[Form 4] Dillards Inc. Insider Trading Activity

Rhea-AI Filing Summary

Q2-25 is Aurora’s first quarter with commercial revenue following April’s 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’ 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

Positive

• First commercial revenue generated, validating Aurora Driver deployment.
• Robust liquidity of $1.31 b plus expanded $1 b ATM capacity supports near-term funding needs.
• Operating cash burn improved by $40 m YoY, indicating some spending discipline.
• No debt and low balance-sheet leverage reduce financial risk.

Negative

• Gross loss: cost of revenue exceeded sales five-fold, questioning early unit economics.
• High net loss of $201 m and continued negative EPS.
• Dilution risk from 69 m shares already issued via ATM and further $580 m capacity remaining.
• R&D and SG&A growth outpaced revenue, prolonging path to profitability.
• Accumulated deficit reached $4.77 b, reflecting long-term burn.

Insights

Sell-Side Financial Analyst

TL;DR: First revenue, heavy losses; strong cash after $399 m ATM; path to profitability still distant.

The debut of $1 m in freight revenue marks technical progress but underscores the early stage of monetization—cost of revenue quintupled sales. Operating expenses rose 14 % YoY, mainly personnel and hardware, keeping burn high. Liquidity of $1.31 b is ample, covering roughly 4–5 quarters at the current spend rate. The enlarged $1 b ATM provides additional flexibility but is dilutive. Near-term valuation hinges on proof of scalable economics and containment of R&D.

Institutional Portfolio Risk Manager

TL;DR: Cash runway solid, but dilution and negative unit economics heighten risk profile.

With no debt and limited liabilities, balance-sheet risk is low. However, gross losses on initial freight loads highlight uncertain unit economics, and accumulated deficit nears $4.8 b. The share count rose ~8 % YTD from ATM sales, and further issuance is likely. Investors should monitor cash burn pace, customer uptake, and regulatory milestones before considering sizeable exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Watts Phillip R.

(Last) (First) (Middle)

1600 CANTRELL RD

(Street)

LITTLE ROCK AR 72201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DILLARD'S, INC. [ DDS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SENIOR VICE PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Class A	07/28/2025		A		10	A	$513	9,384	D
Common Class A - Retirement Plan								10,312	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Phillip R. Watts	07/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much revenue did Aurora Innovation (AUR) report in Q2 2025?

Aurora recorded $1 million in revenue, its first commercial sales from the Aurora Driver for Freight.

What was AUR’s Q2 2025 net loss per share?

The company posted a -$0.11 basic and diluted net loss per share.

How much cash and short-term investments does Aurora have?

As of June 30 2025, Aurora held $1.31 billion in cash, cash equivalents and short-term investments.

What capital was raised through the ATM program?

During H1 2025 Aurora raised $399 million net by issuing 67 million Class A shares; the program’s limit was increased to $1 billion.

Did Aurora carry any debt at quarter-end?

No. Aurora reported no interest-bearing debt; total liabilities were $223 million, mainly leases and derivatives.

Why did cost of revenue exceed revenue?

Driverless freight operations are in early scale-up; fixed costs for hardware, maintenance and staff outweighed minimal launch-period miles driven.