分组1 - Aurora Innovation, Inc. reported a quarterly loss of $0.11 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.12, marking an earnings surprise of +8.33% [1] - Over the last four quarters, Reinvent Technology Partners Y has surpassed consensus EPS estimates only once, with revenues of $1 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 4.93% [2] - The stock of Reinvent Technology Partners Y has underperformed, losing about 5.2% since the beginning of the year compared to the S&P 500's gain of 8.3% [3] 分组2 - The earnings outlook for Reinvent Technology Partners Y is crucial for investors, as it includes current consensus earnings expectations and recent changes in these expectations [4] - The trend of estimate revisions for Reinvent Technology Partners Y was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance [6] - The current consensus EPS estimate for the upcoming quarter is -$0.12 on revenues of $1.59 million, and -$0.47 on revenues of $4.86 million for the current fiscal year [7] 分组3 - The outlook for the Technology Services industry can significantly impact stock performance, with the industry currently ranking in the top 37% of over 250 Zacks industries [8] - Full Truck Alliance Co. Ltd. is expected to report quarterly earnings of $0.16 per share, reflecting a year-over-year change of +23.1%, with revenues anticipated to be $430.79 million, up 13.3% from the previous year [9]

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 ...

Part I - Financial Information This section presents Aurora Innovation's unaudited condensed consolidated financial statements, MD&A, and disclosures, reporting first-ever revenue of $1 million and a net loss of $201 million for Q2 2025 [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements show the company's financial position and performance, including $1 million revenue, a $201 million net loss, and $2.21 billion total assets [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $2.214 billion from $2.138 billion, driven by short-term investments, while liabilities decreased and equity rose to $1.991 billion Condensed Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,340 | $1,254 | | Cash and cash equivalents | $206 | $211 | | Short-term investments | $1,103 | $1,012 | | **Total Assets** | **$2,214** | **$2,138** | | **Total Current Liabilities** | $79 | $105 | | **Total Liabilities** | **$223** | **$263** | | **Total Stockholders' Equity** | **$1,991** | **$1,875** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 saw the first revenue of $1 million, but operating expenses led to a $230 million loss from operations and a $201 million net loss, or $0.11 per share Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1 | $0 | $1 | $0 | | Cost of revenue | $5 | $0 | $5 | $0 | | Research and development | $190 | $170 | $372 | $336 | | Selling, general and administrative | $36 | $28 | $65 | $55 | | Loss from operations | ($230) | ($198) | ($441) | ($391) | | **Net loss** | **($201)** | **($182)** | **($409)** | **($347)** | | Basic and diluted net loss per share | ($0.11) | ($0.12) | ($0.23) | ($0.22) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, operating activities used $286 million, investing activities used $99 million, and financing activities provided $380 million, resulting in a $5 million net cash decrease Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($286) | ($326) | | Net cash (used in) provided by investing activities | ($99) | $221 | | Net cash provided by financing activities | $380 | $6 | | **Net decrease in cash** | **($5)** | **($99)** | [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Financial%20Statements) Notes detail accounting policies, including new revenue recognition, and report $399 million net proceeds from an ATM stock offering and $89 million in stock-based compensation for H1 2025 - The company began recognizing revenue from transportation services on an over-time basis as goods are transported, with cost of revenue including hardware depreciation, personnel, insurance, and other related costs[35](index=35&type=chunk)[36](index=36&type=chunk) - During the six months ended June 30, 2025, the company sold 67 million shares of Class A common stock through its ATM Program, generating net proceeds of **$399 million**[54](index=54&type=chunk) Stock-Based Compensation Expense (in millions) | Period | Research & Development | Selling, General, & Administrative | Total | | :--- | :--- | :--- | :--- | | **Q2 2025** | $44 | $11 | $55 | | **Q2 2024** | $32 | $6 | $38 | | **Six Months 2025** | $73 | $16 | $89 | | **Six Months 2024** | $63 | $11 | $74 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the April 2025 launch of Aurora Driver for Freight, noting increased R&D and SG&A expenses, and confirms sufficient liquidity for the next twelve months [Business Overview and Recent Developments](index=20&type=section&id=Business%20Overview%20and%20Recent%20Developments) Aurora is developing its Driver as a Service (DaaS) platform, with a focus on freight, and launched driverless commercial operations between Dallas and Houston in April 2025 - The company's primary business model is Driver as a Service (DaaS), where customers subscribe to the Aurora Driver on a fee-per-mile basis, enabling an asset-light approach for Aurora[83](index=83&type=chunk) - In April 2025, the company launched its first commercial product, Aurora Driver for Freight, and began driverless hauling of customer loads between Dallas and Houston, Texas[85](index=85&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q2 2025 saw $1 million in revenue and $5 million in cost of revenue, with R&D up 12% to $190 million and SG&A up 29% to $36 million, leading to a $201 million net loss Comparison of Operations for Three Months Ended June 30 (in millions) | Account | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1 | $0 | $1 | n/m | | Cost of revenue | $5 | $0 | $5 | n/m | | Research and development | $190 | $170 | $20 | 12% | | Selling, general and administrative | $36 | $28 | $8 | 29% | | **Net loss** | **($201)** | **($182)** | **($19)** | **10%** | - The increase in R&D expenses was primarily driven by higher personnel costs and hardware development costs[89](index=89&type=chunk) - The increase in SG&A expenses was primarily driven by an increase in personnel costs[90](index=90&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, liquidity included $206 million cash and $1.103 billion short-term investments, bolstered by $399 million from an ATM program, deemed sufficient for the next year - Principal sources of liquidity as of June 30, 2025, were **$206 million** in cash and cash equivalents and **$1,103 million** in short-term investments[101](index=101&type=chunk) - The company raised net proceeds of **$399 million** from its ATM stock offering during the six months ended June 30, 2025[103](index=103&type=chunk) - Management expects total liquidity to be sufficient to meet working capital and capital expenditure requirements for at least twelve months from the report date[104](index=104&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies interest rate and inflation risks but believes a 100-basis point interest rate change or current inflation levels would not materially affect its financial condition - The company does not believe that a **100-basis point** increase or decrease in interest rates would materially affect its business, financial condition, or results of operations[114](index=114&type=chunk) - Inflation is not believed to have had a material effect on the business, but the company continues to monitor potential impacts on costs[115](index=115&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, disclosure controls and procedures were effective, with new processes implemented for revenue and cost of revenue following commercial launch, and no other material changes - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[117](index=117&type=chunk) - In Q2 2025, the company designed and implemented new processes to record revenue and cost of revenue, which was the only notable change to internal controls[118](index=118&type=chunk) Part II - Other Information This section covers legal proceedings, risk factors, and equity sales, reporting no material legal issues, highlighting limited operating history as a key risk, and an intent to increase the ATM stock offering to $1 billion [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any claims, lawsuits, or proceedings considered material to its business, operating results, or financial condition - The company does not consider any currently pending claims, lawsuits, or proceedings, individually or in the aggregate, to be material to its business[120](index=120&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) Investors are directed to the 2024 Annual Report's risk factors, with a new emphasis on the company's limited operating history and challenges in transitioning to commercial operations - A key risk is the company's limited operating history since 2017, which makes it difficult to evaluate future prospects and challenges, particularly as it transitions from R&D to commercial activities[122](index=122&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) The company plans to increase its at-the-market (ATM) offering to $1 billion, having already sold 69.1 million shares for $420.6 million under the existing $500 million program - The company is increasing the size of its at-the-market (ATM) offering to **$1 billion** after having sold shares for gross proceeds of **$420.6 million** under the original program[129](index=129&type=chunk)[130](index=130&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including legal opinions, compensation policies, and required CEO/CFO certifications - The report includes several exhibits, such as legal opinions, compensation policies, and required CEO/CFO certifications (Exhibits 5.1, 10.1, 31.1, 31.2, 32.1, 32.2)[133](index=133&type=chunk)

[Letter to Shareholders](index=2&type=section&id=Letter%20to%20Shareholders) Aurora's CEO highlights the Q2 2025 launch of commercial driverless trucking, operational scaling, hardware advancements, and legislative momentum [Ramping Driverless Operations](index=3&type=section&id=Ramping%20Driverless%20Operations) Aurora successfully launched and scaled driverless trucking operations between Dallas and Houston, logging over 20,000 miles with high performance and safety, partnering with Uber Freight - Launched the first driverless commercial trucking operations on public roads in the U.S. in **Q2 2025**[3](index=3&type=chunk) - The Aurora Driver logged over **20,000 driverless miles** from the end of April through June 2025[4](index=4&type=chunk)[7](index=7&type=chunk) - Operations scaled to **three driverless trucks** between Dallas and Houston, maintaining nearly **100% on-time performance** and a perfect safety record[6](index=6&type=chunk) - Partnered with Uber Freight, the first logistics platform to offer shippers access to fully driverless trucks on public roads[7](index=7&type=chunk) [Increasing Customer Value](index=5&type=section&id=Increasing%20Customer%20Value) Aurora expanded operational capabilities to include night driving and is progressing towards challenging weather validation and lane expansion to Phoenix, opening a new terminal and starting customer pilots - Successfully validated and began driverless operations at night, more than **doubling potential truck utilization**[4](index=4&type=chunk)[13](index=13&type=chunk) - The company aims to validate driverless operations in challenging weather conditions by **end of 2025**[14](index=14&type=chunk) - Lane expansion is on track, with driverless operations from Fort Worth to El Paso and extending to Phoenix expected by **year-end**[15](index=15&type=chunk) - Opened a new terminal in Phoenix and began autonomous trucking pilots with customers Werner and Hirschbach on the Phoenix lane[15](index=15&type=chunk) [Driving Customer Adoption](index=7&type=section&id=Driving%20Customer%20Adoption) Aurora's successful driverless launch is generating a surge in qualified leads for 2026-2027 by addressing critical freight industry challenges like driver shortages and high labor costs - The company is experiencing a surge in qualified leads to support scaling ambitions in **2026 and 2027**, reflecting growing customer recognition and urgency[21](index=21&type=chunk) - Aurora's technology addresses structural industry challenges including driver shortages, hours of service constraints, and rising labor costs (cited at **~$1/mile** by ATRI)[22](index=22&type=chunk) [Advancing the Path to Scale](index=8&type=section&id=Advancing%20the%20Path%20to%20Scale) Aurora is advancing hardware for scaling and profitability, with second-generation kits in testing, third-generation kits reaching design milestones, and OEM partners Volvo and PACCAR progressing on autonomous truck platforms - The second-generation hardware kit, designed for significant cost reduction, has been built into a prototype vehicle and will begin on-road data collection[26](index=26&type=chunk) - Progress on the third-generation kit with Continental continues, achieving a key design milestone with the first complete prototype expected by **year-end**[27](index=27&type=chunk)[28](index=28&type=chunk) - OEM partner Volvo has delivered its latest VNL Autonomous trucks for integration and testing, with **20 trucks** expected by **year-end**[29](index=29&type=chunk)[30](index=30&type=chunk) - PACCAR has completed the first prototypes of its scalable autonomy-enabled truck platform, currently undergoing testing[29](index=29&type=chunk) [Championing a Federal Framework](index=10&type=section&id=Championing%20a%20Federal%20Framework) Aurora supports the AMERICA DRIVES Act, federal legislation establishing a national framework for self-driving trucks, providing federal preemption and modernizing safety protocols to accelerate nationwide adoption - The AMERICA DRIVES Act was introduced in the U.S. House of Representatives to create a federal framework for self-driving trucks[32](index=32&type=chunk) - The legislation aims to provide federal preemption over state laws requiring a traditional driver in a commercial vehicle[32](index=32&type=chunk) [Building Momentum](index=11&type=section&id=Building%20Momentum) As of June 30, 2025, Aurora accumulated over 3.3 million commercial miles with high performance and safety, driven by a self-reinforcing 'flywheel' effect of fleet growth and data Cumulative Performance Metrics (through June 30, 2025) | Metric | Value | | :--- | :--- | | Commercial Miles | 3.3M+ | | On-Time Performance (Aurora-Controlled) | Nearly 100% | | Aurora Driver-Attributed Collisions | Zero | - The company's growth model is described as a 'flywheel' where fleet growth generates data, accelerating capability, driving adoption, and reducing hardware costs, fueling further growth and profitability[40](index=40&type=chunk)[41](index=41&type=chunk) [Financial Highlights](index=13&type=section&id=Financial%20Highlights) Aurora recognized its first revenue of $1 million in Q2 2025, reported a $230 million operating loss, used $144 million in operating cash, and raised $331 million, extending its cash runway to Q2 2027 [CFO's Financial Summary](index=13&type=section&id=CFO's%20Financial%20Summary) In Q2 2025, Aurora generated $1 million in revenue, reported a $230 million operating loss, used $144 million in operating cash, and raised $331 million, extending its cash runway to Q2 2027 Q2 2025 Financial Metrics | Metric | Q2 2025 | | :--- | :--- | | Revenue | $1 million | | Operating Loss (GAAP) | $230 million | | Stock-Based Compensation (SBC) | $55 million | | Operating Cash Use | $144 million | | Capital Expenditures | $7 million | - Raised net proceeds of **$331 million** by issuing **57 million shares** through an at-the-market program[45](index=45&type=chunk) - Ended Q2 with **$1.3 billion** in cash and short-term investments, extending the expected cash runway into **Q2 2027**[45](index=45&type=chunk) - Maintains its forecast for quarterly cash use of **$175 - $185 million**, on average, for the remainder of 2025[46](index=46&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements) As of June 30, 2025, total assets were $2.214 billion and liabilities $223 million; Q2 2025 saw $1 million revenue, a $201 million net loss, and a $170 million Adjusted EBITDA loss Balance Sheet Highlights (as of June 30, 2025) | Account | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $206 | | Short-term investments | $1,103 | | **Total Assets** | **$2,214** | | Total current liabilities | $79 | | **Total Liabilities** | **$223** | | **Total Stockholders' Equity** | **$1,991** | Statement of Operations Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $1M | - | | Loss from operations | ($230M) | ($198M) | | Net loss | ($201M) | ($182M) | | Basic and diluted net loss per share | ($0.11) | ($0.12) | Cash Flow Highlights (Six Months Ended June 30, 2025) | Metric | Amount (in millions) | | :--- | :--- | | Net cash used in operating activities | ($286) | | Net cash used in investing activities | ($99) | | Net cash provided by financing activities | $380 | Non-GAAP Adjusted EBITDA Reconciliation (Three Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net loss | ($201M) | ($182M) | | Adjusted EBITDA | ($170M) | ($154M) |

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]

Industry Overview - The most promising industries for investment in mid-2025 are artificial intelligence (AI), specifically AI-based consumer engagement and autonomous vehicles, along with the biotech sector focusing on psychedelic-based therapies for mental health [1] Company: Rezolve AI - Rezolve AI has achieved significant growth with 16.5 million monthly active users and over $50 billion in gross merchandise value (GMV) processed in 2025 [3] - The company reported over $70 million in annual recurring revenue (ARR) ahead of schedule, with a target of $100 million in ARR by the end of 2025 [3] - Rezolve was added to the Russell 2000 and Russell 3000 indices, and analysts have a consensus price target of $6 per share, indicating a potential upside of 148% [4] Company: Aurora Innovation - Aurora Innovation has launched a Lidar-based commercial self-driving truck service in Texas, marking a significant operational milestone [7] - The company is recognized for its self-driving software system, Aurora Driver, which has the potential to revolutionize freight logistics [6][7] - Analysts have set a 12-month price target of $10.75 for Aurora, suggesting an upside of 85.66% [5][6] Company: Cybin - Cybin is developing psychedelic-based treatments for mental health disorders, with two lead candidates in advanced clinical trials [10] - Analysts project a price target of $85 per share for Cybin, representing an upside potential of 1,041.71% [10][11] - The company is currently pre-revenue, which adds a layer of risk to its investment profile [12]

Group 1 - Aurora Innovation Inc. (NASDAQ: AUR) has transitioned from a concept to a commercially operating business, marking a significant milestone in its development [1] - The company is viewed positively due to its potential for long-term growth and the ability to de-risk its operations [1] Group 2 - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles [1]

Company Insights - Marathon Petroleum Corporation (MPC) reported first-quarter total revenues and other income of $31.85 billion, exceeding the consensus estimate of $29.58 billion [1] - The adjusted EPS loss for Marathon Petroleum was $(0.24), an improvement from $(2.58) a year earlier, and better than the analyst consensus estimate of $(0.53) [1] - Aurora Innovation posted a first-quarter GAAP loss of 12 cents per share, which was in line with estimates [2] - QXO, Inc. proposed to acquire GMS for $95.20 per share in cash [2] - Toast (TOST) received a Buy rating from Truist Securities analyst Matthew Coad, with a price target of $48 [3] Stock Performance - Marathon Petroleum shares increased by 1.1% to settle at $167.52 [6] - Aurora Innovation shares rose by 2.1% to close at $5.40 [6] - QXO shares gained 1.4% to settle at $24.12 [6] - Toast shares experienced a 2.4% increase, closing at $42.49 [6]