Aurora Innovation, Inc. Q4 FY2024 earnings call

• Approaching closure of safety case for Dallas to Houston launch lane with ARM reaching 99%. • API loads approaching 90% since mid-October, with 88% of loads at 100% API in Q4 excluding first two weeks. • Partnerships: 3-way partnership with NVIDIA and Continental, pilot operations with DHL Supply Chain, Volvo Autonomous Solutions, and others; executed MOU with JB Hunt. • Hardware development: Completed integration of FirstLight LiDAR chip, working on second-generation commercial hardware kit, and partnership with Continental for third-generation kit. • Pilot revenue in 2024 increased 59% year-over-year to $2.8 million.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• 2025 quarterly cash use expected to be in the range of $175 million to $185 million. • 2025 revenue expected to be modest in the mid-single-digit millions, building sequentially. • Focus on expanding driverless operations, including night driving and rainy conditions, and launching new lanes. • Aim to reduce costs with the introduction of next-generation hardware kit.

• Forward-looking statements subject to known and unknown risks and uncertainties, including those in annual report risk factors. • Regulatory uncertainties and patchwork of regulations across states. • Competition in the autonomous trucking space. • Operational challenges related to scaling and ensuring safety and reliability.

Q: Gave questions about confidence in lane scaling, hardware cost reductions, and NVIDIA partnership.

A: Chris Urmson discussed confidence in lane scaling due to freeway network similarity, detailed hardware strategy with partnerships, and confidence in cost reductions with hardware scaling.

Q: Asked about commercialization strategy, crawl-walk-run approach, and metrics.

A: Chris Urmson and David Maday discussed the crawl-walk-run approach starting with 1 driverless truck and ramping to tens by year end, focusing on technology proof points over absolute miles.

Q: Inquired about success metrics, competitive landscape, and cost reduction variables.

A: Chris Urmson talked about success being demonstrated by trucks on the road without drivers, bullish on competitive position, and detailed cost reduction levers including hardware, support, and insurance.

Q: Asked about training techniques, gross margin, pricing, and FMCSA ruling.

A: Chris Urmson discussed training on quality data, David Maday talked about gross margin drivers and FMCSA workaround optimism.

Q: Questioned about regulatory progress in restricted markets and operator shift.

A: Chris Urmson spoke about regulatory optimism with new administration and David Maday mentioned focus on mission safety over operator percentage tracking.

Q: Asked about tens of trucks upper bound and revenue focus.

A: David Maday emphasized focus on revenue growth and execution in early stages.