Slide 1: Investor Presentation July 2024
Investor Presentation July 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. The words “believe,ˮ “may,ˮ “will,ˮ “estimate,ˮ “continue,ˮ “anticipate,ˮ “expect,ˮ “would,ˮ “project,ˮ “plan,ˮ “potentially,ˮ “i
Slide 3: Our mission
Our mission Deliver the benefits of self-driving technology safely, quickly, and broadly © 2024 | Aurora Proprietary 3
Slide 4: Aurora is in the pole position for autonomous trucking
Aurora is in the pole position for autonomous trucking Trucking is a massive Aurora Driver can Only player with strategic market unlock tremendous partnerships to enable value for customers commercialization at scale Competitive landscape Liquidity to support Driver as a Service DaaS has cleared s
Slide 5: 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 © 2024 | Aurora Proprietary 5
Slide 6: Trucking is a massive market
Trucking is a massive market With attractive unit economics and significant $1 $4 need for this trillion trillion technology 1 U.S. Global2 © 2024 | Aurora Proprietary Sources: 1 A.T. Kearney State of Logistics, 2022 6 2 Armstrong & Associates, Global Third Party Logistics, 2019
Slide 7: Our strong, strategic relationships support our path to commercialization
Best in Class OEM Partners Industry-Leading Logistics Companies Autonomous Solutions Our strong, strategic relationships support our path to commercialization and scale in trucking, and springload us for our entry into personal mobility Industry-Leading Fleet Service and Pioneering Hardware as a Ser
Slide 8: Designing our trucking product to address primary industry 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 >>> Scalable; stable driver supply 1,200,000 additional drivers needed over the next decade1, 90%+ annual turnover for large fleets
Slide 9: Aurora Driver milestones to commercial launch
Note: Auroraʼs driverless trucking subscription service has been rebranded to Aurora Driver for Freight from Aurora Horizon 1 Aurora Driver Feature Complete is defined as having implemented all of the capabilities necessary for launch and all policy interventions removed 2 Commercial Launch enco
Slide 10: Safety Case Framework
Safety Case Framework Proficient We will know that the Aurora Driver is acceptably safe to Top level claim launch on the Dallas to Trustworthy Auroraʼs self-driving Fail-Safe Houston lane when we have a vehicles are acceptably closed Safety Case safe to operate on public roads Continuously Resilient
Slide 11: Autonomy Readiness Measure (ARM)
Autonomy Readiness Measure ARM (as of 6/30/24 The Autonomy Readiness Measure ARM) illustrates the 95% great progress we are making toward closing the Dallas to Houston Safety Case © 2024 | Aurora Proprietary 11
Slide 12: Percentage of commercial loads requiring no on-site support
100% API Loads Commercial Launch Est. We are focused on driving up the percentage of 80% 75% 75% commercial loads that do % of Loads 62% not require any form of 61% on-site support - 100% 48% API 32% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 June 4Q24 24 Stable software release © 2024 | Aurora Proprietary 12
Slide 13: Autonomous vehicles can be deployed in most U.S. states
Under existing law and regulation, autonomous vehicles can be deployed in the vast majority of states in the U.S. today including our Texas launch market Deployment Testing Driverless operation Autonomous trucking permitted permitted prohibited currently prohibited * 25 states expressly allow and 15
Slide 14: 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 Aurora Customer Predominantly Customer Ownership Delivery Terminal to Terminal First Customer Endpoints Unlocked Blended Endpoints and T
Slide 15: Path to expected gross profit in 2026
Our path to expected gross profit in 2026 is supported by: Revenue drivers Cost reduction levers Rapid lane penetration & expansion Realization of remote assistance efficiencies Increased asset utilization Reduction in on-site support Increased value creation Introduction of next-generation hardware
Slide 16: Rapidly scaling the Aurora Driver across lanes
Leveraging our R&D investments to-date, we expect to rapidly scale the Aurora Driver given the self-similarity of the U.S. interstate highway system Anticipated 2024 Launch Lane We have already transferred the Aurora Driverʼs capabilities from the Dallas to Houston lane to the Fort Worth to El Paso
Slide 17: Illustrative lane expansion through 2026
Illustrative lane expansion through 2026 Unlocking longer lanes across the Sun Belt will increase utilization and be a key driver of our near-term top-line growth Anticipated 2024 Launch Lane © 2024 | Aurora Proprietary 17
Slide 18: 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 © 2024 | Aurora Proprietary 18
Slide 19: Estimated Cost Per Mile - Remote Assistance
Remote support specialist to AV trucks ratio will significantly improve over time, driving down cost per mile $1.00 Estimated Cost Per Mile - Remote Assistance As the Aurora Driverʼs performance continues $0.75 to improve, we expect to reduce remote $0.50 assistance costs $0.25 $0.00 20 40 60 80 100
Slide 20: Estimated Cost Per Mile - On-Site Support
Frequency of on-site support will decline over time, further reducing cost per mile $1.00 Estimated Cost Per Mile - On-Site Support We also expect this $0.75 performance improvement to reduce the need for $0.50 on-site support $0.25 $0.00 20,000 40,000 60,000 Miles Between On-Site Support © 2024 | A
Slide 21: Our hardware strategy is designed to support our scaling
# of Trucks 10,000 Our hardware strategy is designed Scalable to support our scaling 1,000 Hardware as a Service and cost reduction Generation objectives Next Generation 100 Commercially Ready Launch Generation Next generation kit Hardware as a Service designed for 1M miles, structure - Aurora pa
Slide 22: Estimated Cost Per Mile - Hardware
Aurora Driver hardware cost efficiencies due to lower bill of materials BOM) costs, increased useful life, and improved reliability Reduction in material costs and Estimated Cost Per Mile increased reliability enables the achievement of our targeted 50%+ cost reduction goal for this next generation
Slide 23: Our path to scale and self-funding
Our path to scale & self-funding is supported by our: OEM partnerships with Continental Hardware as a Rapid lane expansion Volvo Trucks and PACCAR Service partnership © 2024 | Aurora Proprietary 23
Slide 24: Strategic partnerships with two of the top four class 8 truck OEMs
Our strategic partnerships Daimler 40% with two of the top four PACCAR 30% class 8 truck OEMs that collectively represent Volvo Group 17% 50% of the U.S. market Navistar 13% are key scaling enablers1 0% 5% 10% 15% 20% 25% 30% 35% 40% © 2024 | Aurora Proprietary 24 1 Statista Class 8 truck manufac
Slide 25: 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 Aurora Driver hardware kit We believe partnering with Continental will help us industrialize our hardware kit at scale and support our long-ter
Slide 26: 50B VMT serviceable addressable market by 2028
We expect the Aurora Driver to operate in a 50B VMT serviceable addressable market SAM) by the start of 2028 Illustrative lane expansion through given commercial, technical, and regulatory considerations1 Length of Haul Breakdown2 300 miles 17% 1,000 miles 42% 50B 300600 miles VMT3 22% 6001,00
Slide 27: The Complete Aurora Driver Freight Ecosystem
The Complete Aurora Driver Freight Ecosystem 1 2 3 4 5 Continental manufactures Ships hardware to OEM installs Ships to Customer utilizes the Aurora Driver hardware OEM hardware lineside partners Aurora Driver © 2024 | Aurora Proprietary 27
Slide 28: Driver as a Service business model is highly capital efficient
Aurora provides its technology to an external fleet Description owner and/or operator Our Driver as a Service DaaS) business model is Revenue Fee per mile highly capital efficient Variable: Aurora Driver hardware cost2, remote and aligns with our Costs borne by Aurora1 assistance, on-site support,
Slide 29: Total cost of ownership benefits of the Aurora Driver
✓ More efficient and less variable driver costs We expect the Aurora Driver to provide ✓ Increased revenue per truck with potential to more than double asset utilization meaningful total cost of ownership TCO) benefits ✓ Better fuel economy ✓ Reduced insurance costs © 2024 | Aurora Proprietary 29
Slide 30: Product and pricing strategy designed to drive a compelling value proposition
Current Trucking Cost Per Mile1 Other3 $0.04 Our product and pricing Repair2 Aurora DaaS strategy are designed to $0.25 Opportunity drive a compelling value Insurance $0.10 proposition versus Human Driver Incl. Benefits Truck/Trailer $2.27 $0.97 existing alternatives $0.36 Fuel $0.55 1 American Tr
Slide 31: Indicative DaaS pricing range
Trucking labor costs continue to rise Cost Per Mile: Driver Wages & Benefits1 Indicative DaaS pricing $1.00 range provides customer $0.90 TCO benefit while supporting “SaaSˮ like $0.80 Indicative DaaS gross margins $0.70 Price Range2 $0.60 $0.50 2013 2023 © 2024 | Aurora Proprietary 1 American Tra
Slide 32: DaaS pricing offers customers lower costs and stable supply
Under DaaS pricing, Aurora customers have an opportunity to achieve lower costs, with a more predictable and stable supply, versus todayʼs alternatives In comparison to todayʼs driver costs In addition to driver costs $0.97, there are plus reducing other indirect costs, potential indirect cost red
Slide 33: Our industry-defining technology
Our industry-defining technology © 2024 | Aurora Proprietary 33
Slide 34: Innovating throughout the self-driving stack
GPS IMU Encoders Lidar Camera Radar Hardware Perception We are innovating Localization throughout the self-driving stack Planning Simulation Maps Control Drive-by-wire © 2024 | Aurora Proprietary 34
Slide 35: Verifiable AI
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 solution to market AI is essential to the success of a self-driving system - it solves problems that
Slide 36: AI and invariants: observations on driving behavior
We leverage AI to AI Example: Leveraging AI to Invariant Example: Encoding a navigate complex and safely and naturally change rule of the road guardrail lanes on the highway dynamic scenarios but do not have to rely AI excels at finding the optimal Applying a guardrail to always come to a position i
Slide 37: 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 38: 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 enables quicker reaction and longer range for 200m safer, more capable driving.
Slide 39: Developing long-range lidar in-house has many advantages
Developing long-range lidar in-house has many advantages There are significant challenges relying on Step 4 Step 1 externally-developed lidar Digest data, revise Fundamental assumptions, iterate technology ● Lack of clarity in vision and requirements ● Risk of being left out via exclusivity ● Tier 1
Slide 40: Virtual Testing Suite
Our Virtual Testing Suite creates a paradigm shift in testing safety, efficiency, and speed Auroraʼs Virtual Testing Suite (which includes simulation and data replay technologies) improves: ● Safety: Dramatically reduces the number of on-road miles needed to develop the Aurora Driver ● Efficiency: A
Slide 41: The Aurora Atlas HD mapping
The Aurora Atlas is HD mapping with exceptional maintainability Made up of layers of data: ● Provides accuracy where itʼs needed most: Road features such as near the vehicle stop signs, traffic lights, and other signs ● Unlocks rapid (near-real-time) updates ● Enables efficient maintenance to map da
Slide 42: Innovations supporting the path to Commercial Launch
We expect Aurora's innovations to support our path to Commercial Launch We believe we have one of the strongest self-driving intellectual property positions ● 1,700 awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 165 patents awarded and 129 applications filed world
Slide 43: Aurora is in the pole position for autonomous trucking
Aurora is in the pole position for autonomous trucking Trucking is a massive Aurora Driver can Only player with strategic market unlock tremendous partnerships to enable value for customers commercialization at scale Competitive landscape Liquidity to support Driver as a Service DaaS has cleared s
Slide 44: Appendix
Appendix © 2024 | Aurora Proprietary 44
Slide 45: Historical Financial Summary
Historical Financial Summary (unaudited) Quarter Ended Year Ended $ in millions except per share data) June 30, 2024 December 31, 2023 Operating expenses: Research and development $170 $716 Selling, general and administrative 28 119 Loss from operations 198 835 Other income (expense): Change in
Slide 46: Non-GAAP Financial Information and Selected Balance Sheet Data
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) June 30, 2024 December 31, 2023 Net Loss $182 $796 Depreciation and amortization 6 21 Stock-based compensation 38 160
Slide 47: 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 48: 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 operation is through robust development, testing, and validation through both simulation and on-road driving. As we have said previously, we believe ther
Slide 49: © 2024 | Aurora Proprietary
© 2024 | Aurora Proprietary 49