Core Insights - Aurora is advancing its autonomous truck technology with new hardware specifications aimed at enhancing performance, durability, and cost-effectiveness, targeting a 1 million-mile lifespan and a range of 1,000 meters for its LiDAR system, with deployment planned by 2027 [1] - The company has launched its autonomous truck system on two routes in Texas, achieving over 100,000 driverless miles and maintaining a perfect safety record [2] - Aurora's autonomous driving system, the Aurora Driver, is specifically designed for the freight industry, with current operations in Texas [3] Company Developments - Aurora has plans to expand its routes further west to Phoenix, Arizona, and improve nighttime operations, generating $1 million in revenue during Q3 2025 [9] - The company has attracted positive attention from analysts, with Oppenheimer's Colin Rusch highlighting its successful execution and expansion efforts, setting a price target of $15, indicating a potential upside of 255% [10] - Aurora has received a Moderate Buy consensus rating from analysts, with an average target price of $11.50, suggesting a 172% potential gain [11] Industry Context - The U.S. trucking industry is significant, with nearly 15 million trucks transporting 72.7% of the nation's freight, generating approximately $906 billion in revenue [6] - The autonomous trucking market in North America is projected to reach $65.4 billion within the next decade, indicating substantial growth potential [6] - The transition to AI-driven autonomous trucking could reshape the industry by improving operational efficiency, reducing costs, and enhancing safety [5][7] Competitive Landscape - Kodiak AI, another player in the autonomous trucking space, has developed a system that aims to reduce human error in truck-related accidents, with a focus on safety and efficiency [11][12] - Kodiak recently went public through a SPAC transaction, raising over $212.5 million to support its expansion efforts [15] - Analysts are optimistic about Kodiak's future, forecasting significant revenue growth and a strong market position, with a price target of $17 suggesting a 131% upside [16]

Core Insights - Aurora Innovation, Inc. (NASDAQ:AUR) is recognized as one of the best penny stocks to buy, with a Buy rating reaffirmed by Needham and a price target of $13 [1] - The company has outlined a strategic plan for 2026 and 2027, focusing on autonomous operations to meet logistics market demands [2] - Aurora has surpassed 100,000 driverless miles on public roads and plans to deploy hundreds of driverless trucks with next-generation hardware by 2026 [3] - The company is expanding its operations with a new driverless route from Fort Worth to El Paso and is working on validating operations in adverse weather conditions [4] - Oppenheimer also maintains a Buy rating with a price target of $15 [4] Company Strategy - Aurora Innovation has set clear goals for 2026 and 2027, emphasizing the development of autonomous operations [2] - The company is focused on expanding its driverless routes and enhancing its technology to operate in challenging weather conditions [4] Technological Milestones - The company has achieved significant milestones, including exceeding 100,000 driverless miles on public roads [3] - Plans are in place to deploy hundreds of driverless trucks equipped with the next-generation Aurora Driver by 2026 [3] Market Position - Aurora Innovation is positioned to capitalize on the growing demand in the logistics market through its autonomous technology [2]

Core Insights - Aurora Innovation, Inc. (NASDAQ:AUR) has experienced a significant decline in stock performance, hitting a new 52-week low of $4.48, down 11.19% on the day [1] - The company reported a narrowed net loss of $201 million in Q3, a 3.4% improvement from $208 million in the same period last year [2] - Revenue from driverless and vehicle operator-supervised commercial loads was reported at $1 million, while operating loss increased by 13% to $222 million, influenced by a $51 million stock-based compensation [3] Financial Performance - The net loss for Q3 was $201 million, down from $208 million year-on-year, indicating a slight improvement [2] - Operating loss rose to $222 million from $196 million year-on-year, reflecting a 13% increase [3] - Revenue from commercial operations was minimal at $1 million [3] Strategic Developments - The company is focusing on expanding its driverless operations and aims to meet its 2026 scaling objectives to enhance its market position [4] - Aurora Innovation has recently expanded its driverless trucking services to El Paso, Texas, after achieving over 100,000 driverless miles on public roads [4] - Plans are in place to deploy hundreds of next-generation driverless trucks in 2026 to meet customer demand [5]

Group 1: Company Overview - Aurora Innovation, Inc. (NASDAQ:AUR) is recognized as a stock with over 50% upside potential despite a recent price target reduction from $7.40 to $5.50 by TD Cowen, which maintained a Hold rating [1] - The company has rapidly expanded its commercial operations, launching a second driverless route from Fort Worth to El Paso, marking a significant milestone in its growth [3][4] - Aurora has surpassed 100,000 driverless miles on public roads and plans to deploy hundreds of driverless trucks with next-generation Aurora Driver hardware by 2026, indicating strong customer demand [3][4] Group 2: Market Position and Performance - The launch of the 600-mile lane from Fort Worth to El Paso occurred just six months after the inaugural Dallas to Houston route, showcasing the fastest scaling to a second market in US self-driving history [4] - Management remains encouraged by the underlying progress of Aurora Innovation, despite mixed signals in Q3 performance [1]

Group 1 - Aurora Innovation, Inc. (NASDAQ:AUR) is identified as one of the best stocks under $5 with significant upside potential, with a Buy rating maintained by Needham analyst Chris Pierce and a price target set at $13 [1][2] - The company has outlined a clear pathway to achieve its goals for 2026 and 2027, focusing on autonomous operations and providing an updated timeline for driver-out autonomous operations [2][3] - Aurora Innovation is making progress in meeting the logistics industry's demands by accumulating real-world miles and advancing lane expansion to El Paso, despite concerns about reliance on third-party OEM trucks [3][4] Group 2 - The company designs and develops automobile software and hardware, and provides data services, including the innovative self-driving freight technology known as the Aurora Driver [4]

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]

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 ...

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 ...