Aurora Business Update | Third Quarter 2024 世 October 30, 2024 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 the potential bene ...

Financial Data and Key Metrics Changes - In Q3 2024, operating expenses totaled $196 million, with R&D expenses at $139 million, reflecting a 75% year-over-year increase in pilot revenue [33][34] - The company raised $483 million in gross proceeds from a public offering, ending the quarter with approximately $1.4 billion in cash and investments, supporting operations into 2026 [34][35] Business Line Data and Key Metrics Changes - During Q3, 80% of commercial loads on the Dallas to Houston launch lane had 100% API, a 5 percentage point increase from the previous quarter [18] - The company autonomously delivered over 8,200 loads, driving more than 2.2 million commercial miles with nearly 100% on-time performance [24] Market Data and Key Metrics Changes - The company plans to extend operations to the Fort Worth to Phoenix lane in 2025, which spans over 1,000 miles and is expected to begin commercial pilots in the first half of 2025 [22][23] - The U.S. is projected to have the fastest autonomous truck adoption rate globally, with autonomous heavy-duty trucks expected to account for 13% of trucks on the road by 2035 [28] Company Strategy and Development Direction - The company is focused on a "crawl, walk, run" approach for the commercial launch, starting with one driverless truck and scaling up to 10 [20] - The strategy includes deep integration with OEMs for scalable autonomy and the development of a Hardware as a Service platform [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the safety case for driverless operations, expecting to launch commercially in April 2025, which is slightly later than initially planned [19] - The company emphasized the importance of safety and performance transparency as it approaches commercial launch [11][19] Other Important Information - The company has completed bidirectional mapping of the El Paso to Phoenix route, demonstrating the Aurora Driver's capabilities in various conditions [29] - The California DMV is seeking public input on regulations for autonomous trucks, indicating a potential positive regulatory environment for the industry [25][26] Q&A Session Summary Question: Details on remaining validation for commercial launch - Management highlighted that the remaining validation primarily involves surface street driving and construction elements, with confidence in the timeline for launch [37][38] Question: Impact of timeline extension on financial commitments - Management confirmed there are no penalties or financial impacts on contracts due to the timeline extension, and operations will continue in pilot mode [41][42] Question: Update on supply chain operational readiness - Management stated there are no parts constraints for the commercial launch, with pre-purchased components in place [50][51] Question: Contracting and pricing updates - Management indicated that pricing is in line with market rates, despite a slight decline in the market this year [52] Question: Examples of edge cases in construction zones - Management clarified that the focus is on validating various configurations of construction sites, with no disengagements caused by construction zones since May [60][61]

Financial Performance - Aurora Innovation reported a net loss of $208 million for the three months ended September 30, 2024, compared to a net loss of $190 million for the same period in 2023, representing an 18% increase in losses[61] - Total operating expenses decreased by 8% to $196 million in Q3 2024 from $212 million in Q3 2023, driven by reductions in research and development and selling, general, and administrative expenses[61] - Net cash used in operating activities was $469 million for the nine months ended September 30, 2024, a slight increase from $465 million in the same period in 2023[72] - Other income, net increased by 18% to $47 million for the nine months ended September 30, 2024, primarily due to higher interest income from cash equivalents and investments[68] - The change in fair value of derivative liabilities resulted in an expense of $15 million for the nine months ended September 30, 2024, compared to an expense of $7 million in the same period in 2023, indicating increased volatility in market prices[68] Expenses and Cost Management - Research and development expenses decreased by 7% to $169 million in Q3 2024, primarily due to lower non-cash stock-based compensation and hardware costs[63] - Inflation has not had a material effect on the business, but rising costs could harm financial condition if not offset by price increases[79] Capital and Investments - As of September 30, 2024, Aurora had $263 million in cash and cash equivalents, $985 million in short-term investments, and $104 million in long-term investments[70] - The company raised $466 million in net proceeds from a public offering of approximately 134 million shares at $3.60 per share on August 2, 2024[59] Business Strategy and Future Plans - Aurora plans to launch the Aurora Driver for Freight, targeting the driverless trucking subscription service market first, before expanding into passenger mobility and local goods delivery[57] - The company expects to earn revenue on a fee per mile basis through a Driver as a Service (DaaS) business model, partnering with OEMs and fleet operators[55] Risk Management and Controls - Management assessed that there have been no material changes to critical accounting estimates since the Annual Report[76] - Interest rate changes of 100-basis points are not expected to materially affect the business or financial condition[78] - Disclosure controls and procedures were deemed effective as of September 30, 2024[81] - No changes in internal control over financial reporting materially affected the company during the fiscal quarter ended September 30, 2024[82] - The company does not consider any pending legal claims to be material to its business or likely to adversely affect future operating results[85] - No material losses were recorded in the three and nine months ended September 30, 2024 and 2023[75]

Aurora Third Quarter 2024 Shareholder Letter October 30, 2024 | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Aurora , and UTONOMOUS Business Update | Second Quarter 2024 July 31, 2024 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 the benefits of integrating artificial intelligence into our product ...

Table of Contents ____________________________ ____________________________ ____________________________ ____________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commis ...

Autonomous Trucking Services - Aurora's driverless trucking subscription service has been rebranded to Aurora Driver for Freight from Aurora Horizon[3] - 75% of the commercial loads on the Dallas to Houston launch lane had a 100% API during the second quarter, increasing to over 80% in June[7] - Aurora has autonomously delivered 6,785 loads, driving over 1.8 million commercial miles with nearly 100% on-time performance for pilot customers[13] - Aurora announced a long-standing relationship with Uber Freight expanding from pilot operations to committed volume, with driverless hauls expected by the end of 2024[10] - Aurora's Premier Autonomy program with Uber Freight provides early access to over one billion driverless miles through 2030[10] Financial Performance and Expenses - Aurora's operating expenses for Q2 2024 totaled $198 million, including $38 million in stock-based compensation[28] - Aurora used approximately $176 million in operating cash during Q2 2024, with capital expenditures totaling $11 million[29] - Aurora ended Q2 2024 with $1.0 billion in cash and short-term investments, expected to fund operations into Q4 2025[29] - Cash and cash equivalents decreased to $402 million as of June 30, 2024, from $501 million as of December 31, 2023[33] - Total current assets decreased to $1,043 million as of June 30, 2024, from $1,217 million as of December 31, 2023[33] - Net loss for the six months ended June 30, 2024, was $347 million, compared to $414 million for the same period in 2023[34] - Research and development expenses for the six months ended June 30, 2024, were $336 million, down from $364 million in the same period in 2023[34] - Adjusted EBITDA for the six months ended June 30, 2024, was $(306) million, compared to $(333) million for the same period in 2023[40] - Net cash used in operating activities for the six months ended June 30, 2024, was $326 million, compared to $318 million for the same period in 2023[38] - Cash, cash equivalents, and restricted cash at the end of the period were $419 million as of June 30, 2024, compared to $182 million as of June 30, 2023[38] - Stock-based compensation for the six months ended June 30, 2024, was $74 million, down from $82 million in the same period in 2023[38] - Total liabilities decreased to $197 million as of June 30, 2024, from $250 million as of December 31, 2023[33] - Accumulated deficit increased to $(3,957) million as of June 30, 2024, from $(3,610) million as of December 31, 2023[33] Technology and Product Development - Aurora's production-ready Volvo VNL Autonomous, powered by the Aurora Driver, began production in May 2024[20] - Aurora's FirstLight Lidar on chip technology is undergoing validation testing, with integration into a single photonics engine expected by the end of 2024[21]

F I R S T Q U A R T E R 2 0 2 4 B U S I N E S S U P D A T E M A Y 8 , 2 0 2 4 1 © 2024 | Aurora Proprietary This presentation contains certain forward-looking statements within the meaning of the federal securi ...

Financial Data and Key Metrics - Q1 2024 operating expenses totaled $193 million, including stock-based compensation, and $157 million excluding stock-based compensation [25] - R&D expenses, excluding stock-based compensation, were $135 million, with $565,000 in pilot revenue recorded as a contra R&D expense [25] - SG&A expenses, excluding stock-based compensation, were $22 million [25] - The company used approximately $150 million in operating cash during Q1 2024, including $9 million in prepayments for hardware components [25] - Capital expenditures totaled $8 million, and the company ended the quarter with $1.2 billion in cash and short-term and long-term investments [26] Business Line Data and Key Metrics - The company is focusing on finalizing contractual commitments through 2025 and increasing load capacity strategically to support operational readiness and customer expansion [19] - Cumulative to date through the end of April, the company has autonomously delivered 5,450 loads, driving approximately 1.5 million commercial miles with nearly 100% on-time performance for pilot customers [20] Market Data and Key Metrics - The company is preparing for commercial launch in Texas, which does not currently require additional regulatory steps and is ideal due to high freight volumes and advanced transportation infrastructure [20] - Steady advancement of autonomous vehicle legislation across the United States, with South Dakota and Kentucky enacting autonomous vehicle legislation into law since Q4 2023 [21] Company Strategy and Industry Competition - The company is leading the industry with its commitment to safety and transparency, utilizing a Safety Case to confirm that self-driving vehicles are acceptably safe to operate on public roads [12] - The company has established OEM and Tier 1 partnerships with Volvo trucks, PACCAR, and Continental, supporting a freight ecosystem with aligned incentives to drive growth [22] - The company is working with Fabrinet for the manufacturing assembly of its next-generation Aurora Driver hardware kit, expected to drive a step function reduction in hardware costs [23] Management Commentary on Operating Environment and Future Outlook - The company is confident in its technology and progress, accelerating demand-building efforts and securing multiyear contractual commitments from multiple customers [19] - The company expects final validation and closure of the remaining Safety Case claims to be completed later this year with the anticipated launch platform [14] - The company believes it is the only company positioned to commercialize autonomous trucking at scale, with deep integration with OEMs and suppliers being critical to bringing a safe and commercially viable driverless trucking product to market [22] Other Important Information - The company hosted an Analyst and Investor Day, showcasing the maturity of its ecosystem, the depth of its partnerships, and the enthusiasm of its customers [9] - The company demonstrated the Aurora Driver's performance in highly demanding situations, including handling interactions with aggressive drivers, avoiding dangerous debris, responding to pedestrians, and navigating tire blowouts [10][11] Q&A Session Summary Question: Regulatory approach and transparency [28] - The company endorses a hybrid approach to autonomy, which lends itself to more transparency for regulators and allows for easier explanation of system behavior and issue resolution [29][30] Question: Impact of macro environment on contractual agreements [31] - The macro environment has not hurt the company's ability to finalize contractual agreements with customers, as partners view the company as a long-term credible solution for a more efficient transportation system [32][33][34] Question: Hurdles before commercial launch [36] - The company needs to refine the Aurora Driver, complete validation, ensure regulatory readiness, secure customer excitement, and have a vehicle platform with appropriate redundancies [37] Question: Free cash flow and financial controls [38] - The company is targeting the low end of its quarterly cash use guidance range of $175 million to $185 million, with potential for better-than-expected free cash flow due to fiscal prudence [39] Question: Path to gross profit and scaling [41] - The path to gross profit is somewhat interrelated with scaling but not completely dependent, with controllable levers including driving down hardware costs and improving remote assist operator ratios [42][43] Question: Miles driven to reach gross profit [44] - The company expects to reach gross profit positive by the end of 2026, with a benchmark of roughly 100 to 125 million miles, potentially doubling that percentage [45][46][49] Question: Prepayments and incentive compensation [51] - Prepayments are for core components of the hardware set to ensure sufficient supply, and incentive compensation for Q2 is expected to be similar to the 2023 number of $49 million [52][53] Question: Contra expense growth [54] - Pilot revenue recorded as a contra R&D expense was slightly down from last quarter due to seasonality but is expected to continue on a growth pattern, with Q2 expected to recover [55][56]

Financial Performance - Research and development expenses decreased by $11 million, or 6%, to $166 million for the three months ended March 31, 2024, from $177 million in the same period of 2023[70] - Selling, general and administrative expenses decreased by $4 million, or 13%, to $27 million for the three months ended March 31, 2024, from $31 million in the same period of 2023[70] - Total operating expenses decreased by $15 million, or 7%, to $193 million for the three months ended March 31, 2024, from $208 million in the same period of 2023[73] - The company reported a net loss of $165 million for the three months ended March 31, 2024, a decrease of $31 million from a net loss of $196 million in the same period of 2023[73] Cash Flow - Net cash used in operating activities was $150 million for the three months ended March 31, 2024, an increase of $14 million from $136 million in the same period of 2023[76] - Net cash provided by investing activities was $101 million for the three months ended March 31, 2024, an increase of $47 million from $54 million in the same period of 2023[77] - As of March 31, 2024, the company had $454 million in cash and cash equivalents, $662 million in short-term investments, and $81 million in long-term investments[72] Business Strategy - The company plans to launch the Aurora Driver for Freight as its first commercial product, targeting the driverless trucking subscription service market[67] - The company expects to earn revenue on a fee per mile basis through a Driver as a Service (DaaS) business model, partnering with OEMs and fleet operators[65] - The company anticipates that its total liquidity will be sufficient to meet working capital and capital expenditure requirements for at least twelve months from the date of the report[72]