Group 1: Aurora Innovation, Inc. (AUR) - Aurora Innovation reported a quarterly loss of $0.11 per share, which was better than the Zacks Consensus Estimate of a loss of $0.12, and an improvement from a loss of $0.13 per share a year ago, indicating an earnings surprise of +8.33% [1] - Over the last four quarters, Aurora has surpassed consensus EPS estimates two times, showcasing some level of operational improvement [2] Group 2: Reinvent Technology Partners Y - Reinvent Technology Partners Y reported revenues of $1 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 21.88%, compared to zero revenues a year ago [2] - The stock has underperformed the market, losing about 16.4% since the beginning of the year, while the S&P 500 gained 16.9% [3] - The earnings outlook for Reinvent Technology Partners Y is crucial for investors, as it includes current consensus earnings expectations and recent changes in these expectations [4] - The estimate revisions trend for Reinvent Technology Partners Y was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Group 3: Industry Outlook - The Technology Services industry is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable environment for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Third quarter 2025 revenue totaled $1 million, reflecting a 12% sequential increase from the second quarter [23] - Operating losses for the third quarter amounted to $222 million, with stock-based compensation of $51 million included [23] - The company ended the third quarter with $1.6 billion in cash and investments, expected to fund operations into the second half of 2027 [24] Business Line Data and Key Metrics Changes - The Aurora Driver achieved a record number of commercial miles driven during the quarter, contributing to revenue growth [23] - The company plans to launch its second-generation commercial hardware kit in the second quarter of 2026, which is expected to reduce hardware costs by over 50% [16][24] Market Data and Key Metrics Changes - The company has expanded its driverless operations to include multiple customers, including major carriers in the U.S. [6][15] - The Aurora Driver surpassed 100,000 driverless miles on public roads, doubling the cumulative miles achieved just five weeks prior [12] Company Strategy and Development Direction - The company aims to expand driverless operations and advance its hardware programs to support scaling objectives for 2026 [24] - A strategic partnership with McLeod Software was announced to facilitate integration for new customers, targeting mid-market segments [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technology's ability to redefine the freight ecosystem, emphasizing safety, efficiency, and sustainability [14][22] - The company is focused on expanding its operational capabilities in various weather conditions, including dust storms and heavy rain [10][11] Other Important Information - The company received approval from the U.S. Department of Transportation for new safety measures, indicating favorable regulatory momentum [21] - A significant investment of $110 million was announced to expand the manufacturing facility for the Aurora Driver hardware kit [20] Q&A Session Summary Question: Plans for moving from terminal to endpoint shipments - Management clarified that transitioning to endpoint shipments is not a significant technical challenge, with plans to roll out to customers in the next year [28][29] Question: Acceleration in truck deployments - Management confirmed plans to deploy hundreds of trucks next year, aligning with customer demand and operational capabilities [32] Question: Details on the International partnership - The company is purchasing trucks from International for integration, with no co-development partnership, and expects to have them operational by Q2 2026 [36][37] Question: Customer comfort with technology - Management noted that customer enthusiasm is growing, with some customers ready to operate driverlessly from the start [46] Question: Progress with Volvo - The company is in the process of integrating the Aurora Driver into Volvo trucks and has begun line-side integration at their manufacturing facility [86] Question: Dust storm technology - Management explained the use of both LIDAR and radar to navigate dust storms effectively, emphasizing the importance of a multi-sensor approach [92]

Financial Data and Key Metrics Changes - Third quarter 2025 revenue totaled $1 million, reflecting a 12% sequential increase from the second quarter [25] - Operating losses for the third quarter amounted to $222 million, with stock-based compensation of $51 million included [25] - The company ended the third quarter with $1.6 billion in cash and investments, expected to fund operations into the second half of 2027 [26] Business Line Data and Key Metrics Changes - The Aurora Driver achieved a record number of commercial miles driven during the quarter, contributing to revenue growth [25] - The company plans to launch its second-generation commercial hardware kit in the second quarter of 2026, which is expected to reduce hardware costs by over 50% [18][19] Market Data and Key Metrics Changes - The company has expanded its driverless operations to include multiple customers, enhancing its market presence [17] - The launch of driverless operations on the Fort Worth to El Paso lane is a significant milestone, with plans for further expansions in 2026 [10][11] Company Strategy and Development Direction - The company aims to rapidly unlock lanes across the Sunbelt, with future expansions planned between Dallas and Laredo, and Dallas and Atlanta [10] - A strategic partnership with McLeod Software is expected to accelerate new customer adoption of the Aurora Driver [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the technology's ability to redefine the freight ecosystem, emphasizing safety, efficiency, and sustainability [16] - The company is focused on expanding driverless operations and advancing its programs to support scaling objectives for 2026 [27] Other Important Information - The company has received regulatory approval for using cab-mounted warning beacons, enhancing road safety [23] - A $110 million investment has been announced to expand the manufacturing facility for the Aurora Driver hardware kit [22] Q&A Session Summary Question: Plans for moving from terminal to endpoint shipments - Management clarified that transitioning to endpoint shipments is not a significant technical challenge, with plans to roll out to customers over the next year [31][32] Question: Deployment of hundreds of trucks next year - Management confirmed the goal of deploying hundreds of trucks next year, supported by a new relationship with International for truck purchases [34][35] Question: Confirmation of the relationship with International - Management stated that they are purchasing trucks from International but there is no co-development partnership; the focus is on meeting customer demand [38][39] Question: Customer comfort with technology - Management noted that customer enthusiasm is growing, with some customers ready to operate driverlessly from the start [47] Question: Progress with Volvo - Management reported progress with Volvo, including line-side integration of the Aurora Driver kit and ongoing validation of trucks [86][87] Question: Addressing dust storms and weather conditions - Management explained the use of complementary sensors to handle dust storms and confirmed ongoing validation for rain and heavy wind conditions [94][95]

Financial Data and Key Metrics Changes - In Q3 2025, Aurora Innovation reported revenue of $1 million, reflecting a 12% sequential increase from Q2 2025 driven by a record number of commercial miles [22] - Operating losses for Q3 2025 totaled $222 million, with R&D expenses at $138 million and SG&A at $28 million [22][23] - The company ended Q3 2025 with $1.6 billion in cash and investments, expected to fund operations into the second half of 2027 [23] Business Line Data and Key Metrics Changes - The Aurora Driver achieved over 100,000 driverless miles on public roads, doubling the cumulative miles from early September [5][12] - The company launched driverless commercial operations on a new route from Fort Worth to El Paso, adding multiple customers to its driverless cohort [5][6] Market Data and Key Metrics Changes - Aurora plans to expand driverless operations across the Sunbelt, with future routes including Dallas to Laredo and Dallas to Atlanta [9][10] - The company is working with multiple customers to identify locations for driverless endpoints in early 2026 [9] Company Strategy and Development Direction - Aurora aims to launch its second-generation commercial hardware kit in Q2 2026, which is expected to reduce hardware costs by over 50% [16][17] - The company is focusing on expanding its driverless operations and enhancing its technology to support scaling objectives for 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety, trust, and scale in autonomous trucking, stating that strategic investments are driving operational efficiency [21] - The company is optimistic about regulatory momentum, having received approval for new safety measures and legislative support for self-driving trucks [20] Other Important Information - Aurora has established a partnership with McLeod Software to enhance customer adoption of the Aurora Driver [15] - The company is also advancing its third-generation commercial hardware kit, which is expected to unlock scale for tens of thousands of trucks [18][19] Q&A Session Summary Question: Plans for moving from terminal to endpoint shipments - Management clarified that transitioning to endpoint shipments is not a significant technical challenge, as most customer endpoints are within a five-mile range from highways [26][28] Question: Deployment of hundreds of trucks next year - Management confirmed plans to deploy hundreds of trucks in 2026, aligning with customer demand and operational capabilities [30][31] Question: Relationship with International and truck purchases - Management stated that they are purchasing stock trucks from International without a co-development partnership, aiming for driverless operations by Q2 2026 [33][34][36] Question: Progress with Volvo and truck validation - Management reported progress in integrating the Aurora Driver into Volvo trucks and starting line-side integration at their manufacturing facility [70][73] Question: Addressing dust storms and weather conditions - Management explained that both LIDAR and radar are used to navigate dust storms, with radar being less affected by such conditions [79][81]

Revenue and Commercialization - Revenue for the three months ended September 30, 2025, was $1 million, attributed to the commercial launch of Aurora Driver for Freight in April 2025[85]. - The company launched Aurora Driver for Freight as its first driverless trucking subscription service, targeting high-volume highway routes[83]. - The company plans to commercialize the Aurora Driver in a Driver as a Service (DaaS) model, partnering with OEMs and fleet operators to scale operations[82]. Expenses and Financial Performance - Research and development expenses increased by $10 million, or 6%, to $179 million for the three months ended September 30, 2025, primarily due to increased non-cash stock-based compensation[87]. - Selling, general and administrative expenses rose by $11 million, or 41%, to $38 million for the three months ended September 30, 2025, driven by higher personnel costs and realignment of resources[88]. - Net cash used in operating activities was $435 million for the nine months ended September 30, 2025, a decrease of $34 million from $469 million for the same period in 2024[103]. - Net cash provided by financing activities was $828 million for the nine months ended September 30, 2025, an increase of $353 million from $475 million for the same period in 2024[105]. Financial Position and Capital Needs - As of September 30, 2025, the company had $87 million in cash and cash equivalents, $1,160 million in short-term investments, and $357 million in long-term investments[97]. - The company expects to continue incurring operating losses and will need to opportunistically raise additional capital to support the development and commercialization of the Aurora Driver at scale[98]. Market Risks - The company is exposed to various market risks, including interest rate changes and inflation impacts[108]. - Interest rate risk is sensitive to factors such as governmental policies and economic conditions, but a 100-basis point change is not expected to materially affect the business[109][110]. - Inflation has not materially impacted the company's financial condition, aside from general economic effects, but rising costs could pose challenges if not offset by price increases[111]. Other Financial Metrics - The change in fair value of derivative liabilities resulted in income of $12 million for the nine months ended September 30, 2025, compared to an expense of $15 million for the same period in 2024[95].

Core Insights - Aurora has expanded its driverless route network by adding a 600-mile route from Fort Worth to El Paso, marking its second route for self-driving trucks [1][2] - The company has achieved a significant milestone by completing over 100,000 driverless miles on public roads with five self-driving trucks since launching its commercial service in May [2] - Aurora aims to expand its services to Phoenix by the end of the year, following its initial commercial service that began with a Dallas-to-Houston route [2][3] Route Expansion - The new Fort Worth-to-El Paso route is designed to be attractive to carriers, addressing staff shortages and the challenges of completing long hauls in a single day [4] - Key customers for the El Paso route include Hirschbach Motor Lines and Russell Transport [4] Technological Advancements - Aurora has introduced next-generation hardware, developed by Fabrinet, which is being integrated with Volvo VNL Autonomous trucks, offering improved durability and performance at half the overall cost [5] - The new lidar technology can detect objects from 1,000 meters away, doubling the detection range of the previous generation, and features enhanced sensor cleaning for better reliability in harsh weather [5] - The partnership with Volvo marks an industry-first collaboration aimed at creating scalable autonomous truck solutions, with plans for higher volume hardware production in collaboration with Aumovio set for 2027 [6]

Third Quarter 2025 Business Review October 28, 2025 1 © 2025 | AURORA PROPRIETARY Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our ability to achieve certain milestones around, and realize ...

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].

Investor Presentation OCTOBER 2025 1 © 2025 | AURORA PROPRIETARY Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our driverless operations and future financial and operating performance; our ...

Core Viewpoint - Speculative stocks are currently facing significant risks, and investors are advised to be cautious and consider selling to avoid potential losses. Speculation can be beneficial, especially for younger investors, but it must be approached wisely by focusing on companies with clear profit potential rather than those with a history of losses [1][2][3]. Group 1: Speculative Stocks Overview - AS Space Mobile has seen a 200% increase this year but is down over 30 points from its recent high, and it recently offered $1 billion in convertible notes while having a negative free cash flow of $677 million over the last year [5][6]. - Trilogy Metals has increased by approximately 345% this year but has no sales and has been losing money consistently for five years [7]. - Grail, a cancer detection company, has seen its stock rise 347% this year despite losing hundreds of millions over the last five years, and it recently conducted a $325 million private placement [8]. - Techcoen, a co-generation company, has increased nearly 475% but has never turned a profit, and its stock has dropped from 12 to 8 recently [9]. - Aurora Innovation, a self-driving technology company, trades under five and has lost hundreds of millions over the last five years, with a recommendation to consider Tesla instead [10]. - Regetti Computing, a quantum computing company, is up 136% this year but has declining revenues and significant insider selling, raising concerns about its future profitability [11]. Group 2: Market Sentiment and Recommendations - The current market sentiment indicates that the speculative mania may be coming to an end, with many of the mentioned stocks viewed as overheated and likely to revisit lower levels [11][12]. - There are better alternatives to the speculative stocks discussed, and investors are encouraged to sell during any potential bounce to avoid further declines [12].