[Executive Summary & Vision](index=1&type=section&id=Executive%20Summary%20%26%20Vision) [Letter to Shareholders](index=2&type=section&id=Letter%20to%20Shareholders) Aurora has achieved driverless commercial operations, shifting focus from technology validation to enhancing customer value and becoming a key freight industry partner, prioritizing safety and financial management for sustainable, scalable business - Driverless trucks, powered by Aurora Driver, have commenced commercial operations, marking the beginning of a significant business journey[3](index=3&type=chunk) - The company's current focus is on demonstrating technological potential, enhancing product value for customers, and ultimately becoming an indispensable partner in the freight industry[4](index=4&type=chunk)[5](index=5&type=chunk) [Operational Highlights & Safety](index=3&type=section&id=Operational%20Highlights%20%26%20Safety) [Safety Case Closure & Regulatory Support](index=3&type=section&id=Safety%20Case%20Closure%20%26%20Regulatory%20Support) Aurora completed its Dallas-Houston launch lane safety case with 100% Autonomy Readiness Measure, published a driverless safety report, and secured bipartisan state and federal support aligning with new autonomous trucking regulatory frameworks [Safety Case Framework & ARM Achievement](index=3&type=section&id=Safety%20Case%20Framework%20%26%20ARM%20Achievement) Aurora completed its Dallas-Houston safety case, achieving 100% Autonomy Readiness Measure, and published a comprehensive driverless safety report - Aurora completed the safety case for its Dallas-Houston launch lane, confirming the acceptable safe operation of its autonomous vehicles on public roads[6](index=6&type=chunk) - With the completion of remaining software and vehicle declarations, the Autonomy Readiness Measure (ARM) reached **100%**, validating the Aurora Driver's capability for driverless operations[7](index=7&type=chunk)[8](index=8&type=chunk) - Aurora published its "Driverless Safety Report," detailing how the Aurora Driver operates safely, including aspects like risk management, redundant systems, and cybersecurity[9](index=9&type=chunk) [Regulatory Engagements & Support](index=3&type=section&id=Regulatory%20Engagements%20%26%20Support) Aurora actively engages with federal and state officials, securing support from Texas Governor Greg Abbott, and aligning with new autonomous trucking regulatory frameworks from California and NHTSA - Aurora actively provides regular updates and briefings on its driverless operations plans to federal and state officials, including FMCSA, NHTSA, NTSB, and the Texas Department of Transportation, to build trust and lay the groundwork for long-term deployment[10](index=10&type=chunk)[13](index=13&type=chunk) - Texas Governor Greg Abbott expressed support, believing the Aurora Driver will further stimulate economic growth and job creation in Texas[13](index=13&type=chunk) - California Governor Gavin Newsom's administration released a draft regulatory framework for autonomous trucks, and the National Highway Traffic Safety Administration (NHTSA) also published a new autonomous vehicle framework, both highly aligned with Aurora's safety-first, innovation-driven approach[13](index=13&type=chunk)[14](index=14&type=chunk)[16](index=16&type=chunk) [Commercial Driverless Operations Launch](index=6&type=section&id=Commercial%20Driverless%20Operations%20Launch) Aurora launched regular driverless commercial operations for Uber Freight and Hirschbach between Dallas and Houston, exceeding performance expectations with 95% API, and plans to expand its fleet to dozens of trucks by late 2025 [On-Road Performance & Initial Deployments](index=6&type=section&id=On-Road%20Performance%20%26%20Initial%20Deployments) Aurora achieved 95% API for production software loads in Q1, launched regular driverless commercial deliveries for Uber Freight and Hirschbach, and plans to expand its operational fleet to dozens of trucks by late 2025 - In Q1, **95%** of loads using production release software achieved **100%** Autonomy Performance Indicator (API), exceeding the commercial launch expectation of **90%**[19](index=19&type=chunk) - On April 27, Aurora Driver-powered trucks began regular driverless commercial deliveries for Uber Freight and Hirschbach between Dallas and Houston, completing over **4,000 driverless miles**[20](index=20&type=chunk) - The company has expanded driverless trucks to two per day and expects to operate **dozens of trucks** by the end of 2025[21](index=21&type=chunk) [Value Proposition for Freight Industry](index=7&type=section&id=Value%20Proposition%20for%20Freight%20Industry) Aurora Driver addresses critical freight industry challenges like driver shortages and asset underutilization, offering scalable driver supply, improved fuel efficiency, and enhanced safety to reduce consumer costs - The Aurora Driver addresses major challenges in the freight industry, such as structural driver shortages, high turnover rates, and underutilized assets, by providing a scalable, stable driver supply and is expected to nearly **double truck utilization**[23](index=23&type=chunk) - The technology is expected to improve fuel economy by **32%**, creating value for customers and the public through safer roads, cleaner transportation, and faster, more cost-effective freight, ultimately reducing consumer costs[23](index=23&type=chunk)[24](index=24&type=chunk) Cumulative Operational Performance (September 23, 2021, to May 7, 2025) | Metric | Value | | :----- | :---- | | Commercial Loads | Nearly 1,000 | | Miles | 1.5 million miles | | On-Time Performance (Aurora Controlled) | 90%+ | [Product Roadmap & Scaling](index=9&type=section&id=Product%20Roadmap%20%26%20Scaling) [Future Lane Expansion & Operating Domain](index=9&type=section&id=Future%20Lane%20Expansion%20%26%20Operating%20Domain) Aurora plans to expand driverless operations beyond Dallas-Houston to Fort Worth-El Paso-Phoenix by late 2025, establishing a 1,000+ mile autonomous lane, and extending operational capabilities to include night driving and adverse weather conditions - The Aurora Driver has validated driverless operations on the Dallas-Houston lane under daytime, clear weather conditions, transporting two trailer types (53-foot dry vans and refrigerated trailers)[31](index=31&type=chunk) - The company expects to expand driverless operations to Fort Worth-El Paso and further to Phoenix in the second half of 2025, opening an autonomous lane exceeding **1,000 miles**[32](index=32&type=chunk) - In the second half of 2025, Aurora plans to expand its operating domain by validating operations under night driving and adverse weather conditions (including rain and high winds), significantly increasing autonomous truck utilization[35](index=35&type=chunk) 2025 Product Roadmap | Quarter | Focus | | :------ | :---- | | 2Q25 | Increase Driverless Loads (Dallas-Houston) | | 3Q25 | Fort Worth - El Paso - Phoenix | | 4Q25 | Rain & High Winds | [Scale-Focused Execution & Partnerships](index=11&type=section&id=Scale-Focused%20Execution%20%26%20Partnerships) Aurora is advancing a mass-production-designed autonomous platform through unparalleled OEM and Tier 1 partnerships, developing second and third-generation hardware kits for significant cost reduction and tens of thousands of truck deployments - Aurora's OEM and Tier 1 supplier partnerships are unparalleled in the industry, enabling the large-scale deployment of autonomous trucks[39](index=39&type=chunk) - The company has made significant progress in co-developing an autonomous platform designed for high-volume production with its partners[40](index=40&type=chunk) - The second-generation commercial hardware kit is under development, expected to deliver performance improvements and significantly reduce hardware costs, with B samples already received from contract manufacturer Fabrinet for testing[40](index=40&type=chunk) - The third-generation commercial hardware kit, developed in collaboration with Continental, is expected to enable true large-scale deployment of **tens of thousands of trucks**[40](index=40&type=chunk) [Financial Performance & Outlook](index=13&type=section&id=Financial%20Performance%20%26%20Outlook) [CFO Letter: Financial Overview](index=13&type=section&id=CFO%20Letter%3A%20Financial%20Overview) Aurora demonstrated strong financial discipline in Q1 2025 with $211 million in operating expenses and $142 million in cash usage, extending liquidity to Q4 2026 with nearly $1.2 billion in cash and short-term investments Q1 2025 Operating Expenses (Millions USD) | Category | Amount (Millions USD) | | :------- | :-------------------- | | Total Operating Expenses (incl. SBC) | $211 | | Stock-Based Compensation (SBC) | $34 | | Operating Expenses (excl. SBC) | $177 | | Research & Development (excl. SBC) | $153 | | Selling, General & Administrative (excl. SBC) | $24 | Q1 2025 Cash Flow & Liquidity (Millions USD) | Metric | Amount (Millions USD) | | :----- | :-------------------- | | Cash Used in Operating Activities | $142 | | Capital Expenditures | $8 | | Cash & Short-Term Investments (End of Quarter) | Nearly $1,200 | | Net Proceeds from Common Stock Issuance | $68 | - The company's current liquidity is projected to support operations through **Q4 2026**, attributed to additional capital and improved business efficiencies[46](index=46&type=chunk) - For the remainder of 2025, average quarterly cash usage is projected to be between **$175 million and $185 million**, reflecting increased capital expenditures for business scaling and ongoing development of new hardware projects[47](index=47&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Aurora Innovation, Inc.'s unaudited Q1 2025 condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, detailing the company's financial position, performance, and liquidity [Condensed Consolidated Balance Sheets](index=15&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides selected items from Aurora's condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024, highlighting key asset, liability, and equity changes Condensed Consolidated Balance Sheets (Selected Items, Millions USD) | Item | March 31, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------- | :---------------- | :----- | | Cash and Cash Equivalents | $170 | $211 | -$41 | | Short-Term Investments | $989 | $1,012 | -$23 | | Total Current Assets | $1,193 | $1,254 | -$61 | | Total Assets | $2,071 | $2,138 | -$67 | | Total Current Liabilities | $125 | $105 | +$20 | | Total Liabilities | $286 | $263 | +$23 | | Total Stockholders' Equity | $1,785 | $1,875 | -$90 | [Condensed Consolidated Statements of Operations](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents Aurora's condensed consolidated statements of operations for the three months ended March 31, 2025, and 2024, detailing revenue, operating expenses, and net loss Condensed Consolidated Statements of Operations (Millions USD, except per share data) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------ | | Research & Development | $182 | $166 | +$16 | | Selling, General & Administrative | $29 | $27 | +$2 | | Total Operating Expenses | $211 | $193 | +$18 | | Operating Loss | $(211) | $(193) | -$18 | | Net Loss | $(208) | $(165) | -$43 | | Net Loss Per Share, Basic and Diluted | $(0.12) | $(0.11) | -$0.01 | | Weighted-Average Shares Outstanding, Basic and Diluted | 1,744 | 1,537 | +207 | [Condensed Consolidated Statements of Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines Aurora's condensed consolidated statements of cash flows for the three months ended March 31, 2025, and 2024, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Selected Items, Millions USD) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------ | | Net Loss | $(208) | $(165) | -$43 | | Stock-Based Compensation | $34 | $36 | -$2 | | Net Cash Used in Operating Activities | $(142) | $(150) | +$8 | | Purchases of Property and Equipment | $(8) | $(8) | $0 | | Net Cash from Investing Activities | $19 | $101 | -$82 | | Net Cash from Financing Activities | $82 | $2 | +$80 | | Net Decrease in Cash, Cash Equivalents, and Restricted Cash | $(41) | $(47) | +$6 | | Cash, Cash Equivalents, and Restricted Cash, End of Period | $186 | $471 | -$285 | [Non-GAAP Financial Information](index=18&type=section&id=Non-GAAP%20Financial%20Information) Aurora provides non-GAAP adjusted EBITDA, excluding non-recurring or non-cash items like stock-based compensation and fair value changes, to enhance operational transparency, reporting negative $171 million in Q1 2025 Non-GAAP Adjusted EBITDA Reconciliation (Millions USD) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net Loss | $(208) | $(165) | | Depreciation and Amortization | $6 | $5 | | Stock-Based Compensation | $34 | $36 | | Change in Fair Value of Derivative Liability | $9 | $(12) | | Other Income, Net | $(12) | $(16) | | **Adjusted EBITDA** | **$(171)** | **$(152)** | - Adjusted EBITDA is defined as net loss, adjusted for income tax, depreciation and amortization, stock-based compensation, change in fair value of derivative liability, goodwill impairment, and other non-operating income and expenses[61](index=61&type=chunk) - Non-GAAP Adjusted EBITDA is used by management to assess ongoing operations and provide greater transparency to investors, but it is not a substitute for GAAP measures[60](index=60&type=chunk)[62](index=62&type=chunk) [Legal & Disclosures](index=14&type=section&id=Legal%20%26%20Disclosures) [Cautionary Statement Regarding Forward-Looking Statements](index=14&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section contains cautionary statements about forward-looking information, noting inherent risks and uncertainties that could cause actual results to differ materially from expectations, advising readers to consult SEC filings for detailed risk factors - The investor letter contains forward-looking statements, identified by words such as "believe," "may," "will," and "expect," which are based on management's current assumptions[49](index=49&type=chunk) - These statements involve known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements[49](index=49&type=chunk) - Readers are advised to review the "Risk Factors" section in Aurora Innovation, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents filed by the company with the SEC from time to time, for a discussion of factors that could cause actual results to differ materially[49](index=49&type=chunk)

Core Points - The China Securities Index for Global Intelligent Driving, which includes companies listed in Hong Kong and the US, has seen a decline of 10.79% in the past month, 18.03% over the last three months, and 18.28% year-to-date [1] - The index comprises 50 companies involved in intelligent driving sectors such as perception, positioning, decision-making, control execution, and vehicle networking, reflecting the overall performance of these companies [1] Group 1: Index Performance - The index is currently at 5531.79 points, with a base date of December 30, 2016, set at 1000.0 points [1] - The index has experienced significant declines, indicating potential challenges in the intelligent driving sector [1] Group 2: Index Holdings - The top ten holdings in the index include NVIDIA Corp (9.98%), XPeng Motors-W (9.95%), Li Auto-W (9.21%), and Tesla Motors Inc (8.08%) [2] - The index's market distribution shows that 60.74% of the holdings are from the Nasdaq Global Select Market, 30.10% from the Hong Kong Stock Exchange, and smaller percentages from other exchanges [2] - In terms of industry representation, passenger vehicles account for 23.62% of the index, while optical electronics and digital media represent 3.46% and 3.41%, respectively [2] Group 3: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [3]

An electric vehicle and autonomous vehicle analyst sees the ramp-up and near-term deployments as the key catalysts for the sectors.What Happened: Goldman Sachs analyst Mark Delaney met with several companies in the sectors and shares takeaways in a new investor note, with robotaxis one of the key areas of focus.Among the public companies covered in the report are Tesla Inc TSLA, Rivian Automotive RIVN and Aurora Innovation AUR."Several companies we spoke to are focused on near-term deployments and/or ramps, ...

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The information contained herein is for informational purposes only. Nothing in this article should b ...

I recommended a buy rating for Aurora Innovation (NASDAQ: AUR ) when I wrote about it on 22nd Feb 2024, as I liked the progress that AUR has made so far, and if it continuesI consider an investment ideal if it performs its core business in a sector projected to experience structural (organic) growth in excess of GDP growth over the next 5-10 years; profits from sustainable competitive advantages that translate into attractive unit economics; In the hands of competent, ethical, and long-term thinkers; with a ...

Financial Performance - Aurora Innovation reported a net loss of $748 million for the twelve months ended December 31, 2024, a decrease of 6% from a net loss of $796 million in 2023[293]. - Net cash used in operating activities increased to $611 million in 2024 from $598 million in 2023, primarily due to advanced payments for hardware materials[308]. - The company reported a basic and diluted net loss per share of $0.46 in 2024, compared to $0.60 in 2023, showing an improvement of 23.3%[353]. - The net loss for the twelve months ended December 31, 2024, was $748 million, compared to $796 million in 2023 and $1,723 million in 2022, indicating a reduction in losses[440]. Operating Expenses - Total operating expenses decreased by 6% to $786 million in 2024 from $835 million in 2023, driven by reductions in research and development and selling, general, and administrative expenses[293]. - Research and development expenses decreased by $40 million, or 6%, to $676 million in 2024, primarily due to lower non-cash stock-based compensation and hardware costs[294]. - Selling, general and administrative expenses decreased by $9 million, or 8%, to $110 million in 2024, mainly due to lower insurance and administrative costs[295]. - Total operating expenses decreased to $786 million in 2024 from $835 million in 2023, a decline of 5.9%[353]. Cash and Investments - As of December 31, 2024, the company had $211 million in cash and cash equivalents and $1,012 million in short-term investments, excluding restricted cash[305]. - Cash and cash equivalents at the end of the period were $227 million, down from $518 million in 2023, a decrease of 56.2%[359]. - The company’s total short-term and long-term investments increased to $1,012 million as of December 31, 2024, up from $847 million as of December 31, 2023[393]. Financing Activities - The company completed a public offering of approximately 134 million shares at $3.60 per share, raising $466 million in net proceeds on August 2, 2024[291]. - Net cash provided by financing activities decreased by $339 million to $492 million for the twelve months ended December 31, 2024, from $831 million for the twelve months ended December 31, 2023[312]. - Net cash provided by financing activities increased by $820 million to $831 million for the twelve months ended December 31, 2023, from $11 million for the twelve months ended December 31, 2022[313]. Goodwill and Impairments - The Company recognized a $1,114 million goodwill impairment during the twelve months ended December 31, 2022[320]. - The carrying value of goodwill was $0 as of December 31, 2024, and December 31, 2023[320]. - The company recognized a goodwill impairment loss of $1,114 million during the twelve months ended December 31, 2022, due to a significant decline in market capitalization[391]. Revenue and Collaboration - The company has not recognized any collaboration revenue in 2024, compared to $68 million in 2023[353]. - The company received $0 million in collaboration revenue from Toyota for the twelve months ended December 31, 2024 and 2023, compared to $100 million in 2022[394]. Assets and Liabilities - Total current assets increased to $1,254 million in 2024 from $1,217 million in 2023, representing a growth of 3.0%[350]. - Total liabilities increased to $263 million in 2024 from $250 million in 2023, an increase of 5.2%[350]. - Stockholders' equity decreased to $1,875 million in 2024 from $1,985 million in 2023, a decline of 5.5%[350]. Future Commitments and Plans - The company plans to launch the Aurora Driver for Freight as its first commercial service, targeting the driverless trucking market[290]. - Aurora expects to adopt a Driver as a Service (DaaS) model, allowing customers to manage fleets while subscribing to the Aurora Driver[289]. - The Company has non-cancelable future minimum payments for cloud hosting services amounting to $64 million for 2025 and $38 million for 2026[315]. - The company expects to continue incurring operating losses and may need to raise additional capital to support the development of the Aurora Driver[385]. Stock-Based Compensation - Total stock-based compensation expense for 2024 was $144 million, down from $160 million in 2023[410]. - RSUs granted in 2024 totaled 41 million, with a weighted average grant date fair value of $2.56[406]. - The unrecognized stock-based compensation related to unvested RSUs was $181 million, to be recognized over a weighted average period of 2.3 years[406]. - Stock options granted in 2024 amounted to 41 million, with a weighted average grant date fair value of $1.41[408]. - The intrinsic value of stock options exercised was $62 million for the twelve months ended December 31, 2024[409]. Tax and Regulatory Matters - Federal net operating losses were $2,029 million and state net operating losses were $2,715 million as of December 31, 2024, with expiration beginning in 2036 and 2029, respectively[429]. - The deferred tax assets, net of valuation allowance, increased to $97 million as of December 31, 2024, from $72 million in 2023[429]. - The valuation allowance for deferred tax assets increased to $1,037 million as of December 31, 2024, from $726 million in 2023[431]. - Federal research and development credits were $174 million as of December 31, 2024, set to expire in 2037[430]. Legal and Contingency Matters - Legal fees and other costs associated with claims are expensed as incurred, with no material losses recorded in the twelve months ended December 31, 2024, 2023, and 2022[314]. - The Company assesses the need to record a liability for litigation and other loss contingencies, with reserve estimates recorded if a loss is both probable and reasonably estimable[314]. - The company did not record any material loss contingencies for the twelve months ended December 31, 2024[436].

On Wednesday autonomous truck developer Aurora Innovation (AUR 46.05%) reported a dog of a fourth quarter on paper, with no revenue and a net loss approaching $200 million. Yet its stock rocketed well higher, rising by 30% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence. Here's why that happened.Early stage, early hopesSince Aurora is still a development-stage company, it's safe to say that few investors or analysts were shocked with that bottom-line def ...

Self-driving trucking start-up Aurora Innovation (AUR 32.87%) used its year-end financial result announcement to provide an exciting update about its commercial rollout. Investors are excited about what's to come and sent Aurora shares up 30% as of 10:45 a.m. ET.Is revenue right around the corner?Aurora is an under-the-radar autonomous-driving company focused on the commercial trucking business. It's still in the development stage, so investors weren't surprised to see the company report a $0.46 per-share l ...

Aurora Innovation, Inc. (NASDAQ:AUR) Q4 2024 Earnings Conference Call February 12, 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 Andres Sheppard - Cantor Fitzgerald Scott Group - Wolfe Research Jeffrey Osborne - TD Cowen Mark Delaney - Goldman Sachs Justine Weiss - AB Bernstein Operator Greetings and welcome to t ...

© 2025 | Aurora Proprietary 1 Investor Presentation February 2025 Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. The words "believe,ˮ "may,ˮ "will,ˮ "estimate,ˮ "continue,ˮ "anticipate,ˮ "expect,ˮ "would,ˮ "project,ˮ "plan,ˮ "potentially,ˮ "illustrative,ˮ "indicative,ˮ and similar expressions and variations thereof are intended to identify forward-looking statements, but are not the ex ...