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Q2-25 is Aurora鈥檚 first quarter with commercial revenue following April鈥檚 launch of Aurora Driver for Freight. The company recorded $1 million of revenue but a $5 million cost of revenue, resulting in a negative gross margin. R&D spending increased 12 % YoY to $190 million and SG&A rose 29 % to $36 million, driving an operating loss of $230 million and a net loss of $201 million (-$0.11 /share).

Balance-sheet strength: cash & equivalents of $206 million plus $1.103 billion in short-term investments give total liquidity of $1.31 billion. An at-the-market (ATM) equity program supplied $399 million net in H1 and capacity was increased to $1 billion. Liabilities remain low at $223 million with no debt; derivative liabilities fell to $41 million. Stockholders鈥� equity improved to $1.99 billion but accumulated deficit widened to $4.77 billion.

Cash flow: operating cash burn was $286 million for the first six months, better than the $326 million burn last year; capex was modest at $15 million. Management says existing funds cover at least the next 12 months yet anticipates additional raises before full commercialization.

Key figures

• Revenue: $1 m vs $0 m (YoY)
• Net loss: -$201 m vs -$182 m
• Cash & ST investments: $1.31 b
• Shares outstanding: 1.84 b (A+B)
• Intangibles placed in service: $617 m, 10-year life

Merit Medical Systems (MMSI) 鈥� Q2 2025 10-Q highlights

• Revenue: $382.5 m, up 13.1 % YoY; six-month revenue $737.8 m, up 11.5 %.
• Mix: Cardiovascular +11 % to $364.0 m; Endoscopy devices +81 % to $18.4 m.
• Margins: Gross margin 48.3 % (+60 bp); SG&A +19 %, R&D +20 % drove operating margin down 130 bp to 12.3 %.
• Earnings: Net income $32.6 m (-8.8 %); diluted EPS $0.54 vs $0.61. 1H EPS $1.03 (-5.5 %).
• Cash flow: 1H operating cash flow $123.9 m (+18 %); capex $34.8 m; acquisitions $122.6 m.
• Balance sheet: Cash $341.8 m (-9 % YTD); long-term convertible notes $731.8 m; equity $1.49 bn (+7.9 %). Leverage covenants remain compliant.
• Acquisitions: Closed $126 m Biolife deal in May (hemostatic devices); prior Cook ($210 m) and EGS ($105 m) integrations ongoing. Goodwill now $504.6 m.
• Tax: Effective rate 24.9 % vs 22.1 %, pressuring earnings.

Overall, strong top-line growth and cash generation were offset by higher operating costs, acquisition spending and a rising tax rate, leading to lower YoY earnings.

The Vanguard Group has filed a Schedule 13G disclosing beneficial ownership of 3,688,628 Daktronics (DAKT) common shares, representing 7.51 % of the outstanding class as of 30 Jun 2025.

According to the filing, Vanguard holds no sole voting power and only 37,557 shares under shared voting power, underscoring its passive stance. In contrast, it possesses substantial dispositive authority: 3,612,884 shares sole dispositive and 75,744 shares shared dispositive power. The firm categorises itself as an investment adviser under Rule 13d-1(b) and certifies that the securities were acquired in the ordinary course, without intent to influence control.

Crossing the 5 % threshold elevates Vanguard to a significant institutional holder, potentially broadening DAKT鈥檚 shareholder base and enhancing stock liquidity, albeit with limited immediate governance impact due to the minimal voting rights exercised.