Aurora Innovation (AUR) investor relations material

Executive summary

• Launched Aurora Driver 2, a second-generation hardware and software platform, and began commercial scaling with a new fleet of driverless trucks, targeting 200 in operation by year-end 2026 and expanding customer agreements with Charger Logistics, Value Truck, and Volvo Autonomous Solutions.

• Achieved significant commercial milestones, including nine customers in the driverless cohort and hundreds of thousands of driverless miles completed with zero Aurora Driver-attributed collisions.

• Commercial operations expanded in Texas and Arizona, with high-density freight corridors and new launches with major logistics partners.

• The company continues to pursue an asset-light, high-margin Driver as a Service (DaaS) model for future growth.

• Maintained a 100% on-time performance record since launch.

Financial highlights

• Q2 2026 revenue reached $2 million, doubling year-over-year, with cost of revenue at $7 million and operating loss of $266 million; R&D expenses ranged from $50 million to $211 million, SG&A from $31 million to $50 million, and stock-based compensation was $60 million.

• Ended Q2 2026 with nearly $1.2 billion in cash and short-term investments.

• Issued 30 million shares for $215 million in net proceeds, increasing liquidity by $126 million.

• Capital expenditures for the quarter were $31 million.

• 2026 revenue guidance remains $14–$16 million, with over half expected in Q4 as driverless operations scale.

Outlook and guidance

• Expect to exit 2026 with more than 200 driverless trucks and an $80 million revenue run rate for the TaaS business.

• Manufacturing partner Roush to ramp up to an annual run-rate of 1,000 trucks by October 2026.

• Projected quarterly cash use for 2026 is $190–$220 million, with $150 million in full-year capital expenditures.

• Liquidity expected to be sufficient for at least twelve months, with positive free cash flow targeted for 2028.

• 2027 will see a transition from TaaS to DaaS as the primary business model, with flexibility to support up to 500 TaaS trucks if needed.