Aurora Innovation(US:AUR)2026-02-11 22:11Revenue and Costs - Revenue for the twelve months ended December 31, 2025, was $3 million, attributed to the commercial launch of Aurora Driver for Freight in April 2025[298] - Cost of revenue for the same period was $17 million, also due to the launch of Aurora Driver for Freight[298] Expenses - Research and development expenses increased by $69 million, or 10%, to $745 million in 2025, driven by hardware costs and personnel expenses[299] - Selling, general and administrative expenses rose by $32 million, or 29%, to $142 million in 2025, primarily due to increased personnel costs[300] Net Loss - Net loss for the twelve months ended December 31, 2025, was $816 million, a 9% increase from the previous year's loss of $748 million[296] Cash and Investments - Cash and cash equivalents as of December 31, 2025, totaled $221 million, with short-term investments of $1,055 million[309] - Net cash used in operating activities decreased by $30 million to $581 million in 2025 from $611 million in 2024[314] - Net cash used in investing activities increased by $73 million to $245 million for the twelve months ended December 31, 2025, compared to $172 million in the previous year[316] - Net cash used in investing activities rose by $180 million to $180 million for the twelve months ended December 31, 2024, from a net cash provided of $8 million in 2023[317] - Net cash provided by financing activities increased by $342 million to $834 million for the twelve months ended December 31, 2025, compared to $492 million in 2024[318] - Net cash provided by financing activities decreased by $339 million to $492 million for the twelve months ended December 31, 2024, from $831 million in 2023[319] Future Commitments - The company has non-cancelable future minimum payments of $79 million for 2026 and $13 million for 2027 as of December 31, 2025[321] Legal and Risk Assessment - No material losses were recorded in the twelve months ended December 31, 2025, 2024, and 2023 related to legal claims[320] - The company assesses the need to record a liability for litigation and other loss contingencies, with no material losses recorded in the last three years[320] Market Risks - The valuation of derivative liabilities is based on a Monte Carlo simulation analysis, which is dependent on management estimates and assumptions[324] - The company does not believe that a 100-basis point change in interest rates would materially affect its business or financial condition[329] - The company is exposed to various market risks, including changes in interest rates and funding availability[327] Product Launch and Strategy - Aurora Driver for Freight was launched in April 2025, marking the start of driverless operations for trucks[292] - The company expects to commercialize the Aurora Driver in a Driver as a Service (DaaS) model, targeting partnerships with OEMs and fleet operators[290]