Letter to Shareholders Aurora's CEO highlights the Q2 2025 launch of commercial driverless trucking, operational scaling, hardware advancements, and legislative momentum Ramping Driverless Operations 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 20253 - The Aurora Driver logged over 20,000 driverless miles from the end of April through June 202547 - Operations scaled to three driverless trucks between Dallas and Houston, maintaining nearly 100% on-time performance and a perfect safety record6 - Partnered with Uber Freight, the first logistics platform to offer shippers access to fully driverless trucks on public roads7 Increasing Customer Value 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 utilization413 - The company aims to validate driverless operations in challenging weather conditions by end of 202514 - Lane expansion is on track, with driverless operations from Fort Worth to El Paso and extending to Phoenix expected by year-end15 - Opened a new terminal in Phoenix and began autonomous trucking pilots with customers Werner and Hirschbach on the Phoenix lane15 Driving Customer Adoption 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 urgency21 - 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 Advancing the Path to Scale 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 collection26 - Progress on the third-generation kit with Continental continues, achieving a key design milestone with the first complete prototype expected by year-end2728 - OEM partner Volvo has delivered its latest VNL Autonomous trucks for integration and testing, with 20 trucks expected by year-end2930 - PACCAR has completed the first prototypes of its scalable autonomy-enabled truck platform, currently undergoing testing29 Championing a Federal Framework 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 trucks32 - The legislation aims to provide federal preemption over state laws requiring a traditional driver in a commercial vehicle32 Building Momentum 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 profitability4041 Financial Highlights 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 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 program45 - Ended Q2 with $1.3 billion in cash and short-term investments, extending the expected cash runway into Q2 202745 - Maintains its forecast for quarterly cash use of $175 - $185 million, on average, for the remainder of 202546 Condensed Consolidated Financial Statements 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) |
Aurora Innovation(AUR) - 2025 Q2 - Quarterly Results