CreateAI Holdings Inc.

TuSimple reported third-quarter 2022 revenue of $2.7 million, up 49% year over year and 4% sequentially. R&D expense was $86 million, including $17 million of stock-based compensation; SG&A was $31 million, including $6 million of stock-based compensation. Operating loss was $120 million, up 3% year over year and 8% sequentially, and adjusted EBITDA loss was $94 million, up 16% year over year and 13% sequentially. Capital expenditures were $4.8 million, and quarter-end cash, cash equivalents and short-term investments were approximately $1.07 billion, down 8% sequentially. Truck reservations held steady at 7,500, and the company said it received a 100-truck order after quarter-end. Management reiterated its revised guidance from Q2 and said it expects to finish 2022 with 75 trucks, while declining to give detailed 2023 guidance until the next update.

Interim CEO Ersin Yumer stressed that the leadership change does not alter TuSimple’s commercialization strategy or 2023 milestones. His message centered on safety, transparency, and building trust, including plans to work with multiple independent auditors to verify technology and operational processes. He also said the company is combining revenue and test fleets into one autonomous operation and narrowing its focus to the Texas Triangle to reduce cost per mile and accelerate commercialization.

Interim CFO Eric Tapia highlighted the quarter’s hard numbers and said TuSimple remains on track with its full-year revenue guidance. He noted $2.7 million of revenue, $86 million of R&D, $31 million of SG&A, a $120 million operating loss, a $94 million adjusted EBITDA loss, and $1.07 billion of cash and investments at quarter-end. He also said Q4 capex should be higher because of long-lead supply chain items and truck-related investments, while emphasizing disciplined spending and that more 2023 detail would come with fourth-quarter results.

Analysts focused heavily on the CEO removal, the ongoing investigation, and whether it would disrupt commercialization, and management repeatedly said the strategy is unchanged. Questions also covered truck upgrades, supply-chain readiness, and the path to removing support vehicles; management said the upgrade program is underway, does not expect major supply hiccups, and still expects to hit both upgrade and support-vehicle milestones in 2023. Several analysts asked about customer and partner reactions, the China business sale process, and whether the move from Arizona to Texas would slow testing; management said customers and partners were being kept informed, the China process has no material update, and the Texas shift is about lane density and commercialization rather than customer pressure.