What happened
In the category of "better late than never," TuSimple Holdings (TSP) finally published its fourth-quarter 2022 results on Thursday. Happily for investors who might have been anxious about its contents during the long wait, the earnings report contained some positive elements. As a result, the market sent the autonomous-truck developer's shares more than 13% higher today.
So what
After months of delay, TuSimple's quarterly report finally saw the light of day Thursday morning. It showed that the company, which is still in its early stages, booked $1.9 million in revenue, down slightly (by 0.2%) from the same period of 2021.
Its net loss deepened, but not worryingly so, to $138 million ($0.61 per share) from the year-ago quarter's $115 million.
Zooming out to full-year 2022 results, divulged in a regulatory filing, the top-line figure was a shade over $9.3 billion, well up from 2021's $6.3 million. The net loss was considerably narrower at $472 million versus the previous year's nearly $737 million shortfall.
Another positive was the vehicle company's coffers: At the end of last year, it had just under $995 million worth of cash, equivalents, and investments.
Now what
In its earnings release, TuSimple attributed some of its improvements to a restructuring and a strategic refocus. It quoted CEO Cheng Lu as saying, "We improved corporate governance and restructured the organization in an effort to better align with overall industry timelines."
