Executive Summary

Aurora recognized its first commercial revenue at $1.00 million in Q2 2025 as driverless operations commenced; operating loss was $(230) million, diluted EPS was $(0.11), and adjusted EBITDA was $(170) million .
Operationally, Aurora validated driverless night operations (doubling potential utilization), surpassed 20,000 driverless miles through June 30, and opened its Phoenix terminal, supporting Fort Worth–El Paso–Phoenix lane development .
Liquidity strengthened to $1.309 billion (cash $206 million, short-term investments $1,103 million) with runway extended to fund operations into Q2 2027; Q2 operating cash usage was approximately $144 million and capex was $7 million .
Key catalysts: expansion to night operations, Phoenix terminal opening, and federal legislative momentum via the AMERICA DRIVES Act proposing a national autonomous truck framework .

What Went Well and What Went Wrong

What Went Well

Validated driverless night operations within three months of launch, materially increasing truck utilization potential; surpassed 20,000 driverless miles by end of June and grew the driverless fleet to three trucks .
Maintained nearly 100% on-time performance and continued a perfect safety record; “We’re running driverless operations day and night… Our rapid progress is beginning to unlock the full value of self-driving trucks” — Chris Urmson, CEO .
Balance sheet and runway improved: raised $331 million via ATM in Q2, liquidity to $1.3 billion, funding runway now into Q2 2027; “we now expect this liquidity to fund our operations into the second quarter of 2027” — CFO David Maday .

What Went Wrong

Revenue remains de minimis relative to cost base ($1 million revenue vs $5 million cost of revenue and $(190) million R&D in Q2), highlighting early commercialization economics .
Operating loss widened sequentially to $(230) million in Q2 versus $(211) million in Q1, driven by higher R&D and SG&A as Aurora scales hardware programs, though net loss improved due to other income and derivative mark-to-market .
Temporary front-seat observer required at a partner’s request due to prototype parts in base vehicle; management emphasized it does not impact growth plans: “cost… is de minimis… no impact on our roadmap” .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$0.00	$0.00 (recognition begins at April launch; Q1 ended Mar 31)	$1.00
Cost of Revenue ($USD Millions)	$0.00	N/A	$5.00
Research & Development ($USD Millions)	$170	$182	$190
SG&A ($USD Millions)	$28	$29	$36
Operating Loss ($USD Millions)	$(198)	$(211)	$(230)
Net Loss ($USD Millions)	$(182)	$(208)	$(201)
Diluted EPS ($USD)	$(0.12)	$(0.12)	$(0.11)
Adjusted EBITDA ($USD Millions)	$(154)	$(171)	$(170)
Operating Cash Use (Quarter) ($USD Millions)	N/A	$142	$144
Capital Expenditures (Quarter) ($USD Millions)	N/A	$8	$7
Cash ($USD Millions, quarter-end)	N/A	$170	$206
Short-term Investments ($USD Millions, quarter-end)	N/A	$989	$1,103

KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
Driverless Miles (quarter)	N/A	4,000+ through Apr 27 launch	20,000+ through 6/30
Driverless Trucks Operating (#)	N/A	1–2 initially	3
On-time Performance	N/A	95% loads at 100% API during production releases	Nearly 100% on-time (Aurora-controlled rate)
Cumulative Commercial Miles (to date)	2.6M+ through 2/2/25	3M+ referenced; driverless program underway	3.3M+ through 6/30/25

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Liquidity runway	Company-wide	Into 2H 2026 (Feb-2025) → Into Q4 2026 (May-2025)	Into Q2 2027	Raised runway
Quarterly cash use	Remainder of 2025	$175–$185 million per quarter	$175–$185 million per quarter (maintained)	Maintained
Capex	2025	Not specified	Expect capex to increase in 2025 as hardware programs develop	Raised capex outlook
Lane expansion	2H 2025	Validate Fort Worth–El Paso; extend to Phoenix	Phoenix terminal opened; Fort Worth–El Paso–Phoenix validation by year-end (reiterated)	Maintained timeline
Operating domain	2025	Daytime, clear weather at launch	Night operations validated; working to validate rain/heavy wind by year-end	Expanded ODD
Hardware roadmap	2026–2027	2nd-gen kit reduces hardware costs; 3rd-gen with Continental in 2027	2nd-gen progressing with Fabrinet B-samples; 3rd-gen A-samples in progress; 2026/2027 timing intact	Maintained timeline
ATM program	Ongoing	$68 million Q1 ATM proceeds	57 million shares; $331 million Q2 proceeds; ATM capacity expanded	Increased capacity

Earnings Call Themes & Trends

Topic	Q4 2024 (Q-2)	Q1 2025 (Q-1)	Q2 2025 (Current)	Trend
Commercial launch readiness	ARM at 99%; API weeks >90%; April launch planned	Safety case closed; driverless ops begin on Dallas–Houston	Day-and-night ops validated; fleet at 3 trucks; miles accelerating	Narratives progressed to execution
Lane expansion	Plan for Fort Worth–El Paso–Phoenix in 2H 2025	Fort Worth–El Paso pilot extended to Phoenix; terminal planned	Phoenix terminal opened; validation of FW–El Paso–Phoenix by year-end	Execution milestones met
Regulatory	FMCSA beacon denial; push for modernized framework	Encouraging federal and state progress; NHTSA AV Framework	AMERICA DRIVES Act introduced for federal preemption	Momentum building
Hardware cost-down	Fabrinet A-samples; Continental 2027 mass production	Fabrinet B-samples received; 2nd-gen cost-down targeted	First build with prototype kit; Continental A-samples; timeline intact	On plan, deeper execution detail
Customer adoption	OEM pilots; DHL, Hirschbach, Uber Freight	Driverless deliveries for Uber Freight, Hirschbach	Sales funnel strength post-launch; multiple carriers in driverless ops	Demand and lead velocity improving
Safety & insurance	Emphasis on safety and efficiency	100% API loads metric updated	Positioning data for insurance de-risking; “never gets distracted/fatigued”	Safety positioning more explicit

Management Commentary

“Just three months after launch, we’re running driverless operations day and night and we’ve expanded our terminal network to Phoenix… unlocking the full value of self-driving trucks” — Chris Urmson, CEO .
“With the launch of driverless operations… we began recognizing revenue, which totaled $1 million… we now expect this liquidity to fund our operations into the second quarter of 2027” — David Maday, CFO .
“Today, Aurora is the only company in the world that can drive trucks on the road at freeway speed and do that safely, driverlessly” — Chris Urmson, CEO .
“Our second generation kit [with Fabrinet] drives a step-function reduction in hardware costs… Continental [third generation] unlocks true scale” — Chris Urmson, CEO .
“We’re seeing qualified leads surge to support our scaling ambitions in 2026 and 2027” — Chris Urmson, CEO .

Q&A Highlights

Ramp framing: Management will measure success by miles, not truck count; night ops enable higher utilization, with lane-dependent miles scaling .
Operating domain: Rain and heavy wind capability is performing well but will be validated thoroughly before driverless declaration; emphasis on sensor complement (LiDAR, radar) in adverse conditions .
OEM/observer: Temporary observer remains in select trucks due to prototype parts; no impact on roadmap and de minimis cost; Volvo trucks expected by year-end for development and bring-up .
Hardware cadence: Cost-down through progression from in-house to Fabrinet to Continental hardware-as-a-service; FMCW LiDAR-on-chip program on track (no yields disclosed) .
Commercial momentum: Post-launch interest from carriers is rising; Uber Freight remains a key pilot customer; broader passenger AV opportunity is longer term .

Estimates Context

Wall Street consensus (S&P Global) for quarterly revenue, EPS, EBITDA and target price was unavailable for Q2 2025 and near-term periods via our query. Values retrieved from S&P Global.*

Implications: With initial revenue recognition and night-operations validation, models are likely to incorporate nascent revenue streams and higher utilization assumptions as the operating domain expands and lanes validate, while maintaining substantial R&D and SG&A outlays during scale-up .

Key Takeaways for Investors

Early commercialization milestone: First-ever driverless heavy-duty trucking revenue recognized; operational scaling (day and night) in core Texas lane should lift utilization and customer proof points .
Execution confidence: Sequential improvement in diluted EPS ($(0.11) vs $(0.12)), expanding operating domain, and Phoenix terminal opening reinforce momentum toward multi-lane validation by year-end .
Balance sheet strength and runway: Liquidity of $1.309 billion funds operations into Q2 2027; ATM program expanded, enabling flexible capital access during scale-up .
Cost-down pathway intact: 2nd-gen hardware kit progressing, 3rd-gen Continental program advancing toward 2027 mass manufacturing, underpinning long-term unit economics .
Regulatory momentum: AMERICA DRIVES Act proposes a federal framework and preemption supportive of nationwide scaling for autonomous trucking .
Near-term modeling: Revenue remains modest relative to costs; focus remains on expanding ODD (night, rain, wind) and lanes (FW–El Paso–Phoenix), with capex rising as hardware programs develop .
Watch catalysts: Additional lane validations, customer conversions, hardware milestone deliveries (Fabrinet vehicle builds, Continental prototypes), and any federal framework advances .

Aurora Innovation, Inc. (AUR)·Q2 2025 Earnings Summary