Aurora Innovation (AUR) FY Conference August 13, 2025 08:30 AM ET Speaker0Eureka is one of Canaccord Genuity sustainability analysts. Thank you for coming to day two of our forty fifth annual growth conference, and we're incredibly excited to have Aurora with us today, CFO Dave Midey. Short presentation and then some questions. So Dave, please go ahead.Speaker1Awesome. Thanks. Thanks, George. It's great to be here again. It's a great event, and I'll I'll look forward to talking with all you.Think maybe just ...

Summary of Aurora Innovations Conference Call Company Overview - **Company**: Aurora Innovations - **Industry**: Autonomous Vehicle Technology, specifically focusing on driverless trucking - **Key Personnel**: David Maday, CFO Core Points and Arguments 1. **Driverless Operations**: Aurora is currently operating driverless trucks on public roads, specifically between Dallas and Houston, marking a significant milestone in the industry [4][5][6] 2. **Market Opportunity**: The trucking market is valued at over a trillion dollars, presenting a substantial opportunity for Aurora to unlock value through self-driving technology [25][26] 3. **Partnership Ecosystem**: Aurora has established a unique partnership ecosystem with both OEMs and supply chain partners, positioning itself for scalable commercialization [6][40] 4. **Financial Position**: The company has sufficient liquidity, estimated to last until 2027, allowing for continued operations and development [6][73] 5. **Technology Development**: Aurora employs a "crawl, walk, run" approach to technology deployment, focusing on expanding operational capabilities, including nighttime driving and adverse weather conditions [7][8][34] 6. **Verifiable AI**: The company utilizes a proprietary AI system termed "verifiable AI," which enhances safety and regulatory compliance by avoiding risks associated with traditional AI models [18][19][45] 7. **Simulation Technology**: Investments in simulation technology are crucial for rapid development and validation of the autonomous driving system [22][53] 8. **Safety Standards**: Aurora emphasizes a comprehensive safety case framework, which includes over 10,000 requirements and 2.7 million tests to ensure safety before deploying driverless technology [58][60] Additional Important Insights 1. **Market Dynamics**: The trucking industry faces challenges such as an aging workforce and driver shortages, which Aurora aims to address with its technology [27][28] 2. **Revenue Model**: The company is transitioning to a "driver as a service" model, which will enhance revenue generation as the technology matures [79] 3. **Future Growth**: Aurora plans to introduce a second-generation hardware kit in 2026, which will enable scaling to hundreds or thousands of kits, followed by a third-generation kit for mass production [64][66][68] 4. **Customer Engagement**: The company aims to build strong relationships with early adopters and ensure that its technology integrates seamlessly into existing customer operations [80][81] 5. **Transparency**: Aurora is committed to being transparent about its operations and technology, exemplified by the launch of "Aurora Driver Live," which allows the public to view real-time operations of its trucks [12][85] This summary encapsulates the key points discussed during the conference call, highlighting Aurora Innovations' strategic positioning, technological advancements, and market opportunities in the autonomous trucking sector.

Core Insights - Aurora Innovation has officially commenced revenue-generating commercial driverless trucking in the U.S., achieving GAAP revenue of $1 million in Q2 2025, surpassing analyst estimates of $0.5 million [1][5] - The company reported significant operational milestones, including logging over 20,000 driverless miles and maintaining nearly 100% on-time delivery with zero collisions attributed to the Aurora Driver [7][9] Financial Performance - Q2 2025 GAAP revenue was $1 million, compared to $0 million in Q2 2024, marking a year-over-year increase [2] - GAAP loss per share improved slightly to $(0.11) from $(0.12) year-over-year [6] - Adjusted EBITDA widened to $(170 million) in Q2 2025, while operating losses increased to $(230 million) from $(198 million) year-over-year [6] Operational Highlights - The company launched its first driverless trucks for commercial service in late April 2025, servicing major clients such as FedEx and Uber Freight [5][10] - Aurora's operational strategy includes a phased commercialization approach, focusing on proving system reliability and expanding operational domains [4][11] Strategic Partnerships - Aurora has established key partnerships with logistics platforms and manufacturers, including Uber Freight and Volvo, to enhance its operational capabilities [10] - The company is actively supporting legislative efforts like the AMERICA DRIVES Act to facilitate wider deployment of autonomous trucking [11] Future Outlook - For FY2025, Aurora projects mid-single-digit millions in total GAAP revenue, with cash usage expected to rise to a quarterly run rate of $175–185 million [13][14] - The company anticipates needing $650–850 million in additional capital before reaching break-even, expected in 2028 [14]

Aurora Innovation, Inc. (AUR) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to a loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.12, delivering a surprise of -9.09%.Over the last four quarters, the company has ...

Financial Data and Key Metrics Changes - The company recognized revenue of $1 million from driverless and vehicle operator supervised commercial loads during the second quarter of 2025 [27] - The operating loss for the second quarter totaled $230 million, with R&D expenses at $146 million and SG&A at $25 million [27][28] - The company ended the quarter with $1.3 billion in cash and short-term investments, indicating strong liquidity [28] Business Line Data and Key Metrics Changes - The Aurora driver logged over 20,000 safe driverless miles from commercial launch in April to June [9] - The company expanded its fleet from one to three driverless trucks operating between Dallas and Houston [10] - The driverless trucks maintained nearly 100% on-time performance and a perfect safety record [11] Market Data and Key Metrics Changes - The company is focused on expanding its driverless operations and validating operations in challenging weather conditions by the end of the year [13][19] - The terminal in Phoenix opened in June, with two customers piloting autonomous trucking on the Fort Worth to Phoenix lane [14] Company Strategy and Development Direction - The company aims to become an essential partner in the freight industry by increasing customer value and expanding driverless operations [12] - The strategy includes a focus on hardware development, with plans for second and third generation commercial hardware kits to reduce costs and support scaling [20][21] - The company is also working on partnerships for workforce development to prepare technicians for autonomous vehicle demands [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgency for customers to integrate safer, more efficient driverless trucks into their operations due to structural challenges in the freight industry [16] - The company expects to validate driverless operations on additional routes by the end of the year, setting the stage for rapid expansion in 2026 [67] Other Important Information - The company issued 57 million shares of Class A common stock for net proceeds of $331 million, which will support future fundraising and tax liabilities [28] - The introduction of the America Drives Act aims to establish a federal framework for self-driving trucks, which could enhance the regulatory environment for the company [23][24] Q&A Session Summary Question: Will the Volvo trucks be operating without an observer? - The company expects to receive 20 Volvo trucks by the end of the year but will initially use them for development and will not operate them without an observer [32] Question: Is there additional commercial momentum since the launch? - The company has seen increased interest from carriers and fleet operators, indicating excitement about the transformational impact of their technology [36] Question: How is the performance in wind and rain being tracked? - The company is focused on thorough validation and refining capabilities to ensure safety before launching in challenging weather conditions [40] Question: What is the timeline for ramping up trucks in operation? - The company is following a crawl, walk, run model and is focused on capability expansion and proving technology before scaling up the fleet [52] Question: What is the relationship with Uber post their debt offering? - Uber remains a great partner, focusing on ride-hailing while the company focuses on trucking, with ongoing collaboration in freight operations [72] Question: How is the production relationship with PACCAR developing? - The company values its relationship with PACCAR and is supporting their development of autonomy-enabled truck platforms while advancing its own driver technology [80]

Financial Data and Key Metrics Changes - The company recognized revenue of $1 million from driverless and vehicle operator supervised commercial loads during the second quarter of 2025 [26] - The operating loss for the second quarter was $230 million, with R&D expenses totaling $146 million and SG&A expenses at $25 million [27] - The company ended the quarter with $1.3 billion in cash and short-term investments, indicating strong liquidity [28] Business Line Data and Key Metrics Changes - The Aurora driver logged over 20,000 safe driverless miles from commercial launch in April through June, maintaining nearly 100% on-time performance [7][9] - The company expanded its fleet from one to three driverless trucks operating between Dallas and Houston [8] - The validation of driverless operations at night has been completed, significantly increasing truck utilization potential [12] Market Data and Key Metrics Changes - The company is focused on expanding its driverless operations, with plans to validate operations between Fort Worth and El Paso and further extend to Phoenix by the end of the year [13] - The terminal in Phoenix is designed to optimize speed to market and integrate with future customer endpoints [14] Company Strategy and Development Direction - The company aims to become an essential partner in the freight industry by increasing customer value and addressing structural challenges such as driver shortages and rising labor costs [15][19] - Partnerships with organizations for workforce development are being established to prepare technicians for the demands of autonomous vehicles [16] - The company is advancing its hardware development to reduce costs and support scaling and profitability ambitions [19][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and thorough validation before declaring operations as driverless [38] - The company is optimistic about the growing recognition of its leadership in autonomous trucking and the urgency felt by customers to integrate driverless trucks [15] - Management expects to unlock significant value for freight customers through the expansion of driverless operations [13] Other Important Information - The introduction of the America Drives Act aims to establish a federal framework for self-driving trucks, which could enhance the regulatory environment for the company [22][23] - The company is working on second and third generation commercial hardware kits to support scaling and profitability [19][20] Q&A Session Summary Question: Will the Volvo trucks be operating without an observer? - The company expects to receive the trucks by the end of the year but will initially use them for development and will not operate them without an observer [32] Question: Is there additional commercial interest since the launch? - The company has seen increased excitement and interest from carriers and fleet operators, indicating a shift from selling an idea to selling a real product [34][35] Question: How is the performance in wind and rain being tracked? - The company is focused on safety and thorough validation before launching in challenging weather conditions, with positive early returns on performance [38] Question: What is the ramp-up plan for trucks in operation? - The company is following a crawl, walk, run model and is balancing growth with development and testing to maximize the probability of success [51] Question: What is the relationship with Uber post their debt offering? - Uber remains a great partner, focusing on ride-hailing while the company focuses on trucking, with ongoing collaboration in freight operations [70] Question: What is the status of the hardware development with Fabrinet and Continental? - The company is on track with its hardware development, with the second generation expected in 2026 and the third generation in 2027 [100]

Second Quarter 2025 Business Review JULY 30, 2025 1 © 2025 | AURORA PROPRIETARY Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our ability to achieve certain milestones around, and realize t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-40216 ____________________________ Aurora Innovation, Inc. (Exact name of registrant as specifi ...

Exhibit 99.1 Aurora Second Quarter 2025 Shareholder Letter JULY 30, 2025 A letter to shareholders The second quarter marked a pivotal moment in transportation history, as Aurora opened a new chapter with the launch of the first driverless commercial trucking operations on public roads in the U.S. From commercial launch at the end of April through the end of June, the Aurora Driver already logged more than 20,000 driverless miles in its initial operating domain of daytime with clear weather conditions. And j ...

Core Insights - Aurora Innovation, Inc. (AUR) is expected to report its second-quarter 2025 results on July 30, with an anticipated loss of 12 cents per share, consistent with the previous year's results [1][9] Group 1: Financial Performance and Expectations - The company's earnings missed the Zacks Consensus Estimate by 10% in the previous quarter [1] - For the upcoming quarter, the Zacks Consensus Estimate indicates a loss of 12 cents per share, which is flat compared to the year-ago actual [1][9] - Aurora anticipates average quarterly cash use between $175 million and $185 million for the remainder of 2025, reflecting an increase in capital expenditures [2] Group 2: Strategic Focus and Operational Plans - Following a significant commercial launch milestone, Aurora is shifting its strategic focus to expand driverless operations, aiming to demonstrate the reliability and cost-effectiveness of its Aurora Driver technology [3] - The company plans to provide updates on new pilot programs, fleet expansion, or partnerships that validate its roadmap during the second quarter [4] - The quarter is seen as pivotal for Aurora to determine if it remains on track to achieve its scaling and profitability ambitions [4] Group 3: Market Position and Earnings Prediction - The current model does not predict an earnings beat for AUR, with an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [5]