Aurora Innovation (AUR) Q4 2025 earnings summary

Executive summary

• Logged over 250,000 driverless miles on public roads with zero Aurora Driver-attributed collisions; expanded operations to 10 lanes, including a 1,000+ mile Fort Worth–Phoenix corridor.

• Expanded the addressable market to over 3.6 billion vehicle miles and committed commercial capacity through Q3 2026 amid strong customer demand.

• Demonstrated inclement-weather capability and began supervised autonomous freight deliveries for multiple customers.

Financial highlights

• Q4 2025 revenue was $1 million, up 25% sequentially; FY2025 revenue was $3 million, or $4 million adjusted including pilot revenue.

• Q4 operating loss was $238 million; excluding $48 million in stock-based compensation, R&D was $155 million, SG&A $30 million and cost of revenue $6 million.

• FY2025 revenue was $3 million and cost of revenue was $17 million; R&D totaled $194 million and SG&A $745 million.

• FY2025 operating loss was $901 million, net cash used in operating activities was $581 million and capital expenditures were $31 million.

• Ended 2025 with $1,459 million in cash, cash equivalents and investments.

Outlook and guidance

• 2026 revenue guidance is $14–$16 million, with over half expected in Q4 as driverless operations scale.

• Targeting over 200 driverless trucks by year-end 2026, representing an $80 million Transportation as a Service revenue run-rate.

• Targeting run-rate gross-margin break-even by year-end 2026; quarterly cash use expected at $190–$220 million.

• Positive free cash flow expected in 2028, supported by existing liquidity.