Aurora Innovation (AUR) investor relations material

Executive summary

• Achieved significant commercial milestones in Q2 2026, including the launch of Aurora Driver 2, a second-generation hardware and software platform, and the deployment of a new fleet of driverless trucks based on the International LT Series, targeting 200 trucks in operation by year-end.

• Expanded customer base with new Transportation-as-a-Service agreements and operational launches with Charger Logistics, Value Truck, and Volvo Autonomous Solutions, reaching nine customers in the driverless cohort.

• Maintained a 100% on-time performance record and zero Aurora Driver-attributed collisions over nearly 440,000 driverless miles since launch.

• Commercial operations for Aurora Driver for Freight began in April 2025, with ongoing expansion and scaling efforts.

• Regulatory progress includes California permitting driverless trucks and federal legislative momentum for a unified national framework.

Financial highlights

• Q2 2026 revenue reached $2 million, doubling year-over-year, driven by both driverless and supervised commercial loads.

• Operating loss for Q2 2026 was $266 million, with net loss reported at $270 million, reflecting higher R&D and SG&A expenses.

• R&D expenses for Q2 2026 ranged from $50 million to $211 million; SG&A expenses ranged from $31 million to $50 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.

Outlook and guidance

• Expect to exit 2026 with more than 200 driverless trucks, supporting 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.

• Core Driver-as-a-Service (DaaS) business model to commence in 2027, with customer transitions planned from TaaS to DaaS.

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

• Quarterly cash use projected at $190–$220 million for 2026, with $150 million in full-year capital expenditures.