Aurora Innovation, Inc. · NASDAQ:AUR
Aurora Innovation — Investor Presentation (October 2026)
47 slides from Aurora Innovation's investor presentation, Oct 28, 2026
Slide 1: Investor Presentation
Investor Presentation OCTOBER 28, 2026 1
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 securities laws. The These statements are based on managementʼs current beliefs and assumptions and are neither promises nor words “believe,” “may
Slide 3: Aurora is driving the commercial inflection point in autonomous freight
Aurora is driving the commercial inflection point in autonomous freight Watch Video 3
Slide 4: 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 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
Slide 6: Our mission
OUR MISSION Deliver the benefits of self-driving technology safely, quickly, and broadly 6
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 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
Slide 10: Our unmatched ecosystem supports our path to scale in trucking
BEST IN CLASS OEMS INDUSTRY-LEADING LOGISTICS COMPANIES Our unmatched ecosystem supports our path to scale Autonomous Solutions in trucking PIONEERING HARDWARE PARTNERS 10
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: Our commercial flywheel is accelerating
Our commercial flywheel Transportation as a Service (TaaS) Select Customers is accelerating — we now have 10 customers in our driverless cohort including two with DaaS MOUs representing 1,000 trucks Driver as a Service (DaaS) MOUs 13
Slide 14: 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 14
Slide 15: 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 16: Validation of driverless operations at night and in inclement weather
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: Site-to-site driverless operations in November
In November, the Aurora Driver will be operating directly to sites for several driverless customers, including automated Over the coming months, we will begin site-to-site driverless operations for navigation through the majority of our customers. security checkpoints and weigh stations along the ro
Slide 18: Piloting on-route fueling at truck stops
To ensure seamless end-to-end service, we are piloting 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 from the highway in Houston. The
Slide 19: Accelerating verification and validation process per route
Generalized technology and a proven, accelerating verification & validation process position the Aurora Driver for rapid route and customer facility expansion to support 2027+ demand VALIDATION TIME PER ROUTE EACH SQUARE = ONE WEEK 6 yrs 6 mo 6 wks 6 days FIRST ROUTE SECOND ROUTE TODAY LOOKING AHEAD
Slide 20: 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 21: Our hardware strategy supports scaling and cost reduction
Our hardware strategy is Aurora Driver hardware cost efficiencies due to lower bill of materials (BOM) costs, designed to support our increased useful life, and improved reliability scaling and cost # of Trucks reduction objectives – >10,000 targeted 50%+ cost reduction for successive generations Th
Slide 22: Vehicle-agnostic, multi-platform model
Our vehicle-agnostic, multi-platform model aligns with customersʼ diverse fleet preferences and supports our 2027-2028+ scaling roadmap INTERNATIONAL LT SERIES VOLVO VNL AUTONOMOUS PETERBILT 579 Driverless trucks upfit by Roush Lineside integration with Future lineside integration Volvo underway wit
Slide 23: Launch of second generation commercial hardware kit
We launched our second generation commercial hardware kit on our new fleet of driverless trucks Watch Video — without a person behind the wheel This fleet is based on the International® LT® Series vehicle To support our scaling plan, our upfitter, Roush, has commenced manufacturing — we have already
Slide 24: 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 25: Volvo Autonomous Solutions driverless operations planned for 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 26: 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 27: Autonomous trucks can be deployed in most U.S. states today
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 28: California AV regulations expand serviceable addressable market
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% 300600 miles VMT3 23% serviceable addressable market (SAM) by the start of 2028 6
Slide 29: 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 30: 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 31: Compelling total cost of ownership value proposition
TCO ($/MILE) ~$2.50 20% $0.72 ~$2.00 In addition to enhancing safety and supplementing $0.11 $0.65 driver capacity, our $0.48 product is designed to $0.08 deliver a compelling total $0.15 Indirect $0.41 cost of ownership (TCO) value proposition $1.03 Direct Other 2 $0.85 Insurance Fuel Driver All-In
Slide 32: Higher utilization and lower TCO can double customer revenue
REVENUE $680,000 Higher utilization and lower TCO with the 2x Aurora Driver can $340,000 double revenue and drive meaningful margin expansion for Conventional Aurora Driver our customers Illustrative Example: One truck, one year of MARGIN operation on the Fort Worth - Phoenix route. $190,000 $30,000
Slide 33: Our industry-defining technology
Our industry-defining technology 33
Slide 34: 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 35: Verifiable AI approach
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 36: AI and invariants: driving behavior examples
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 37: Sensor suite combining multiple sensing modalities
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 38: 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 39: Second generation FirstLight Lidar doubles 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 40: 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 41: 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 42: Innovations support our path to scale; patent position
We expect Aurora's We believe we have one of the strongest self-driving intellectual property positions innovations to support our path to scale ● 2,160+ awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 140+ patents awarded YTD ● Covering hardware and software includ
Slide 43: Appendix
Appendix 43
Slide 44: Historical Financial Summary
Historical Financial Summary (unaudited) Quarter Ended Year Ended $ in millions except per share data) September 30, 2026 December 31, 2025 Revenue $3 $3 Cost of revenue 8 17 Research and development 203 745 Selling, general and administrative 49 142 Loss from operations 257 901 Other income (e
Slide 45: 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, 2026 December 31, 2025 Net Loss $234 $816 Depreciation and amortization 6 30 Stock-based compensation 5
Slide 46: 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 47: Aurora
Aurora
Aurora Innovation — Investor Presentation (October 2026) on 6ix