Aurora Innovation(AUR) - 2025 Q3 - Quarterly Results

Financial Performance - In Q3 2025, Aurora generated $1 million in revenue, marking a 12% sequential increase from Q2 2025[46]. - Aurora's operating loss for Q3 2025 totaled $222 million, with R&D expenses at $138 million and SG&A at $28 million[47]. - The company reported a net loss of $201 million for the three months ended September 30, 2025, compared to a net loss of $208 million for the same period in 2024, showing a slight improvement of 3.4%[55]. - Research and development expenses for the nine months ended September 30, 2025, were $551 million, up from $470 million in the same period of 2024, representing an increase of 17.2%[55]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(506) million, compared to $(463) million for the same period in 2024, reflecting a deterioration of 9.3%[60]. - The company anticipates cash use of $175 - $185 million in Q4 2025, reflecting strong fiscal discipline[48]. - The company’s cash flows from operating activities showed a net cash used of $435 million for the nine months ended September 30, 2025, compared to $469 million for the same period in 2024, indicating a decrease of 7.2%[57]. Assets and Equity - As of September 30, 2025, total assets increased to $2,510 million from $2,138 million as of December 31, 2024, reflecting a growth of approximately 17.4%[53]. - The company’s total stockholders' equity rose to $2,291 million as of September 30, 2025, compared to $1,875 million at the end of 2024, marking an increase of 22.2%[53]. - The company’s total current liabilities decreased to $84 million as of September 30, 2025, from $105 million at the end of 2024, a reduction of 20%[53]. Cash and Investments - The company ended Q3 2025 with $1.6 billion in cash and investments, providing liquidity to fund operations into the second half of 2027[49]. - Cash and cash equivalents decreased to $87 million as of September 30, 2025, from $211 million at the end of 2024, indicating a decline of 58.8%[53]. - Proceeds from the issuance of common stock amounted to $896 million for the nine months ended September 30, 2025, compared to $478 million for the same period in 2024, an increase of 87.5%[57]. Driverless Technology and Operations - The Aurora Driver surpassed 100,000 driverless miles on public roads, achieving 100% on-time performance and zero collisions attributed to the technology[4][20]. - Aurora is expanding driverless operations with new routes, including a 600-mile lane from Fort Worth to El Paso, and plans to extend to Phoenix, adding another 400 miles[5][12]. - The company is working on validating driverless operations in challenging weather conditions, including dust storms and heavy rain, with a software release planned for January 2026[17][18]. - A strategic partnership with McLeod Software aims to accelerate customer adoption of the Aurora Driver among mid-market customers[27]. - Aurora's collaboration with Volvo has led to the integration of the second generation commercial kit into Volvo's autonomous trucks, with production expected to begin in 2027[35][38]. - The company plans to launch its second generation commercial hardware kit in Q2 2026, which is expected to reduce hardware costs by over 50%[31][32]. Future Outlook - The company anticipates continued investment in research and development to enhance its driverless technology and expand its market presence, although specific financial projections were not provided[54].