DALLAS, June 25, 2024 (GLOBE NEWSWIRE) -- Uber Freight and Aurora Innovation (NASDAQ:AUR) are launching Premier Autonomy, a new program providing early access to over 1 billion of Aurora's driverless miles to Uber Freight carriers through 2030. The program is the latest in their longstanding partnership to integrate and deploy autonomous trucks on the Uber Freight network to enable carriers of all sizes to improve utilization and enhance business efficiency through autonomous technology. Additionally, Uber ...

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Group 1: Aurora Innovation (AUR) - Aurora Innovation operates as a self-driving technology firm, with its main product being the Aurora Driver platform, which includes autonomous hardware, software, and data services [2] - For fiscal 2024, sales are projected to reach $835,270, with expectations of growth to $17.79 million in 2025, compared to $68 million in 2022 and $82 million in 2021 [3] - Analysts predict that by 2026, Aurora could generate over $101 million in revenue, with a target of $1.27 billion by 2028, indicating potential for significant growth [3] Group 2: Clear Secure (YOU) - Clear Secure operates a secure identity platform that stores biometric data to expedite airport security processes [4] - The stock is rated as a consensus hold, with two buys, four holds, and one sell, while the average price target suggests a 46% upside potential at $24.29 [5] - Projected sales for the current fiscal year are $754.8 million, reflecting a 23% increase from the previous year, with expectations of reaching $865.78 million in the following year, a 14.7% increase [5] Group 3: Intel (INTC) - Intel is one of the largest semiconductor firms, involved in designing, developing, manufacturing, and distributing computing products and services globally [6] - The stock has experienced a nearly 37% decline year-to-date, contributing to its classification as an under-the-radar stock [6] - Intel is developing the Atom C Processor Series, which aims to provide efficient intelligence and reduced energy demands, addressing sustainability concerns in data centers that consumed over 4% of U.S. electric capacity in 2022 [6][7]

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 ...

Core Insights - Volvo Autonomous Solutions has launched its first production-ready autonomous truck, the Volvo VNL Autonomous, at the ACT Expo, aiming to enhance freight capacity in the U.S. [1] - The truck integrates Volvo's commercial vehicle expertise with Aurora Innovation's autonomous driving technology, marking the beginning of a standardized global autonomous technology platform [1][5] - The introduction of the Volvo VNL Autonomous is seen as a significant step towards addressing the transportation industry's capacity constraints and improving societal benefits [5] Group 1: Technology and Design - The Volvo VNL Autonomous features a platform-based design that allows for the integration of in-house developed virtual driver technology and partner technologies for various applications [1] - Safety is a priority in the design, with redundant systems for steering, braking, communication, and other critical components to enhance reliability [2] - The Aurora Driver, an SAE L4 autonomous driving system, is integrated into the truck, utilizing advanced AI, lidar, cameras, and sensors for safe navigation [3] Group 2: Manufacturing and Scale - The Volvo VNL Autonomous will be manufactured at Volvo's New River Valley plant in Virginia, which has extensive experience in high-volume production [4] - The plant's capabilities are expected to meet industry demand for the new autonomous truck [4] Group 3: Market Impact and Adoption - The Volvo VNL Autonomous is designed for the Hub-to-Hub segment, simplifying the adoption of autonomous solutions for customers while ensuring efficiency and safety [5] - The truck aims to address the ongoing driver shortages in the U.S. by increasing freight capacity and allowing drivers to focus on more suitable routes [5] - The launch of the Volvo VNL Autonomous is positioned as a milestone in the implementation of autonomous transport solutions [5]

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 ...

Core Insights - Aurora Innovation is on track for a commercial launch of its self-driving technology by the end of 2024, with significant progress made in autonomy performance and safety validation [8][14][24] - The company has achieved a 95% Autonomy Readiness Measure (ARM) for its Dallas to Houston launch lane, indicating strong preparation for commercial operations [14] - Aurora has secured multiyear contractual commitments from multiple customers, including FedEx and Uber Freight, and is actively negotiating with additional partners [19][20] Business Progress - The first quarter of 2024 saw Aurora autonomously deliver 5,450 loads, driving approximately 1.5 million commercial miles with nearly 100% on-time performance [20] - The company is focusing on increasing the percentage of commercial loads that do not require onsite support, achieving 75% of loads with 100% Autonomy Performance Indicator (API) during the first quarter, a 13-point improvement from the previous quarter [18] - Aurora's operating expenses for Q1 2024 totaled $193 million, with R&D expenses at $135 million, reflecting a commitment to fiscal discipline while preparing for commercial launch [25][26] Technology and Safety - The Aurora Driver has demonstrated advanced capabilities in handling complex driving scenarios, including interactions with aggressive drivers and navigating hazardous road conditions [9][12] - The company employs a comprehensive Safety Case approach to validate the safety of its self-driving technology, with a focus on transparency and public trust [12][13] - Aurora's technology is designed to operate safely and efficiently, with the ability to perceive its environment in 360 degrees and respond to unpredictable road user behavior [12] Regulatory Environment - The regulatory landscape is favorable for autonomous vehicle deployment, particularly in Texas, where Aurora plans to launch its operations [20][21] - Aurora is actively engaging with communities to build public trust and awareness of its technology, hosting events to share benefits and economic opportunities [21] Partnerships and Future Outlook - Aurora has established partnerships with OEMs like Volvo and PACCAR to develop and manufacture autonomy-enabled trucks, which are critical for scaling operations [22][23] - The company is preparing to introduce next-generation Aurora Driver hardware in 2025, which is expected to reduce hardware costs significantly [23] - Aurora aims to achieve gross profit by 2026, with a target of delivering approximately 125 million miles by that time [42][45]

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]

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 ...