Aurora Innovation, Inc. · NASDAQ:AUR
Aurora Innovation — Investor Presentation (October 2025)
59 slides from Aurora Innovation's investor presentation, October 2025
Slide 1: Investor Presentation October 2025
Investor Presentation OCTOBER 2025 1 © 2025 | AURORA PROPRIETARY
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 from any future results, performance or achievements expressed or implied by the the federal securities laws. All statements contained in this presentation th
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 in April 2025. 3 © 2025 | A
Slide 4: 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 4 © 2025 | AURORA PROPRIETARY
Slide 5: Our mission
OUR MISSION Deliver the benefits of self-driving technology safely, quickly, and broadly 5 © 2025 | AURORA PROPRIETARY
Slide 6: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with driverless commercial trucking operations on public roads in the U.S. 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 S
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
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, Ride-Hailing, and TMS Partners Industry-Leading Logistic
Slide 9: Designing our product to address 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 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: Closed 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: The Aurora Driver: superhuman capabilities
This is the Aurora Driver — a solution with superhuman capabilities that we Watch Video believe will redefine logistics As shown above, the Aurora Driver demonstrates a variety of superhuman capabilities across an array of challenging real world scenarios: in low light, it detects a pedestrian runni
Slide 13: Driverless commercial deliveries for Uber Freight
We began driverless commercial deliveries for Uber Freight between Dallas and Houston Watch Video “Since April, Aurora's self-driving trucks have been completing roundtrip hauls between Dallas and Houston. This marks an important industry milestone, with Uber Freight becoming the first logistics pla
Slide 14: 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 15: Focused on increasing the value of our product for customers
Now that we have proven the promise of our technology we are focused on rapidly increasing the value of our product for our customers and ultimately becoming an essential partner in the freight industry 15 © 2025 | AURORA PROPRIETARY
Slide 16: 2025 Product Roadmap: Crawl, Walk, Run Approach
2025 Product Roadmap: Crawl, Walk, Run Approach 16 © 2025 | AURORA PROPRIETARY
Slide 17: Validated night driverless operations
Just three months after launch and ahead of schedule, we validated night driverless operations, more than doubling truck utilization potential Watch Video With FirstLight lidar, the Aurora Driver sees over 450 meters in even the darkest conditions, which is approximately three times the legal range
Slide 18: Launched driverless operations Fort Worth to El Paso
We launched driverless commercial operations AZ NM on the westbound PHX ELP DFW 600-mile lane from Fort TX Worth to El Paso, setting HOU a new benchmark for Driverless Operations autonomous trucking Future Driverless Operations This expansion, accomplished just six months after our driverless launch
Slide 19: Expanded driverless cohort of carriers
With the launch of our new driverless lane from Fort Worth to El Paso, weʼve expanded driverless operations for Hirschbach and welcomed two additional carriers — including one of the leading carriers in the U.S. — to our growing driverless cohort 19 © 2025 | AURORA PROPRIETARY
Slide 20: Validating driverless operations in challenging weather
We continue to make progress validating driverless operations in challenging weather, including rain and heavy wind conditions, which we expect to complete with our January 2026 software release Launching driverless operations from Fort Worth to El Paso required validating behavior in dust storms —
Slide 21: Carrier Perspective: revenue and profit growth potential
Carrier Perspective: The Aurora Driver has the potential to deliver significant revenue and profit growth Illustrative End-to-End Case Study: 1 week comparison Estimated Revenue Estimated Profit $ / truck $ / truck 16,400 Phoenix Fort Worth Distance: 1,000 miles $1,510 incremental profit 816% high
Slide 22: 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 23: Our 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 24: 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: * 25 states expressly allow and 14 states implicitly allow the driverl
Slide 25: Illustrative lane expansion through 2026
Leveraging our Illustrative lane expansion through 2026 R&D investments to-date, we expect to rapidly scale the Aurora Driver given the self-similarity of the U.S. interstate highway system Driverless Operations Future Driverless Operations 25 © 2025 | AURORA PROPRIETARY
Slide 26: Identifying first customer endpoints for early 2026
Following our terminal to terminal launch, we are working with multiple customers to identify locations for the first customer endpoints we plan to support with driverless operations in early 2026 26 © 2025 | AURORA PROPRIETARY
Slide 27: 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 28: 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 28 © 2025
Slide 29: Our 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 30: Estimated Cost Per Mile of 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 enable the achievement of our targeted 50%+ cost reduction goal for this Estimated Cost Per Mile second generatio
Slide 31: Our path to scale and self-funding
Our path to scale and self-funding is OEM partnerships with Volvo Trucks and PACCAR supported by our: AUMOVIO1 Hardware as a Service partnership Rapid lane expansion 31 © 2025 | AURORA PROPRIETARY 1 In September 2025, Continental completed the spin-off of their automotive business, AUMOVIO
Slide 32: Strategic partnerships with two of 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% 32 © 2025 | AURORA PROPRIETARY 1 Statista Class 8 truck ma
Slide 33: Second generation hardware launch in Q2 2026
In the second quarter of This fleet, which will be based on the International® LT® Series vehicle while 2026, we plan to launch our Aurora will perform all necessary upfit for second generation driverless operations commercial hardware kit on a new fleet of trucks that will enable driverless operati
Slide 34: Long-term partnership with AUMOVIO
We entered a first-of-its-kind, long-term partnership with AUMOVIO to develop, manufacture, and service a commercially-scalable future generation of the Aurora Driver hardware kit We believe partnering with AUMOVIO will help us industrialize our hardware kit at scale and support our long-term profit
Slide 35: Three-way partnership with NVIDIA and AUMOVIO
We further enhanced our ecosystem with a three-way partnership between Aurora, NVIDIA, and AUMOVIO, solidifying another key enabler to successfully deploy at NVIDIAʼs DRIVE Thor system-on-a-chip and DriveOS will be integrated into the Hardware as a Service generation of the Aurora Driver that scale
Slide 36: 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 37: The Complete Aurora Driver Freight Ecosystem
The Complete Aurora Driver 1 2 3 4 5 Freight Ecosystem AUMOVIO manufactures the Aurora Driver Ships hardware to OEM OEM installs hardware lineside Ships to customers Customer utilizes Aurora Driver hardware 37 © 2025 | AURORA PROPRIETARY
Slide 38: Driver as a Service business model is highly capital efficient
Our Driver as a Service (DaaS) business model is highly capital efficient and aligns with our customersʼ needs 38 © 2025 | AURORA PROPRIETARY
Slide 39: Total cost of ownership benefits for customers
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 for our customers double asset utilization Better fuel economy Reduced insurance costs 39 © 2025 | AURORA PRO
Slide 40: 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 $0.05 existing alternatives Repair2 $0.25 Aurora DaaS Opportunity Insurance $0.10 Human Driver Incl. Benefits Truck/Trailer $0.39 $2.26 $1.00 Fuel $0.48 1 American Tr
Slide 41: 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 2014 2024 1 American Transportation Research Institu
Slide 42: Customers can reduce driver 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 ($1
Slide 43: Transition from TaaS to DaaS model in 2027
We launched the Aurora Driver in a Transportation as a Service (TaaS) Model and expect to transition to our Driver as a Service (DaaS) Model in 2027 TaaS Model DaaS Model Build foundation through TaaS Prove the promise of the Aurora Driver, Scale through DaaS Create a compelling value proposition
Slide 44: Our industry-defining technology
Our industry-defining technology 44 © 2025 | AURORA PROPRIETARY
Slide 45: 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 45 © 2025 | AURORA PROPRIETARY
Slide 46: 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 AI is essential to the success of a self-driving system - it solves problems that rules-based approac
Slide 47: AI and invariants: observations
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
Slide 48: Sensor suite combines multiple modalities 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 49: FirstLight Lidar is 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 50: Next generation FirstLight Lidar doubles detection range
Our next generation FirstLight FMCW Competitor FirstLight Lidar doubles the Commercial maximum detection range Current 320m 10% reflectance**) Gen 500m (retro reflector) versus our current Commercial generation and closest 350m 10% reflectance**) 250m 10% reflectance) Second Gen 1000m (retro re
Slide 51: 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 52: Virtual Testing Suite creates a paradigm shift in testing
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 53: 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 2,000 awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 179 patents awarded YTD ● Covering hardware and software i
Slide 54: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with driverless commercial trucking operations on public roads in the U.S. 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 S
Slide 55: Appendix
Appendix 55 © 2025 | AURORA PROPRIETARY
Slide 56: Historical Financial Summary
Historical Financial Summary (unaudited) Quarter Ended Year Ended $ in millions except per share data) September 30, 2025 December 31, 2024 Revenue $1 $ Cost of revenue 6 - Research and development 179 676 Selling, general and administrative 38 110 Loss from operations 222 786 Other income (ex
Slide 57: 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) September 30, 2025 December 31, 2024 Net Loss $201 $748 Depreciation and amortization 6 21 Stock-based compensation 5
Slide 58: 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 59: © 2025 | AURORA PROPRIETARY
59 © 2025 | AURORA PROPRIETARY
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