Aurora Innovation (AUR) Investor presentation summary

Commercial operations and expansion

• Driverless trucks are operating commercially on U.S. public roads; the presentation describes this as the only regular driverless commercial long-haul operation in the country.

• The driverless customer cohort includes 10 customers, with two DaaS MOUs representing 1,000 trucks.

• Network expansion targets 12 routes on high-volume freight corridors; Fort Worth–Phoenix exceeds 1,000 miles, while Dallas–Laredo and Oklahoma City add strategic freight access.

• Night operations more than doubled potential truck utilization; software updates target weather-related constraints that limited Texas operations roughly 40% of the time in 2025.

• Site-to-site driverless service was planned to begin in November for several customers, with broader customer coverage expected over subsequent months; on-route fueling is being piloted.

Scaling strategy and partnerships

• The planned 2027 transition from TaaS to DaaS shifts fleet ownership to customers and aims to support higher-margin, capital-efficient software revenue; the TaaS fleet is expected to remain below 500 trucks.

• Successive hardware generations target 50%+ cost reductions; second-generation hardware launched in July 2026, and third-generation hardware is designed for 1M miles with per-mile Hardware as a Service pricing.

• Roush began manufacturing driverless International LT trucks; initial builds were received, with an annual run rate of 1,000 trucks expected in early December.

• Volvo Autonomous Solutions plans driverless Volvo VNL operations in Q1 2027 and expects more than 300 driverless trucks by year-end 2027; industrial scaling is targeted for 2028.

• AUMOVIO is developing and manufacturing third-generation hardware, with production expected in H2 2027; PACCAR and Volvo partnerships support a multi-platform scaling roadmap.

Market opportunity and customer economics

• The presentation sizes trucking at ~$1T in the U.S. and ~$4T globally, citing attractive unit economics and significant need for autonomous technology.

• Following California's adoption of new AV regulations, the addressable market is expected to reach 60B VMT by early 2028; routes over 600 miles represent more than 60% of anticipated miles.

• Illustrative TCO is ~$2.00 per mile for the Aurora Driver versus ~$2.50 for conventional trucking, a 20% difference; endpoint operations costs are excluded.

• On an illustrative Fort Worth–Phoenix truck-year, projected revenue is $680,000 versus $340,000 conventionally, while projected margin is $190,000 versus $30,000.

• The product targets driver shortages, hours-of-service limits, fuel and insurance costs; potential fuel-use and emissions reductions are up to 32%.