Aurora Innovation, Inc. · NASDAQ:AUR

Aurora Innovation — Investor Presentation (July 2026)

61 slides from Aurora Innovation's investor presentation, Jul 29, 2026

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 Important factors that could cause actual results to differ materially from the forward-looking include, securities laws. The words “believe,ˮ “ma
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 Watch Video and itʼs powered by the Aurora Driver. Introducing Aurora Driver 2 — the combination of our new software, second-generation commercial hardware, and new driverless tru
Slide 4: With the Aurora Driver, the future of freight is superhuman
With the Aurora Driver, the future of freight is superhuman Perception Awareness Stamina Reaction Superhuman Superhuman Superhuman Superhuman vision that sees focus that never stamina that reflexes that in all directions gets distracted never stops make decisions the clock in milliseconds 4 © 2026 |
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 5 © 2026 | AURORA PROPRIETARY
Slide 6: Our Mission
OUR MISSION Deliver the benefits of self-driving technology safely, quickly, and broadly 6 © 2026 | AURORA PROPRIETARY
Slide 7: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with regular driverless commercial long-haul 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 commercial
Slide 8: 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 CSCMPʼs Annual State of Logistics Report, 2026 8 © 2026 | AURORA PROPRIETARY 2 Armstrong & Associates, Global Third Party Logistics, 2019
Slide 9: Existing infrastructure makes trucking the most plug-and-play market
Existing infrastructure Established fleet owners makes trucking the most 'plug-and-play' market for Defined freight corridors autonomous technology Robust service networks Turnkey fuel stop footprint 9 © 2026 | AURORA PROPRIETARY
Slide 10: Strategic relationships support our path to scale in trucking
Best in Class OEM Partners & Suppliers 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-Lead
Slide 11: Designing our trucking 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 need and high turnover 1,200,000 additional drivers needed over the next Scalability; stable driver supply decade1, 90%+ annual turnover for large fleets2 Hou
Slide 12: Our Safety Case Framework is the foundation for trust
Our Safety Case Framework is the Proficient foundation for trust in our technology, TOP LEVEL CLAIM Auroraʼs self-driving demonstrating that Trustworthy vehicles are acceptably safe to operate on public Fail-Safe the Aurora Driver is roads acceptably safe to operate on public roads Resilient Continu
Slide 13: Driverless cohort expanded to nine customers
Including We have expanded our driverless cohort to nine customers and expect a majority of our 2026 revenue to be generated by operations between customer facilities 13 © 2026 | AURORA PROPRIETARY
Slide 14: Hirschbach selects Aurora to scale autonomous fleet
In addition to the Transportation as a Service (TaaS) commitments we already have with Hirschbach, they have selected Aurora to scale their autonomous fleet with the intent to We expect to finalize the definitive agreement — which represents a potential multi-year revenue stream in the hundreds of m
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 © 2026 | AURORA PROPRIETARY
Slide 16: Increased value with validation of night and inclement weather operations
We have continued to increase value for Watch Video customers with validation of driverless operations at night and in multiple forms Expanding the Aurora Driverʼs operating domain to night more than doubled truck utilization potential. Our proprietary FirstLight Lidar gives the Aurora Driver superh
Slide 17: Expanding across the Sun Belt in 2026
We believe the Aurora Illustrative expansion Driver is now sufficiently generalized for us to begin expanding across the Sun Belt in 2026, aligned with customer demand Recent rapid route expansion validates our core thesis that the Aurora Driver is positioned to rapidly scale in trucking given the s
Slide 18: Expanding our driverless network to 12 routes
We are expanding our driverless network to 12 routes, strategically DFW mapped to the high-volume TX freight corridors our HOU customers are prioritizing LRD for scaled autonomous operations Superhuman Utilization: Fort Worth - Phoenix, a 1,000+ mile route, far exceeds hours of service limitations f
Slide 19: Transitioning from supervised autonomy to driverless operations
We are transitioning ● Detmar: driverless between their facility in Midland, Texas and from supervised Capital Sandʼs mining site in Monahans, Texas, along I20 ● Hirschbach: supervised autonomy between Dallas and Laredo to autonomy to driverless support their customer Driscollʼs, the largest berry
Slide 20: Piloting weigh station navigation and on-route fueling
To ensure seamless end-to-end service, we are now piloting weigh station navigation and on-route fueling at truck stops Navigating these environments requires many of the same advanced surface street capabilities we have already refined; for example, on the 7 miles the Aurora Driver navigates to and
Slide 21: 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 22: Exiting 2026 with more than 200 driverless trucks
We anticipate exiting 2026 with more than 200 driverless trucks Revenue Run-Rate (E) This anticipated exit rate translates to an approximately $80 million revenue run-rate for our TaaS business, establishing a powerful foundation for 2027 when we expect the core DaaS model to commence 22 © 2026 | AU
Slide 23: Targeting breakeven gross margin on a run-rate basis exiting 2026
We are targeting Revenue drivers breakeven gross margin on a run-rate basis exiting 2026 Rapid route Increased Increased supported by: penetration & expansion asset utilization value creation Cost reduction levers Realization Reduction Introduction of remote in on-site of second assistance support g
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 permitted Testing permitted Driverless operation prohibited Notes: * 26 states expressly allow and 14 states implicitly allow the driverless deployment of autonomous trucks * LA
Slide 25: 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 26: 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 26 © 2026
Slide 27: 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 Third Generation Commercial >1,000 Hardware Second Generation Commercial Hardware <100 First Generation Commercial Hardware Launched July 2026 Designed for 1M Scalable Hardware as miles, improv
Slide 28: Estimated Cost Per Mile
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 our Estimated Cost Per Mile second generation
Slide 29: 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 route expansion 29 © 2026 | AURORA PROPRIETARY 1 In September 2025, Continental completed the spin-off of their automotive business, AUMOVIO
Slide 30: Strategic partnerships with two of the top four class 8 truck OEMs
Our strategic partnerships Daimler 40% with two of the top four class 8 truck OEMs that PACCAR 30% collectively represent Volvo Group 17% ~50% of the U.S. market International 13% are key scaling enablers1 0% 5% 10% 15% 20% 25% 30% 35% 40% “PACCAR continues to be impressed with the Aurora Driverʼs p
Slide 31: Volvo Autonomous Solutions plans driverless operations in Q1 2027
Volvo Autonomous Solutions (V.A.S.) plans to begin driverless operations on the Volvo Watch Video VNL Autonomous in the first quarter of 2027 — these trucks will be powered by the Aurora Lineside integration of the Aurora Driver hardware kit at Volvoʼs New River Valley, VA manufacturing facility Dri
Slide 32: Launched second generation commercial hardware kit on new driverless fleet
We launched our second This fleet is based on the International® LT® Series vehicle while Aurora or our upfitter generation commercial performs all necessary upfit for driverless hardware kit on our new operations fleet of driverless trucks — without a person behind the wheel 32 © 2026 | AURORA PROP
Slide 33: Upfitter Roush has commenced manufacturing
To support our scaling plan, our upfitter, Roush, has commenced manufacturing — we have already received the initial builds and expect Roush to ramp to an annual run-rate of 1,000 trucks in October Initial builds of second-generation driverless trucks at Roush facility 33 © 2026 | AURORA PROPRIETARY
Slide 34: Long-term partnership with AUMOVIO for third generation hardware
We have a first-of-its-kind, long-term partnership with AUMOVIO to develop, manufacture, and service our third commercial 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 profitability goals
Slide 35: Three-way partnership between Aurora, 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: Serviceable addressable market of 60B VMT by start of 2028
Following Californiaʼs adoption of Length of Haul Breakdown2 new AV regulations that enable 300 miles 17% deployment of autonomous trucks, we now expect the Aurora 1,000 miles ~60B Driver to operate in a 60B VMT 43% 300600 miles VMT3 23% serviceable addressable market (SAM) by the start of 2028 6
Slide 37: The Complete Aurora Driver Freight Ecosystem
The Complete 1 2 3 4 5 Aurora Driver Fabrinet or AUMOVIO* Ships Upfitter or OEM Ships to Customer Freight Ecosystem hardware installs customers utilizes Aurora manufactures the to upfitter hardware Driver Aurora Driver or OEM hardware * Fabrinet is manufacturing our second generation commercial hard
Slide 38: Our DaaS business model is highly capital efficient
Our DaaS business model is highly capital efficient and aligns with our customersʼ needs 38 © 2026 | AURORA PROPRIETARY
Slide 39: 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 core 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 proposi
Slide 40: Scalable growth through DaaS
Scalable growth through DaaS Our planned 2027 strategic transition DaaS drives mutual value for DaaS represents a growing share customers and Aurora of our total fleet TaaS DaaS TaaS DaaS Asset Aurora Customer/Partner Owner Fleet Size TaaS fleet expected to 1 Accessible Entry Point Direct Control b
Slide 41: Meaningful 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 41 © 2026 | AURORA PRO
Slide 42: 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 $0.27 Aurora DaaS Opportunity Insurance $0.11 Human Driver Truck/Trailer $2.34 Incl. Benefits $1.03 $0.40 Fuel $0.48 1 American Tr
Slide 43: Indicative DaaS pricing provides customer TCO benefit
Indicative DaaS pricing provides customer TCO Trucking labor costs continue to rise benefit while supporting Cost Per Mile: “SaaS” like gross Driver Wages & Benefits1 margins $1.10 $1.00 $0.90 Indicative DaaS $0.80 Price: $0.85+ $0.70 $0.60 $0.50 2015 2025 43 © 2026 | AURORA PROPRIETARY 1 American
Slide 44: Under DaaS pricing, customers have an opportunity to achieve lower costs
Under DaaS pricing, In addition to savings versus traditional driver costs ($1.031), there are potential Aurora customers have indirect cost reduction opportunities (est. $0.15): an opportunity to achieve ● No driver sourcing or turnover costs lower costs, with a more ● No workers compensation predi
Slide 46: This is the Aurora Driver
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 47: 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 47 © 2026 | AURORA PROPRIETARY
Slide 48: 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 49: Leveraging AI and encoding rules of the road
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 50: Sensor suite combines multiple sensing 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 51: FirstLight Lidar is engineered for highway driving
1000m Our FirstLight Lidar is engineered for the needs of highway driving 750m The ability to see at distance with both Lidar & Camera—is crucial to unlocking safe autonomous operation at high speed. FirstLight FMCW Lidar 500m enables quicker reaction and longer range for safer, more capable driving
Slide 52: Second generation FirstLight Lidar doubles maximum detection range
Launched in July 2026, our FirstLight FMCW Competitor second generation Commercial FirstLight Lidar doubles the 320m 10% reflectance**) First Gen 500m (retro reflector) maximum detection range Commercial versus our first generation 350m 10% reflectance**) 250m 10% reflectance) Second Gen 1000m
Slide 53: 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 54: 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 55: 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 ● 2,100+ awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 80+ patents awarded YTD ● Covering hardware and software includi
Slide 56: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with regular driverless commercial long-haul 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 commercial
Slide 58: Historical Financial Summary
Historical Financial Summary (unaudited) Quarter Ended Year Ended $ in millions except per share data) June 30, 2026 December 31, 2025 Revenue $2 $3 Cost of revenue 7 17 Research and development 211 745 Selling, general and administrative 50 142 Loss from operations 266 901 Other income (expens
Slide 59: Non-GAAP Financial Information
Non-GAAP Financial Information (unaudited) The following table reconciles our as reported U.S. GAAP net loss to Non-GAAP adjusted EBITDA Quarter Ended Year Ended $ in millions) June 30, 2026 December 31, 2025 Net Loss $270 $816 Depreciation and amortization 6 30 Stock-based compensation 60 188
Slide 60: 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

Aurora Innovation — Investor Presentation (July 2026) on 6ix

Aurora Innovation — Investor Presentation (July 2026)

Slide 1: Investor Presentation

Slide 2: Cautionary statement regarding forward-looking statements

Slide 3: Driverless trucks are on the road, operating commercially

Slide 4: With the Aurora Driver, the future of freight is superhuman

Slide 5: Building the Aurora Driver around a common core

Slide 6: Our Mission

Slide 7: Aurora is in the pole position for autonomous trucking

Slide 8: Trucking is a massive market

Slide 9: Existing infrastructure makes trucking the most plug-and-play market

Slide 10: Strategic relationships support our path to scale in trucking

Slide 11: Designing our trucking product to address industry pain points

Slide 12: Our Safety Case Framework is the foundation for trust

Slide 13: Driverless cohort expanded to nine customers

Slide 14: Hirschbach selects Aurora to scale autonomous fleet

Slide 15: Focused on increasing the value of our product for customers

Slide 16: Increased value with validation of night and inclement weather operations

Slide 17: Expanding across the Sun Belt in 2026

Slide 18: Expanding our driverless network to 12 routes

Slide 19: Transitioning from supervised autonomy to driverless operations

Slide 20: Piloting weigh station navigation and on-route fueling

Slide 21: Aurora Driver Indicative Roadmap to Scale

Slide 22: Exiting 2026 with more than 200 driverless trucks

Slide 23: Targeting breakeven gross margin on a run-rate basis exiting 2026

Slide 24: Autonomous trucks can be deployed in most U.S. states

Slide 25: Estimated Cost Per Mile - Remote Assistance

Slide 26: Estimated Cost Per Mile - On-Site Support

Slide 27: Our hardware strategy supports scaling and cost reduction

Slide 28: Estimated Cost Per Mile

Slide 29: Our path to scale and self-funding

Slide 30: Strategic partnerships with two of the top four class 8 truck OEMs

Slide 31: Volvo Autonomous Solutions plans driverless operations in Q1 2027

Slide 32: Launched second generation commercial hardware kit on new driverless fleet

Slide 33: Upfitter Roush has commenced manufacturing

Slide 34: Long-term partnership with AUMOVIO for third generation hardware

Slide 35: Three-way partnership between Aurora, NVIDIA, and AUMOVIO

Slide 36: Serviceable addressable market of 60B VMT by start of 2028

Slide 37: The Complete Aurora Driver Freight Ecosystem

Slide 38: Our DaaS business model is highly capital efficient

Slide 39: Transition from TaaS to DaaS Model in 2027

Slide 40: Scalable growth through DaaS

Slide 41: Meaningful total cost of ownership benefits for customers

Slide 42: Product and pricing strategy drive a compelling value proposition

Slide 43: Indicative DaaS pricing provides customer TCO benefit

Slide 44: Under DaaS pricing, customers have an opportunity to achieve lower costs

Slide 45: Our industry-defining technology

Slide 46: This is the Aurora Driver

Slide 47: Innovating throughout the self-driving stack

Slide 48: Verifiable AI

Slide 49: Leveraging AI and encoding rules of the road

Slide 50: Sensor suite combines multiple sensing modalities with FirstLight Lidar

Slide 51: FirstLight Lidar is engineered for highway driving

Slide 52: Second generation FirstLight Lidar doubles maximum detection range

Slide 53: Developing long-range lidar in-house has many advantages

Slide 54: Virtual Testing Suite creates a paradigm shift in testing

Slide 55: Innovations support our path to scale

Slide 56: Aurora is in the pole position for autonomous trucking

Slide 57: Appendix

Slide 58: Historical Financial Summary

Slide 59: Non-GAAP Financial Information

Slide 60: Use of Non-GAAP Financial Information

Slide 61: © 2026 | AURORA PROPRIETARY