Aurora Innovation, Inc. · NASDAQ:AUR
Aurora Innovation — Investor Presentation (May 2025)
55 slides from Aurora Innovation's investor presentation, May 2025
Slide 1: Investor Presentation May 2025
Investor Presentation MAY 2025 1 © 2025 | 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 For factors that could cause actual results to differ materially from the of the federal securities laws. All statements contained in this presentation that do f
Slide 3: Driverless trucks are on the road, operating commercially
Driverless trucks are on the road, operating commercially. Autonomous freight is no longer just a vision. Itʼs a reality and itʼs powered by the Watch Video Aurora Driver. Hyperlapse of an Aurora Driver-powered truck autonomously hauling freight between Dallas and Houston. 3 © 2025 | AURORA PROPRIET
Slide 4: Our mission
OUR MISSION Deliver the benefits of self-driving technology safely, quickly, and broadly 4 © 2025 | AURORA PROPRIETARY
Slide 5: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with driverless commercial trucking operations on public roads pole position for autonomous Trucking is a massive market and the Aurora Driver can unlock tremendous value trucking Only player with strategic partnerships to enable commercialization at scale Strong balanc
Slide 6: Building the Aurora Driver around a common core
Weʼre building the Aurora Driver around a common core to power various vehicles in multiple use cases—trucking is our first focus 6 © 2025 | AURORA PROPRIETARY
Slide 7: Trucking is a massive market
Trucking is a massive market With attractive U.S. Global unit economics and significant need for this ~$1 ~$4 trillion trillion technology 1 2 1 A.T. Kearney State of Logistics, 2022 7 © 2025 | AURORA PROPRIETARY 2 Armstrong & Associates, Global Third Party Logistics, 2019
Slide 8: Strategic relationships support our path to scale in trucking
Best in Class OEM Partners Our strong, strategic relationships support our path to scale in trucking, Pioneering Hardware and and springload us for our Hardware as a Service Partners entry into personal mobility Industry-Leading Fleet Service and Ride-Hailing Partners Industry-Leading Logistics Comp
Slide 9: Addressing the industry's primary pain points
We are designing our trucking product to address the industryʼs primary pain points INDUSTRY PAIN POINT THE AURORA DRIVER WILL PROVIDE Driver shortage and high turnover 1,200,000 additional drivers needed over the next Scalability; stable driver supply decade1, 90%+ annual turnover for large fleets2
Slide 10: Our Safety Case Framework is the foundation for trust
Safety Case Framework Our Safety Case Framework is the foundation for trust Proficient in our technology, demonstrating that the Aurora Driver is TOP LEVEL CLAIM Auroraʼs self-driving acceptably safe to Trustworthy vehicles are acceptably Fail-Safe operate on public roads safe to operate on public r
Slide 11: Closing the Dallas to Houston Safety Case
To commence driverless Autonomy Readiness Measure (ARM) operations, we closed the Dallas to Houston Safety Case 100% 11 © 2025 | AURORA PROPRIETARY
Slide 12: Exceeded our 100% Autonomy Performance Indicator launch target
Prior to launch, we exceeded our 100% 100% API loads Autonomy Performance Indicator (API) loads Commercial Launch Target 95% Commercial Launch target 88% 80% 79% 75% 75% % of loads 61% 62% 48% 32% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1Q25 Production Release* 12 © 2025 | AURORA PROPRIETARY *
Slide 13: This is the Aurora Driver
This is the Aurora Driver — a solution with superhuman capabilities that we Watch Video believe will redefine logistics Here, we see a compilation of challenging real-world scenarios. In low light, it detects a pedestrian running across the highway using its fusion of cameras, radar, and proprietary
Slide 14: Driverless commercial deliveries for Uber Freight
We began driverless commercial deliveries for Uber Freight between Dallas and Houston Watch Video “When Uber Freight and Aurora came together more than four years ago, we set out to transform the future of logistics — and today, that future is here. Moving autonomous commercial freight without anyon
Slide 15: Driverless commercial deliveries for Hirschbach
We began driverless commercial deliveries for Hirschbach between Dallas and Houston Watch Video “Auroraʼs transparent, safety-focused approach to delivering autonomous technology has always given me confidence theyʼre doing this the right way. Transforming an old school industry like trucking is nev
Slide 16: Prove promise, increase value, become essential
Our focus now turns to proving the promise of the technology, increasing the value of our product for our customers, and ultimately becoming an essential partner in the freight industry Prove → Increase → Become promise value essential 16 © 2025 | AURORA PROPRIETARY
Slide 17: Crawl, walk, run approach; 2H25 focus on increasing value
We are introducing the Aurora Driver with a crawl, walk, run approach to prove the promise of our technology and in 2H25 we will focus on increasing value for our customers ● Expanding our product capabilities to include validated night driving and operation in adverse weather conditions, including
Slide 18: Aurora Driver Indicative Roadmap to Scale
Aurora Driver Indicative Roadmap to Scale 2025 2026 2027 Commercial Launch Path to Gross Profit Path to Scale & Self-Funding OWNERSHIP & DELIVERY MODEL Fleet Ownership Aurora Customer Predominantly Customer Delivery First Customer Model Terminal to Terminal Blended Endpoints and Terminals Endpoints
Slide 19: Path to expected gross profit in 2026
Our path to expected Revenue drivers gross profit in 2026 is supported by: Rapid lane Increased Increased penetration asset value & expansion utilization creation Cost reduction levers Realization Reduction Introduction of remote in on-site of second assistance support generation efficiencies commer
Slide 20: Autonomous trucks can be deployed in most U.S. states
Under existing law and regulation, autonomous trucks can be deployed in the vast majority of U.S. states today Deployment Testing Driverless operation Autonomous trucking permitted permitted prohibited currently prohibited Notes: * 24 states expressly allow and 15 states implicitly allow the driverl
Slide 21: Rapidly scaling the Aurora Driver across self-similar highways
Leveraging our R&D investments to-date, we expect to rapidly scale the Aurora Driver given AZ NM the self-similarity of the PHX U.S. interstate highway DFW ELP system TX HOU Driverless Operations We have already transferred the Aurora Driverʼs capabilities to the Fort Worth - El Paso and El Paso - P
Slide 22: Longer lanes across the Sun Belt increase utilization
Unlocking longer Illustrative lane expansion through 2026 lanes across the Sun Belt will increase utilization and be a key driver of our near-term top-line growth Driverless Operations 22 © 2025 | AURORA PROPRIETARY
Slide 23: Unlocking customer endpoints after terminal to terminal launch
Following our terminal to terminal launch, we plan to unlock customer endpoints to augment our terminal footprint and increase customer value 23 © 2025 | AURORA PROPRIETARY
Slide 24: Estimated cost per mile: remote assistance
As the Aurora Driverʼs Remote Assistance Specialist to AV trucks performance continues ratio will significantly improve over time, driving down cost per mile to improve, we expect to reduce remote $1.00 Estimated Cost Per Mile - Remote Assistance assistance costs $0.75 $0.50 $0.25 $0.00 20 40 60 80
Slide 25: Estimated cost per mile: on-site support
We also expect this Frequency of on-site support will decline performance improvement over time, further reducing cost per mile to reduce the need for on-site support $1.00 Estimated Cost Per Mile - On-Site Support $0.75 $0.50 $0.25 $0.00 20,000 40,000 60,000 Miles Between On-Site Support 25 © 2025
Slide 26: Hardware strategy supports scaling and cost reduction
Our hardware strategy # of Trucks is designed to support >10,000 our scaling and cost reduction objectives Scalable Hardware as >1,000 a Service Generation Second Generation Commercial Hardware <100 Commercially Ready Launch Generation Designed for 1M Hardware as a miles, improved Service structure
Slide 27: Estimated cost per mile: hardware
Reduction in material Aurora Driver hardware cost efficiencies due costs and increased to lower bill of materials (BOM) costs, increased useful life, and improved reliability reliability enables the achievement of our targeted 50%+ cost reduction goal for this Estimated Cost Per Mile second generati
Slide 28: Path to scale and self-funding
Our path to scale OEM partnerships with and self-funding is Volvo Trucks and PACCAR supported by our: Continental Hardware as a Service partnership Rapid lane expansion 28 © 2025 | AURORA PROPRIETARY
Slide 29: Strategic partnerships with two of the top four Class 8 OEMs
Our strategic partnerships with two of the top four class 8 truck OEMs that collectively represent Daimler 40% ~50% of the U.S. market PACCAR 30% are key scaling enablers1 Volvo Group 17% International 13% 0% 5% 10% 15% 20% 25% 30% 35% 40% 29 © 2025 | AURORA PROPRIETARY 1 Statista Class 8 truck ma
Slide 30: Long-term partnership with Continental
We entered a first-of-its-kind, long-term partnership with Continental to develop, manufacture, and service a commercially-scalable future generation of the We believe partnering with Continental will help us industrialize our hardware kit at scale and support our long-term profitability goals Auror
Slide 31: Three-way partnership with NVIDIA and Continental
We further enhanced our ecosystem with a three-way partnership between Aurora, NVIDIA, and Continental, solidifying another key enabler to successfully NVIDIAʼs DRIVE Thor system-on-a-chip and DriveOS will be integrated into the Hardware as a Service generation of the Aurora Driver that deploy at sc
Slide 32: 50B VMT serviceable addressable market by 2028
We expect the Aurora Driver Length of Haul Breakdown2 to operate in a 50B VMT 300 miles 17% serviceable addressable market (SAM) by the start 1,000 miles 42% ~50B 300600 miles VMT3 of 2028 22% Illustrative lane expansion given commercial, technical, and regulatory considerations1 6001,000 miles
Slide 33: The Complete Aurora Driver Freight Ecosystem
The Complete Aurora Driver 1 2 3 4 5 Freight Ecosystem Continental manufactures the Aurora Driver Ships hardware to OEM OEM installs hardware lineside Ships to partners Customer utilizes Aurora Driver hardware 33 © 2025 | AURORA PROPRIETARY
Slide 34: Driver as a Service business model
Our Driver as a Service Description Aurora provides its technology to an (DaaS) business model external fleet owner and/or operator is highly capital efficient and aligns with Revenue Fee per mile our customersʼ needs Costs borne by Aurora1 Variable: Aurora Driver hardware cost2, remote assistance,
Slide 35: Meaningful total cost of ownership benefits
We expect the Aurora More efficient and less variable driver costs Driver to provide meaningful total cost of Increased revenue per truck ownership (TCO) benefits with potential to more than double asset utilization Better fuel economy Reduced insurance costs 35 © 2025 | AURORA PROPRIETARY
Slide 36: Product and pricing strategy drive a compelling value proposition
Our product and pricing strategy are designed to drive a compelling value Current Trucking Cost Per Mile1 proposition versus Other3 $0.04 existing alternatives Repair2 $0.25 Aurora DaaS Opportunity Insurance $0.10 Human Driver Incl. Benefits Truck/Trailer $0.36 $2.27 $0.97 Fuel $0.55 1 American Tr
Slide 37: Indicative DaaS pricing range
Indicative DaaS pricing range provides customer Trucking labor costs continue to rise TCO benefit while Cost Per Mile: supporting “SaaS” like Driver Wages & Benefits1 gross margins $1.00 $0.90 $0.80 Indicative DaaS $0.70 Price Range2 $0.60 $0.50 2013 2023 1 American Transportation Research Institu
Slide 38: Customers can achieve lower costs under DaaS pricing
Under DaaS pricing, In comparison to todayʼs driver costs plus Aurora customers have reducing other indirect costs, we believe we have an opportunity to reduce an opportunity to achieve customersʼ driver costs by ~25-40% lower costs, with a more predictable and stable In addition to driver costs ($0
Slide 39: Our industry-defining technology
Our industry-defining technology 39 © 2025 | AURORA PROPRIETARY
Slide 40: Innovating throughout the self-driving stack
We are innovating throughout the self-driving stack GPS IMU ENCODERS LIDAR CAMERA RADAR HARDWARE PERCEPTION LOCALIZATION PLANNING SIMULATION MAPS CONTROL DRIVE-BY-WIRE 40 © 2025 | AURORA PROPRIETARY
Slide 41: Verifiable AI approach
Verifiable AI: Our approach to building a driver that is both human-like in its behavior and structured to follow the rules of the road to deliver a practical, transparent, and commercially scalable AI is essential to the success of a self-driving system - it solves problems that rules-based approac
Slide 42: Leveraging AI with rules-of-the-road invariants
We leverage AI to AI Example: Leveraging AI to Invariant Example: Encoding a navigate complex and safely and naturally change lanes on the highway rule of the road guardrail dynamic scenarios Applying a guardrail to always come to a but do not have to rely AI excels at finding the optimal position i
Slide 43: Sensor suite with FirstLight Lidar
Our sensor suite combines multiple sensing modalities with our powerful FirstLight Lidar Lidar Camera Radar All modalities FirstLight is our custom Our cameras are made of Our custom imaging radar Different sensor modalities frequency-modulated automotive-grade sensor sensors produce precise 3D have
Slide 44: FirstLight Lidar engineered for highway driving
400m Our FirstLight Lidar is engineered for the needs of highway driving 300m The ability to see at distance with both Lidar & Camera—is crucial to unlocking safe autonomous operation at high speed. FirstLight FMCW Lidar 200m enables quicker reaction and longer range for safer, more capable driving.
Slide 45: Developing long-range lidar in-house has many advantages
Developing long-range lidar in-house has many advantages STEP 4 STEP 1 Digest data, revise Fundamental assumptions, iterate technology There are significant challenges relying on externally-developed lidar Joint ● Lack of clarity in vision and requirements Optimization ● Risk of being left out via e
Slide 46: Virtual Testing Suite
Our Virtual Testing Suite Auroraʼs Virtual Testing Suite (which includes simulation and data replay creates a paradigm shift technologies) improves: in testing safety, ● Safety: Dramatically reduces the number of efficiency, and speed on-road miles needed to develop the Aurora Driver ● Efficiency: A
Slide 47: Aurora Atlas HD mapping
The Aurora Atlas is HD Made up of layers of data: mapping with exceptional maintainability Road features such as stop signs, traffic lights, and other signs ● Provides accuracy where itʼs needed most: near the vehicle Machine learning and manually-added semantic annotations ● Unlocks rapid (near-rea
Slide 48: Innovations support our path to scale
We expect Aurora's We believe we have one of the strongest self-driving intellectual property positions innovations to support our path to scale ● Nearly 1,900 awarded and pending patents worldwide1 ○ Continued strong pace of innovation with more than 70 patents awarded YTD ● Covering hardware and s
Slide 49: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with driverless commercial trucking operations on public roads pole position for autonomous Trucking is a massive market and the Aurora Driver can unlock tremendous value trucking Only player with strategic partnerships to enable commercialization at scale Strong balanc
Slide 50: Appendix
Appendix 50 © 2025 | AURORA PROPRIETARY
Slide 51: Historical Financial Summary
Historical Financial Summary (unaudited) Quarter Ended Year Ended $ in millions except per share data) March 31, 2025 December 31, 2024 Operating expenses: Research and development $182 $676 Selling, general and administrative 29 110 Loss from operations 211 786 Other income (expense): Change i
Slide 52: Non-GAAP Financial Information
Non-GAAP Financial Information (unaudited) The following table reconciles our as reported U.S. GAAP net loss to Non-GAAP adjusted EBITDA Quarter Ended Year Ended $ in millions) March 31, 2025 December 31, 2024 Net Loss $208 $748 Depreciation and amortization 6 21 Stock-based compensation 34 14
Slide 53: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information Our Non-GAAP Adjusted EBITDA excludes certain items we believe are not representative of continuing operations due to their non-recurring or non-cash nature. We believe Non-GAAP Adjusted EBITDA provides greater transparency to key metrics used by management in i
Slide 54: Additional detail on 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 There is judgment involved in using internal analysis to determine whether or operation is through robust development, testing, and validation through bo
Slide 55: © 2025 | AURORA PROPRIETARY
55 © 2025 | AURORA PROPRIETARY