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

Company progress and operations

• Operating driverless, commercial self-driving trucks 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 now serve multiple customers across 10 routes, tripling the driverless network in the last quarter.

• Plans to expand operations throughout the Sun Belt in 2026, leveraging a generalized Aurora Driver platform.

• Transitioning from terminal-to-terminal to customer endpoint deliveries, with supervised autonomous freight delivery moving to fully driverless with the second-generation fleet.

• Expecting to end 2026 with over 200 driverless trucks and an $80 million aggregate run rate.

Technology and business model

• Aurora Driver combines advanced hardware, Verifiable AI software, and data services, designed for deployment across multiple vehicle platforms.

• Driver-as-a-service subscription model charges customers per mile, offering capital efficiency and scalability.

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

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

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

Financial outlook and competitive positioning

• Ended last year with $1.5 billion in liquidity, providing runway to positive free cash flow expected in 2028.

• Business model and technology expected to deliver attractive margins and significant total cost of ownership benefits for customers.

• Positioned as a leader in autonomous trucking, with a robust partner ecosystem and focus on commercializing at scale.

• 2025 focused on proving technology reliability; 2026 will focus on unlocking commercial value and scaling operations.

• Era of superhuman logistics anticipated, with all enablers in place for rapid commercial growth.