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1 © 2026 | AURORA PROPRIETARY Investor Presentation FEBRUARY 2026
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2 © 2026 | AURORA PROPRIETARY This presentation contains certain forward-looking statements within the meaning of the federal securities laws. The words “believe,ˮ “may,ˮ “will,ˮ “estimate,ˮ “continue,ˮ “anticipate,ˮ “intend,ˮ “expect,ˮ “could,ˮ “would,ˮ “project,ˮ “plan,ˮ “potential,ˮ “target,ˮ and similar expressions and variations thereof are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, those statements around our driverless operations and future financial and operating performance; our ability to meet customer demand, reduce costs and general expectations in future periods; the benefits of integrating AI into our product; the safety benefits of our technology and product; our ability to achieve certain milestones around, and realize the potential benefits of, the development, manufacturing, scaling (including, but not limited to, the lane expansion strategies, the transition to our DaaS model fleet size and our productʼs availability and capabilities) and commercialization of the Aurora Driver and related services, on the timeframe we expect or at all; our relationships with our partners and customers and anticipated benefits that they may derive from our product (including, but not limited to, hardware availability, efficiency gains and increasing revenues and margins); the timing for developing, and the anticipated benefits of, future generations of hardware kits; the anticipated impact of our product on the freight industry and economy; our expected market share and competitive position; the efficiency and effectiveness of our validation process and profitability of our products and services; the regulatory tailwinds and framework in which we operate and our ability to comply with the current and future regulatory framework; and our financial performance, anticipated investment in truck fleet and expected cash use and cash runway. These statements are based on managementʼs current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Cautionary statement regarding forward-looking statements Important factors that could cause actual results to differ materially from the forward-looking include, among others, risks and uncertainties relating to the development, validation, safety performance and commercialization of the Aurora Driver; regulatory developments and approvals; the performance of, and relationships with partners and customers; market demand and competitive dynamics; and liquidity and access to capital. A discussion of these and other risks and uncertainties is included under the heading “Risk Factorsˮ section of Aurora Innovation, Inc.ʼs (“Auroraˮ) Annual Report on Form 10K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SECˮ) on February 14, 2025, and other documents filed by Aurora from time to time with the SEC, which are accessible on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10K for the year ended December 31, 2025. All forward-looking statements reflect our beliefs and assumptions only as of the date of this presentation. Aurora undertakes no obligation to update forward-looking statements to reflect future events or circumstances. All third-party logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with or endorsement of Aurora. This presentation also contains estimates and forecasts based upon managementʼs current expectations, beliefs and projections, many of which are inherently uncertain. This information reflects managementʼs current assumptions and limitations and should be considered together with other information presented. Aurora's projected uses of cash are based upon assumptions including research and development and general and administrative activities, as well as capital expenses and working capital. Aurora does not undertake to update such data after the date of this presentation.
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3 © 2026 | AURORA PROPRIETARY Driverless trucks are on the road, operating commercially. Autonomous freight is no longer just a vision. Itʼs a reality and itʼs powered by the Aurora Driver. Watch Video Hyperlapse of an Aurora Driver-powered truck autonomously hauling freight between Dallas and Houston in April 2025
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4 © 2026 | AURORA PROPRIETARY With the Aurora Driver, the future of freight is superhuman With the Aurora Driver, the future of freight is superhuman Perception Superhuman vision that sees in all directions Awareness Superhuman focus that never gets distracted Stamina Superhuman stamina that never stops the clock Reaction Superhuman reflexes that make decisions in milliseconds 4 © 2026 | AURORA PROPRIETARY
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5 © 2026 | AURORA PROPRIETARY Weʼre building the Aurora Driver around a common core to power various vehicles in multiple use cases—trucking is our first focus
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6 © 2026 | AURORA PROPRIETARY Deliver the benefits of self-driving technology safely, quickly, and broadly OUR MISSION 6 © 2026 | AURORA PROPRIETARY
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7 © 2026 | AURORA PROPRIETARY Aurora is in the pole position for autonomous trucking Strong balance sheet with sufficient liquidity to achieve positive free cash flow Only company with driverless commercial long-haul trucking operations on public roads in the U.S. Trucking is a massive market and the Aurora Driver can unlock tremendous value Only player with strategic partnerships to enable commercialization at scale Accelerating our first-mover advantage to reinforce our leadership position Driver as a Service (DaaS) business model supports anticipated capital efficient shareholder value creation
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8 © 2026 | AURORA PROPRIETARY ~$1 trillion ~$4 trillion 1 A.T. Kearney State of Logistics, 2022 2 Armstrong & Associates, Global Third Party Logistics, 2019 Trucking is a massive market With attractive unit economics and significant need for this technology U.S. Global 1 2 8 © 2026 | AURORA PROPRIETARY
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9 © 2026 | AURORA PROPRIETARY Our strong, strategic relationships support our path to scale in trucking, and springload us for our entry into personal mobility Industry-Leading Logistics Companies Autonomous Solutions Industry-Leading Fleet Service, Ride-Hailing, and TMS Partners Best in Class OEM Partners Pioneering Hardware and Hardware as a Service Partners 9 © 2026 | AURORA PROPRIETARY
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10 © 2026 | AURORA PROPRIETARY 1 ATA Driver Shortage Report Update, 2022 2 ATA ‘The Truth About Trucking Turnoverʼ, March 2022 2019 data) 3 EIA Diesel, 2025 4 Motor Carrier Safety Progress Report Federal Motor Carrier Safety Administration, March 2024 5 American Transportation Research Institute, Operational Costs of Trucking, 2025 6 Aurora Innovation: The Sustainability Opportunity of Autonomous Trucking, April 2024 We are designing our trucking product to address the industryʼs primary pain points INDUSTRY PAIN POINT Driver shortage and high turnover 1,200,000 additional drivers needed over the next decade1, 90%+ annual turnover for large fleets2 Hours of service limitations Traditional trucking is subject to hours of service limitations, at most 11 hours of driving at a time High fuel costs $4/gallon diesel average in 20253 High insurance costs 4,800 deaths in large truck accidents in 20234; Insurance premiums continue to hit new highs, increasing 7.5% on average over the last 5 years5 THE AURORA DRIVER WILL PROVIDE Scalability; stable driver supply Higher utilization; faster freight Potential to reduce fuel use and emissions by up to 32% through more efficient vehicle operations6 Safer operation; more data for fault attribution 0.64 11h
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11 © 2026 | AURORA PROPRIETARY TOP LEVEL CLAIM Auroraʼs self-driving vehicles are acceptably safe to operate on public roads Proficient Fail-Safe Continuously ImprovingResilient Trustworthy To commence driverless operations, we closed the Dallas to Houston Safety Case Our Safety Case Framework is the foundation for trust in our technology, demonstrating that the Aurora Driver is acceptably safe to operate on public roads
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12 © 2026 | AURORA PROPRIETARY Watch Video Watch Video “Since April, Aurora's self-driving trucks have been completing roundtrip hauls between Dallas and Houston. This marks an important industry milestone, with Uber Freight becoming the first logistics platform to offer shippers access to fully driverless Class 8 trucks operating on public roads. As driverless operations scale, we remain committed to smarter supply chains, more efficient roads and highways, and driving real impact for our customers and partners. Together, weʼre reshaping how goods move across the world.ˮ Dara Khosrowshahi, CEO, Uber “Auroraʼs transparent, safety-focused approach to delivering autonomous technology has always given me confidence theyʼre doing this the right way. Transforming an old school industry like trucking is never easy, but we canʼt ignore the safety and efficiency benefits this technology can deliver. Autonomous trucks arenʼt just going to help grow our business — theyʼre also going to give our drivers better lives by handling the lengthier and less desirable routes.ˮ Richard Stocking, President and CEO, Hirschbach Motor Lines Our driverless customer cohort includes several freight leaders including Hirschbach and Uber Freight, among others
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13 © 2026 | AURORA PROPRIETARY 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
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14 © 2026 | AURORA PROPRIETARY Just three months after launch and ahead of schedule, in July we validated night driverless operations, more than doubling truck utilization potential Watch Video With FirstLight lidar, the Aurora Driver sees over 450 meters in even the darkest conditions, which is approximately three times the legal range of high beam headlights, giving it superhuman perception and a clear safety edge at night
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15 © 2026 | AURORA PROPRIETARY With our latest software release, we unlocked a critical expansion of our operating domain with the validation of driverless operations in multiple forms of inclement weather, including rain, fog, and heavy wind During 2025, inclement weather of all types constrained our driverless operations in Texas roughly 40% of the time. Our latest software release drives a step-change in potential availability and utilization across the Sun Belt, a core component of our value proposition Superhuman Perception: Our multi-modal sensor suite maintains high-confidence detection in dense fog, identifying vehicles and objects where human vision, as well as camera-only architectures reach their physical limits Camera Lidar & Radar
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16 © 2026 | AURORA PROPRIETARY With our latest software release, we believe the Aurora Driver is now sufficiently generalized for us to begin expanding across the Sun Belt in 2026, aligned with customer demand We leveraged this generalizability to launch supervised autonomous operations this month on the bidirectional lanes between Dallas and Laredo and are targeting driverless validation this quarter Executing the Laredo expansion near simultaneously with the Phoenix expansion validates our core thesis that the Aurora Driver is positioned to rapidly scale in trucking given the self-similarity of the U.S. interstate highway system
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17 © 2026 | AURORA PROPRIETARY We are more than tripling our driverless network to 10 lanes, increasing our current addressable market to 3.6+ billion vehicle miles traveled (VMT) Superhuman Utilization: The 1,000+ mile multi-state lane between Fort Worth and Phoenix far exceeds hours of service limitations for a traditional driver, thereby enabling superhuman asset utilization for our customers Strategic Access: This quarter we expect to complete driverless validation for the bidirectional lanes between Dallas and Laredo. This route, which expands the Aurora Driver's operational domain through the San Antonio, Austin and Waco metros, is the nationʼs largest international trade gateway and a critical freight artery between the U.S. and Mexico AZ NM TX PHX ELP DFW HOU LRD
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18 © 2026 | AURORA PROPRIETARY We have also begun supervised autonomous freight delivery to support multiple customer facilities ● Detmar: between their facility in Midland, Texas and Capital Sandʼs mining site in Monahans, Texas, along I20 ● Hirschbach: between Dallas and Laredo to support their customer Driscollʼs, the largest berry company globally ● One of the leading carriers in the U.S.: from their Phoenix facility Watch Video Aurora Driver traversing between Detmarʼs facility and Capital Sandʼs mining site along I20 20x hyperlapse)
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19 © 2026 | AURORA PROPRIETARY 185 Assumptions Today With Aurora Driver Trips / week 3 8 Revenue / mile1 $2.05 $2.05 Cost / mile $1.992 $1.843 Net Margin 3% 10% Distance: 1,000 miles Phoenix Fort Worth 1 Based on June 2025 DAT contract bidirectional lane pricing plus $0.42 avg processed fuel surcharge 2 American Transportation Research Institute, based on 2023 Operating Margin of Truckload Sector of 3% 3 Includes driver and fuel savings vs. a solo driver Illustrative End-to-End Case Study: 1 week comparison Estimated Revenue $ / truck Estimated Profit $ / truck $1,510 incremental profit 816% higher) per week Today With Aurora Driver With Aurora Driver 16,400 6,150 1,695 Today Carrier Perspective: The Aurora Driver has the potential to deliver significant revenue and profit growth
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20 © 2026 | AURORA PROPRIETARY Aurora Driver Indicative Roadmap to Scale Delivery Model Validated Weather Lanes Dallas - Houston Launch Lane) Northward ExpansionSunbelt Aurora Path to Gross Profit Path to Scale & Self-Funding Fleet Ownership Customer Terminal to Terminal First Customer Endpoints Unlocked Blended Endpoints and Terminals Fort Worth - El Paso Phoenix Laredo Validated Trailer Types Dry Van Refrigerated + Intermodal 2 28ʼ Optimal Rain & Heavy Wind Truck Platform Trucks Equipped with Aurora Driver Hardware and Redundant Systems Light Snow OEM Lineside Integration of Aurora Driver Hardware Hardware AUMOVIO Hardware Generation Start of Production Next Generation Hardware Produced by Contract ManufacturerCommercial Launch Hardware Generation Aurora Services Remote Assist 1Few Remote Assist 1Many On-Site Support: High On-Site Support: Low 2025 2026 2027 OWNERSHIP & DELIVERY MODEL PRODUCT CAPABILITY SCALING ENABLERS Predominantly Customer Commercial Launch
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21 © 2026 | AURORA PROPRIETARY We anticipate exiting 2026 with more than 200 driverless trucks (without a partner-requested observer) This anticipated exit rate translates to an approximately $80 million revenue run-rate for our Transportation as a Service business, establishing a powerful foundation for 2027 when we expect the DaaS model to commence $80M Revenue Run-Rate E
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22 © 2026 | AURORA PROPRIETARY Rapid lane penetration & expansion We are targeting breakeven gross margin on a run-rate basis exiting 2026 supported by: Cost reduction levers Revenue drivers Increased asset utilization Increased value creation Realization of remote assistance efficiencies Reduction in on-site support Introduction of second generation commercial hardware
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23 © 2026 | AURORA PROPRIETARY Under existing law and regulation, autonomous trucks can be deployed in the vast majority of U.S. states today Deployment permitted Testing permitted Autonomous trucking currently prohibited Driverless operation prohibited SOURCES: Venable; Aurora Analysis LAST UPDATED: 10/1/2025 Notes: * 25 states expressly allow and 14 states implicitly allow the driverless deployment of autonomous trucks * CA prohibits autonomous truck testing and deployment, but allows the testing and deployment of autonomous light vehicles. On April 25, 2025, CA released proposed regulations for the testing and deployment of autonomous trucks * LA allows autonomous truck deployment, but has no existing regulations regarding autonomous light vehicle deployment * KY allows autonomous light vehicle deployment and autonomous truck testing; the driverless deployment of autonomous trucks is allowed starting August 2026
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24 © 2026 | AURORA PROPRIETARY As the Aurora Driverʼs performance continues to improve, we expect to reduce remote assistance costs Remote Assistance Specialist to AV trucks ratio will significantly improve over time, driving down cost per mile Trucks Per Specialist Estimated Cost Per Mile - Remote Assistance $1.00 $0.75 $0.50 $0.25 $0.00 20 40 60 80 100
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25 © 2026 | AURORA PROPRIETARY We also expect this performance improvement to reduce the need for on-site support Estimated Cost Per Mile - On-Site Support Frequency of on-site support will decline over time, further reducing cost per mile 20,000 40,000 60,000 $1.00 $0.75 $0.50 $0.25 $0.00 Miles Between On-Site Support
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26 © 2026 | AURORA PROPRIETARY Our hardware strategy is designed to support our scaling and cost reduction objectives <100 >1,000 >10,000 Commercially Ready Launch Generation Second Generation Commercial Hardware Scalable Hardware as a Service Generation # of Trucks Designed for 1M miles, improved reliability, and assembly by contract manufacturer to support positive gross profit objective Hardware as a Service structure - Aurora pays for the hardware on per mile basis FirstLight Lidar on a chip
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27 © 2026 | AURORA PROPRIETARY Reduction in material costs and increased reliability enable the achievement of our targeted 50%+ cost reduction goal for our second generation commercial hardware kit Aurora Driver hardware cost efficiencies due to lower bill of materials (BOM) costs, increased useful life, and improved reliability Estimated Cost Per Mile First Commercial Gen Second Commercial Gen (Fabrinet) Hardware Third Commercial Gen (AUMOVIO)
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28 © 2026 | AURORA PROPRIETARY Our path to scale and self-funding is supported by our: OEM partnerships with Volvo Trucks and PACCAR AUMOVIO1 Hardware as a Service partnership Rapid lane expansion 1 In September 2025, Continental completed the spin-off of their automotive business, AUMOVIO
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29 © 2026 | AURORA PROPRIETARY Our strategic partnerships with two of the top four class 8 truck OEMs that collectively represent ~50% of the U.S. market are key scaling enablers1 40% 30% 13% 17% 0% 5% 10% 15% 20% 25% 30% 35% 40% Daimler PACCAR International Volvo Group 1 Statista Class 8 truck manufacturers' U.S market share Navistar rebranded as International), as of December 2022
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30 © 2026 | AURORA PROPRIETARY Our partnership with Volvo has entered the industrialization phase with the first Volvo VNL Autonomous trucks equipped with the Aurora Driver coming off the pilot line Watch Video Key Milestone: Establishes the manufacturing foundation necessary to produce autonomous trucks at large commercial scale. Once Volvo completes validation of the vehicle-level firmware necessary for driverless operations, we will integrate these trucks into our driverless fleet Lineside integration of the Aurora Driver hardware kit at Volvoʼs New River Valley, VA manufacturing facility
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31 © 2026 | AURORA PROPRIETARY 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 operations without a partner-requested observer. This third truck fleet fortifies our near-term capacity plan and supports our scaling objectives for 2026 This fleet will be based on the International® LT® Series vehicle while Aurora will perform all necessary upfit for driverless operations
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32 © 2026 | AURORA PROPRIETARY We entered a first-of-its-kind, long-term partnership with AUMOVIO to develop, manufacture, and service a commercially-scalable future 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 Hardware as a Service structure aligns with and supports our capital efficient, Driver as a Service business model and helps ensure incentives are fully aligned among AUMOVIO, Aurora, and our customers
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33 © 2026 | AURORA PROPRIETARY We further enhanced our ecosystem with a three-way partnership between Aurora, NVIDIA, and AUMOVIO, solidifying another key enabler to successfully deploy at scale NVIDIAʼs DRIVE Thor system-on-a-chip and DriveOS will be integrated into the Hardware as a Service generation of the Aurora Driver that AUMOVIO plans to mass-manufacture starting in 2027 We have now received computer samples from AUMOVIO with NVIDIAʼs DRIVE Thor system-on-a-chip production samples integrated, which we are now testing DRIVE Thor will be the core of the primary computer for the Aurora Driver which AUMOVIO is developing and will manufacture
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34 © 2026 | AURORA PROPRIETARY We expect the Aurora Driver to operate in a 50B VMT serviceable addressable market (SAM) by the start of 2028 Illustrative lane expansion given commercial, technical, and regulatory considerations 300 miles 17% 300600 miles 22% 6001,000 miles 19% 1,000 miles 42% ~50B VMT3 Length of Haul Breakdown2 600 miles exceeds hours of service restrictions and represents over 60% of the anticipated miles 1 There can be no assurance if or when our operations will expand into these markets 2 Based on Aurora truck flow analysis leveraging IHS and FHWA data for indicated lane coverage 3 Vehicle miles traveled Including California in our SAM would increase our estimated SAM to 60B VMT
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35 © 2026 | AURORA PROPRIETARY The Complete Aurora Driver Freight Ecosystem 1 Fabrinet or AUMOVIO* manufactures the Aurora Driver hardware 2 Ships hardware to upfitter or OEM 3 Upfitter or OEM installs hardware 4 Ships to customers 5 Customer utilizes Aurora Driver *Fabrinet is manufacturing our second generation commercial hardware kit and Aumovio is our Hardware as a Service partner for our third generation commercial hardware kit.
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36 © 2026 | AURORA PROPRIETARY Our Driver as a Service (DaaS) business model is highly capital efficient and aligns with our customersʼ needs 36
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37 © 2026 | AURORA PROPRIETARY TaaS Model DaaS Model Fleet Ownership & Operation Aurora Description Aurora provides full driverless freight service Revenue Fee per mile (total trucking cost) Costs borne by Aurora Variable: Remote assistance (fixed minimum, variable above minimum), on-site support, fuel, repair & maintenance, other i.e. insurance3 Fixed: Truck, Aurora Driver hardware cost, terminals, development and extension of Aurora Driver Build foundation through TaaS Prove the promise of the Aurora Driver, increase value for our customers, and demonstrate reliability in driverless operations Scale through DaaS Create a compelling value proposition for customers to assume asset ownership enabling a high-margin, capital efficient business model for Aurora 1 Cost allocations subject to change as we commercialize and further define sharing of costs with our partners 2 Aurora Driver hardware expected to be leased, with cost passed through to customer 3 Certain insurance costs may be borne by or split with our partners We launched the Aurora Driver in a Transportation as a Service (TaaS) Model and expect to transition to our Driver as a Service (DaaS) Model in 2027 Fleet Ownership & Operation Customer Description Aurora provides self-driving technology to a third-party fleet owner Revenue Fee per mile (driver cost) Costs borne by Aurora1 Variable: Aurora Driver hardware cost2, remote assistance, on-site support, other i.e. insurance3 Fixed: Development and extension of Aurora Driver
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38 © 2026 | AURORA PROPRIETARY Scalable growth through DaaS Our planned 2027 strategic transition DaaS represents a growing share of our total fleet DaaS drives mutual value for customers and Aurora ● DaaS dominates the sales mix, accelerated by our third generation commercial hardware launch with Aumovio ● A small TaaS fleet will be maintained for customer trialing and core development 1 2 TaaS DaaS Asset Owner Aurora Customer/Partner Customer Value Accessible Entry Point No upfront asset cost; guaranteed capacity and reliability. Direct Control Ownership of assets; maximum TCO savings. Aurora Value Validation Direct control over fleet performance and R&D feedback loops. Asset Light High-margin software revenue; faster scaling with minimal CapEx. Fleet Size TaaS DaaS Today 2027E 2028E TaaS fleet expected to be less than 500 trucks 1 2
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39 © 2026 | AURORA PROPRIETARY We expect the Aurora Driver to provide meaningful total cost of ownership (TCO) benefits for our customers More efficient and less variable driver costs Increased revenue per truck with potential to more than double asset utilization Better fuel economy Reduced insurance costs 39 © 2026 | AURORA PROPRIETARY
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40 © 2026 | AURORA PROPRIETARY Aurora DaaS Opportunity $2.26 Fuel $0.48 Truck/Trailer $0.39 Repair2 $0.25 Other3 $0.05 Human Driver Incl. Benefits $1.00 Insurance $0.10 Our product and pricing strategy are designed to drive a compelling value proposition versus existing alternatives 1 American Transportation Research Institute, Operational Costs of Trucking, 2025 Total does not sum due to rounding) 2 Includes Tires 3 Includes Tolls, Permits, & Licenses Current Trucking Cost Per Mile1
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41 © 2026 | AURORA PROPRIETARY Indicative DaaS pricing provides customer TCO benefit while supporting “SaaS” like gross margins Indicative DaaS Price: $0.85+ Trucking labor costs continue to rise 2014 2024 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 Cost Per Mile: Driver Wages & Benefits1 1 American Transportation Research Institute, Operational Costs of Trucking, 2025
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42 © 2026 | AURORA PROPRIETARY Under DaaS pricing, Aurora customers have an opportunity to achieve lower costs, with a more predictable and stable supply, versus todayʼs alternatives 1 American Transportation Research Institute, Operational Costs of Trucking, 2025 ● No driver sourcing or turnover costs ● No workers compensation ● No ongoing driver training ● Reduced driver management and driver services overhead In addition to savings versus traditional driver costs ($1.001), there are potential indirect cost reduction opportunities (est. $0.15):
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43 © 2026 | AURORA PROPRIETARY Our industry-defining technology © 2026 | AURORA PROPRIETARY43
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44 © 2026 | AURORA PROPRIETARY 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 running across the highway using its fusion of cameras, radar, and proprietary FirstLight Lidar, which prevented a potentially catastrophic outcome. Driving into intense sun glare, it maintains control where human drivers and cameras would falter. A high-speed motorcycle approaches from behind at night, and the Aurora Driver tracks it seamlessly. When approaching an accident scene in which lane markings are unclear, the system confidently navigates forward. And in the event of an incident, sensor data provides a clear, verifiable record, removing ambiguity for all stakeholders. This is the Aurora Driver — a solution with superhuman capabilities that we believe will redefine logistics Watch Video
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45 © 2026 | AURORA PROPRIETARY We are innovating throughout the self-driving stack LOCALIZATION PERCEPTION RADARCAMERALIDAR MAPS IMU ENCODERSGPS PLANNING CONTROL DRIVE-BY-WIRE HARDWARE SIMULATION 45 © 2026 | AURORA PROPRIETARY
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46 © 2026 | AURORA PROPRIETARY 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 solution to market AI is essential to the success of a self-driving system - it solves problems that rules-based approaches simply canʼt Ensuring “alignmentˮ of the AI system (getting it to do what you want it to versus something unpredictable and dangerous) is also critical for a safety-critical industry Combining the best of modern AI approaches with encoding the hard rules of the road as invariants accomplishes these objectives And importantly, this structure makes it possible to verify and explain to regulators, the public, and other stakeholders that the system is trustworthy
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47 © 2026 | AURORA PROPRIETARY We leverage AI to navigate complex and dynamic scenarios, but do not have to rely on hoping the system will learn the rules of the road 1 Driver Behavior Classification at Stop-Controlled Intersections Using Video-Based Trajectory Data Applying a guardrail to always come to a complete stop at a stop sign ensures the Aurora Driver complies with this driving rule despite few human drivers actually coming to a full stopRunning Through 37%33% 14%5% Real World Observations 11% Slow Down without Stop Rolling Stop Slight Rolling Stop Full Stop Aurora Driver required behavior AI excels at finding the optimal position in chaotic traffic, merging where there isn't always a clear "right answer" AI Example: Leveraging AI to safely and naturally change lanes on the highway Invariant Example: Encoding a rule of the road guardrail Distribution of Driving Behavior at Stop Signs1
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48 © 2026 | AURORA PROPRIETARY Our sensor suite combines multiple sensing modalities with our powerful FirstLight Lidar Camera Our cameras are made of automotive-grade sensor technology and custom lenses, allowing detection and classification at great distances. Lidar FirstLight is our custom frequency-modulated continuous wave FMCW long-range lidar that allows our trucks to travel safely at high speeds. Radar Our custom imaging radar sensors produce precise 3D images at greater range and resolution than traditional automotive radar. All modalities Different sensor modalities have different strengths and weaknesses; thus, incorporating multiple modalities drives orders of magnitude improvements in the reliability of the system. 48 © 2026 | AURORA PROPRIETARY
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49 © 2026 | AURORA PROPRIETARY Our FirstLight Lidar is engineered for the needs of highway driving Traditional lidarFirstLight lidar 100m 200m 300m 400m The ability to see at distance with both Lidar & Camera—is crucial to unlocking safe autonomous operation at high speed. FirstLight FMCW Lidar enables quicker reaction and longer range for safer, more capable driving. Long Range Performance Coherent light allows FirstLight to see more than twice as far as traditional lidar1 Interference Immunity Eliminates virtually all interference from sunlight and other sensors Simultaneous Range + Velocity Doppler effect provides high velocity precision at every point 1 Based on internal Aurora testing of lidar 49 © 2026 | AURORA PROPRIETARY
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50 © 2026 | AURORA PROPRIETARY Our next generation FirstLight Lidar doubles the maximum detection range versus our current generation and closest FMCW lidar competitor, advancing future performance and safety standards FirstLight range enables a substantial increase in time to react at highway speeds ● FirstLight's differentiation continues to increase, with our second commercial generation offering a further early detection advantage of 415 seconds (depending upon target size and reflectivity) versus the closest competing FMCW lidar technology FirstLight FMCW Competitor 320m 10% reflectance**) 500m (retro reflector) 250m 10% reflectance) 500m (retro reflector) 350m 10% reflectance**) 1000m (retro reflector) 400m 10% reflectance**) 1000m (retro reflector) Current Commercial Gen Second Commercial Gen Third Commercial Gen (** assuming 1 m wide target)
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51 © 2026 | AURORA PROPRIETARY STEP 4 Digest data, revise assumptions, iterate STEP 3 Deploy early prototypes on fleet STEP 2 Product requirements determined jointly with perception STEP 1 Fundamental technology Joint Optimization Developing long-range lidar in-house has many advantages There are significant challenges relying on externally-developed lidar ● Lack of clarity in vision and requirements ● Risk of being left out via exclusivity ● Tier 1s have long cycle times Aurora is internally developing its lidar to meet the needs of self-driving ● Rapid iteration and feedback ● Synchronized development with fleet ● Vertically integrated to ensure supply
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52 © 2026 | AURORA PROPRIETARY Auroraʼs Virtual Testing Suite (which includes simulation and data replay technologies) improves: ● Safety: Dramatically reduces the number of on-road miles needed to develop the Aurora Driver ● Efficiency: Auroraʼs motion planning simulation is meaningfully less expensive than on-road testing ● Speed: Auroraʼs Virtual Testing Suite can scale to continuously simulate the equivalent of over 125,000 trucks on the road. Aurora was able to simulate 2M+ unprotected left hand turns before testing that capability on public roads Our Virtual Testing Suite creates a paradigm shift in testing safety, efficiency, and speed
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53 © 2026 | AURORA PROPRIETARY We believe we have one of the strongest self-driving intellectual property positions ● 2,050+ awarded and pending patents worldwide1 ○ Continued strong pace of innovation with 226 patents awarded YTD ● Covering hardware and software including innovations in lidar, silicon photonics, simulation, perception, mapping, localization, safety, remote assistance, and other key areas of technical importance to self-driving vehicles We expect Aurora's innovations to support our path to scale 1 As of December 31, 2025, Aurora holds patents in Aurora Operations, Inc., as well as in UATC, LLC
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54 © 2026 | AURORA PROPRIETARY Aurora is in the pole position for autonomous trucking Strong balance sheet with sufficient liquidity to achieve positive free cash flow Only company with driverless commercial long-haul trucking operations on public roads in the U.S. Trucking is a massive market and the Aurora Driver can unlock tremendous value Only player with strategic partnerships to enable commercialization at scale Accelerating our first-mover advantage to reinforce our leadership position Driver as a Service (DaaS) business model supports anticipated capital efficient shareholder value creation
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55 © 2026 | AURORA PROPRIETARY Appendix 55 © 2026 | AURORA PROPRIETARY
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56 © 2026 | AURORA PROPRIETARY Historical Financial Summary (unaudited) $ in millions except per share data) Year Ended December 31, 2025 Year Ended December 31, 2024 Revenue $3 $ Cost of revenue 17 - Research and development 745 676 Selling, general and administrative 142 110 Loss from operations 901 786 Other income (expense): Change in fair value of derivative liabilities 29 24 Other income, net 56 62 Loss before income taxes 816 748 Income tax expense - - Net Loss $816 $748 Basic and diluted net loss per share - Class A and Class B $0.44 $0.46 Basic and diluted weighted-average shares outstanding - Class A and Class B 1,839 1,618
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57 © 2026 | AURORA PROPRIETARY Non-GAAP Financial Information (unaudited) $ in millions) December 31, 2025 December 31, 2024 Cash and cash equivalents $221 $211 Short-term investments 1,055 1,012 Long-term investments 183 - Total cash, cash equivalents, short-term investments & long-term investments $1,459 $1,223 $ in millions) Year Ended December 31, 2025 Year Ended December 31, 2024 Net Loss $816 $748 Depreciation and amortization 30 21 Stock-based compensation 188 144 Change in fair value of derivative liabilities 29 24 Other income, net 56 62 Adjusted EBITDA $683 $621 The following table reconciles our as reported U.S. GAAP net loss to Non-GAAP adjusted EBITDA Selected Balance Sheet Data (unaudited)
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58 © 2026 | AURORA PROPRIETARY 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 its evaluation of ongoing operations which allows investors to better evaluate our operating results. We define Adjusted EBITDA as net loss, the most directly comparable financial measure calculated in accordance with U.S. GAAP, adjusted to exclude the impacts of (i) income taxes, (ii) depreciation and amortization, (iii) stock-based compensation, (iv) changes in fair value of derivative liabilities, and (v) other non-operating income and expenses. We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as management. However, Adjusted EBITDA is not a financial measure calculated in accordance with U.S. GAAP and should not be considered as a substitute for or superior to net loss, operating loss, or any other operating performance measure, which are calculated in accordance with U.S. GAAP. Using any such financial measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant because they exclude significant expenses that are required by U.S. GAAP to be recorded in our financial measures. In addition, although other companies in our industry may report measures titled Adjusted EBITDA, such financial measures may be calculated differently from how we calculate such financial measures, which reduces their overall usefulness as comparative measures.
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59 © 2026 | AURORA PROPRIETARY