Greensboro, N.C., May 20, 2024 (GLOBE NEWSWIRE) -- Volvo Autonomous Solutions (V.A.S.) today unveiled Volvo’s first-ever production ready autonomous truck at the Advanced Clean Transporation (ACT) Expo in Las Vegas. The Volvo VNL Autonomous brings together Volvo’s commercial vehicle expertise with industry-leading autonomous driving technology from Aurora Innovation (Nasdaq: AUR). The result is a purpose-designed and purpose-built autonomous truck that will be the key enabler to increasing freight capacity ...

A new self-driving truck — manufactured by Volvo and loaded with autonomous vehicle tech developed by Aurora Innovation — could be on public highways as early as this summer. The Volvo VNL Autonomous truck, which was revealed Monday evening at the ACT Expo in Las Vegas, is the product of a partnership between Aurora and Volvo Autonomous Solutions. Aurora plans to start hauling freight using these Volvo self-driving trucks in the next several months. The trucks will be in autonomous mode and will still have ...

F I R S T Q U A R T E R 2 0 2 4 B U S I N E S S U P D A T E M A Y 8 , 2 0 2 4 1 © 2024 | Aurora Proprietary This presentation contains certain forward-looking statements within the meaning of the federal securi ...

Financial Data and Key Metrics - Q1 2024 operating expenses totaled $193 million, including stock-based compensation, and $157 million excluding stock-based compensation [25] - R&D expenses, excluding stock-based compensation, were $135 million, with $565,000 in pilot revenue recorded as a contra R&D expense [25] - SG&A expenses, excluding stock-based compensation, were $22 million [25] - The company used approximately $150 million in operating cash during Q1 2024, including $9 million in prepayments for hardware components [25] - Capital expenditures totaled $8 million, and the company ended the quarter with $1.2 billion in cash and short-term and long-term investments [26] Business Line Data and Key Metrics - The company is focusing on finalizing contractual commitments through 2025 and increasing load capacity strategically to support operational readiness and customer expansion [19] - Cumulative to date through the end of April, the company has autonomously delivered 5,450 loads, driving approximately 1.5 million commercial miles with nearly 100% on-time performance for pilot customers [20] Market Data and Key Metrics - The company is preparing for commercial launch in Texas, which does not currently require additional regulatory steps and is ideal due to high freight volumes and advanced transportation infrastructure [20] - Steady advancement of autonomous vehicle legislation across the United States, with South Dakota and Kentucky enacting autonomous vehicle legislation into law since Q4 2023 [21] Company Strategy and Industry Competition - The company is leading the industry with its commitment to safety and transparency, utilizing a Safety Case to confirm that self-driving vehicles are acceptably safe to operate on public roads [12] - The company has established OEM and Tier 1 partnerships with Volvo trucks, PACCAR, and Continental, supporting a freight ecosystem with aligned incentives to drive growth [22] - The company is working with Fabrinet for the manufacturing assembly of its next-generation Aurora Driver hardware kit, expected to drive a step function reduction in hardware costs [23] Management Commentary on Operating Environment and Future Outlook - The company is confident in its technology and progress, accelerating demand-building efforts and securing multiyear contractual commitments from multiple customers [19] - The company expects final validation and closure of the remaining Safety Case claims to be completed later this year with the anticipated launch platform [14] - The company believes it is the only company positioned to commercialize autonomous trucking at scale, with deep integration with OEMs and suppliers being critical to bringing a safe and commercially viable driverless trucking product to market [22] Other Important Information - The company hosted an Analyst and Investor Day, showcasing the maturity of its ecosystem, the depth of its partnerships, and the enthusiasm of its customers [9] - The company demonstrated the Aurora Driver's performance in highly demanding situations, including handling interactions with aggressive drivers, avoiding dangerous debris, responding to pedestrians, and navigating tire blowouts [10][11] Q&A Session Summary Question: Regulatory approach and transparency [28] - The company endorses a hybrid approach to autonomy, which lends itself to more transparency for regulators and allows for easier explanation of system behavior and issue resolution [29][30] Question: Impact of macro environment on contractual agreements [31] - The macro environment has not hurt the company's ability to finalize contractual agreements with customers, as partners view the company as a long-term credible solution for a more efficient transportation system [32][33][34] Question: Hurdles before commercial launch [36] - The company needs to refine the Aurora Driver, complete validation, ensure regulatory readiness, secure customer excitement, and have a vehicle platform with appropriate redundancies [37] Question: Free cash flow and financial controls [38] - The company is targeting the low end of its quarterly cash use guidance range of $175 million to $185 million, with potential for better-than-expected free cash flow due to fiscal prudence [39] Question: Path to gross profit and scaling [41] - The path to gross profit is somewhat interrelated with scaling but not completely dependent, with controllable levers including driving down hardware costs and improving remote assist operator ratios [42][43] Question: Miles driven to reach gross profit [44] - The company expects to reach gross profit positive by the end of 2026, with a benchmark of roughly 100 to 125 million miles, potentially doubling that percentage [45][46][49] Question: Prepayments and incentive compensation [51] - Prepayments are for core components of the hardware set to ensure sufficient supply, and incentive compensation for Q2 is expected to be similar to the 2023 number of $49 million [52][53] Question: Contra expense growth [54] - Pilot revenue recorded as a contra R&D expense was slightly down from last quarter due to seasonality but is expected to continue on a growth pattern, with Q2 expected to recover [55][56]

Aurora Innovation, Inc. (NASDAQ:AUR) Q1 2024 Business Review Call May 8, 2024 5:00 PM ET Company Participants Stacy Feit - Vice President, Investor Relations Chris Urmson - Co-Founder and Chief Executive Officer David Maday - Chief Financial Officer Conference Call Participants George Gianarikas - Canaccord Genuity Mark Delaney - Goldman Sachs David Vernon - Bernstein Jeff Osborne - TD Cowen Operator Greetings and welcome to the Aurora First Quarter 2024 Business Review Call. At this time, all participants ...

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 March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commi ...

Exhibit 99.1 Aurora FIRST QUARTER 2024 SHAREHOLDER LETTER E a 174 0 B MAY 8, 2024 A letter to shareholders We are off to a strong start in 2024, driving purposefully toward our planned Com- mercial Launch at the end of the year and the subsequent scaling of our business. Commitment to our mission remains steadfast within Aurora, fueling some of the highest levels of employee engagement we have seen as a public company. It's this enthusiasm that drove our continued progress in the first quarter, including im ...

Indicating that growth stocks are in the initial stages of a hot comeback, the iShares Russell 2000 (NYSEARCA:IWM), whose movements are largely determined by growth stocks, is up nearly 5% year-to-date. Moreover, on March 20, the U.S. Federal Reserve’s Summary of Economic projections indicated that the central bank still intends to cut its benchmark rate by 0.75 percentage points this year. That outlook is likely to make the Street, which tends to view rates as extremely important for growth stocks, much mo ...

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PITTSBURGH--(BUSINESS WIRE)--Today, Aurora Innovation (NASDAQ: AUR) is holding an Analyst and Investor Day at its headquarters in Pittsburgh where executives will share the company’s progress toward driverless deployment and its path to gross profit, scale and self-funding. For the first time, the company will publicly show the Aurora Driver – an SAE Level 4 autonomous driving system – navigating safety-critical scenarios without anyone on board. “Building on years of development and testing, our work to ...