Aurora Innovation, Inc.

Greetings and welcome to the Aurora Third Quarter 2025 Business Review Call. At this time, all participants are in a listen-only mode. A 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 Investor Relations. Thank you, Stacey. You may begin.

Thank you, Alicia. Good afternoon, everyone, and welcome to our third 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 Bidet, CFO. Chris will provide an update on our progress we have made across the key pillars of our business, and David will recap our third quarter financial results. We will then open the call to 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 this 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, projected, or implied during the call. In particular, those described in our risk factors, including 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 September 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 arouses 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 a shareholder letter, which was furnished with our Form 8-K filed today with the SEC, and may also be found on our Investor 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 will now turn the call over to Chris.

Thanks, Stacey. In the third quarter and early October, Aurora achieved several more driverless trucking industry firsts, rapidly advancing our path to scale and further extending our leadership position. The crank we set in motion with commercial launch is now accelerating, delivering compounding returns across our technology, operations, and customer adoption. Earlier this month, the Aurora driver surpassed 100,000 driverless miles on public roads. Importantly, we've maintained 100% on-time performance while upholding our perfect driverless safety record. Last week, we launched driverless commercial operations on the westbound 600-mile lane from Fort Worth to El Paso, setting a new benchmark for autonomous trucking. This expansion, accomplished just six months after our driverless launch, is faster than any other self-driving company has scaled to a second US market. The Aurora driver unlocks substantial value on this lane, and we're thrilled to add multiple customers, including one of the leading carriers in the US, to our driverless cohort for this route. To meet expected customer demand in the second quarter of 2026, we plan to launch our second-generation commercial hardware kit on a new fleet of trucks that will enable driverless operation without a partner requested observer. This third vehicle fleet fortifies our near-term capacity plan and supports our scaling objectives for 2026. Let's dig into what we've been up to. Following earlier than anticipated validation of night driverless operations in July, we're already seeing the utilization potential of our self-driving trucks. Our highest mileage driverless truck logged nearly 18,000 miles in a single month. This demonstrates the confidence we have to operate trucks at an annual run rate that doubles the industry average. Our team's focus has since turned to driverless lane expansion and validation in more challenging weather conditions to further increase the value of the Aurora driver for our customers. Our second driverless commercial lane from Fort Worth to El Paso directly addresses critical customer pain points. This route is notoriously hard to staff and challenging for traditional drivers to complete within a single day. Launching driverless operations on this lane demonstrates the significant efficiency and value potential the Aurora driver brings to the freight ecosystem by enabling nearly continuous operations. We're now nearing completion of driverless validation for the return trip as well as the Phoenix extension with our software release planned for January 2026. The Phoenix expansion will add another 400 miles to establish a continuous thousand plus mile multi-state route between Fort Worth and Phoenix. which far exceeds hours of service limitations for a traditional driver. We're also working with multiple customers to identify locations along the I-20 corridor and in the Phoenix area for the first customer endpoints we plan to support with driverless operations in early 2026. As you can see in the case study on page 16 of the presentation, on these long-haul lanes, the Aurora driver has the potential to more than double revenue and deliver several-fold higher profit per truck for our customers. Looking ahead to 2026, we expect to rapidly unlock lanes across the Sun Belt. Future planned expansions include lanes between Dallas and Laredo, a critical route for one of our key customers, and between Dallas and Atlanta, which will extend the driverless I-10, I-20 corridor to approximately 2,000 miles. Launching driverless operations from Fort Worth to El Paso and soon the Phoenix extension required us to validate behavior against dust storms. which are prevalent in some parts of Texas and Arizona. These fast-moving storms can quickly reduce highway visibility. If such conditions are present when the Aurora driver-powered trucks are on the road, the Aurora driver is designed to slow its speed, and if significant perception degradation is detected, autonomously execute the safest behavior, pulling over or exiting the highway when possible. This advanced capability is powered by our multimodal sensor suite, including LIDAR, camera, and radar. As you can see on page 10 of the presentation, in a dust storm on the Fort Worth to El Paso lane just outside of Midland, Texas, our perception system leveraged radar and our proprietary first light LIDAR, which were able to see through the dense dust at twice the range of cameras alone. This provided the crucial data needed to make safe decisions long before visibility was completely compromised. These advanced capabilities will also benefit our upcoming Phoenix lane and other routes where similar weather events occur. We also continue to make progress validating driverless operations in rain and heavy wind conditions, which will also be part of our January 2026 software release. This will support high availability potential for Aurora Driver powered trucks across the Sun Belt, a meaningful component of the value proposition. Along with expanding the Aurora Drivers operating domain, We've also validated additional trailer types, including those with super single tires, and increased our driverless fleet. These expansions have contributed to a material acceleration of our driverless mileage, with the Aurora driver earlier this month surpassing 100,000 driverless miles on public roads. That's double the cumulative driverless miles we achieved just five weeks prior in early September. We now have five driverless trucks regularly scheduled between Dallas and Houston and from Fort Worth to El Paso. To provide a window into this progress, we're continuing to showcase 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 the live tab on our YouTube channel at Aurora Driver. You can see our driverless trucks traversing the route between Dallas and Houston and now Fort Worth to El Paso, demonstrating the safety, reliability, and growing maturity of the Aurora Driver. In addition to the opportunity to see our technologies live on the road, we've received positive feedback from customers and investors about our willingness to provide this level of transparency. It's a strong signal we stand behind what we're building. With over 6,000 hours of watch time to date, this special series offers industry-leading transparency into autonomous driving performance and the future of freight. Our driver's mileage growth is poised to further accelerate as additional customers integrate the Aurora driver into their operations to capitalize on its exceptional value proposition. We firmly believe the Aurora driver will fundamentally redefine the freight ecosystem with its potential to set new standards for safety, efficiency, and sustainability, thereby driving both revenue growth and margin expansion for our customers. A member of Werner's safety team and one of their most seasoned drivers recently came down to Texas to assess the Aurora driver's performance. Their reactions spoke volumes about the Aurora driver's core advantages. Superior perception, unwavering focus, and the ability to safely navigate long monotonous lanes, which are particularly difficult to staff and have hours of service constraints for traditional drivers. I'm inspired when I hear industry veterans affirm the transformational role our technology will play in the freight industry. You can hear firsthand from the Werner representatives in the video on page five of our presentation. With our Fort Worth to El Paso driverless launch, we've expanded driverless operations for Hirschbach, one of our earliest adopters and valued partners, and added two additional carriers to our growing driverless customer cohort. Launching driverlessly on this lane is a major inflection point on our journey with customers, and the expansion of our driverless cohort validates our technology, rigorous safety approach, and the value we deliver. Now that we've proven the promise of the Aurora driver and are rapidly increasing its value for customers, we're expanding our sales funnel to include mid-market customers who offer shorter approval cycles. To efficiently target this new segment, we recently announced a strategic partnership with McLeod Software, a premier provider of transportation management solutions for over 1,200 carriers and private fleets. This partnership will deliver seamless integration for McLeod customers which we expect to accelerate new customer adoption of the Aurora driver. Just one month after announcing the partnership, we executed an agreement with McLeod customer Russell Transport for driverless halls on the Fort Worth to El Paso lane. In parallel, we continue to advance our second and third generation commercial hardware programs, as well as our vehicle programs that underpin our path to scale and self-funding. Designed to deliver customer value for one million miles, we expect our second-generation commercial kit to drive a 50% plus reduction in our hardware costs. And we're also seeing some meaningful performance gains, particularly with the next generation of our proprietary long-range FMCW LiDAR. First Light is now detecting objects at 1,000 meters away, which is double the distance of our current generation, as well as the closest FMCW LiDAR competitor. For a truck traveling at highway speeds, this equates to more than 34 seconds of planning horizon. This will further enhance the Aurora driver's performance and set a new standard for safety in the industry. We plan to increase driverless operations without a partner requested observer in the second quarter of 2026 with a new fleet of trucks equipped with this second generation commercial hardware kit. This fleet will be based on the international LT series truck with Aurora performing all necessary upfit required for driverless operations. These trucks will undergo rigorous testing and validation just like any platform we would take to driverless operation. This third truck fleet fortifies our near-term capacity plan and will support our target exit 2026 with hundreds of driverless trucks in operation. While this program is underway, we achieved an industry-first partnership manufacturing milestone with Volvo as they began line-side integration of the second generation Aurora Driver Commercial Hardware Kit into the Volvo V&L Autonomous on the pilot line at their New River Valley, Virginia manufacturing facility. Once Volvo completes validation of the vehicle-level firmware necessary for driverless operations, we will integrate these trucks into our driverless fleet. In addition, PACCAR continues to advance the prototype testing of their scalable autonomy-enabled truck platform at their facilities. Looking further ahead, we continue to progress our third-generation commercial hardware kit that we believe will unlock scale on the order of tens of thousands of trucks. In September, Continental completed the spinoff of their automotive business, Amovio. I had the honor to keynote their supplier day, which highlighted our flagship program, which has a planned start of production in 2027. We're excited to see Almovio continue to make significant manufacturing investments here in the US to support the scaling of the Aurora driver. Earlier this month, they announced $110 million investment to significantly expand their new Braunfels, Texas manufacturing facility, where the Aurora driver hardware kit will be produced. The project, which includes a 65,000 square foot addition and a state-of-the-art automated warehouse is expected to create new, well-paying jobs in the coming years. The expansion will more than double the existing production floor space and is expected to be fully operational by August 2027. We've now received and begun testing computer samples from Amovio, which include NVIDIA's DriveThor system on a chip. Complete prototypes of this hardware kit are on track for delivery by the end of the year to begin engineering validation testing. As we accelerate our path to deployment at scale, favorable regulatory momentum continues to build across the U.S. Earlier this month, we received approval from the U.S. Department of Transportation to begin using cab-mounted warning beacons as an alternative to reflective triangles. The cab-mounted flashing lights indicate when a vehicle is stopped on the side of the road to warn other road users, which is similar to systems used by emergency and construction vehicles and is a step forward for road safety. And on the legislative front, The America Drives Act, a landmark bill to establish a federal framework specifically for self-driving trucks, continues to gain traction with co-sponsorship from U.S. Representative Jay Obernotti of California. In closing, we've made unprecedented progress since commercial launch and continue to be the only company with driverless trucks on public roads in the U.S. We've proven that the technology works and are now channeling our momentum to support lasting customer value and our path to scale. Insights from our real-world driverless miles reinforce there are no shortcuts to safety, trust, and scale in autonomous trucking. Our strategic investments have built powerful flywheels that are now accelerating, driving us forward with increasing efficiency. Our industry-leading technology, coupled with a world-class ecosystem of partners, customers, and shareholders uniquely positions Aurora to set the standard for autonomous trucking. Thank you for your partnership as we continue to build the future of transportation. With that, I'll now pass it over to Dave, who will review our financial results.