Financial Analysis

Commitments and Contingencies From time to time the Company may be party to various claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses the need to record a liability for litigation and loss contingencies. Reserve estimates are recorded when and if it is determined that a loss related to certain matters is both probable and reasonably estimable. No material loss contingencies were recorded in the three and six months ended June 30, 2026 and 2025.

CommitmentsAndContingenciesDisclosureTextBlock

Equity Incentive Plans The Company has outstanding awards granted under four equity compensation plans: the 2021 Equity Incentive Plan, as amended (the Plan), the Aurora Innovation, Inc. 2017 Equity Incentive Plan (the 2017 Plan), the Blackmore Sensors & Analytics, Inc. 2016 Equity Incentive Plan (the Blackmore Plan), and the OURS Technology Inc. 2017 Stock Incentive Plan, as amended (the OURS Plan). The Company assumed awards under the 2017 Plan, the Blackmore Plan and the OURS Plan to the extent such employees continued as employees of the Company. Under the Plan, equity-based compensation in the form of restricted stock units (RSUs), restricted stock awards, incentive stock options, non-qualified stock options, stock appreciation rights, and performance units may be granted to employees, officers, directors, consultants, and others. As of June 30, 2026, there were 309 million shares available for grant under the Plan. Stock-based Compensation Expense Stock-based compensation is allocated on a departmental basis, based on the classification of the option holder or grant recipient. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements and no material stock-based compensation has been capitalized as of June 30, 2026. Stock-based compensation in cost of revenue was not significant in the three and six months ended June 30, 2026. Total stock-based compensation expense by function was as follows (in millions): Th …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain office facilities and warehouses under non-cancelable operating lease agreements that expire through 2035. Rent expense under operating leases was $6 million and $7 million in the three months ended June 30, 2026 and 2025, respectively, and $13 million and $14 million in the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Companys operating leases had a weighted average remaining lease term of 5.2 years and a weighted average discount rate of 7.9%. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses, which requires annual and interim disclosure of disaggregated disclosures of certain costs and expenses on the income statement. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Amendments are applied on a prospective basis with retrospective application permitted. The Company is currently evaluating the impact of this guidance. In September 2025, the FASB issued Accounting Standards Update 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which modernizes and simplifies the guidance for capitalizing costs related to internal-use software by removing the stage-based approach and aligning the disclosure requirements with those for other long-lived assets. The standard is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied prospectively or using a modified retrospective approach. The Company is currently evaluating the impact of this guidance.

NewAccountingPronouncementsPolicyPolicyTextBlock

Revenue The Company generates revenue by providing transportation services for customers from an origin to a destination of the shipment. The Company and its customers enter into transportation service agreements that establish the terms, including prices, under which orders to purchase transportation services may be placed. When an agreement includes enforceable terms and conditions over a specified period, it is considered a contract, as it establishes enforceable rights and obligations. Substantially all of the Companys contracts with its customers are for a single performance obligation of providing self-driving and other transportation services, with the transaction price determined on a per mile rate basis, or a comparable pricing mechanism. The transaction price may be defined in a transportation services agreement or negotiated with the customer prior to accepting the shipment order. The Company recognizes revenue on its transportation services as goods are transported from the origin to the destination utilizing an over time model as the services are provided. The Company has an unconditional right to consideration from the customer in an amount that corresponds directly with the value of its performance, and as such the Company recognizes revenue in the amount to which the Company has a right to invoice the customer, when applicable. Invoices are generally due 30 days after the invoice date. Receivables are recorded for the unconditional right to consideration when …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment The Company has one reportable segment managed on a consolidated basis by the Chief Executive Officer (CEO) who is the chief operating decision maker (CODM). In identifying one reportable segment, the Company considered the basis of organization for the continued development of the Aurora Driver, an advanced and scalable suite of self-driving hardware, software and data services designed as a platform to adapt and interoperate amongst vehicle types and applications. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as consolidated total assets. The CODM allocates resources and evaluates performance based on net loss, which is the Companys measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the companys resources. The components of segment profit or loss were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 2 $ 1 $ 3 $ 1 Less: Cost of revenue 7 5 12 5 Personnel expenses 122 112 247 227 Other operating expenses 79 59 148 121 Other segment items (a) 64 26 89 57 Net loss $ (270) $ (201) $ (493) $ (409) (a) Other segment it …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Preferred Stock The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at June 30, 2026 and December 31, 2025. Common Stock The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stockholders are entitled to one vote for each share and Class B common stockholders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). The Company had 1,702 million and 1,625 million shares of Class A common stock issued and outstanding at June 30, 2026 and December 31, 2025, respectively. The Company had 296 million and 318 million shares of Class B common stock issued and outstanding at June 30, 2026 and December 31, 2025, respectively. At-The-Market Offering On February 14, 2025, the Company entered into a sales agreement with Cantor Fitzgerald & Co., TD Securities (USA) LLC, and Allen & Company LLC (the Sales Agents) pursuant to which the Company may offer and sell, from time to time and at its sole discretion, up to an aggregate amount of $500 million of the Co …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing