AUR Q1 2025 Earnings

Call Details

• Call Title: Aurora Innovation, Inc. Q1 2025 Earnings Call
• Date: May 8, 2025 at 9:00 PM UTC
• Management Team:
  • Stacy Feit (Vice President of Investor Relations)
  • Chris Urmson (Chief Executive Officer)
  • David Maday (Chief Financial Officer)
  • Sterling Anderson (Chief Product Officer)

Call Summary

Financial Performance

• First quarter 2025 operating expenses including stock-based compensation totaled $211M.
• Operating expenses excluding stock-based compensation totaled $177M in the quarter.
• R&D expenses excluding stock-based compensation totaled $153M and included $0.871M in pilot revenue that was up 22% quarter over quarter and 54% year over year.
• SG&A expenses excluding stock-based compensation totaled $24M for the quarter.
• The company used approximately $142M in operating cash during the first quarter.
• Capital expenditures totaled $8M in the quarter, which management described as meaningfully below the externally communicated target.
• The company reported ending the quarter with nearly $1.2B in cash and short-term investments, including $68M in net proceeds from issuing 10M shares via the ATM program.

Guidance

• Aurora expects quarterly cash use of $175M to $185M on average for the remainder of 2025.
• The firm now expects its liquidity to fund operations into the fourth quarter of 2026.
• Aurora expects to raise $650M to $850M prior to achieving positive free cash flow, which is anticipated in 2028.
• Driverless revenue began in April and will be reflected in second quarter results alongside continued pilot revenue.
• The company indicated it will retire development metrics such as the ARM and API and instead focus disclosure on driverless miles and revenue as evidence of commercial value.
• The firm stated it expects to be in the mid-single digits throughout 2025, as previously referenced on prior investor day commentary.