Aurora Innovation, Inc. · NASDAQ:AUR
Aurora Innovation — Investor Presentation (February 2026)
59 slides from Aurora Innovation's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
Investor Presentation FEBRUARY 2026 1 © 2026 | 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 the Important factors that could cause actual results to differ materially from the forward-looking federal securities laws. The words “believe,ˮ “may,ˮ “will
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 © 2026 | AU
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 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 commercialization
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 A.T. Kearney State of Logistics, 2022 8 © 2026 | AURORA PROPRIETARY 2 Armstrong & Associates, Global Third Party Logistics, 2019
Slide 9: Strategic relationships support our path to scale in trucking
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 10: 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 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 11: Our Safety Case Framework is the foundation for trust
Our Safety Case To commence driverless operations, we closed the Dallas to Houston Safety Case Framework is the foundation for trust in our technology, Proficient demonstrating that the Aurora Driver is acceptably safe to TOP LEVEL CLAIM Auroraʼs self-driving operate on public roads Trustworthy vehi
Slide 12: Our driverless customer cohort
Our driverless customer cohort includes several freight leaders including Hirschbach and Uber Freight, among others “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 f
Slide 13: Focused on rapidly increasing the value of our product
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 13 © 2026 | AURORA PROPRIETARY
Slide 14: Validated night driverless operations
Just three months after launch and ahead of schedule, in July we validated night driverless operations, more than doubling truck utilization Watch Video potential With FirstLight lidar, the Aurora Driver sees over 450 meters in even the darkest conditions, which is approximately three times the lega
Slide 15: Driverless operations validated in inclement weather
Camera With our latest software release, we unlocked a critical expansion of our operating domain with the validation of driverless Lidar & Radar operations in multiple forms of inclement weather, including rain, fog, and heavy wind Superhuman Perception: Our multi-modal sensor suite maintains high-
Slide 16: Begin expanding across the Sun Belt in 2026
With our latest software release, we believe the Aurora Driver is now sufficiently generalized for us to begin expanding across the Sun Belt in 2026, aligned with customer demand We leveraged this generalizability to launch supervised autonomous operations this month on the bidirectional lanes betwe
Slide 17: Tripling our driverless network to 10 lanes
We are more than tripling our driverless network to AZ NM 10 lanes, increasing our PHX ELP DFW current addressable market TX to 3.6+ billion vehicle miles HOU traveled (VMT) LRD Superhuman Utilization: The 1,000+ mile multi-state lane between Fort Worth and Phoenix far exceeds hours of service limit
Slide 18: Supervised autonomous freight delivery to multiple customer facilities
We have also begun ● Detmar: between their facility in Midland, Texas and Capital Sandʼs supervised autonomous mining site in Monahans, Texas, along I20 ● Hirschbach: between Dallas and Laredo to support their customer freight delivery to Driscollʼs, the largest berry company globally support multi
Slide 19: Carrier Perspective: significant revenue and profit growth
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 20: 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 21: Exiting 2026 with more than 200 driverless trucks
We anticipate exiting 2026 with more than 200 driverless trucks (without a partner-requested observer) $80M Revenue Run-Rate E This anticipated exit rate translates to an approximately $80 million revenue run-rate for our Transportation as a Service business, establishing a powerful foundation for
Slide 22: Targeting breakeven gross margin on a run-rate basis
We are targeting Revenue drivers breakeven gross margin on a run-rate basis exiting 2026 Rapid lane 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 ge
Slide 23: 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 24: 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 25: 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 25 © 2026
Slide 26: Hardware strategy to support 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 27: Estimated Cost Per Mile - 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 our Estimated Cost Per Mile second generation
Slide 28: 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 28 © 2026 | AURORA PROPRIETARY 1 In September 2025, Continental completed the spin-off of their automotive business, AUMOVIO
Slide 29: Strategic partnerships with two of the 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% 29 © 2026 | AURORA PROPRIETARY 1 Statista Class 8 truck ma
Slide 30: Partnership with Volvo has entered industrialization phase
Our partnership with Volvo has entered the industrialization phase with the first Volvo VNL Watch Video Autonomous trucks equipped with the Aurora Driver coming off the pilot line Lineside integration of the Aurora Driver hardware kit at Volvoʼs New River Valley, VA manufacturing facility Key Milest
Slide 31: Second generation hardware kit launch in Q2 2026
In the second quarter of This fleet will be based on the International® LT® Series vehicle while Aurora will perform 2026, we plan to launch our all necessary upfit for driverless operations second generation commercial hardware kit on a new fleet of trucks that will enable driverless operations wit
Slide 32: 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 33: 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 34: 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 considerations 6001,000 miles 1
Slide 35: 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 36: Our 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 36 © 2026 | AURORA PROPRIETARY
Slide 37: 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 38: 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 39: 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 39 © 2026 | AURORA PRO
Slide 40: Product and pricing strategy versus existing alternatives
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
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 $1.00 $0.90 Indicative DaaS $0.80 Price: $0.85+ $0.70 $0.60 $0.50 2014 2024 41 © 2026 | AURORA PROPRIETARY 1 American Trans
Slide 42: DaaS pricing lowers customer costs
Under DaaS pricing, In addition to savings versus traditional driver costs ($1.001), 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 43: Our industry-defining technology
Our industry-defining technology 43 © 2026 | AURORA PROPRIETARY
Slide 44: 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 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 © 2026 | 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: Leveraging AI with encoded 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 48: Sensor suite combining 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 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
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 ● 2,050+ awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 226 patents awarded YTD ● Covering hardware and software includi
Slide 54: Aurora is in the pole position for autonomous trucking
Aurora is in the Only company with 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 commercialization
Slide 55: Appendix
Appendix 55 © 2026 | AURORA PROPRIETARY
Slide 56: Historical Financial Summary
Historical Financial Summary (unaudited) Year Ended Year Ended $ in millions except per share data) December 31, 2025 December 31, 2024 Revenue $3 $ Cost of revenue 17 - Research and development 745 676 Selling, general and administrative 142 110 Loss from operations 901 786 Other income (expe
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 Year Ended Year Ended $ in millions) December 31, 2025 December 31, 2024 Net Loss $816 $748 Depreciation and amortization 30 21 Stock-based compensation 188
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: © 2026 | AURORA PROPRIETARY
59 © 2026 | AURORA PROPRIETARY
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