Financial Data and Key Metrics Changes - In Q3 2025, Aurora Innovation reported revenue of $1 million, reflecting a 12% sequential increase from Q2 2025 driven by a record number of commercial miles [22] - Operating losses for Q3 2025 totaled $222 million, with R&D expenses at $138 million and SG&A at $28 million [22][23] - The company ended Q3 2025 with $1.6 billion in cash and investments, expected to fund operations into the second half of 2027 [23] Business Line Data and Key Metrics Changes - The Aurora Driver achieved over 100,000 driverless miles on public roads, doubling the cumulative miles from early September [5][12] - The company launched driverless commercial operations on a new route from Fort Worth to El Paso, adding multiple customers to its driverless cohort [5][6] Market Data and Key Metrics Changes - Aurora plans to expand driverless operations across the Sunbelt, with future routes including Dallas to Laredo and Dallas to Atlanta [9][10] - The company is working with multiple customers to identify locations for driverless endpoints in early 2026 [9] Company Strategy and Development Direction - Aurora aims to launch its second-generation commercial hardware kit in Q2 2026, which is expected to reduce hardware costs by over 50% [16][17] - The company is focusing on expanding its driverless operations and enhancing its technology to support scaling objectives for 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety, trust, and scale in autonomous trucking, stating that strategic investments are driving operational efficiency [21] - The company is optimistic about regulatory momentum, having received approval for new safety measures and legislative support for self-driving trucks [20] Other Important Information - Aurora has established a partnership with McLeod Software to enhance customer adoption of the Aurora Driver [15] - The company is also advancing its third-generation commercial hardware kit, which is expected to unlock scale for tens of thousands of trucks [18][19] Q&A Session Summary Question: Plans for moving from terminal to endpoint shipments - Management clarified that transitioning to endpoint shipments is not a significant technical challenge, as most customer endpoints are within a five-mile range from highways [26][28] Question: Deployment of hundreds of trucks next year - Management confirmed plans to deploy hundreds of trucks in 2026, aligning with customer demand and operational capabilities [30][31] Question: Relationship with International and truck purchases - Management stated that they are purchasing stock trucks from International without a co-development partnership, aiming for driverless operations by Q2 2026 [33][34][36] Question: Progress with Volvo and truck validation - Management reported progress in integrating the Aurora Driver into Volvo trucks and starting line-side integration at their manufacturing facility [70][73] Question: Addressing dust storms and weather conditions - Management explained that both LIDAR and radar are used to navigate dust storms, with radar being less affected by such conditions [79][81]

Revenue and Commercialization - Revenue for the three months ended September 30, 2025, was $1 million, attributed to the commercial launch of Aurora Driver for Freight in April 2025[85]. - The company launched Aurora Driver for Freight as its first driverless trucking subscription service, targeting high-volume highway routes[83]. - The company plans to commercialize the Aurora Driver in a Driver as a Service (DaaS) model, partnering with OEMs and fleet operators to scale operations[82]. Expenses and Financial Performance - Research and development expenses increased by $10 million, or 6%, to $179 million for the three months ended September 30, 2025, primarily due to increased non-cash stock-based compensation[87]. - Selling, general and administrative expenses rose by $11 million, or 41%, to $38 million for the three months ended September 30, 2025, driven by higher personnel costs and realignment of resources[88]. - Net cash used in operating activities was $435 million for the nine months ended September 30, 2025, a decrease of $34 million from $469 million for the same period in 2024[103]. - Net cash provided by financing activities was $828 million for the nine months ended September 30, 2025, an increase of $353 million from $475 million for the same period in 2024[105]. Financial Position and Capital Needs - As of September 30, 2025, the company had $87 million in cash and cash equivalents, $1,160 million in short-term investments, and $357 million in long-term investments[97]. - The company expects to continue incurring operating losses and will need to opportunistically raise additional capital to support the development and commercialization of the Aurora Driver at scale[98]. Market Risks - The company is exposed to various market risks, including interest rate changes and inflation impacts[108]. - Interest rate risk is sensitive to factors such as governmental policies and economic conditions, but a 100-basis point change is not expected to materially affect the business[109][110]. - Inflation has not materially impacted the company's financial condition, aside from general economic effects, but rising costs could pose challenges if not offset by price increases[111]. Other Financial Metrics - The change in fair value of derivative liabilities resulted in income of $12 million for the nine months ended September 30, 2025, compared to an expense of $15 million for the same period in 2024[95].

Core Insights - Aurora has expanded its driverless route network by adding a 600-mile route from Fort Worth to El Paso, marking its second route for self-driving trucks [1][2] - The company has achieved a significant milestone by completing over 100,000 driverless miles on public roads with five self-driving trucks since launching its commercial service in May [2] - Aurora aims to expand its services to Phoenix by the end of the year, following its initial commercial service that began with a Dallas-to-Houston route [2][3] Route Expansion - The new Fort Worth-to-El Paso route is designed to be attractive to carriers, addressing staff shortages and the challenges of completing long hauls in a single day [4] - Key customers for the El Paso route include Hirschbach Motor Lines and Russell Transport [4] Technological Advancements - Aurora has introduced next-generation hardware, developed by Fabrinet, which is being integrated with Volvo VNL Autonomous trucks, offering improved durability and performance at half the overall cost [5] - The new lidar technology can detect objects from 1,000 meters away, doubling the detection range of the previous generation, and features enhanced sensor cleaning for better reliability in harsh weather [5] - The partnership with Volvo marks an industry-first collaboration aimed at creating scalable autonomous truck solutions, with plans for higher volume hardware production in collaboration with Aumovio set for 2027 [6]

Third Quarter 2025 Business Review October 28, 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 ...

Financial Performance - In Q3 2025, Aurora generated $1 million in revenue, marking a 12% sequential increase from Q2 2025[46]. - Aurora's operating loss for Q3 2025 totaled $222 million, with R&D expenses at $138 million and SG&A at $28 million[47]. - The company reported a net loss of $201 million for the three months ended September 30, 2025, compared to a net loss of $208 million for the same period in 2024, showing a slight improvement of 3.4%[55]. - Research and development expenses for the nine months ended September 30, 2025, were $551 million, up from $470 million in the same period of 2024, representing an increase of 17.2%[55]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(506) million, compared to $(463) million for the same period in 2024, reflecting a deterioration of 9.3%[60]. - The company anticipates cash use of $175 - $185 million in Q4 2025, reflecting strong fiscal discipline[48]. - The company’s cash flows from operating activities showed a net cash used of $435 million for the nine months ended September 30, 2025, compared to $469 million for the same period in 2024, indicating a decrease of 7.2%[57]. Assets and Equity - As of September 30, 2025, total assets increased to $2,510 million from $2,138 million as of December 31, 2024, reflecting a growth of approximately 17.4%[53]. - The company’s total stockholders' equity rose to $2,291 million as of September 30, 2025, compared to $1,875 million at the end of 2024, marking an increase of 22.2%[53]. - The company’s total current liabilities decreased to $84 million as of September 30, 2025, from $105 million at the end of 2024, a reduction of 20%[53]. Cash and Investments - The company ended Q3 2025 with $1.6 billion in cash and investments, providing liquidity to fund operations into the second half of 2027[49]. - Cash and cash equivalents decreased to $87 million as of September 30, 2025, from $211 million at the end of 2024, indicating a decline of 58.8%[53]. - Proceeds from the issuance of common stock amounted to $896 million for the nine months ended September 30, 2025, compared to $478 million for the same period in 2024, an increase of 87.5%[57]. Driverless Technology and Operations - The Aurora Driver surpassed 100,000 driverless miles on public roads, achieving 100% on-time performance and zero collisions attributed to the technology[4][20]. - Aurora is expanding driverless operations with new routes, including a 600-mile lane from Fort Worth to El Paso, and plans to extend to Phoenix, adding another 400 miles[5][12]. - The company is working on validating driverless operations in challenging weather conditions, including dust storms and heavy rain, with a software release planned for January 2026[17][18]. - A strategic partnership with McLeod Software aims to accelerate customer adoption of the Aurora Driver among mid-market customers[27]. - Aurora's collaboration with Volvo has led to the integration of the second generation commercial kit into Volvo's autonomous trucks, with production expected to begin in 2027[35][38]. - The company plans to launch its second generation commercial hardware kit in Q2 2026, which is expected to reduce hardware costs by over 50%[31][32]. Future Outlook - The company anticipates continued investment in research and development to enhance its driverless technology and expand its market presence, although specific financial projections were not provided[54].

Investor Presentation OCTOBER 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 driverless operations and future financial and operating performance; our ...

Core Insights - Aurora Innovation, Inc. is recognized as one of the best mid-cap stocks to buy, with a current hold rating and a price target of $8 set by Evercore ISI [1] Financial Position - The company has maintained liquidity of $1.3 billion, which is projected to sustain operations until Q2 2027 [2] Strategic Vision - Aurora aims for a revenue target between $2 billion and $3 billion by 2028 and plans to transition to a driver-as-a-service model by 2027 through a phased approach [3] - The company has successfully surpassed 50,000 driverless miles between Dallas and Houston, showcasing its operational capabilities [2][3] Business Model - Aurora develops a self-driving platform applicable across various vehicle types and offers driverless trucking services [3]

Core Insights - Aurora Innovation, Inc. is highlighted as a self-driving technology company that has not made a profit in the last five years, losing hundreds of millions of dollars [1] - The stock trades at under $5, and the company is not recommended for investment due to its inability to generate profits [1] - There are other AI stocks considered to have greater upside potential and less downside risk compared to Aurora Innovation [1] Company Overview - Aurora Innovation develops autonomous driving technology through its Aurora Driver platform [1] - The company has been criticized for its financial performance, with a focus on its consistent losses over the years [1] Investment Perspective - The commentary suggests that investors should consider more promising AI stocks instead of Aurora Innovation, especially those benefiting from current economic trends [1]

Core Viewpoint - Aurora Innovation, Inc. is struggling to generate profits, leading to skepticism about its investment potential [1] Company Overview - Aurora Innovation, Inc. focuses on developing autonomous driving technology through its Aurora Driver platform, which combines hardware, software, and data systems for self-driving capabilities [1] Market Sentiment - Jim Cramer expressed caution regarding Aurora's stock, indicating that he cannot recommend stocks that are not making money, despite acknowledging the speculative nature of the stock [1] - Cramer noted that while Aurora's stock could potentially double due to market headlines, he still views it as too speculative for a strong recommendation [1] Investment Alternatives - The article suggests that there are other AI stocks with greater upside potential and less downside risk compared to Aurora Innovation [1] - A mention of a report on undervalued AI stocks that could benefit from current market trends, including tariffs and onshoring, is included as an alternative investment opportunity [1]

Group 1 - Aurora Innovation, Inc. (NASDAQ:AUR) has been recognized as one of the best-performing midcap tech stocks over the last three years [1] - Analysts from Morgan Stanley and Cantor Fitzgerald have reiterated a Buy rating on Aurora, with a price target of $12, while Canaccord Genuity's analyst set a more optimistic target of $15, indicating a potential upside of 191% from current levels [1][2] - The company specializes in developing autonomous driving systems for long-haul trucking and freight logistics, utilizing its proprietary Aurora Driver platform that integrates hardware, software, and machine learning for fully driverless operations [3]