[8-K] FMC Corporation Reports Material Event

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.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

 FORM 8-K

_______________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 30, 2025

__________________________________________________________________________

FMC CORPORATION

(Exact name of registrant as specified in its charter)

__________________________________________________________________________ 

Delaware			1-2376						94-0479804
(State or other jurisdiction of incorporation or organization)			(Commission File Number)						(I.R.S. Employer Identification No.)
2929 Walnut Street			Philadelphia			Pennsylvania			19104
(Address of Principal Executive Offices)									(Zip Code)

Registrant’s telephone number, including area code: 215-299-6000

__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.10 per share

FMC

New York Stock Exchange

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.

☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 30, 2025, FMC Corporation issued a press release announcing the financial results for the three months ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1    Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			FMC CORPORATION (Registrant)
			By:			/s/ ANDREW D. SANDIFER
						Andrew D. Sandifer Executive Vice President and Chief Financial Officer

Date: July 30, 2025

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.