Core Insights - Lipper Alpha Insight provides financial professionals with actionable ideas and insights to interpret individual security news and macroeconomic trends [1] Company and Industry Analysis - The platform features a team of expert analysts who continuously monitor the financial landscape to keep users updated on the latest market movements [1]

Group 1 - AUR's autonomous "Driver" platform is considered a disruptive technology, making it an intriguing investment opportunity [1] - The high valuation of AUR and uncertainty regarding its future suggest that investments should be limited to risk capital [1] Group 2 - Observing megatrends can provide insights into societal advancements and potential investment opportunities [2] - The importance of fundamentals, quality of leadership, and product pipeline is emphasized for successful investing [2] - The analyst has experience in evaluating startups and emerging technologies, focusing on marketing and business strategy for medium-sized companies and startups [2]

Group 1: Uber's Exchangeable Bond Deal - The $1.2 billion exchangeable bond deal by Uber Technologies features a structure appealing to both investors and Uber, tied to shares in self-driving truck firm Aurora Innovation [1][2] - The deal allows investors to benefit from Aurora's business upside while limiting downside risk, as they can receive the bond's par value at maturity if the stock price falls [2] - Uber benefits from favorable terms, including zero coupon and a conversion premium above the marketed range, while retaining some upside and deferring tax on gains [3] Group 2: Use of Proceeds and Corporate Strategy - Uber plans to use the net proceeds from the offering for general corporate purposes, which may include strategic investments, although no specific uses have been designated [4] Group 3: Aurora Innovation's Developments - Aurora is developing self-driving systems for commercial vehicles and aims to deploy driverless trucks at scale, with its trucks currently hauling commercial freight on Texas roads [5] - Aurora's CEO highlighted that the company is the first to operate commercial driverless heavy-duty trucks on public roads, focusing on proving technology and increasing product value for customers [6]

此外，优步还授予票据的初始购买方一项期权，允许其额外购买至多1.5亿美元的票据。 智通财经APP获悉，优步科技(UBER.US)已完成一笔本金为10亿美元、2028年到期的可交换优先票据私 募发行定价，有权选择将票据兑换为现金，或在满足特定股票交付条件的情况下，兑换为标的资产单 位，亦或是现金与标的资产单位的组合。初始阶段，每份标的资产单位包含一股Aurora Innovation(AUR.US)的A类普通股(每股面值0.00001美元)。截至发稿，Aurora美股盘前暴跌超17%。 初始换股比率为每1000美元本金票据可兑换117.6471份标的资产单位，相当于Aurora普通股的初始换股 价约为每股8.50美元。 这批票据不支付常规利息，本金也不会增值。除非提前完成交换、赎回或回购，否则票据将于2028年5 月15日到期。 2020年12月，Aurora收购了优步的自动驾驶部门——先进技术集团(Advanced Technologies Group)。交易 完成后，优步首席执行官达拉·科斯罗萨西加入Aurora董事会，同时优步向该公司投资4亿美元，获得 26%的股权。 若满足惯例交割条件，此次票据发售预计 ...

Driverless vehicle technology entered the public awareness 15 years ago when Google ( GOOG ) ( GOOGL ) revealed it had been testing equipment and software on public roads. The ensuing global rush by competitors has advanced know-how, though the truly “set it andI am a journalist based in Detroit, having spent almost my entire career writing about business and economic subjects for The Wall Street Journal, New York Times, Detroit Free Press and Bloomberg. I'm the author of two books and am an acknowledged ex ...

Financial Data and Key Metrics Changes - In Q1 2025, operating expenses totaled $211 million, with R&D expenses at $153 million, which included $871,000 in pilot revenue, reflecting a 22% quarter-over-quarter and 54% year-over-year increase [35] - The company ended Q1 2025 with nearly $1.2 billion in cash and short-term investments, including $68 million from the issuance of shares [37] - The expected quarterly cash use for the remainder of 2025 is projected to be between $175 million and $185 million [38] Business Line Data and Key Metrics Changes - The Aurora driver has begun regular driverless operations, completing over 4,000 driverless miles, which is longer than the distance across the United States [19] - The company has achieved a 100% API metric during Q1, exceeding the commercial launch target of 90% [18] Market Data and Key Metrics Changes - The Dallas to Houston launch lane represents a significant commercial opportunity, with plans to expand operations to Fort Worth, El Paso, and Phoenix in the second half of 2025 [22] - The Aurora driver is validated for operations in daytime with clear weather conditions, focusing on 53-foot drive-in and refrigerated trailers [22] Company Strategy and Development Direction - The company aims to prove the technology's promise, increase product value for customers, and become an essential partner in the freight industry [12] - A crawl, walk, run approach is being adopted for scaling operations, with plans to operate multiple lanes and expand capabilities to include night driving and adverse weather conditions by the end of 2025 [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety and performance of the Aurora driver, highlighting strong customer interest and enthusiasm following the launch [55][56] - The company is focused on demonstrating the technology's value and plans to provide regular updates on driverless miles and revenue metrics [62] Other Important Information - The company has developed a safety case framework for autonomous trucking, achieving 100% completion for its launch lane [13] - The company plans to raise between $650 million and $850 million prior to achieving positive free cash flow, anticipated in 2028 [38] Q&A Session Summary Question: What do competitors underestimate about bringing autonomous solutions to market? - Management highlighted the complexity of delivering a safe product and the importance of partnerships and validation processes, which competitors may not fully appreciate [44][46] Question: Can you provide insights on customer and industry feedback since the launch? - Management reported near-universal enthusiasm from partners and customers, indicating a significant increase in interest following the launch [55][57] Question: How will the company determine the next steps for expansion? - The focus will be on operational execution and feedback from the operations team, with plans to scale confidently based on experience [59] Question: What metrics will be shared quarterly? - Management indicated that updates on driverless miles and revenue will be provided, moving away from development metrics [62] Question: How critical is simulation technology for expanding routes? - Management emphasized the importance of simulation in validating the vehicle's performance in various conditions, which is crucial for safe operations [95] Question: How will pricing be approached in the future? - Management believes that substantial value will be demonstrated, allowing for potential pricing strategies that reflect the benefits of the technology [98][100]

Financial Data and Key Metrics Changes - In Q1 2025, operating expenses totaled $211 million, with R&D expenses at $153 million, including $871,000 in pilot revenue, which increased by 22% quarter-over-quarter and 54% year-over-year [33][34] - The company ended Q1 with nearly $1.2 billion in cash and short-term investments, including $68 million from the issuance of shares [35] - The expected quarterly cash use for the remainder of 2025 is between $175 million and $185 million, reflecting an increase in capital expenditures as the company prepares to scale [35][36] Business Line Data and Key Metrics Changes - The launch of the Aurora driver in April 2025 marked the beginning of recognizing revenue, which will be reflected in the Q2 results [34] - The Aurora driver has completed over 4,000 driverless miles, demonstrating its operational capabilities [17] Market Data and Key Metrics Changes - The Aurora driver is validated for driverless operations on a significant freight corridor, with plans to expand operations to additional routes, including Fort Worth to El Paso and Phoenix by the second half of 2025 [20][21] - The company aims to operate tens of trucks by the end of 2025, starting with a crawl, walk, run approach to ensure a seamless product experience [18] Company Strategy and Development Direction - The company focuses on proving the technology's promise, increasing product value for customers, and becoming an essential partner in the freight industry [10][19] - The strategy includes expanding commercial lanes and validating night driving and operations in adverse weather conditions [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety and performance of the Aurora driver, highlighting its ability to address challenges in the freight industry, such as driver shortages and high turnover [19] - The company anticipates raising $650 million to $850 million before achieving positive free cash flow, expected in 2028 [36] Other Important Information - The company published a driverless safety report detailing the operational safety of the Aurora driver, which includes risk management and cybersecurity measures [12] - The company has received strong support from state officials, indicating a favorable regulatory environment for autonomous trucking [14] Q&A Session Summary Question: How do competitors underestimate the complexity of bringing an autonomous solution to market? - Management noted that competitors may not appreciate the extensive ecosystem and multi-year engagements required to industrialize the technology, emphasizing their structural advantage in validation and safety [39][46] Question: Is the financial guidance from the Analyst Day still applicable? - Management confirmed that the financial ambitions discussed previously remain generally correct, with a slight delay in the launch timeline [48][50] Question: What feedback has been received from customers since the launch? - Management reported near-universal enthusiasm from partners and customers, indicating a significant increase in interest following the launch [53][55] Question: How will the company determine the next steps for expansion? - The company will focus on operational execution and feedback from the operational team to scale confidently [56][58] Question: What improvements in AI are expected moving forward? - Management indicated that advancements in AI are already integrated into the Aurora driver, with ongoing efforts to enhance capabilities in various conditions [75][78] Question: How critical is simulation technology for expanding routes? - Management emphasized that simulation is essential for validating the vehicle's performance in diverse conditions, allowing for faster route expansion [90][92] Question: How will pricing be approached in the future? - Management stated that pricing will be based on the substantial value delivered to customers, with potential for premium pricing as the technology proves its worth [94][97]

[Part I - Financial Information](index=5&type=section&id=Part%20I%20-%20Financial%20Information) This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis for Aurora Innovation, Inc [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Aurora Innovation, Inc.'s unaudited condensed consolidated financial statements and related notes for the reporting period [Condensed Consolidated Balance Sheets (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20-%20Condensed%20Consolidated%20Balance%20Sheets%20(unaudited)) This section provides a snapshot of the company's financial position at specific dates, detailing assets, liabilities, and equity Condensed Consolidated Balance Sheets (in millions) | Item | March 31, 2025 | December 31, 2024 | Change ($) | Change (%) | | :----------------------------- | :------------- | :---------------- | :--------- | :--------- | | Total Assets | $2,071 | $2,138 | $(67) | (3.1%) | | Total Liabilities | $286 | $263 | $23 | 8.7% | | Total Stockholders' Equity | $1,785 | $1,875 | $(90) | (4.8%) | | Cash and cash equivalents | $170 | $211 | $(41) | (19.4%) | | Short-term investments | $989 | $1,012 | $(23) | (2.3%) | [Condensed Consolidated Statements of Operations (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20-%20Condensed%20Consolidated%20Statements%20of%20Operations%20(unaudited)) This section details the company's financial performance over a period, including revenues, expenses, and net loss Condensed Consolidated Statements of Operations (in millions, except per share data) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Research and development | $182 | $166 | $16 | 9.6% | | Selling, general and administrative | $29 | $27 | $2 | 7.4% | | Total operating expenses | $211 | $193 | $18 | 9.3% | | Loss from operations | $(211) | $(193) | $(18) | 9.3% | | Change in fair value of derivative liabilities | $(9) | $12 | $(21) | (175.0%) | | Other income, net | $12 | $16 | $(4) | (25.0%) | | Net loss | $(208) | $(165) | $(43) | 26.1% | | Basic and diluted net loss per share | $(0.12) | $(0.11) | $(0.01) | 9.1% | [Condensed Consolidated Statements of Comprehensive Loss (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20-%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20(unaudited)) This section presents the total comprehensive loss, including net loss and other comprehensive income or loss items Condensed Consolidated Statements of Comprehensive Loss (in millions) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :---------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Net loss | $(208) | $(165) | $(43) | 26.1% | | Unrealized loss on investments | $(1) | $(1) | $0 | 0.0% | | Comprehensive loss | $(209) | $(166) | $(43) | 25.9% | [Condensed Consolidated Statements of Stockholders' Equity (unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20-%20Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(unaudited)) This section outlines changes in the company's equity accounts, reflecting transactions with owners and comprehensive loss Condensed Consolidated Statements of Stockholders' Equity (in millions) | Item | Balance as of Dec 31, 2024 | Equity issued under incentive compensation plans (Q1 2025) | Issuance of common stock in ATM offering, net (Q1 2025) | Stock-based compensation (Q1 2025) | Comprehensive loss (Q1 2025) | Balance as of Mar 31, 2025 | | :---------------------------------------- | :------------------------- | :------------------------------------------------------- | :------------------------------------------------------ | :--------------------------------- | :--------------------------- | :------------------------- | | Common stock | $— | $— | $— | $— | $— | $— | | Additional paid-in capital | $6,232 | $17 | $68 | $34 | $— | $6,351 | | Accumulated other comprehensive income | $1 | $— | $— | $— | $(1) | $— | | Accumulated deficit | $(4,358) | $— | $— | $— | $(208) | $(4,566) | | Total stockholders' equity | $1,875 | $17 | $68 | $34 | $(209) | $1,785 | [Condensed Consolidated Statements of Cash Flows (unaudited)](index=9&type=section&id=Item%201.%20Financial%20Statements%20-%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) This section summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in millions) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(142) | $(150) | $8 | (5.3%) | | Net cash provided by investing activities | $19 | $101 | $(82) | (81.2%) | | Net cash provided by financing activities | $82 | $2 | $80 | 4000.0% | | Net decrease in cash, cash equivalents, and restricted cash | $(41) | $(47) | $6 | (12.8%) | | Cash, cash equivalents, and restricted cash at end of the period | $186 | $471 | $(285) | (60.5%) | [Notes to the Condensed Consolidated Financial Statements (unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20-%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [Note 1. Overview of the Organization](index=10&type=section&id=Item%201.%20Financial%20Statements%20-%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)%20-%20Note%201.%20Overview%20of%20the%20Organization) This note describes Aurora Innovation, Inc.'s core business of developing advanced self-driving technology - Aurora Innovation, Inc. is developing the Aurora Driver, an advanced and scalable suite of self-driving hardware, software, and data services, with a mission to deliver the benefits of self-driving technology safely, quickly, and broadly[27](index=27&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=10&type=section&id=Item%201.%20Financial%20Statements%20-%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)%20-%20Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the financial statements - The company's operations are primarily funded by available liquidity from cash, cash equivalents, and investments[32](index=32&type=chunk) - Management anticipates continued operating losses and the need to raise additional capital for the development and commercialization of the Aurora Driver[32](index=32&type=chunk) - Management believes current cash and investments will be sufficient for working capital and capital expenditure requirements for at least **twelve months**[32](index=32&type=chunk) - The company is dependent on single or limited source suppliers for critical components, such as Continental Automotive Technologies GmbH for the Aurora Driver hardware system, posing a risk if suppliers fail to perform[34](index=34&type=chunk) [Note 3. Cash, Cash Equivalents, Restricted Cash and Investments](index=11&type=section&id=Item%201.%20Financial%20Statements%20-%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)%20-%20Note%203.%20Cash%2C%20Cash%20Equivalents%2C%20Restricted%20Cash%20and%20Invest

Business Overview - Aurora closed the Dallas to Houston Safety Case, achieving 100% Autonomy Readiness Measure (ARM)[8] - Prior to launch, Aurora exceeded its 100% Autonomy Performance Indicator (API) loads Commercial Launch target[9] - Aurora began driverless commercial deliveries for Uber Freight and Hirschbach between Dallas and Houston[12, 15] Technology and Expansion - Aurora is expanding its product capabilities to include validated night driving and operation in adverse weather conditions[22] - Aurora is beginning its lane expansion strategy with driverless operations on the Fort Worth to El Paso lane, with further extension to Phoenix[22] - The lane between Fort Worth and Phoenix spans over 1,000 miles[23, 26] Performance Metrics - Aurora's Autonomy Performance Indicator (API) has increased from 61% in 1Q23 to 95% in 1Q25[10] - Cumulatively, Aurora has autonomously delivered over 11,000 commercial loads[28] - Aurora has autonomously driven over 3 million miles[29] - Aurora achieved nearly 100% on-time delivery rate (Aurora-controlled rate)[30] Financial Status - As of March 31, 2025, Aurora has $1,159 million in cash and cash equivalents, and short-term investments[33] - For the quarter ended March 31, 2025, Research and development expenses were $182 million, and Selling, general and administrative expenses were $29 million[33] - Total operating expenses for the quarter ended March 31, 2025, were $211 million[33] - Net cash used in operating activities for the quarter ended March 31, 2025, was $142 million, and capital expenditures were $8 million[33]

[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)