Aurora Innovation, Inc. · NASDAQ:AUR

Aurora Innovation — Investor Day (March 2024)

107 slides from Aurora Innovation's investor day presentation, Mar 14, 2024

Slide 3: Forward-looking statements
© 2024 | Aurora Proprietary 3 This presentation contains certain forward-looking statements within the meaning of the federal securities laws. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “likely,” “
Slide 4: Non-GAAP financial measure: free cash flow
© 2024 | Aurora Proprietary 4 This presentation makes reference to free cash flow, a non-GAAP financial measure. Free cash flow is defined as net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with GAAP, less purchases of property and e
Slide 5: Welcome & opening: Our mission
© 2024 | Aurora Proprietary 5 Welcome & opening [Chris] Deliver the benefits of self-driving technology safely, quickly, and broadly O U R M I S S I O N
Slide 6: Aurora is in the pole position for autonomous trucking
© 2024 | Aurora Proprietary 6 Aurora is in the pole position for autonomous trucking Only player with strategic partnerships to enable commercialization at scale Trucking is a massive market Competitive landscape has cleared significantly providing an open playing field Aurora Driver can unlock trem
Slide 7: We're on the road to a scalable and self-sustaining business
© 2024 | Aurora Proprietary 7 2025 2026 20272024 We're on the road to a scalable and self-sustaining business Path to Gross Profit Path to Scale & Self-Funding Path to Commercial Launch f
Slide 8: Building the Aurora Driver around a common core
© 2024 | Aurora Proprietary 8 We’re building the Aurora Driver around a common core to power various vehicles in multiple use cases—trucking is our first focus
Slide 9: Addressing the industry's primary pain points
© 2024 | Aurora Proprietary 9 We’re designing our autonomous trucking product to address the industry’s primary pain points
Slide 10: Frequency of major collisions
© 2024 | Aurora Proprietary 10 Frequency of major collisions >>> Safer operation Industry pain point The Aurora Driver will provide
Slide 11: Driver shortage and high turnover
© 2024 | Aurora Proprietary 11 Driver shortage and high turnover Industry pain point >>> Scalable; stable driver supply The Aurora Driver will provide
Slide 12: Hours of service limitations
© 2024 | Aurora Proprietary 12 Hours of service limitations Industry pain point >>> Higher utilization; faster freight The Aurora Driver will provide
Slide 13: High fuel costs
© 2024 | Aurora Proprietary 13 High fuel costs Industry pain point >>> Ability to reduce fuel use and emissions The Aurora Driver will provide
Slide 14: High insurance costs
© 2024 | Aurora Proprietary 14 High insurance costs Industry pain point >>> Safer operation; more data for fault attribution The Aurora Driver will provide
Slide 15: Trucking is a massive market
© 2024 | Aurora Proprietary 15 ~$1 trillion U.S.1 ~$4 trillion Global2 Sources: (1) A.T. Kearney State of Logistics, 2022; (2) Armstrong & Associates, Global Third Party Logistics, 2019 Trucking is a massive market With attractive unit economics and significant need for this technology
Slide 16: Strategic relationships support path to commercialization and scale
© 2024 | Aurora Proprietary 16 Best in Class OEM Partners Industry-Leading Fleet Service Partner Industry-Leading Logistics Companies Pioneering Hardware as a Service Partner Autonomous Solutions Our strong, strategic relationships support our path to commercialization and scale in trucking
Slide 17: We're on the road to a scalable and self-sustaining business
© 2024 | Aurora Proprietary 17 Path to Scale & Self-Funding Path to Gross Profit 2025 We're on the road to a scalable and self-sustaining business 2026 20272024 Path to Commercial Launch
Slide 18: Path to Commercial Launch: essential components
© 2024 | Aurora Proprietary 18 Aurora Driver technology is ready Customers are ready Regulators are ready Autonomy-enabled vehicle platform is ready Path to Commercial Launch We expect to have all essential components in place for Commercial Launch
Slide 19: Aurora Driver technology is ready
© 2024 | Aurora Proprietary 19 Customers are ready Regulators are ready Autonomy-enabled vehicle platform is ready Path to Commercial Launch Aurora Driver technology is readyWe expect to have all essential components in place for Commercial Launch
Slide 20: Aurora Driver performance in nominal and complex scenarios
© 2024 | Aurora Proprietary 20 The Aurora Driver’s performance is impressive in both nominal driving and complex scenarios Path to Commercial Launch
Slide 22: Autonomy Performance Indicator (API) increases
© 2024 | Aurora Proprietary 22 This performance is underscored by the increases we have seen in the Autonomy Performance Indicator (API) Autonomy Performance Indicator (API) % o f M ile s Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 99%98%97%96% Path to Commercial Launch
Slide 23: Driving up the percentage of 100% API loads
© 2024 | Aurora Proprietary 23 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 62%61% 48% 32% Path to Commercial Launch Q4 ‘24 Commercial Launch Estimate In 2024, we will focus on driving up the percentage of 100% API loads 100% API Loads % o f L oa ds
Slide 25: Closing the Safety Case for Dallas to Houston
© 2024 | Aurora Proprietary 25 We will know that the Aurora Driver is acceptably safe to launch on the Dallas to Houston lane when we have a closed Safety Case Path to Commercial Launch Top level claim Aurora’s self-driving vehicles are acceptably safe to operate on public roads Proficient Fail-Safe
Slide 26: Autonomy Readiness Measure (ARM) at 93%
© 2024 | Aurora Proprietary 26 93% The Autonomy Readiness Measure (ARM) illustrates the great progress we are making toward closing the Dallas to Houston Safety Case Autonomy Readiness Measure (ARM) (as of mid-Jan ‘24) Path to Commercial Launch
Slide 27: Validation framework supports closing Safety Case claims
© 2024 | Aurora Proprietary 27 Our validation framework is the key element supporting the closing of the remaining software Safety Case claims Path to Commercial Launch
Slide 28: Most dangerous scenarios are the rarest
© 2024 | Aurora Proprietary 28 When validating a self-driving system, one of the challenges is the most dangerous scenarios on the road are also the rarest Path to Commercial Launch More common Less common Scenarios Encountered in Trucking Operations Fr eq ue nc y Danger Level Frequency of Encounter
Slide 29: Virtual Testing Suite amplifies exposure to rare events
© 2024 | Aurora Proprietary 29 Scenarios rarely encountered on the road are turned into simulations then augmented/permuted to increase coverage On-road events experienced by the Aurora Driver turned into simulations Scenarios not seen on-road so synthetically created from NHTSA taxonomy then augmen
Slide 30: Turning on-road events into simulation tests
© 2024 | Aurora Proprietary 30 Our vehicle operator took over as the Aurora Driver attempted to get back to the right lane with stopped vehicle and pedestrian on the shoulder The Aurora Driver stays in the left lane A We turn challenging on-road events the Aurora Driver has encountered into simulati
Slide 31: Permuting rare encounters to challenge the Aurora Driver
© 2024 | Aurora Proprietary 31 For scenarios rarely encountered on the road, we create variations of these encounters to further challenge the Aurora Driver’s performance B Path to Commercial Launch Rare on-road event Create durable simulations Permute simulations to augment coverage
Slide 32: Passing simulation of a stopped in lane scenario
© 2024 | Aurora Proprietary 32 An example of a (passing) simulation replicating a “stopped in lane” scenario Red box: minimum expected response from the Aurora Driver Blue truck: actual response from the Aurora Driver Example permutations of the same scenario Stopped vehicle in a different position
Slide 33: Redundant perception system addresses long-tail challenge
© 2024 | Aurora Proprietary 33 This validation approach coupled with how we have architected our perception system with redundancy addresses the perceived long-tail challenge Path to Commercial Launch Redundant perception system in action
Slide 34: Redundant perception identifies atypical objects and actors
© 2024 | Aurora Proprietary 34 Our redundant perception system enables the Aurora Driver to identify and respond to atypical objects and actors on the highway and surface streets Path to Commercial Launch Redundant perception system tracking a helicopter being towed down the highway Identifying and
Slide 35: Simulating fatal tractor trailer collisions on Dallas to Houston
© 2024 | Aurora Proprietary 35 To further demonstrate the Aurora Driver’s expected performance on the Dallas to Houston launch lane specifically, we looked at available accident reports for fatal collisions that involved a tractor trailer for the years 2018-2022 We simulated those collisions and det
Slide 36: Path to Commercial Launch: customers are ready
© 2024 | Aurora Proprietary 36 Regulators are ready Autonomy-enabled vehicle platform is ready Aurora Driver technology is ready Customers are ready Path to Commercial Launch We expect to have all essential components in place for Commercial Launch
Slide 37: 4,300 loads delivered across 1,000,000+ miles
© 2024 | Aurora Proprietary 37 4,300 Loads Nearly 100% On-Time To-date through 1/31/24, we’ve delivered Across 1,000,000+ Miles Path to Commercial Launch
Slide 38: Scheduled commercial loads per week
© 2024 | Aurora Proprietary 38 # o f W ee kl y Lo ad s Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Path to Commercial Launch Q4 ‘24 In 2024, we’re aiming to double our loads per week through existing and incremental customer growth as we prepare for Commercial Launch Scheduled Commercial Loads Per Week
Slide 39: Commercial Readiness Program
© 2024 | Aurora Proprietary 39 Through our Commercial Readiness Program, pilot customers will have the opportunity to more deeply assess the Aurora Driver's performance as a final step to move forward with driverless operations Training & Observation Incident Response Safety Pre-Mission Safety On Mi
Slide 41: Path to Commercial Launch: regulators are ready
© 2024 | Aurora Proprietary 41 Autonomy-enabled vehicle platform is ready Customers are ready Aurora Driver technology is ready Regulators are ready Path to Commercial Launch We expect to have all essential components in place for Commercial Launch
Slide 43: Autonomous vehicles can be deployed in most U.S. states
© 2024 | Aurora Proprietary 43 Deployment permitted Testing permitted Autonomous trucking currently prohibited Driverless operation prohibited LA and AL allow autonomous commercial vehicle operations, but have no existing regulations regarding autonomous light vehicle operations CA prohibits autonom
Slide 44: Autonomous vehicles can be deployed in most U.S. states
© 2024 | Aurora Proprietary 44 Path to Commercial Launch 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 permitted Testing permitted Autonomous trucking currently prohibited Driverles
Slide 46: Working with regulators and lawmakers
© 2024 | Aurora Proprietary 46 We work collaboratively with regulators and lawmakers at the federal, state, and local levels Path to Commercial Launch
Slide 47: House Transportation & Infrastructure Committee testimony
© 2024 | Aurora Proprietary 47 “It sounds like Aurora is developing the gold standard.” –Congressman Salud Carbajal (D-CA) Chris Urmson presenting to the House Transportation & Infrastructure Committee on “The Future of Automated Commercial Motor Vehicles: Impacts on Society, the Supply Chain, and U
Slide 48: Texas welcomes autonomous testing and driverless trucks
© 2024 | Aurora Proprietary 48 “Autonomous vehicles are expected to help improve safety, spur economic growth and improve the transportation experience for all Texans.” - TEXAS DEPARTMENT OF TRANSPORTATION (TXDOT) The state of Texas welcomes autonomous vehicle testing and expressly permits the deplo
Slide 49: Mock traffic stops with Frisco Police Department
© 2024 | Aurora Proprietary 49 “Autonomous trucks are growing to be an important part of Texas’ economy and supply chain... We’d like to thank Aurora for partnering with our department in this endeavor, and for their transparency during the process.” - Officer T. Mrozinski, Frisco PD Traffic Unit -
Slide 50: Path to Commercial Launch: autonomy-enabled vehicle platform
© 2024 | Aurora Proprietary 50 Customers are ready Regulators are ready Aurora Driver technology is ready Autonomy-enabled vehicle platform is ready Path to Commercial Launch We expect to have all essential components in place for Commercial Launch
Slide 51: Collaboration with truck OEM partners
© 2024 | Aurora Proprietary 51 Our deep collaboration and integration with truck OEM partners supports our path to Commercial Launch and scale Path to Commercial Launch
Slide 52: Prototype autonomous Volvo VNL trucks
© 2024 | Aurora Proprietary 52 We are testing prototype autonomous Volvo VNL trucks equipped with safety-critical redundant systems installed by Volvo Path to Commercial Launch
Slide 62: All essential components in place for Commercial Launch
© 2024 | Aurora Proprietary 62 Aurora Driver technology is ready Customers are ready Regulators are ready Autonomy-enabled vehicle platform is ready Path to Commercial Launch With the delivery of the autonomy-enabled vehicle platform, we expect to have all essential components in place for Commercia
Slide 63: Path to Gross Profit
© 2024 | Aurora Proprietary 63 Path to Commercial Launch Path to Scale & Self-Funding We're on the road to a scalable and self-sustaining business 2025 2026 20272024 Path to Gross Profit
Slide 64: Path to expected gross profit in 2026
© 2024 | Aurora Proprietary 64 Revenue drivers Rapid lane penetration & expansion Increased asset utilization Increased value creation Our path to expected gross profit in 2026 is supported by: Path to Gross Profit Cost reduction levers Realization of remote assistance efficiencies Reduction in on-s
Slide 65: Rapidly scaling the Aurora Driver across lanes
© 2024 | Aurora Proprietary 65 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 We have already transferred the Aurora Driver’s capabilities from the Dallas to Houston lane to the Fort Worth to El Pas
Slide 66: Longer lanes across the Sun Belt
© 2024 | Aurora Proprietary 66 Unlocking longer lanes across the Sun Belt will increase utilization and be a key driver of our near-term top-line growth Illustrative lane expansion through 2026 Path to Gross Profit Anticipated 2024 Launch Lane
Slide 67: Expanding supportable operating conditions
© 2024 | Aurora Proprietary 67 Supportable operating conditions will expand, unlocking high asset utilization on new and existing lanes Path to Gross Profit
Slide 68: New trailer types increase penetration of open lanes
© 2024 | Aurora Proprietary 68 Proven operational performance and new trailer types will allow increased penetration of open lanes Path to Gross Profit Refrigerated Intermodal 2 x 28’
Slide 69: Unlocking customer endpoints
© 2024 | Aurora Proprietary 69 Following our terminal to terminal launch, we plan to unlock customer endpoints to augment our terminal footprint and increase customer value Path to Gross Profit
Slide 70: Reducing remote assistance costs
© 2024 | Aurora Proprietary 70 As the Aurora Driver’s performance continues to improve, we expect to reduce remote assistance costs Remote support specialist to AV trucks ratio will significantly improve over time, driving down cost per mile Path to Gross Profit Trucks Per Specialist Es tim at ed C
Slide 71: Reducing on-site support needs
© 2024 | Aurora Proprietary 71 We also expect this performance improvement to reduce the need for on-site support Path to Gross Profit Es tim at ed C os t P er M ile - O n- Si te S up po rt Frequency of on-site support will decline over time, further reducing cost per mile 20,000 40,000 60,000 $1.00
Slide 73: Hardware strategy supports scaling and cost reduction
© 2024 | Aurora Proprietary 73 <100 >1,000 >10,000 Our hardware strategy is designed to support our scaling and cost reduction objectives Commercially Ready Launch Generation Next Generation Scalable Hardware as a Service Generation Path to Gross Profit # of Trucks Next generation kit designed for 1
Slide 74: Hardware strategy supports scaling and cost reduction
© 2024 | Aurora Proprietary 74 Commercially Ready Launch Generation Scalable Hardware as a Service Generation Path to Gross Profit Next generation kit designed for 1M miles, improved reliability, and assembly by contract manufacturer to support positive gross profit objective <100 >1,000 >10,000 Nex
Slide 75: Next generation hardware kit in 2025
© 2024 | Aurora Proprietary 75 In 2025, we plan to introduce our next generation hardware kit that is designed to drive a step function reduction in cost while also bringing exciting performance gains Path to Gross Profit
Slide 76: Next generation computer
© 2024 | Aurora Proprietary 76 Improved cost (⬇50%) , power (⬇37%), weight (⬇42%) Our next generation computer delivers a 40%+ reduction in power and weight at approximately half the cost Path to Gross Profit
Slide 77: Next generation FirstLight Lidar
© 2024 | Aurora Proprietary 77 Our next generation FirstLight Lidar delivers meaningful resolution, field of view, and range increases with nearly 40% reduction in cost Path to Gross Profit
Slide 78: Increased reliability: designed for 1M miles
© 2024 | Aurora Proprietary 78 Path to Gross Profit Also key to reducing hardware costs is increased reliability - our next generation kit is designed for 1M miles of operation
Slide 79: Targeted 50%+ hardware cost reduction
© 2024 | Aurora Proprietary 79 Reduction in material costs and increased reliability enables the achievement of our targeted 50%+ cost reduction goal for this next generation hardware kit Path to Gross Profit Aurora Driver hardware cost efficiencies due to lower bill of materials (BOM) costs, increa
Slide 80: Path to Scale & Self-funding
© 2024 | Aurora Proprietary 80 Path to Gross Profit 2024 | Aurora Proprietary Path to Commercial Launch We're on the road to a scalable and self-sustaining business 2025 2026 20272024 Path to Scale & Self-funding
Slide 81: Hardware as a Service structure
© 2024 | Aurora Proprietary 81 2024 | Aurora Proprietary Commercially Ready Launch Generation Next Generation Our hardware strategy is designed to support our scaling and cost reduction objectives <100 >1,000 >10,000 Hardware as a Service structure - Aurora pays for the hardware on per mile basis Fi
Slide 83: Continental Hardware as a Service partnership
© 2024 | Aurora Proprietary 83 Continental Hardware as a Service partnership Path to Scale & Self-Funding Our path to scale & self-funding is supported by our: OEM partnerships with Volvo Trucks and PACCAR Rapid lane expansion
Slide 84: OEM partnerships with two of the top four class 8 truck OEMs
© 2024 | Aurora Proprietary 84 Our strategic partnerships with two of the top four class 8 truck OEMs that collectively represent ~50% of the U.S. market are key scaling enablers 40% 30% 13% 17% 0% 5% 10% 15% 20% 25% 30% 35% 40% Daimler PACCAR Navistar Volvo Group Path to Scale & Self-Funding
Slide 85: The Complete Aurora Driver Freight Ecosystem
© 2024 | Aurora Proprietary 85 The Complete Aurora Driver Freight Ecosystem Path to Scale & Self-Funding 1 Continental manufactures the Aurora Driver hardware 2 Ships hardware to OEM 3 OEM installs hardware lineside 4 Ships to partners 5 Customer utilizes Aurora Driver
Slide 87: Autonomous vehicles can be deployed in most U.S. states
© 2024 | Aurora Proprietary 87 Path to Scale & Self-Funding Under existing law and regulation, autonomous vehicles can be deployed in the vast majority of states in the U.S. today Deployment permitted Testing permitted Autonomous trucking currently prohibited Driverless operation prohibited LA and A
Slide 88: Path to commercial launch, gross profit and scale
© 2024 | Aurora Proprietary 88 Delivery Model Validated Weather Lanes Dallas to Houston +Northward Expansion+Sunbelt Aurora Commercial Launch Path to Gross Profit Path to Scale & Self-Funding Fleet Ownership +Customer Terminal to Terminal First Customer Endpoints Unlocked Blended Endpoints and Termi
Slide 89: Path to rapid, capital efficient revenue growth, gross profit, and free cash flow
© 2024 | Aurora Proprietary 89 Path to rapid, capital efficient revenue growth, gross profit, and free cash flow
Slide 90: Aurora End of 2023 Snapshot
© 2024 | Aurora Proprietary 90 Aurora End of 2023 Snapshot 7 ~3,000 820,000+ ~$21 $1,348 $598 $15 Announced Customers Commercial Loads Commercial Miles Pilot Revenue Liquidity2 (as of 12/31/23) Capital Expenditures Cash Used in Operations Financial ($M) Operational Profile (1) Recorded as a contra-R
Slide 91: Driving our business in key focus areas
© 2024 | Aurora Proprietary 91 Driving our business in key focus areas Reducing cost per mile ● Hardware cost reduction ● Remote assistance ● On-site support ● Insurance claims Increasing truck miles traveled ● Lane expansion ● Capability expansion ● Market share capture Increasing revenue per mile
Slide 92: 50B VMT serviceable addressable market by start of 2028
© 2024 | Aurora Proprietary 92 We expect the Aurora Driver to operate in a 50B VMT serviceable addressable market (SAM) by the start of 2028 <300 miles 17% 300-600 miles 22% 600-1,000 miles 19% >1,000 miles 42% ~50B VMT2 Length of Haul Breakdown1 Path to Scale & Self-Funding Anticipated 2024 Launch
Slide 93: Owning and operating a small fleet in early commercialization
© 2024 | Aurora Proprietary 93 Path to Scale & Self-Funding We expect to own and operate a small fleet in early commercialization with associated Transportation as a Service (TaaS) revenue to be driven by market rates and the value we create Average Dry Van Rates for 20231 $/Mile Rate (1) Based on D
Slide 94: Driver as a Service business model
© 2024 | Aurora Proprietary 94 Description Aurora provides its technology to an external fleet owner and/or operator Revenue Fee per mile Costs borne by Aurora1 Variable: Aurora Driver hardware cost2, remote assistance, on-site support, other, i.e. insurance3 Fixed: Development and extension of Auro
Slide 95: Total cost of ownership benefits
© 2024 | Aurora Proprietary 95 We expect the Aurora Driver to provide meaningful total cost of ownership (TCO) benefits ✓ Increased revenue per truck with potential to more than double asset utilization ✓ Reduced insurance costs✓ Better fuel economy Path to Scale & Self-Funding ✓ More efficient and
Slide 96: Aurora DaaS Opportunity
© 2024 | Aurora Proprietary 96 Aurora DaaS Opportunity (1) American Transportation Research Institute, Operational Costs of Trucking, 2023 (2) Includes Tires (3) Includes Tolls, Permits, & Licenses $2.25 Fuel $0.64 Truck/Trailer $0.33 Repair2 $0.24 Other3 $0.04 Human Driver Incl. Benefits $0.91 Insu
Slide 97: Indicative DaaS price range
© 2024 | Aurora Proprietary 97 Indicative DaaS Price Range2 Trucking labor costs continue to rise Path to Scale & Self-Funding 2012 2022 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 Cost Per Mile: Driver Wages & Benefits1 Indicative DaaS pricing range provides customer TCO benefit while supporting “SaaS” lik
Slide 98: Customers can achieve lower driver costs under DaaS pricing
© 2024 | Aurora Proprietary 98 Under DaaS pricing, Aurora customers have an opportunity to achieve lower costs, with a more predictable and stable supply, versus today’s alternatives In addition to driver costs ($0.91), there are indirect cost reduction opportunities (est. $0.15): ● No driver sourci
Slide 99: Customer perspective: terminal-to-terminal case study
© 2024 | Aurora Proprietary 99 Customer Perspective: Delivers significant revenue and profit growth Assumptions Today With Aurora Driver Trips / week 3 8 Revenue / mile1 $2.30 $2.30 Cost / mile $2.252 $2.183 Net Margin 2% 5% Distance: 1,000 miles Phoenix Fort Worth Path to Scale & Self-Funding (1) B
Slide 100: Customer perspective: end-to-end case study
© 2024 | Aurora Proprietary 100 Estimated Revenue $ / truck Estimated Profit $ / truck Path to Scale & Self-Funding Distance: 200 miles Houston Dallas (1) Based on December 2023 DAT spot pricing plus $0.50 fuel surcharge (2) American Transportation Research Institute, Operational Costs of Trucking,
Slide 101: Glidepath to positive gross profit in 2026
© 2024 | Aurora Proprietary 101 Scaling and improvement in key cost levers provide a glidepath to expected positive gross profit in 2026 and SaaS-like margins over time Key Efficiency Drivers ● Step change improvements in Aurora Driver hardware cost and reliability ● Transition from 1:few to 1:many
Slide 102: Customer-centric strategy can drive high margins and positive free cash flow
© 2024 | Aurora Proprietary 102 Execution of our customer-centric strategy can drive high margins and positive free cash flow in 2028 Estimated Revenue 2025 2026 2027 2028 Total Miles Driven (E) 10M 125M 750M 2B Annual Miles per Truck (E) 200k - 250k Path to Scale & Self-Funding Key Drivers & Assump
Slide 104: All essential components in place for Commercial Launch
© 2024 | Aurora Proprietary 104 Aurora Driver technology is ready Customers are ready Regulators are ready Autonomy-enabled vehicle platform is ready We expect to have all essential components in place for Commercial Launch
Slide 105: We're on the road to a scalable and self-sustaining business
© 2024 | Aurora Proprietary 105 2025 2026 20272024 Path to Gross Profit Path to Scale & Self-Funding Path to Commercial Launch We're on the road to a scalable and self-sustaining business f

Aurora Innovation — Investor Day (March 2024) on 6ix

Aurora Innovation — Investor Day (March 2024)

Slide 1: 2024 Analyst & Investor Day

Slide 2: Watch video

Slide 3: Forward-looking statements

Slide 4: Non-GAAP financial measure: free cash flow

Slide 5: Welcome & opening: Our mission

Slide 6: Aurora is in the pole position for autonomous trucking

Slide 7: We're on the road to a scalable and self-sustaining business

Slide 8: Building the Aurora Driver around a common core

Slide 9: Addressing the industry's primary pain points

Slide 10: Frequency of major collisions

Slide 11: Driver shortage and high turnover

Slide 12: Hours of service limitations

Slide 13: High fuel costs

Slide 14: High insurance costs

Slide 15: Trucking is a massive market

Slide 16: Strategic relationships support path to commercialization and scale

Slide 17: We're on the road to a scalable and self-sustaining business

Slide 18: Path to Commercial Launch: essential components

Slide 19: Aurora Driver technology is ready

Slide 20: Aurora Driver performance in nominal and complex scenarios

Slide 21: Watch video

Slide 22: Autonomy Performance Indicator (API) increases

Slide 23: Driving up the percentage of 100% API loads

Slide 24: © 2024 | Aurora Proprietary 24

Slide 25: Closing the Safety Case for Dallas to Houston

Slide 26: Autonomy Readiness Measure (ARM) at 93%

Slide 27: Validation framework supports closing Safety Case claims

Slide 28: Most dangerous scenarios are the rarest

Slide 29: Virtual Testing Suite amplifies exposure to rare events

Slide 30: Turning on-road events into simulation tests

Slide 31: Permuting rare encounters to challenge the Aurora Driver

Slide 32: Passing simulation of a stopped in lane scenario

Slide 33: Redundant perception system addresses long-tail challenge

Slide 34: Redundant perception identifies atypical objects and actors

Slide 35: Simulating fatal tractor trailer collisions on Dallas to Houston

Slide 36: Path to Commercial Launch: customers are ready

Slide 37: 4,300 loads delivered across 1,000,000+ miles

Slide 38: Scheduled commercial loads per week

Slide 39: Commercial Readiness Program

Slide 40: Watch video

Slide 41: Path to Commercial Launch: regulators are ready

Slide 42: Regulatory Pathway

Slide 43: Autonomous vehicles can be deployed in most U.S. states

Slide 44: Autonomous vehicles can be deployed in most U.S. states

Slide 45: Watch video

Slide 46: Working with regulators and lawmakers

Slide 47: House Transportation & Infrastructure Committee testimony

Slide 48: Texas welcomes autonomous testing and driverless trucks

Slide 49: Mock traffic stops with Frisco Police Department

Slide 50: Path to Commercial Launch: autonomy-enabled vehicle platform

Slide 51: Collaboration with truck OEM partners

Slide 52: Prototype autonomous Volvo VNL trucks

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Slide 62: All essential components in place for Commercial Launch

Slide 63: Path to Gross Profit

Slide 64: Path to expected gross profit in 2026

Slide 65: Rapidly scaling the Aurora Driver across lanes

Slide 66: Longer lanes across the Sun Belt

Slide 67: Expanding supportable operating conditions

Slide 68: New trailer types increase penetration of open lanes

Slide 69: Unlocking customer endpoints

Slide 70: Reducing remote assistance costs

Slide 71: Reducing on-site support needs

Slide 72: Hardware Strategy

Slide 73: Hardware strategy supports scaling and cost reduction

Slide 74: Hardware strategy supports scaling and cost reduction

Slide 75: Next generation hardware kit in 2025

Slide 76: Next generation computer

Slide 77: Next generation FirstLight Lidar

Slide 78: Increased reliability: designed for 1M miles

Slide 79: Targeted 50%+ hardware cost reduction