Aurora Innovation (AUR) investor relations material

Executive summary

• Surpassed 100,000 driverless miles and rapidly expanded commercial operations to a second major lane (Fort Worth to El Paso) within six months, maintaining a perfect on-time and safety record with five trucks in regular operation.

• Expanded customer base with new agreements, including major carriers and mid-market fleets, and strategic partnerships such as with McLeod Software.

• Advanced second- and third-generation hardware programs, achieving significant cost reductions, improved performance, and new manufacturing milestones with Volvo, Omovio, and Fabrinet.

• Demonstrated safety and reliability through live streams, third-party assessments, and validation in challenging weather conditions.

• Transitioned to a Driver as a Service (DaaS) platform, focusing on asset-light, high-margin revenue streams.

Financial highlights

• Q3 2025 revenue reached $1 million, up 12% sequentially, with cost of revenue at $6 million and operating loss of $222 million (including $51 million in stock-based compensation); R&D was $179 million, SG&A $38 million.

• Net loss for Q3 2025 was $201 million, a 3% improvement year-over-year; for the nine months ended September 30, 2025, net loss was $610 million.

• Cash, cash equivalents, and investments totaled $1.6 billion as of September 30, 2025, expected to fund operations into H2 2027.

• Issued 80 million shares for $460 million in net proceeds in Q3 2025, with $21 million used for tax liabilities on employee stock vesting.

• Net cash used in operating activities was $149 million in Q3 and $435 million for the nine months ended September 30, 2025; capital expenditures were $8 million in Q3.

Outlook and guidance

• Plans to deploy hundreds of driverless trucks in 2026, supported by new fleet launches and hardware upgrades, with second-generation commercial hardware kit launching in Q2 2026 and third-generation kit in development for 2027.

• Targeting positive gross profit by late 2026 or early 2027, contingent on hardware cost reductions, remote assistance scaling, and operational scale.

• Q4 2025 cash use expected to be $175–$185 million; 2026 financial objectives to be provided in February 2026.

• Management expects continued operating losses and the need to raise additional capital to support development and commercialization.

• Plans to deploy driverless trucks without a partner-requested observer in Q2 2026 and expand to Phoenix extension by January 2026.