Aurora Innovation, Inc. Q3 FY2025 earnings call

• Aurora Driver surpassed 100,000 driverless miles on public roads with 100% on-time performance and a perfect safety record. • Launched driverless commercial operations on the westbound 600-mile lane from Fort Worth to El Paso, 6 months after driverless launch. • Validated night driverless operations, with a driverless truck logging nearly 18,000 miles in a month. • Partnered with McLeod Software to accelerate new customer adoption. • Progress on second and third-generation commercial hardware, including Volvo lineside integration of second-generation kit. • Regulatory approvals received, including use of cab-mounted warning beacons.

Third quarter 2025 revenue totaled $1 million. Operating losses, including stock-based comp, totaled $222 million. Cash used in operations during the third quarter was approximately $149 million, with capital expenditures totaling $8 million. The Aurora Driver achieved a 12% sequential revenue increase from the second quarter.

• Expect cash use of $175 million to $185 million during the fourth quarter of 2025. • Plan to launch second-generation commercial hardware kit on a new fleet of trucks in Q2 2026 for driverless operation without a partner requested observer. • Aim to exit 2026 with hundreds of driverless trucks in operation. • Expect to have international trucks on the road driverless in Q2 of 2026.

• Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. • Risks include those described in risk factors, annual report on Form 10-K, and other SEC filings, as well as uncertainty in business, markets, and economy.

Q: Could you give form and shape to plans for moving from a terminal to endpoint shipments?

A: It's a matter of timing and sequencing when volumes are sufficient. 80% of customer endpoints are within 5 miles of a highway. We're executing a deliberate plan.

Q: Are you buying trucks off the lot and rolling out as a third fleet? When will international trucks be driverless?

A: Buying stock trucks, no co-development partnership. Expect international trucks on the road driverless in Q2 of 2026.

Q: How quickly are customers getting comfortable with taking a safety driver out?

A: There's enthusiasm, with customers like Russell Transport signing up for driverless hauls from day 1.

Q: Granularity on Q4 deployments and ASPs?

A: Expect to get to 10 trucks operating driverlessly by end of year, ramping through Q4.

Q: Second generation hardware cost reduction and life cycle?

A: Second generation should have 50% reduction in hardware cost across 1,000+ units. Hardware expected to last 1 million miles.

Q: Progress with Volvo and time frame for validation?

A: Making progress, lineside integration of second-generation kit, but specific timing not disclosed.

Q: Solving for dust storms and rain delay?

A: Use complementary sensors like lidar and radar. Rain update delayed due to transparency, not a major issue.