Aurora Innovation, Inc. · NASDAQ:AUR
Aurora Innovation — Q3 2024 Earnings Presentation
21 slides from Aurora Innovation's earnings presentation, Oct 30, 2024
Slide 1: Business Update | Third Quarter 2024
Business Update | Third Quarter 2024 October 30, 2024 © 2024 | Aurora Proprietary 1
Slide 2: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looki
Slide 3: Our Q3 and other recent achievements support our path to scale
Our Q3 and other recent achievements support our path to scale Expected launch Announced lane Aurora Driver-equipped Executed $483M capacity fully expansion to Phoenix Volvo VNL Autonomous capital raise, contracted; in final in 2025 trucks now operating in extending our runway stages of contracting
Slide 4: The Autonomy Readiness Measure illustrates the great progress we are making
Autonomy Readiness Measure ARM The Autonomy Readiness (as of end of October ) Measure ARM) illustrates the great progress we are making toward closing the Dallas to Houston Safety Case We have validated a majority of highway driving. We are now primarily focused on final behavior refinement and v
Slide 5: The Aurora Driver's superhuman perception system maintains 360-degree awareness
The Aurora Driverʼs superhuman perception system maintains 360-degree awareness supporting the Aurora Driverʼs ability to respond safely in chaotic and extreme situations Watch Video Here you can see the Aurora Driver accurately perceiving: A motorcycle speeding by at 150 mph A person lying under a
Slide 6: Perception capabilities enable the Aurora Driver to navigate complex environments
These perception capabilities enable the Aurora Driver to navigate the complex environments it encounters Here the Aurora Driver is navigating heavy traffic on I45 just outside of Houston and detects a motorcycle 100 meters behind Watch Video illegally lane-splitting through a narrow space between
Slide 7: Perception capabilities enable the Aurora Driver to navigate complex environments
These perception capabilities enable the Aurora Driver to navigate the complex environments it encounters Here the Aurora Driver is traveling through Huntsville, Texas on a dark night at speed. From 230 meters away, it detects a person Watch Video attempting to run across the highway and immediately
Slide 8: Percentage of commercial loads requiring no on-site support
We are focused on driving 100% API Loads up the percentage of Commercial Launch Est. commercial loads that do not require any form of on-site support - 100% API 80% 75% 75% % of Loads 61% 62% 48% 32% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 April 25 © 2024 | Aurora Proprietary 8
Slide 9: We now expect to launch commercially in April 2025
With additional visibility on the time needed to complete remaining validation, we now expect to launch commercially in April 2025 We plan to introduce the Aurora Driver with a crawl, walk, run approach During launch, we expect to deploy up to 10 driverless trucks in commercial operations, starting
Slide 10: Our expected launch capacity is now fully contracted
Our expected launch capacity is now fully contracted and we are in the final stages of contracting our remaining second half 2025 capacity to match our anticipated supply Schneider joined our Commercial Launch cohort executing their contract for 2025 volume © 2024 | Aurora Proprietary 10
Slide 11: We are now scheduling nearly 160 loads per week
We are now scheduling nearly 160 loads per week — more than double the commercial volume we were executing a year ago Cumulative to-date 9/23/21 through 10/27/24 Weʼve delivered Across Nearly 8,200 Commercial 2.2M 100% On-Time Miles Loads Aurora controlled rated) © 2024 | Aurora Proprietary 11
Slide 12: We plan to extend the Fort Worth to El Paso lane to Phoenix
We plan to extend the Fort Worth to El Paso lane — where we are already autonomously hauling loads daily — to Phoenix, one of our customers' most requested routes The Fort Worth to Phoenix lane spans over 1,000 miles and takes at least 15 hours to complete This route is particularly suited for auton
Slide 13: California DMV released draft regulatory language for autonomous trucks
California DMV recently released draft regulatory language regarding the testing and deployment of autonomous trucks To demonstrate the safety benefits the Aurora Driver would bring to California's roads, we examined data from 14 fatal crashes on I5 in Sacramento County from 20182022 We recreated
Slide 14: Simulation demonstrating the Aurora Driver avoiding a real world fatal collision
Simulation demonstrating the Aurora Driver avoiding a real world fatal collision In the original incident on I5, a three-way collision occurred due to a wrong-way driver on the highway. We created a variation on the original incident in simulation by placing the Aurora Driver in the position of avo
Slide 15: Aurora Driver-equipped Volvo VNL Autonomous trucks now operating in autonomy
Aurora Driver-equipped Volvo VNL Autonomous trucks are now operating in autonomy on the road We believe Aurora is the only company positioned to commercialize autonomous trucking at scale During the third quarter, we integrated several new, Aurora Driver-equipped Volvo VNL Autonomous trucks into our
Slide 16: Aurora Driver Indicative Roadmap to Scale
Aurora Driver Indicative Roadmap to Scale 2024 2025 2026 2027 Commercial Launch Path to Gross Profit Path to Scale & Self-Funding OWNERSHIP & DELIVERY MODEL Fleet Ownership Aurora Customer Predominantly Customer Delivery Model Terminal to Terminal First Customer Endpoints Unlocked Blended Endpoints
Slide 17: We raised $483 million in gross proceeds from a public offering
We raised $483 million in gross proceeds from a public offering of our Class A common stock to strengthen our financial position, with liquidity expected to support our Commercial Launch and fund our operations well into 2026 Net proceeds totaled $466 million We expect this incremental capital to fu
Slide 18: Third Quarter 2024 Summary Financial Results
Third Quarter 2024 Summary Financial Results $ in millions) September 30, 2024 Cash and cash equivalents, short-term investments & $1,352 long-term investments Quarter Ended Year Ended $ in millions) September 30, 2024 December 31, 2023 Operating expenses: Research and development $169 $716 Sellin
Slide 19: Appendix
Appendix © 2024 | Aurora Proprietary 19
Slide 20: Additional detail regarding our on-road autonomy performance indicator
Additional detail regarding our on-road autonomy performance indicator We believe the key to developing autonomous technology for safe, commercial operation is through robust development, testing, and validation through both simulation and on-road driving. As we have said previously, we believe ther
Slide 21: © 2024 | Aurora Proprietary
© 2024 | Aurora Proprietary 21