Aurora Innovation (AUR) investor relations material

Executive summary

• Over 200 driverless trucks are targeted for deployment by year-end 2026, with scaling operations across the Sun Belt and a transition to a Driver-as-a-Service (DaaS) model in 2027, supported by new commercial hardware and software releases.

• The customer base expanded to seven, including Hirschbach, McLane, Werner, Detmar, Jetmar, Clean Energy, and Uber Freight, with Hirschbach planning to operate 500 autonomous trucks and multi-year revenue potential in the hundreds of millions.

• Strategic partnerships with Volvo, PACCAR, Aumovio, and NVIDIA are advancing hardware industrialization, supply chain resilience, and compute platforms for large-scale deployments.

• Regulatory progress, especially in California, enables coast-to-coast autonomous trucking and expands the serviceable addressable market to 60 billion vehicle miles by 2028.

• Commercial launch of Aurora Driver for Freight in April 2025 initiated revenue generation and marked the start of asset-light, high-margin revenue streams.

Financial highlights

• Q1 2026 revenue reached $1 million, up 10% sequentially from Q4 2025, with an operating loss of $244 million and net loss of $223 million; R&D expenses were $159–195 million, SG&A $34–44 million, and cost of revenue $6 million.

• Operating cash usage was $159 million in Q1 2026, with $25 million in capital expenditures; cash and investments totaled $1.28 billion at quarter-end.

• Net proceeds of $14 million were raised via at-the-market stock issuance to fund tax liabilities from employee stock vesting.

• Other income, net, rose to $22 million, primarily due to unrealized gains on non-marketable equity securities.

Outlook and guidance

• 2026 revenue is projected at $14–16 million, a 400% year-over-year increase at the midpoint, with an $80 million revenue run-rate anticipated by year-end, primarily from TaaS operations.

• Over half of 2026 revenue is expected in Q4 as driverless operations scale, and deliveries for Hirschbach's 500-truck agreement begin in 2027.

• Average quarterly cash use is expected at $190–220 million for 2026, with peak capital expenditures of $150 million, declining significantly in 2027 as the business model shifts.

• Sufficient liquidity is expected to support operations through positive free cash flow in 2028.

• Management expects continued operating losses and negative cash flows until commercial scale is reached.