Aurora Innovation, Inc. · NASDAQ:AUR

Aurora Innovation — Investor Day (2026)

49 slides from Aurora Innovation's investor day presentation, 2026

Slide 1: Revolutionizing how goods move
Revolutionizing how goods move 2026 ANALYST & INVESTOR DAY ©2026 | AURORA PROPRIETARY z
Slide 2: Agenda
Agenda Welcome Partnership ecosystem panel Stacy Feit, VP  Investor Relations AUMOVIO, PACCAR, Roush and Volvo Autonomous Solutions Moderated by: Sandor Barna, SVP  Hardware Products Driving the inflection Defined liability & insurance fireside chat Chris Urmson, Co-Founder and CEO Apollo and Davi
Slide 3: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements Use of Non-GAAP Financial Information; Projections This presentation contains certain forward-looking statements within the meaning of the federal securities laws. The words “believe,ˮ This presentation also contains estimates, forecasts and
Slide 6: Invention creates possibility, industrialization creates inevitability
Invention creates possibility Industrialization creates inevitability Every paradigm shift in global movement follows a similar curve. Incubation period Industrial inflection point ©2026 | AURORA PROPRIETARY
Slide 7: Autonomous vehicles have been on a 20+ year journey
Autonomous vehicles have been on a 20+ year journey From DARPA Challenges to making real impact on the road. ©2026 | AURORA PROPRIETARY
Slide 8: Trucking is our first application
→ Massive addressable market → Critical need with further tightening driver supply Trucking is our first application → Attractive unit economics → Leverages existing infrastructure ©2026 | AURORA PROPRIETARY
Slide 9: We have all of the elements to drive our commercial inflection
We have all of the elements to drive our commercial inflection Software Hardware Supply Demand Verifiable AI Industrialized: Multi-platform Committed & proven on Step-function strategy supports compounding public roads scaling & cost accelerating ramp reductions ©2026 | AURORA PROPRIETARY
Slide 10: Unmatched ecosystem
BEST IN CLASS OEMS INDUSTRY-LEADING LOGISTICS COMPANIES Unmatched ecosystem Autonomous Solutions We'll deliver the same transformative scale through platform leverage. We provide the technology while our world-class partners and suppliers build the trucks, provide the hardware, and move the freight.
Slide 11: Our foundation is set
Our foundation is set We expect the Aurora Driver to follow the same curve. Incubation period Industrial inflection point ©2026 | AURORA PROPRIETARY
Slide 13: Aurora is the only company scaling driverless commercial long-haul trucking
Aurora is the only company scaling driverless commercial long-haul trucking on public roads in the U.S. Aurora Driver SOFTWARE HARDWARE SUITE OF SERVICES Verifiable AI Industrialized Seamless Integration ©2026 | AURORA PROPRIETARY
Slide 14: Trucking is a hard business
→ Workforce Instability: Tightening driver capacity, aging workforce, and high turnover Trucking is a → Asset Inefficiency: hard business Hours-of-service limitations The Aurora Driver addresses multiple industry challenges at once. → Safety Toll: Thousands of preventable fatalities → Margin Compres
Slide 15: The Aurora Driver is transformational across the core dimensions of freight
The Aurora Driver is transformational across the core dimensions of freight Safety Capacity & flexibility The most dangerous part of the Scalable on demand. supply chain, made safer and less costly to insure with every mile. Utilization Total cost of ownership Unlocking nearly 24/7 operations. Lower
Slide 16: We're delivering real world value to customers today
Weʼre delivering real world value to customers today, establishing a foundation that will compound as our network scales SAFETY UTILIZATION (LONG-HAUL) UTILIZATION (SHORT-HAUL) 2x Annual run-rate >225,000 miles / truck increase in trips / day for McLane, Werner & others for Detmar ©2026 | AURORA PRO
Slide 17: Fully allocated to exit 2026 with 200 driverless trucks
In the near-term, we're fully allocated to exit 2026 with 200 driverless trucks in operation on our existing routes ©2026 | AURORA PROPRIETARY
Slide 18: Accelerating verification & validation process
Generalized technology and a proven, accelerating verification & validation process position the Aurora Driver for rapid route and customer facility expansion to support 2027+ demand VALIDATION TIME PER ROUTE EACH SQUARE = ONE WEEK 6 yrs 6 mo 6 wks 6 days FIRST ROUTE SECOND ROUTE TODAY LOOKING AHEAD
Slide 19: The Aurora Driver will power a virtuous economic cycle
→ Builds supply chain resilience The Aurora Driver will also power a virtuous → Lowers consumer prices economic cycle → Drives job creation ©2026 | AURORA PROPRIETARY
Slide 21: The Aurora Driver is engineered to be one of the safest drivers on the road
The Aurora Driver is engineered to be one of the safest drivers on the road – and has been evaluated by trusted safety experts ©2026 | AURORA PROPRIETARY
Slide 22: Total cost of ownership value proposition
TCO ($/MILE) ~$2.50 20% In addition to $0.72 ~$2.00 enhancing safety and $0.11 supplementing driver $0.65 capacity, our product $0.48 $0.08 is designed to deliver $0.15 Indirect $0.41 a compelling total cost of ownership (TCO) $1.03 Direct Other 2 value proposition $0.85 Insurance Fuel Driver All-In
Slide 23: The Aurora Driver's economic value is undeniable
The Aurora Driverʼs “Maximizing asset uptime is the ultimate competitive economic value edge in today's market. Integrating the Aurora Driver into McLane's fleet has helped reduce downtime while is undeniable supporting our investment in innovative transportation solutions. It allows us to continue
Slide 24: Higher utilization and lower TCO can double revenue
REVENUE $680,000 Higher utilization and lower TCO with the 2x $340,000 Aurora Driver can double revenue and drive meaningful Conventional Aurora Driver margin expansion Illustrative Example: One truck, one year of MARGIN operation on the Fort Worth - Phoenix route. $190,000 $30,000 6x Conventional A
Slide 25: Seamlessly integrating driverless operations into our customers' businesses
Seamlessly integrating driverless operations into our customersʼ businesses ©2026 | AURORA PROPRIETARY
Slide 26: Driverless Customer Panel
Driverless Customer Panel Ossa Fisher Matt Detmar Eric Hildenbrand Daragh Mahon PRESIDENT CHIEF EXECUTIVE OFFICER CHIEF STRATEGY OFFICER EVP & CHIEF INFORMATION OFFICER AURORA DETMAR LOGISTICS MCLANE WERNER ©2026 | AURORA PROPRIETARY
Slide 28: Second generation commercial hardware kit manufactured by Fabrinet
Manufactured by Fabrinet, our second generation commercial hardware kit is on the road today — more reliable, lower cost, and designed to scale to 1,500 trucks ©2026 | AURORA PROPRIETARY
Slide 29: Roush ramping to supply 1,000 upfit trucks per year
Our upfitter, Roush, is ramping to supply 1,000 upfit trucks per year — first equipped with our Gen 2 hardware kit — with potential to increase that capacity ©2026 | AURORA PROPRIETARY
Slide 31: Gen 2 hardware integrated lineside at Volvo's New River Valley plant
Our Gen 2 hardware is also now being integrated lineside at Volvoʼs New River Valley, VA plant ©2026 | AURORA PROPRIETARY
Slide 32: Partnering with AUMOVIO for automotive-grade hardware
Weʼre partnering with AUMOVIO to deliver the industrialized, automotive-grade hardware necessary to power tens of thousands of autonomous trucks Asset-light model and projected per mile hardware cost support SaaS-like gross margin objective. ©2026 | AURORA PROPRIETARY
Slide 33: Vehicle-agnostic, multi-platform model
Our vehicle-agnostic, multi-platform model aligns with customersʼ diverse fleet preferences and supports our 2027-2028+ scaling roadmap INTERNATIONAL LT SERIES VOLVO VNL AUTONOMOUS PETERBILT 579 Driverless trucks upfit by Roush Lineside integration with Future lineside integration Volvo underway wit
Slide 34: Partnership Ecosystem Panel
Partnership Ecosystem Panel Sandor Barna Jeremy McClain Noelle Onstad Brad Rzetelny Sasko Cuklev SVP, HARDWARE PRODUCTS GLOBAL VP, AUTONOMOUS GENERAL MANAGER, PACCAR VP, CONTRACT MANUFACTURING, HEAD OF ON-ROAD MOBILITY SYSTEMS, INNOVATION CENTER ADVANCED COMPOSITES, SOLUTIONS SOFTWARE AND SERVICES P
Slide 36: Insurance Fireside Chat
Insurance Fireside Chat David Maday Chris Moore CHIEF FINANCIAL OFFICER CHIEF UNDERWRITING OFFICER, APOLLO IBOTT 1971 AURORA APOLLO ©2026 | AURORA PROPRIETARY
Slide 38: ~$1 trillion U.S. TAM
U.S. TAM The massive U.S. ~$1 trillion 1 freight market presents an opportunity for unmatched value creation in autonomy SAM by 2028 With attractive unit economics and significant need for this technology 60B VMT 1 CSCMPʼs Annual State of Logistics Report, 2026 ©2026 | AURORA PROPRIETARY
Slide 39: We're delivering on our roadmap
Driverless Miles 500,000+ Driverless Miles since Commercial Launch Revenue Weʼre delivering FY26 Revenue (E): $14-16M on our roadmap FY26 Exit Revenue Run-Rate (E): $80M Fleet Expansion Scaling to 1,000 Truck Upfit Capacity with Roush ©2026 | AURORA PROPRIETARY
Slide 40: Hitting our commercial inflection point at the end of this year
Hitting our commercial inflection point at the end of this year paves the way for transformational growth Expect >30K trucks in 2030 FLEET SIZE Anticipate exiting 2027 with >1,000 driverless trucks Anticipate exiting 2026 with 200 driverless trucks TaaS DaaS 2026 2027 2030 ©2026 | AURORA PROPRIETARY
Slide 41: Transportation as a Service provides proof of concept, Driver as a Service is our growth engine
Transportation as a Service (TaaS) provides proof of concept, Driver as a Service (DaaS) is our growth engine TaaS DaaS Demonstrates the potential of the Aurora Driver Asset-light model accelerates scaling with high-margin revenue stream Fleet Capacity ≤500 → 10s of 1000s Utilization ~200K miles/yea
Slide 42: Targeting breakeven gross margin on a run-rate basis in 1H 2027
Revenue drivers We are targeting Scale fleet Increase utilization Expand SAM breakeven gross margin on a run-rate Cost reduction levers basis in 1H 2027 at ~500 trucks Realize labor Deliver Capture second & support primarily generation efficiencies between commercial customer hardware cost locations
Slide 43: Estimated Annual Revenue & Gross Margin
Estimated Annual Revenue & Gross Margin Gross Margin % $5B From 2027 to 2030, Revenue we expect significant 60% revenue growth and margin expansion — exiting 2028 with positive free cash flow on a run-rate basis Positive GM% $200M $200M 2027 2028 2029 2030 ©2026 | AURORA PROPRIETARY
Slide 44: Return on operating expenses and capital efficiency
As we scale through 2030, we expect to deliver compelling return on operating expenses and capital efficiency 7x <1% 7% Revenue per R&D Dollar in 2030 CapEx % Revenue in 2030 SG&A % Revenue in 2030 Steady R&D investment, Transition to DaaS and AUMOVIO SG&A to increase, enabling capital-efficient gro
Slide 45: Our 2030 Vision
Fleet Scale SAM Expansion 150B+ VMT 30k+ Expected driverless trucks in ~40x growth from today operation Revenue Unit Economic Profitability Our 2030 Vision $5B+ ~60% Projected annual revenue Target gross margin R&D Efficiency ...With significant 7x anticipated upside Anticipated revenue across globa
Slide 47: Aurora is driving the commercial inflection point
Aurora is driving We have all the the commercial elements: inflection point, Software: Verifiable AI proven on public roads revolutionizing Hardware: Step-function scaling how goods move & cost reductions Supply: Multi-platform strategy supports accelerating ramp Demand: Committed and compounding In
Slide 48: Trucking is our first commercial application
Trucking is our first commercial application — our foundation in safety-critical Physical AI positions Aurora to power adjacent markets over the long-term ©2026 | AURORA PROPRIETARY

Aurora Innovation — Investor Day (2026) on 6ix

Aurora Innovation — Investor Day (2026)

Slide 1: Revolutionizing how goods move

Slide 2: Agenda

Slide 3: Cautionary statement regarding forward-looking statements

Slide 4: ©2026 | AURORA PROPRIETARY

Slide 5: Revolutionizing how goods move

Slide 6: Invention creates possibility, industrialization creates inevitability

Slide 7: Autonomous vehicles have been on a 20+ year journey

Slide 8: Trucking is our first application

Slide 9: We have all of the elements to drive our commercial inflection

Slide 10: Unmatched ecosystem

Slide 11: Our foundation is set

Slide 12: ©2026 | AURORA PROPRIETARY

Slide 13: Aurora is the only company scaling driverless commercial long-haul trucking

Slide 14: Trucking is a hard business

Slide 15: The Aurora Driver is transformational across the core dimensions of freight

Slide 16: We're delivering real world value to customers today

Slide 17: Fully allocated to exit 2026 with 200 driverless trucks

Slide 18: Accelerating verification & validation process

Slide 19: The Aurora Driver will power a virtuous economic cycle

Slide 20: ©2026 | AURORA PROPRIETARY

Slide 21: The Aurora Driver is engineered to be one of the safest drivers on the road

Slide 22: Total cost of ownership value proposition

Slide 23: The Aurora Driver's economic value is undeniable

Slide 24: Higher utilization and lower TCO can double revenue

Slide 25: Seamlessly integrating driverless operations into our customers' businesses

Slide 26: Driverless Customer Panel

Slide 27: ©2026 | AURORA PROPRIETARY

Slide 28: Second generation commercial hardware kit manufactured by Fabrinet

Slide 29: Roush ramping to supply 1,000 upfit trucks per year

Slide 30: ©2026 | AURORA PROPRIETARY

Slide 31: Gen 2 hardware integrated lineside at Volvo's New River Valley plant

Slide 32: Partnering with AUMOVIO for automotive-grade hardware

Slide 33: Vehicle-agnostic, multi-platform model

Slide 34: Partnership Ecosystem Panel

Slide 35: ©2026 | AURORA PROPRIETARY

Slide 36: Insurance Fireside Chat

Slide 37: ©2026 | AURORA PROPRIETARY

Slide 38: ~$1 trillion U.S. TAM

Slide 39: We're delivering on our roadmap

Slide 40: Hitting our commercial inflection point at the end of this year

Slide 41: Transportation as a Service provides proof of concept, Driver as a Service is our growth engine

Slide 42: Targeting breakeven gross margin on a run-rate basis in 1H 2027

Slide 43: Estimated Annual Revenue & Gross Margin

Slide 44: Return on operating expenses and capital efficiency

Slide 45: Our 2030 Vision

Slide 46: Revolutionizing how goods move

Slide 47: Aurora is driving the commercial inflection point

Slide 48: Trucking is our first commercial application

Slide 49: ©2026 | AURORA PROPRIETARY