AUR

1. Key Historical Highlights

• July 2025: Aurora launched the first driverless commercial trucking operations on public roads in the U.S., marking a significant milestone in autonomous technology deployment.
• April 2025: Aurora expanded its fleet to three driverless trucks operating between Dallas and Houston, and began nighttime operations to double truck utilization.
• April 2025: Aurora launched Aurora Driver for Freight, starting driverless operations for trucks and focusing on a Driver as a Service (DaaS) business model.
• April 2025: Opened a new terminal in Phoenix to enhance operational scale and efficiency.
• April 2025: Surpassed 20,000 driverless miles, showcasing the reliability of its autonomous technology.
• March 2025: Released a comprehensive Driverless Safety Report, emphasizing safety engineering, cybersecurity, and risk management.
• February 2025: Formed a strategic partnership with Continental and NVIDIA to deploy driverless trucks, leveraging NVIDIA's DRIVE Thor system.
• February 2025: Completed a public offering, raising approximately $466 million to support commercialization efforts.
• December 2024: Opened an advanced lidar research and testing facility in Bozeman, Montana, to support the development of FirstLight Lidar technology.
• October 2024: Completed a capital raise of nearly $0.5 billion, extending financial runway into 2026.
• September 2024: Hosted a Partner Summit, launching the Partner Success Program and announcing planned route expansions.
• August 2024: Participated in the Goldman Sachs Communacopia + Technology Conference, highlighting collaboration with industry leaders.
• August 2024: Completed over 7,000 loads for pilot customers, covering nearly two million commercial miles.
• January 2024: Announced a three-way partnership with NVIDIA and Continental to enhance autonomous trucking capabilities.

2. Financial Performance Overview

Revenue Growth

• Q2 2025: Aurora recognized $1 million in revenue from driverless and vehicle operator supervised commercial loads.
• 2024: Pilot revenue increased by 75% year-over-year, indicating strong growth in operational activities.

Profit Margins

• Aurora has not yet achieved positive profit margins, with ongoing operating losses expected as the company scales its operations.

Expense Management

• Q2 2025: Operating loss of $230 million with R&D expenses totaling $146 million.
• 2024: Operating expenses decreased by 6% to $786 million from $835 million in 2023, showing some improvement in expense management.
• Aurora expects to raise between $650 million to $850 million before achieving positive free cash flow, anticipated in 2028.

Significant Financial Events

• Q2 2025: Ended the quarter with $1.3 billion in cash and short-term investments, expected to fund operations into Q2 2027.
• April 2025: Raised approximately $466 million through a public offering to support commercialization.
• Q3 2024: Raised $483 million in gross proceeds from a public offering, ending the quarter with approximately $1.4 billion in cash and investments.

3. Management Effectiveness

Strategic Decision-Making

• Successfully launched the first driverless commercial trucking operations, demonstrating strategic foresight in autonomous technology deployment.
• Formed strategic partnerships with industry leaders like NVIDIA and Continental to enhance technological capabilities and scale operations.
• Focused on a Driver as a Service (DaaS) model, targeting partnerships with OEMs and fleet operators to transform the transportation market.

Capital Allocation

• Wisely allocated capital to expand fleet operations and open new terminals, such as the Phoenix terminal, to enhance operational efficiency.
• Invested in advanced facilities like the Bozeman lidar research and testing facility to support technological innovation and growth.

4. Key Quotes from Management

• "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." - Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc.
• "Efficiency, uptime, and reliability are important for our customers, and Aurora is showing we can deliver. Just three months after launch, we’re running driverless operations day and night and we’ve expanded our terminal network to Phoenix." - Chris Urmson, CEO, Aurora Innovation, Inc.
• "I’m immensely proud to share that after years of uncompromising commitment to safety, rigorous engineering and disciplined execution at Aurora, driverless trucks are on the operating commercially." - Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc.
• "Delivering one driverless truck will be monumental. Deploying thousands will change the way we live." - Chris Urmson, CEO and co-founder, Aurora
• "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.
• "We believe 2025 will be a defining year for Aurora as we begin to reshape the future of freight." - Chris Urmson, Co-Founder and CEO, Aurora Innovation, Inc.
• "We founded Aurora to deliver the benefits of self-driving technology safely, quickly, and broadly. Now, we are the first company to successfully and safely operate a commercial driverless trucking service on public roads." - Chris Urmson, CEO and co-founder, Aurora Innovation, Inc.