Aurora Innovation, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue totaled $3 million, up from $1 million in the same period of 2025.
• Nine months ended September 30, 2026 revenue was $6 million, compared to $2 million in the prior year period.
• Third quarter operating loss, including stock-based compensation (SBC), was $257 million; excluding $54 million in SBC, R&D was $160 million, SG&A was $38 million, and cost of revenue was $8 million.
• Nine months ended September 30, 2026 operating loss was $767 million, compared to $663 million in the prior year period.
• Net loss for the third quarter was $234 million, compared to $201 million in the prior year period.
• Net loss for the nine months ended September 30, 2026 was $727 million, compared to $610 million in the prior year period.
• Adjusted EBITDA for the third quarter was $(197) million, compared to $(165) million in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026 was $(589) million, compared to $(506) million in the prior year period.
• Operating cash used in the third quarter was approximately $170 million; capital expenditures were $36 million.
• Net cash used in operating activities for the nine months ended September 30, 2026 was $554 million, compared to $435 million in the prior year period.
• Issued 6 million shares of Class A common stock through the ATM program in the third quarter for net proceeds of $41 million.
• Ended the quarter with over $1 billion in cash and short-term investments.
• Cash and cash equivalents were $141 million as of September 30, 2026, down from $221 million as of December 31, 2025.
• Total assets were $2,007 million as of September 30, 2026, down from $2,343 million as of December 31, 2025.
• Total stockholders' equity was $1,796 million as of September 30, 2026, down from $2,140 million as of December 31, 2025.

Guidance and Future Outlook:

• Expects 2026 revenue to be approximately $9 million, representing substantial year-over-year growth.
• Anticipates exceeding the 200-truck milestone by the end of February 2027.
• Expects to achieve a steady-state production rate of 20 trucks per week by early December 2026.
• Expects cash use of approximately $250 million during the fourth quarter of 2026.
• Targets exiting 2027 with more than 1,000 driverless trucks in operation.
• Aims to exit 2030 with 30,000+ trucks on the road.
• Production ramp is currently approximately six weeks behind the prior plan due to material availability, component quality, and end-of-line testing issues.

Business Segments and Product Lines:

• Over 20 driverless trucks are already built and entering the fleet.
• The Aurora Driver surpassed 500,000 commercial driverless miles in September with 100% on-time delivery since launch.
• Signed a Driver as a Service (DaaS) memorandum of understanding (MOU) with Charger Logistics to own and operate 500 trucks, with deliveries expected in 2027 and 2028.
• Beginning November, the Aurora Driver will operate directly to customer sites, including automated navigation through security checkpoints.
• Achieved weigh station traversal capability, allowing the driver to autonomously navigate to available scale lanes and adapt to different configurations.
• Partnering with Roush to establish an annualized production capability of more than 1,000 trucks.
• Partnering with Volvo for the deployment of more than 300 driverless trucks in 2027 ahead of full industrial production in 2028.
• Integrating the Aurora Driver onto PACCAR (Peterbilt and Kenworth) production lines.
• AUMOVIO initiated design validation for the third-generation commercial hardware kit, with production start planned for the second half of 2027.

Market and Competitive Landscape:

• Hosted a Partner Summit with leaders from over 35 of the largest and most innovative carriers and private fleets.
• Customers are increasingly focused on operational efficiency and freight reliability due to labor shortages, rising fuel costs, and tight margins.
• The USDOT's Automated Vehicles National Strategy (FY 2026–2030) aims to accelerate commercial deployment and assert global technological leadership.
• FMCSA granted a five-year exemption permitting driverless trucks to use cab-mounted warning beacons instead of traditional, manually-placed roadside warning devices.
• The bipartisan BUILD America 250 Act is gaining support to replace state-by-state regulations with a unified federal safety framework.

Risks and Challenges:

• Production ramp has been constrained by material availability, component quality, and issues identified during end-of-line testing.
• Forward-looking statements regarding customer contracts, such as the non-binding MOU with Charger Logistics, are subject to definitive documentation and may not result in binding orders.
• Actual results may differ materially from expectations due to risks related to development, validation, safety performance, and commercialization of the Aurora Driver.
• Regulatory developments, approvals, and the ability to comply with current and future frameworks pose potential risks.
• Liquidity and access to capital remain factors that could impact performance.

Management Commentary and Tone:

• Management describes the company as having reached an "inflection point on our path to commercial scale."
• CEO Chris Urmson stated that "pieces are all now firmly in place" to bring autonomous freight to commercial scale and create "immense, enduring value."
• CFO David Maday noted the company remains on track to scale despite the production delay, emphasizing a "very strong balance sheet."
• Andy Khera, President of Charger Logistics, highlighted immediate operational benefits and a clear path to scaling on the Laredo corridor.
• Sean Duffy, U.S. Transportation Secretary, emphasized the strategy to "safely unleash American innovation" and reduce roadway fatalities.
• Derek Barrs, FMCSA Administrator, noted the exemption prevents drivers from being exposed to the risk of being struck by oncoming traffic.

Other Key Points:

• The company used $23 million of ATM proceeds to fund tax liabilities associated with the vesting of employee restricted stock units.
• The FMCSA exemption recognized that updating warning device requirements for all commercial motor vehicles (CMVs) may be ripe for future action.
• The company is building a "resilient and autonomous ecosystem" by integrating autonomy from the Transportation Management System (TMS) to the road.
• The partnership with AUMOVIO is described as an industry-first "Hardware as a Service" model.
• The company has 2,015 shares of common stock issued and outstanding as of September 30, 2026.