Aurora Innovation(AUR) - 2025 Q1 - Quarterly Report

Part I - Financial Information This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis for Aurora Innovation, Inc Item 1. Financial Statements This section presents Aurora Innovation, Inc.'s unaudited condensed consolidated financial statements and related notes for the reporting period Condensed Consolidated Balance Sheets (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 | $(23) | (2.3%) | Condensed Consolidated Statements of Operations (unaudited) This section details the company's financial performance over a period, including revenues, expenses, and net loss Condensed Consolidated Statements of Operations (in millions, except per share data) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | 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) | $(0.01) | 9.1% | Condensed Consolidated Statements of Comprehensive Loss (unaudited) This section presents the total comprehensive loss, including net loss and other comprehensive income or loss items Condensed Consolidated Statements of Comprehensive Loss (in millions) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | 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) 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) | $1,785 | Condensed Consolidated Statements of Cash Flows (unaudited) This section summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in millions) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | 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) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements Note 1. Overview of the Organization 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] Note 2. Summary of Significant Accounting Policies 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] - Management anticipates continued operating losses and the need to raise additional capital for the development and commercialization of the Aurora Driver[32] - Management believes current cash and investments will be sufficient for working capital and capital expenditure requirements for at least twelve months[32] - 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] [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