 trillion global truck freight market. We have developed industry-leading autonomous technology specifically designed for semi-trucks, which has enabled us to build the world’s first Autonomous Freight Network (“AFN”) in partnership with world-class shippers, carriers, railroads, freight brokers, fleet asset owners, and truck hardware partners. We believe that our technology and our AFN will make long haul trucking significantly safer as well as more reliable, efficient, and environmentally friendly, creating significant benefits for all who rely on the freight ecosystem to deliver essential goods.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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