AUR

1. Key Historical Highlights

• October 28, 2025: Launched a second 600-mile driverless freight route between Fort Worth and El Paso.
• October 28, 2025: Surpassed 100,000 driverless miles on public roads with five driverless trucks hauling freight.
• October 28, 2025: Announced next-generation Aurora Driver hardware with lower cost, higher reliability, longer range, and all-weather operation manufactured by Fabrinet.
• October 28, 2025: Began integrating the next-generation hardware on Volvo VNL Autonomous and International LT Series trucks with lineside integration at Volvo’s New River Valley facility.
• October 28, 2025: Started testing International LT Series Class 8 vehicles at a closed test track to expand customer capacity.
• October 28, 2025: Reported third quarter 2025 results and held a business review call with supporting materials posted.
• August 28, 2025: Announced a strategic partnership with McLeod Software to build the industry’s first TMS for autonomous trucks.
• August 28, 2025: Began beta testing API integration enabling load tendering, dispatch, and real-time visibility for autonomous shipments.
• July 31, 2025: Expanded the driverless fleet from one to three trucks operating between Dallas and Houston.
• July 31, 2025: Recognized $1 million in second quarter revenue from driverless and supervised commercial loads.
• July 31, 2025: Ended the quarter with $1.3 billion in cash and short-term investments providing runway into the second quarter of 2027.
• July 31, 2025: Began validating driverless night operations to increase truck utilization.
• July 31, 2025: Reported a net loss of $409 million for the first six months of 2025.
• July 31, 2025: Reaffirmed a Driver as a Service strategy partnering with OEMs and fleet operators to commercialize Aurora Driver for Freight.
• July 30, 2025: Surpassed 20,000 driverless miles and grew the driverless fleet to three trucks.
• July 30, 2025: Commenced driverless commercial operations at night to improve utilization.
• July 30, 2025: Opened a new terminal in Phoenix to accelerate speed to market.
• July 30, 2025: Launched Aurora Driver Live to showcase real-time self-driving truck operations.
• July 30, 2025: Began autonomous hauls for Hirschbach and Werner on the Fort Worth to Phoenix route.
• May 01, 2025: Launched a commercial self-driving trucking service in Texas, becoming the first to operate a driverless heavy-duty truck service on public roads.

2. Financial Performance Overview

• Early revenue ramp has begun with $1 million recognized in Q2 2025, and management previously guided 2025 revenue to the mid-single-digit millions; Gap: No detailed Q3 2025 financial metrics disclosed in provided materials beyond the announcement of results.
• Operating losses remain substantial as the business scales, with Q1 2025 operating expenses of $211 million, a Q2 2025 operating loss of $230 million, and a net loss of $409 million for the first half of 2025.
• Liquidity is strong with $1.3 billion in cash and short-term investments at Q2 2025, extending the runway into Q2 2027 versus prior guidance into Q4 2026.
• Cash use for 2025 is expected at $175–$185 million per quarter, reflecting increased capex and continued development of the Aurora Driver.
• Capital strategy includes a $466 million offering completed on August 02, 2024 and plans to raise an additional $650–$850 million before targeting positive free cash flow in 2028.

3. Management Effectiveness

• Executing a capital-light Driver as a Service model with deep ecosystem partnerships across OEMs, Tier 1s, and fleets, including Volvo, International, Continental, NVIDIA, Fabrinet, McLeod, Uber Freight, Hirschbach, Werner, and DHL.
• Rapid operational scaling from launch to multi-lane service with night operations, a Phoenix terminal, and over 100,000 driverless miles indicates effective planning and disciplined rollout.
• Strong safety governance demonstrated by a comprehensive Driverless Safety Report and a fully closed safety case with a 100% ARM for the Dallas–Houston lane supports credibility with regulators and customers.
• Financial discipline is evident in extended liquidity runway to Q2 2027 and a 6% year-over-year reduction in 2024 operating expenses, while maintaining heavy R&D investment to advance product readiness.
• Clear industrialization roadmap via next-generation hardware, lineside OEM integration, and a 2027 mass-manufacturing plan with Continental positions the platform for scale.
• Evidence lacking: Detailed unit economics per mile, per-truck cost structure, and realized gross margin trajectory at scale.

4. Key Quotes from Management

• "Six months out from launch, we’re achieving more industry-firsts, expanding quickly, and paving the way to deploy hundreds of trucks next year." — Chris Urmson, Co-Founder and CEO, Aurora (Aurora Expands Driverless Trucking Service from Fort Worth to El Paso, October 28, 2025)
• "The second quarter marked a pivotal moment in transportation history. Aurora opened a new chapter with the launch of the first driverless commercial trucking operations on public roads in the U.S." — Christopher Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (Q2 2025 Earnings Call Transcript, July 31, 2025)
• "We’re seeing qualified leads surge to support our scaling ambitions in 2026 and 2027." — Christopher Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (Q2 2025 Earnings Call Transcript, July 31, 2025)
• "Just three months after launch, we’re running driverless operations day and night and we’ve expanded our terminal network to Phoenix. Our rapid progress is beginning to unlock the full value of self-driving trucks for our customers, which has the potential to transform the trillion-dollar trucking industry." — Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (Expansion of Driverless Operations and Second Quarter 2025 Financial Results, July 30, 2025)
• "This milestone is just the starting point for an incredible commercial journey with many more defining moments to come." — Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (Q1 2025 Earnings Call Transcript, May 09, 2025)
• "We did it. We set out with an audacious goal to bring safe, self-driving trucking to life, and that vision has become reality." — Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (First Quarter 2025 Shareholder Letter, May 08, 2025)
• "Our focused strategy, grounded in safety, positioned for scale and enabled by financial discipline, continues to differentiate Aurora as the leader in autonomous trucking." — Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc. (Q4 2024 Earnings Call Transcript, February 13, 2025)