Aurora Innovation (AUR) investor relations material

Strategic vision and business model

• Focused on delivering safe, scalable autonomous trucking, with a mission to broadly deploy self-driving technology across the U.S. by 2030, integrating with human-driven fleets and customer networks.

• Transitioning to a driver-as-a-service model by 2027, enabling customers to buy and deploy trucks as needed, supported by long-term OEM and hardware partnerships.

• Hardware-as-a-service model with partners like Aumovio (formerly Continental) will allow scaling to tens of thousands of trucks, with per-mile fees replacing large upfront hardware costs.

• Business model aligns incentives across carriers, OEMs, and hardware partners, focusing on reliability and capital efficiency.

• Customers prefer flexibility to deploy trucks on their own routes and schedules, with AV trucks expected to operate 200,000–250,000+ miles per year.

Operational milestones and technology roadmap

• Currently operating driverless trucks on public roads between Dallas and Houston, surpassing 50,000 miles, with plans to expand across the Sun Belt by end of next year.

• 2025 goals include increasing daily driverless miles, improving product capabilities (e.g., unlocking rain and heavy wind operation), and expanding to new lanes.

• 2026 will focus on scaling to hundreds of trucks, introducing second-generation hardware, and reaching customer endpoints.

• By 2027, third-generation hardware and full driver-as-a-service rollout are planned, with a run rate targeting tens of thousands of trucks.

• Endpoints (distribution centers, warehouses) will become the primary mode of distribution, with most routes within five miles of highways, minimizing urban driving challenges.

Market opportunity and financial outlook

• Targeting a $50 billion serviceable addressable market (SAM) by 2028, based on 50 billion vehicle miles traveled in AV-eligible lanes, excluding California.

• Initial focus is on capturing $2–$3 billion of the SAM over the next few years, with a long-term vision to supplement, not replace, the human-driven fleet.

• At the end of Q2, $1.3 billion in liquidity provides runway through Q2 2027; positive free cash flow targeted for 2028.

• Fundraising remains opportunistic to ensure long-term stability for partners, customers, and employees.