Aurora Innovation, Inc.

Greetings and welcome to the Aurora Second Quarter 2025 Business Review Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Stacey Fite, Vice President of Investor Relations. Thank you. You may begin.

Thanks, LaTanya. Good afternoon, everyone, and welcome to our second quarter 2025 business review call. We announced our results earlier this afternoon. Our shareholder letter and a presentation to accompany this call are available on our investor relations website at ir.aurora.tech. The shareholder letter was also furnished with our Form 8K filed today with the SEC. On the call with me today are Chris Urmson, co-founder and CEO, and David Madej, CFO. Chris will provide an update on the progress we have made across the key pillars of our business, and David will recap our second quarter financial results. We'll then open the call for Q&A. A recording of this conference call will be available on our investor relations website at ir.aurora.tech shortly after this call has ended. I'd like to take an opportunity to remind you that during the call, we will be making forward-looking statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed in projected or implied during this call. In particular, those described in our risk factors included in our annual report on Form 10-K for the year ended December 31st, 2024, and other documents filed with the FCC, as well as the current uncertainty and unpredictability in our business, the markets, and economy. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended June 30th, 2025. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof, and award this claims any obligation to update any forward-looking statements except as required by law. Our discussion today may include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results, may be found in our shareholder letter which was furnished with our Form 8K filed today with the SEC and may also be found on our Best Relations website. Our discussion today may also include reference to forward-looking free cash flow, a non-GAAP financial measure. To the extent that this forward-looking financial measure is provided, it's presented on a non-GAAP basis without a reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. With that, I'll now turn the call over to Chris.

Thanks, Stacey. Thank you. The second quarter marked a pivotal moment in transportation history. Aurora opened a new chapter with the launch of the first driverless commercial trucking operations on public roads in the U.S. From commercial launch at the end of April through the end of June, the Aurora driver already logged more than 20,000 safe driverless miles. And just last week, we completed the validation and began driverless operation at night, which materially increases utilization potential of our self-driving trucks. This unlocks a game-changing component of the Aurora driver's value proposition. This progress propels Aurora and the freight industry into a new era. We're executing our crawl, walk, run approach to driverless operations, ensuring a seamless product experience that delivers undeniable value to our customers and deepens trust across our stakeholders. We started with one truck and, as earlier this month, now have three driverless trucks operating between Dallas and Houston. During the second quarter, our driverless trucks had already driven the equivalent of more than eight coast-to-coast trips. Importantly, we've maintained nearly 100% on-time performance, operating courteously with the flow of traffic while upholding our perfect safety record. And while we added a front-seat observer at the request of a partner, given certain prototype parts in their base vehicle, it's crucial to note that the Aurora driver remains fully responsible for all driving tasks, with no interventions needed. This performance continues to prove the advanced capabilities and safety of the Aurora Driver. To provide a window into this progress, we'll be showcasing the Aurora Driver in action during this initial phase of our operations via Aurora Driver Live. You can access the live stream via the link on page four of our presentation or via the Live tab on our YouTube channel, at Aurora Driver. There you'll see our driverless trucks traversing the route between Dallas and Houston, demonstrating the safety, reliability, and growing maturity of the Aurora driver. This special series builds on our commitment to industry-leading transparency, offering a first-of-its-kind glimpse into the future of freight transportation. As we continue to prove the promise of the Aurora driver, we're now focused on increasing customer value to become an essential partner in the freight industry. With validation of Knight driverless operations just three months after launch, We're now operating driverless trucks day and night. This more than doubles truck utilization potential. Check out the video on page 7, which showcases the Aurora driver's superhuman perception and distinct safety advantage during nighttime operations. With this core capability in place earlier than anticipated, our team is now working to validate driverless operations in more challenging weather conditions by the end of the year. And at that point, we expect the Aurora driver will be capable of handling almost all observed weather conditions in the Sun Belt. In addition, our lane expansion plan remains on track. We expect to validate driverless operations between Fort Worth and El Paso and further extension of this lane to Phoenix by the end of the year. We opened our terminal in Phoenix in June and now have two customers, Werner and Hirschbach, piloting autonomous trucking on the Fort Worth-Phoenix lane. Notably, Hirschbach is already leveraging our full network to maximize value for its operations, with loads traveling from Houston to Dallas to El Paso and on to Phoenix. Self-driving trucks have the potential to cut single-driver transit time in half on the Fort Worth-Phoenix route, a lane that exceeds hours of service limitations for traditional truck drivers. This is a powerful use case that demonstrates how expanding driverless operations can unlock significant value for our freight customers. We've included a case study on page 10 of the presentation to quantify the significant revenue and profit growth a carrier could generate through the adoption of the Aurora driver on the Fort Worth to Phoenix Lane. Also note, our terminal in Phoenix represents an infrastructure light approach with a design that closely resembles how Aurora will integrate with future customer endpoints and optimize for speed to market. This is an important evolution to enable our plan to deliver freight directly to customer endpoints. With the Aurora driver now regularly pulling driverless loads for customers, we're operating from a fundamentally stronger position. For years, we've been building relationships and educating partners about the promise of our technology. Today, we're no longer selling an idea. We're delivering a real product that will ultimately transform our customers' businesses. We're seeing qualified leads surge to support our scaling ambitions in 2026 and 2027. We believe this reflects the growing recognition of Aurora's leadership in autonomous trucking and the urgency our customers feel to integrate safer, more efficient, driverless trucks into their operations. Our technology directly addresses structural challenges that plague the freight industry, including an aging workforce, systematic driver shortages, hours of service constraints, and rising labor costs, which were recently cited at approximately $1 per mile by the American Transportation Research Institute. By integrating the Aurora driver, carriers and private fleets have the potential to supplement their traditional drivers to halt more freight, boosting revenue, and expanding margins. We believe this will also create new opportunities for their employees to advance in high-growth careers. We're proactively building this future workforce through partnerships with organizations like On the Road Garage, a leader in workforce development. Together, we've launched an apprenticeship and upskilling initiative designed to prepare technicians for the unique demands of autonomous vehicles. Trainees gain expertise in AV terminal operations, advanced diagnostics, calibration, and maintenance of complex systems like LIDAR, radar, and redundant vehicle controls. Initiatives like this will create pathways to future-ready careers and help support the long-term operational demands of autonomous freight. Rising insurance costs, which have increased 7.5% annually over the last five years, present another structural challenge. The prevalence of nuclear verdicts in the freight industry are a key contributor to this trend. The Aurora driver offers a powerful way to de-risk operations in this environment. The Aurora driver never gets distracted or fatigued and has superhuman capabilities with a 360-degree view of its surroundings and unlimited span of attention. Furthermore, the Aurora driver's rich data can support more accurate fault attribution and accelerate claims resolution. We believe this will be groundbreaking for an industry grappling with persistently rising insurance costs and will pave the way for safer roads as well as a more resilient, cost-effective freight network. As we work to unlock these benefits for our customers, we continue to advance the key enablers that will support our path to scale in self-funding. On the hardware front, our teams continue to work on our second and third generation commercial hardware kits to support our scaling and profitability ambitions. We expect our second generation kit to drive a step function reduction in our hardware costs, which is a critical milestone on our path to self-funding. Following receipt of B samples for testing from our contract manufacturer, Fabrinet, we have now completed the first vehicle build with this prototype kit and will begin on-road data collection for testing in the coming weeks. We also continue to make great progress with Continental in our third-generation commercial hardware kit that we believe will unlock true scale on the order of tens of thousands of trucks. As they highlighted at the recent Capital Markets Day, Continental is energized by our commercial launch and continues to believe this hardware-as-a-service partnership can generate a high-margin, multibillion-dollar recurring revenue stream for them. They have begun delivering A samples of a number of hardware components to support embedded firmware and software development. And earlier this month, the Aurora and Continental teams achieved a key milestone by finalizing the design of the integrated sensor pods and the Aurora driver compute module. We expect to receive our first complete prototype of the Continental Generation Hardware Kit by the end of the year to begin engineering validation testing. We also continue to make great progress with our OEM partners on purpose-built self-driving platforms designed for high-volume production. We recently received the latest pedigree of Volvo V&L autonomous trucks and integrated the Aurora driver for on-road autonomy testing in preparation for driverless operations. We expect to receive 20 of these trucks by the end of the year. And PACCAR recently completed the build of the first prototypes of their scalable autonomy-enabled truck platforms. These trucks are now undergoing testing at their facilities. On the regulatory front, earlier this month, U.S. Representative Vince Fong of California introduced the America Drives Act, a landmark piece of legislation to establish a federal framework specifically for self-driving trucks. The legislation would provide federal preemption of any state laws requiring a traditional driver in the commercial vehicle. It would also modernize safety protocols by codifying that a flashing cab-mounting warning beacon may be used instead of traditional warning devices like reflective triangles for disabled commercial vehicles. This is consistent with our proposal. We believe this proposed legislation will solidify the United States' position as a leader in autonomous technology. We're encouraged by this momentum and will continue to work with policymakers to help realize the immense safety and economic benefits of autonomous trucking. With an already supportive regulatory backdrop, the combination of the Aurora driver and our partnerships creates a flywheel that delivers value across the entire ecosystem. As you can see on page 13 of the presentation, as our fleet grows, it generates more data, which accelerates capability expansion and drives adoption. Larger production volumes drive down the cost of self-driving hardware, increasing profitability and further accelerate adoption. Large fleets cover more of the road network, increasing the network benefit they provide, thereby driving further adoption. We completed the monumental task of turning the crank for the first time, and that first turn is always the most difficult. The full significance of our commercial launch will become abundantly clear as our progress accelerates. With our powerful, mutually reinforcing flywheels now in motion, we're confident that the progress we're making will be difficult to replicate and will translate into significant long-term value for the motoring public, customers, and our shareholders. With that, I'll now pass it to Dave who will review our financial results.