Aurora Innovation (AUR) 47th Annual Raymond James Institutional Investor Conference summary

Company progress and technology advancements

• Operating driverless, commercial trucking on public roads in Texas, New Mexico, and Arizona since April 2025, with over 250,000 incident-free miles traveled.

• Expanded capabilities to include night, rain, and fog, and tripled the driverless network to 10 routes, targeting 3.6 billion vehicle miles.

• Aurora Driver platform features unmatched perception, 24/7 operation, and rapid decision-making, aiming to redefine logistics safety.

• Partnerships with major OEMs (PACCAR, Volvo, International) and Continental support scaling to tens of thousands of trucks.

• Second-generation fleet launches in Q2 2026, with over 200 trucks expected by year-end, unlocking $80 million in run rate.

Business model and financial outlook

• Driver-as-a-service subscription model charges per mile, enabling capital efficiency and rapid scaling.

• Pricing set at $0.85 per mile, undercutting the $1 per mile average human driver cost, with additional $0.15 savings from indirect costs.

• Trucks can operate over 250,000 miles annually, doubling industry averages, with up to 30% improved fuel efficiency and lower insurance costs.

• Ended last year with $1.5 billion in liquidity, projecting positive free cash flow by 2028.

• 2025 focused on proving technology; 2026 targets commercial scaling and customer endpoint deliveries.

Market opportunity and strategic direction

• Addressable market includes 200 billion vehicle miles, with plans to expand throughout the Sun Belt in 2026.

• Customer deliveries now shifting from Aurora terminals to direct customer endpoints, increasing value.

• Business model supports aggressive adoption due to cost savings and operational benefits.

• Partnerships with OEMs represent about 50% of the market, supporting mass adoption.

• Focus remains on commercializing at scale and maintaining a leadership position in autonomous trucking.