Aurora Innovation, Inc.

Greetings and welcome to the Aurora First Quarter 2026 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, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Stacey Feith, Vice President of Investor Relations. Please go ahead.

Thanks, Paul. Good afternoon, everyone, and welcome to our first quarter 2026 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 first 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 this call. In particular, those described in our risk factors included in our annual report on Form 10-K for the year ended December 31, 2025, and other documents filed with the SEC, 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 March 31, 2026. 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 Aurora disclaims 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 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 is 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. 2026 is the year Aurora begins to scale. Our strategic investments are fueling the momentum necessary to accelerate our growth and extend our lead in the autonomous trucking market. The start of this year has been a period of disciplined transition, a deliberate buildup before the inflection. Drawing on our deep experience safely integrating the Aurora driver across multiple platforms, we're on the cusp of launching our second generation commercial hardware kit on a new fleet of driverless trucks. This program positions us to exit the year with over 200 driverless trucks in operation across the Sunbelt and supports our broader scaling ambitions in 2027 and beyond. In preparation for this imminent launch, our forthcoming software release and commercial hardware kit are engineered specifically to deliver the reliability required as we scale our fleet. This progress is driving significant commercial momentum. In addition to the transportation as a service commitments we already have in place with Hirschbach, we announced last week that they have selected Aurora to scale their autonomous fleet with intent to own and operate 500 trucks through our driver as a service business model. We expect to finalize the definitive agreement, which represents a potential multi-year revenue stream in the hundreds of millions of dollars later this year, with truck delivery slated to begin in 2027. As we prepare to scale we're seeing continued regulatory momentum with landmark progress at the state level California has reached a watershed moment joining the vast majority of states in enabling autonomous trucking. We now project a serviceable addressable market of 60 billion vehicle miles traveled by 2028 and excitingly California supports a seamless coast to coast operating environment. With the Aurora driver now sufficiently generalized for us to begin scaling across the Sunbelt, aligned with customer demand, we strategically focused our resources on three key initiatives. Expanding our driverless network, finalizing our latest software release, and validating our second-generation commercial hardware kit. These efforts serve as the critical final steps in preparing for the imminent launch of our new driverless truck fleet. transitioning Aurora from a phase of localized operations to one of wide-scale industrial deployment. Our expansion is progressing at an accelerated pace, with our network now encompassing 12 distinct routes. At the end of March, we validated driverless operations on the bidirectional route between Dallas and Laredo within just six weeks of initiating supervised autonomous runs. Building on this momentum, we also opened new bidirectional routes between Dallas and Oklahoma City, In collaboration with Volvo Autonomous Solutions, we have started supervised autonomous deliveries on this route to support one of their key customers. Furthermore, we've expanded our driverless cohort to seven customers, including transitioning commercial loads with McLean to driverless operations. Our forthcoming software release further increases the Aurora driver's reliability in preparation for scaling, including validation of driverless operations in more severe rain, as well as the full spectrum of complex construction scenarios on our highway routes. To complement these advancements, we are augmenting our driverless network to support real-time dynamic rerouting, providing the operational agility required for high-volume commercial service. We're also in the process of validating our second-generation commercial hardware kit on multiple truck platforms through rigorous on-road track and lab testing, to prepare for our planned second quarter launch and are seeing impressive performance. Designed for one million miles of operation and with enhanced sensor cleaning capabilities, this kit meaningfully increases the Aurora driver's reliability. It also brings exciting performance gains, including a more efficient computer and an extended one kilometer range for first light, our proprietary long-range FMCW LiDAR. This is double the range of the closest FMCW LiDAR competitor and can give the Aurora driver more than 34 seconds to react when at highway speeds, setting a new superhuman standard for safety. And importantly, we expect this kit to drive a 50-plus percent reduction in Aurora driver hardware costs, a key lever supporting our break-even gross margin target. While advancing on these fronts, in April, the Aurora driver surpassed 370,000 driverless miles with 100% on-time performance and zero Aurora driver-attributed collisions. Notably, this growth was driven by a very strong utilization with a leaner active fleet. For example, the driverless trucks we are operating for Werner are already averaging 4,000 plus miles per week, which translates to an annual run rate of 225,000 plus miles per truck. With the performance we're seeing, we expect Aurora driver-powered trucks will be capable of more than doubling utilization and in turn revenue per truck for our customers. Expanding driverless delivery to and from customers' facilities will further strengthen the Aurora driver's value proposition. We're continuing to ready Hirschbach, Detmar, and Werner for endpoint operations, including in-yard autonomous operations at their facilities. We currently expect to generate a majority of our 2026 revenue through operations between customer facilities, reflecting our continued focus on increasing commercial value. To ensure seamless end-to-end service, we recently began supervised testing of weigh station navigation and 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 seven mile, the Aurora driver navigates to and from the highway in Houston. The video on page eight of our presentation demonstrates the Aurora driver's proficiency in these complex low speed settings. To meet customer demand and support our path to scale, we've established a robust hardware and vehicle platform roadmap. We're closing in on the second quarter launch of our second generation commercial hardware kit on a new fleet of trucks based on the international LT series that will enable driverless operations without an observer. With this program, we have strong line of sight to achieving our 2026 scaling goals. We expect this to establish a powerful foundation for 2027 when we plan to launch our drivers of service business model. Looking ahead to 2027, we've made exciting progress on our third generation commercial hardware kit that will be manufactured by Immovio. Together, we started testing initial units Our engineering team is also working with Amovio and NVIDIA to develop a first-of-its-kind SuperThor compute configuration, an architecture that integrates two NVIDIA DriveThor SOCs into a unified platform optimized to power the Aurora driver at scale. This approach demonstrates our three-way collaboration is setting the standard for industrializing autonomous technology. In March, Amovio broke ground on the expansion of their New Braunfels, Texas facility where they will produce our third-generation hardware kit intended to supply tens of thousands of trucks. Construction of the plant's expansion is expected to be completed in the first quarter of 2027. We'll start a production for the hardware kit on track to begin in the second half of 2027. Volvo plans to build hundreds of the Volvo VNL autonomous trucks in 2027 and has already completed several Aurora driver-powered trucks on their pilot line. For the program based on the international LT truck, our Uphitter Roush will begin scaled production later this year. We're initially establishing the capacity to produce 1,000 trucks per year, with potential to increase that capacity. Concurrently, PACCAR and Aurora are jointly defining the path to scalable launch on the third-generation Aurora Driver Commercial Harbor Kit, integrated with PACCAR's future autonomy-enabled platform. All of this work is forging the industrial engine that extends our leadership position and supports commercial deployment at significant scale. At Aurora, we're building a safer, stronger, and more resilient freight ecosystem with our technology for the people who power it. To back this vision, we recently announced Aurora Works, our commitment to invest in workforce development by establishing educational partnerships and technical training for emerging roles in autonomous trucking. We're at the center of a new era of logistics that improves road safety, fuels economic growth, and creates new high-skilled American jobs. Autonomous freight represents a step change for what is possible in global logistics. The Aurora driver moves the industry beyond traditional constraints toward a world of continuous high utilization delivery. With a clear roadmap, deep partnerships, and an accelerating industrial engine, we are well positioned to lead this evolution. The future of freight is on the road and Aurora is setting the pace. With that, I'll now pass it over to Dave who will review our financial results.