Aurora Innovation (AUR) Investor update summary

Competitive positioning and technology moat

• Maintains a defensible moat through years of hardware investment, supply chain know-how, and a growing customer ecosystem.

• Only company currently running driverless trucks on public roads, compounding daily operational learning.

• AI advances are leveraged but industrializing safety-critical systems requires more than rapid model development.

Financial outlook and liquidity

• $1.2 billion in liquidity is expected to support operations through positive free cash flow by 2028.

• ATM program usage is limited to covering tax liabilities and bonuses in 2027, with opportunistic use otherwise.

• Continuously evaluating financing options, with a focus on maintaining a strong cash balance.

Commercialization and customer adoption

• Revenue-generating contracts are already in place, with growing customer fleets and strong demand.

• Fully allocated for 2024, with continued demand for Driver-as-a-Service (DaaS) model.

• Hirschbach plans to purchase 500 trucks in 2027-2028; additional large enterprise DaaS commitments are being negotiated.