Aurora Innovation Inc (AUR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Aurora second quarter 2025 business review call.

您好，歡迎參加 Aurora 2025 年第二季業務回顧電話會議。

The shareholder letter was also furnished with our Form 8-K filed today with the SEC. On the call with me today are Chris Urmson, Co-Founder and CEO; and David Maday, CFO. Chris will provide an update on the progress we have made across the key pillars of our business, and David will recap our second quarter financial results. We'll then open the call for 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.

這封給股東的信函也附在我們今天向美國證券交易委員會提交的 8-K 表格中。今天與我一起通話的還有共同創辦人兼執行長 Chris Urmson 和財務長 David Maday。克里斯將介紹我們在業務關鍵支柱方面取得的進展，大衛將回顧我們第二季度的財務表現。然後我們將開始問答環節。本次電話會議的錄音將在會議結束後不久在我們的投資者關係網站 ir.aurora.tech 上提供。

I'd like to take an 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, 2024.

我想藉此機會提醒您，在電話會議期間，我們將做出前瞻性陳述。這些聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與本次電話會議中表達、預測或暗示的結果有重大差異。特別是我們在截至 2024 年 12 月 31 日的年度報告 10-K 表格中所述的風險因素。

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 June 30, 2025. You should not rely on our forward-looking statements as predictions of future events.

以及向美國證券交易委員會提交的其他文件以及我們業務、市場和經濟目前的不確定性和不可預測性。更多資訊也將列示在我們截至 2025 年 6 月 30 日的 10-Q 表格季度報告中。您不應依賴我們的前瞻性陳述來預測未來事件。

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.

我們在本次電話會議上所做的所有前瞻性陳述均基於截至本電話會議之日的假設和信念，Aurora 不承擔更新任何前瞻性聲明的義務，除非法律要求。我們今天的討論可能包括非公認會計準則財務指標。這些非 GAAP 指標應被視為對我們的 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。

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 8-K 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.

有關我們非公認會計準則 (non-GAAP) 財務績效的資訊（包括我們的歷史 GAAP 與非 GAAP 業績的對帳表），可在我們今天向美國證券交易委員會 (SEC) 提交的 8-K 表格中提供的股東信函中找到，也可在我們的投資者關係網站上找到。我們今天的討論也可能涉及前瞻性自由現金流，這是一種非公認會計準則財務指標。

To the extent that these forward-looking financial measures provide 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.

由於預測和量化此類調整所需的某些金額本身存在困難，因此這些前瞻性財務指標以非 GAAP 基礎呈現，且不進行調整。

With that, I'll now turn the call over to Chris.

說完這些，我現在將電話轉給克里斯。

Thanks, Stacy. The second quarter marked a pivotal moment in transportation history. Aurora opened a new chapter with the launch of the first driverless commercial trucking operations on public roads in the US. From commercial launch at the end of April through the end of June, the Aurora Driver already locked more than 20,000 safe driverless miles. And just last week, we completed the validation and began driverless operation at night, which materially increases utilization potential of our self-driving trucks.

謝謝，史黛西。第二季度是交通運輸史上的關鍵時刻。隨著美國首次在公共道路上開展無人駕駛商業卡車運輸業務，Aurora 開啟了新的篇章。從 4 月底商業發佈到 6 月底，Aurora Driver 已經鎖定了超過 20,000 英里的安全無人駕駛里程。就在上週，我們完成了驗證並開始夜間無人駕駛運行，這大大提高了我們的自動駕駛卡車的使用潛力。

This unlocks a game-changing component of the Aurora Driver's value proposition. This progress propels Aurora and the freight industry into a new era. We're executing our crawl, walk, run approach to driverless operations, ensuring a seamless product experience that delivers undeniable value to our customers and deepens trust across our stakeholders.

這解鎖了 Aurora Driver 價值主張中改變遊戲規則的組成部分。這項進步推動了 Aurora 和貨運業進入一個新時代。我們正在實施無人駕駛操作的爬行、行走、運行方法，確保無縫的產品體驗，為我們的客戶提供不可否認的價值，並加深對利害關係人的信任。

We started with one truck and as earlier this month, now have three driverless trucks operating between Dallas and Houston. During the second quarter, our driverless trucks had already driven the equivalent of more than eight coast-to-coast trips. Importantly, we've maintained nearly 100% on-time performance, operating courteously with the flow of traffic while upholding our perfect safety record.

我們從一輛卡車開始，到本月初，已經有三輛無人駕駛卡車在達拉斯和休士頓之間運作。在第二季度，我們的無人駕駛卡車已經完成了相當於八次以上的橫跨美國東西海岸的行程。重要的是，我們保持了近 100% 的準點率，在保持完美安全記錄的同時，禮貌地順應交通流量。

And while we added a front seat observer at the request of a partner, given certain prototype parts in their base vehicle, it's crucial to note that the Aurora Driver remains fully responsible for all driving tasks with no interventions needed. This performance continues to prove the advanced capabilities and safety of the Aurora Driver.

雖然我們應合作夥伴的要求增加了一名前排觀察員，但考慮到他們的基礎車輛中某些原型部件，必須注意的是，Aurora 駕駛員仍然對所有駕駛任務負全部責任，無需幹預。這一表現再次證明了Aurora Driver的先進性能和安全性。

To provide a window into this progress, we'll be showcasing the Aurora Driver in action during this initial phase of our operations via Aurora Driver Live. You can access the live stream via the link on page 4 of our presentation or via the live tab on our YouTube channel at Aurora Driver. There, you'll see our driverless trucks traversing the route between Dallas and Houston, demonstrating the safety, reliability and growing maturity of the Aurora Driver.

為了讓人們了解這項進展，我們將在營運的初始階段透過 Aurora Driver Live 展示 Aurora Driver 的實際運作情況。您可以透過我們簡報第 4 頁上的連結或透過 Aurora Driver 上的 YouTube 頻道上的直播標籤存取直播。在那裡，您將看到我們的無人駕駛卡車穿越達拉斯和休士頓之間的路線，展示 Aurora Driver 的安全性、可靠性和日益成熟度。

This special series builds on our commitment to industry-leading transparency offering a first-of-its-kind glimpse into the future of freight transportation. As we continue to prove the promise of the Aurora Driver, we're now focused on increasing customer value to become an essential partner in the freight industry. With validation of night driverless operations just three months after launch, we're now operating driverless trucks day and night. This more than doubles truck utilization potential.

這個特別系列以我們對行業領先透明度的承諾為基礎，首次讓人們一窺貨運的未來。隨著我們不斷證明 Aurora Driver 的承諾，我們現在專注於提高客戶價值，成為貨運業的重要合作夥伴。在推出僅三個月後就通過了夜間無人駕駛運行的驗證，現在我們的無人駕駛卡車可以晝夜不停地運行。這使卡車的利用潛力增加了一倍以上。

Check out the video on page 7, which showcases the Aurora Driver's superhuman perception and distinct safety advantage during nighttime operations. With this core capability in place earlier than anticipated, our team is now working to validate driverless operations in more challenging weather conditions by the end of the year. And at that point, we expect the Aurora Driver will be capable of handling almost all observed weather conditions in the Sunbelt.

觀看第 7 頁的視頻，其中展示了 Aurora Driver 在夜間操作中的超人感知能力和獨特的安全優勢。由於這項核心能力比預期更早到位，我們的團隊目前正在努力在今年年底前驗證在更具挑戰性的天氣條件下的無人駕駛操作。到那時，我們預計 Aurora Driver 將能夠應對陽光地帶幾乎所有觀察到的天氣狀況。

In addition, our lane expansion plan remains on track. We expect to validate driverless operations between Fort Worth and El Paso and further extension of this lane to Phoenix by the end of the year. We opened our terminal in Phoenix in June and now have two customers: Werner and Hirschbach, piloting autonomous trucking on the Fort Worth, Phoenix Lane.

此外，我們的車道擴展計劃仍在按計劃進行。我們預計在今年年底前驗證沃斯堡和埃爾帕索之間的無人駕駛運營，並將該線路進一步延伸至鳳凰城。我們於 6 月在鳳凰城開設了我們的終端，現在有兩個客戶：Werner 和 Hirschbach，他們在沃斯堡鳳凰巷試行自動駕駛卡車。

Notably, Hirschbach is already leveraging our full network to maximize value for its operations with loads traveling from Houston to Dallas to El Paso and on to Phoenix. Self-driving trucks have the potential to cut single-driver transit time in half on the Fort Worth-Phoenix route, a lane that exceeds hours of service limitations for traditional truck drivers.

值得注意的是，赫希巴赫已經利用我們的整個網路來最大化其營運價值，貨物從休士頓運往達拉斯、埃爾帕索，再運往菲尼克斯。自動駕駛卡車有可能將沃斯堡至鳳凰城路線上單人駕駛的運輸時間縮短一半，這條路線的服務時間超過了傳統卡車司機的服務限制時間。

This is a powerful use case that demonstrates how expanding driverless operations can unlock significant value for our freight customers. We've included a case study on page 10 of the presentation to quantify the significant revenue and profit growth a carrier could generate through the adoption of the Aurora Driver on the Fort Worth to Phoenix Lane.

這是一個強大的用例，展示瞭如何擴大無人駕駛營運才能為我們的貨運客戶釋放巨大的價值。我們在簡報的第 10 頁加入了一個案例研究，以量化營運商透過在沃斯堡至鳳凰巷採用 Aurora Driver 可以產生的顯著收入和利潤成長。

Also note, our terminal in Phoenix represents an infrastructure-light approach with a design that closely resembles how Aurora will integrate with future customer endpoints and optimize for speed to market. This is an important evolution to enable our plan to deliver freight directly to customer endpoints. With the Aurora Driver now regularly pulling driverless loads for customers, we're operating from a fundamentally stronger position.

還要注意的是，我們在鳳凰城的終端代表了一種輕量基礎設施方法，其設計與 Aurora 如何與未來的客戶端整合並優化上市速度非常相似。這是一個重要的進步，使我們的計劃能夠將貨物直接運送到客戶終端。現在，Aurora Driver 定期為客戶運送無人駕駛貨物，我們的營運地位從根本上變得更加強大。

For years, we've been building relationships and educating partners about the promise of our technology. Today, we're no longer selling an idea; we're delivering a real product that will ultimately transform our customers' businesses. We're seeing qualified leads surge to support our scaling ambitions in 2026 and 2027.

多年來，我們一直致力於建立關係並向合作夥伴宣傳我們技術的前景。今天，我們不再銷售創意；我們提供的是最終將改變客戶業務的真正產品。我們看到合格的潛在客戶數量激增，以支持我們 2026 年和 2027 年的擴展目標。

We believe this reflects the growing recognition of Aurora's leadership in autonomous trucking and the urgency our customers feel to integrate safer, more efficient driverless trucks into their operations. Our technology addresses structural challenges that plague the freight industry, including an aging workforce, systemic driver shortages, hours of service constraints, and rising labor costs, which were recently cited at approximately $1 per mile by the American Transportation Research Institute.

我們相信，這反映了人們對 Aurora 在自動駕駛卡車領域的領導地位的日益認可，以及我們的客戶迫切希望將更安全、更有效率的無人駕駛卡車融入其營運中。我們的技術解決了困擾貨運行業的結構性挑戰，包括勞動力老化、系統性司機短缺、服務時間限制以及勞動力成本上升，美國運輸研究所最近指出勞動力成本約為每英里 1 美元。

By integrating the Aurora Driver, carriers and private fleets have the potential to supplement their traditional drivers to haul more freight, boosting revenue and expanding margins. We believe this will also create new opportunities for their employees to advance in high-growth careers. We are proactively building this future workforce through partnerships with organizations like On The Road Garage, a leader in workforce development.

透過整合 Aurora Driver，承運商和私人車隊有可能補充其傳統司機以運輸更多貨物，從而增加收入並擴大利潤率。我們相信這也將為他們的員工在高成長職業中取得進步創造新的機會。我們正在透過與勞動力發展領域的領導者 On The Road Garage 等組織合作，積極打造未來的勞動力。

Together, we've launched an apprenticeship and upscaling initiative designed to prepare technicians for the unique demands of autonomous vehicles. Trainees gain expertise in AV terminal operations, advanced diagnostics, calibration and maintenance of complex systems like LiDAR, radar and redundant vehicle controls.

我們共同發起了一項學徒和升級計劃，旨在讓技術人員為自動駕駛汽車的獨特需求做好準備。學員將獲得 AV 終端操作、高級診斷、校準和維護複雜系統（如 LiDAR、雷達和冗餘車輛控制）的專業知識。

Initiatives like this will create pathways to future-ready careers and help support the long-term operational demands of autonomous freight. Rising insurance costs, which have increased 7.5% annually over the last five years, present another structural challenge. The prevalence of nuclear verdicts in the freight industry are a key contributor to this trend.

此類舉措將為未來的職業發展開闢道路，並有助於支持自動貨運的長期營運需求。保險成本不斷上漲，過去五年每年上漲 7.5%，這帶來了另一個結構性挑戰。貨運業中核子裁決的盛行是造成這一趨勢的關鍵因素。

The Aurora Driver offers a powerful way to derisk operations in this environment. The Aurora Driver never gets distracted or fatigued and has superhuman capabilities with a 360-degree view of its surroundings and unlimited span of attention. Furthermore, the Aurora Driver's rich data can support more accurate fault attribution and accelerate claims resolution.

Aurora Driver 提供了一種強大的方法來降低這種環境下的營運風險。Aurora Driver 永遠不會分心或疲勞，並且具有超人的能力，可以 360 度觀察周圍環境，注意力持續時間不受限制。此外，Aurora Driver 豐富的數據可以支援更準確的故障歸因並加快索賠解決速度。

We believe this will be groundbreaking for an industry grappling with persistently rising insurance costs and will pave the way for safer roads as well as a more resilient cost-effective freight network. As we work to unlock these benefits for our customers, we continue to advance the key enablers that will support our path to scale and self-funding.

我們相信，這對於正在努力應對持續上漲的保險成本的行業來說將具有開創性意義，並將為更安全的道路以及更具彈性和成本效益的貨運網絡鋪平道路。在我們努力為客戶釋放這些利益的同時，我們將繼續推動支持我們實現規模化和自籌資金的關鍵推動因素。

On the hardware front, our teams continue to work on our second and third generation commercial hardware kits to support our scaling and profitability ambitions. We expect our second-generation kit to drive a step function reduction in our hardware costs, which is a critical milestone on our path to self-funding.

在硬體方面，我們的團隊繼續致力於第二代和第三代商用硬體套件，以支援我們的擴展和獲利目標。我們期望第二代套件能夠大幅降低我們的硬體成本，這是我們自籌資金道路上的重要里程碑。

Following receipt of B-samples for testing from our contract manufacturer, Fabrinet, we have now completed the first vehicle build with this prototype kit and will begin on-road data collection for testing in the coming weeks. We also continue to make great progress with Continental on our third-generation commercial hardware kit that we believe will unlock true scale on the order of tens of thousands of trucks.

在收到來自我們的合約製造商 Fabrinet 的 B 樣品進行測試後，我們現在已經完成了使用該原型套件製造的第一輛車，並將在未來幾週內開始收集道路數據進行測試。我們也與大陸集團合作，在第三代商用硬體套件方面取得了巨大進展，我們相信這將真正實現數萬輛卡車的規模。

As they highlighted at the recent Capital Markets Day, Continental is energized by our commercial launch and continues to believe this hardware-as-a-service partnership can generate a high-margin multibillion-dollar recurring revenue stream for them. They have begun delivering A-samples of a hardware -- a number of hardware components to support embedded firmware and software development.

正如他們在最近的資本市場日上所強調的那樣，大陸集團對我們的商業發布感到充滿活力，並繼續相信這種硬體即服務的合作夥伴關係可以為他們創造數十億美元的高利潤經常性收入流。他們已經開始提供硬體的 A 樣品——一些硬體組件來支援嵌入式韌體和軟體開發。

And earlier this month, the Aurora and Continental teams achieved a key milestone by finalizing the design of the integrated sensor pods and the Aurora Driver compute module. We expect to receive our first complete prototype of the Continental generation hardware kit by the end of the year to begin engineering validation testing.

本月初，Aurora 和 Continental 團隊完成了整合感測器艙和 Aurora Driver 運算模組的設計，取得了重要的里程碑。我們預計在今年年底前收到大陸一代硬體套件的第一個完整原型，以開始工程驗證測試。

We also continue to make great progress with our OEM partners on purpose-built self-driving platforms designed for high-volume production. We recently received the latest pedigree of Volvo VNL Autonomous trucks and integrated the Aurora Driver for on-road autonomy testing in preparation for driverless operations.

我們也繼續與 OEM 合作夥伴一起在專為大批量生產而設計的自動駕駛平台方面取得巨大進展。我們最近收到了沃爾沃 VNL 自動駕駛卡車的最新血統，並整合了 Aurora Driver 進行道路自動駕駛測試，為無人駕駛操作做準備。

We expect to receive 20 of these trucks by the end of the year. And PACCAR recently completed the build of the first prototypes of their scalable autonomy-enabled truck platform. These trucks are now undergoing testing at their facilities. On the regulatory front, earlier this month, US Representative Vince Fong of California introduced the AMERICA DRIVES Act, a landmark piece of legislation to establish a federal framework specifically for self-driving trucks.

我們預計今年年底將收到 20 輛這樣的卡車。PACCAR 最近完成了其可擴展自主卡車平台的首批原型的建造。這些卡車目前正在其設施內接受測試。在監管方面，本月早些時候，美國加州眾議員文斯方 (Vince Fong) 提出了《美國駕駛法案》，這是一項具有里程碑意義的立法，旨在為自動駕駛卡車建立專門的聯邦框架。

The legislation would provide federal preemption of any state laws requiring a traditional driver in the commercial vehicle. It would also modernize safety protocols by codifying that a flashing, cab-mounted warning beacon may be used instead of traditional warning devices like reflective triangles for disabled commercial vehicles. This is consistent with our proposal.

該立法將賦予聯邦政府優先於任何要求商用車輛配備傳統駕駛員的州法律的權利。它還將透過規定使用安裝在駕駛室的閃爍警告燈來取代傳統的警告裝置（如用於故障商用車輛的反光三角形），從而使安全協議現代化。這與我們的提議一致。

We believe this proposed legislation will solidify the United States position as a leader in autonomous technology. We're encouraged by this momentum, and we'll continue to work with policymakers to help realize the immense safety and economic benefits of autonomous trucking. With an already supportive regulatory backdrop, the combination of the Aurora Driver and our partnerships creates a flywheel that delivers value across the entire ecosystem.

我們相信這項擬議的立法將鞏固美國在自主技術領域的領先地位。這一勢頭令我們感到鼓舞，我們將繼續與政策制定者合作，幫助實現自動駕駛卡車的巨大安全和經濟效益。在已經具有支持性的監管背景下，Aurora Driver 與我們的合作夥伴關係相結合，創造了一個為整個生態系統帶來價值的飛輪。

As you can see on page 13 of the presentation, as our fleet grows, it generates more data, which accelerates capability expansion and drives adoption. Larger production volumes drive down the cost of self-driving hardware, increasing profitability and further accelerate adoption. Large fleets cover more of the road network, increasing the network benefit they provide, thereby driving further adoption.

正如您在簡報的第 13 頁所看到的，隨著我們車隊的成長，它會產生更多的數據，從而加速能力擴展並推動採用。更大的產量降低了自動駕駛硬體的成本，提高了盈利能力並進一步加速了採用。大型車隊涵蓋了更多的道路網絡，增加了它們提供的網路效益，從而推動了進一步的採用。

We completed the monumental task of turning the crank for the first time, and that first turn is always the most difficult. The full significance of our commercial launch will become abundantly clear as our progress accelerates. With our powerful mutually reinforcing flywheels now in motion, we're confident that the progress we're making will be difficult to replicate and will translate into significant long-term value for the motoring public, customers and our shareholders.

我們完成了第一次轉動曲柄的艱鉅任務，而第一次轉動總是最困難的。隨著我們進展的加快，我們商業發布的全部意義將變得更加清晰。隨著我們強大的、相互增強的飛輪開始運轉，我們相信，我們所取得的進步將難以複製，並將為駕駛公眾、客戶和股東帶來重大的長期價值。

With that, I'll now pass it to Dave who will review our financial results.

有了這些，我現在將其交給戴夫，他將審查我們的財務結果。

Thank you, Chris. Let's discuss our financial results for which we have provided a summary on page 10 of the slide deck for reference. With the launch of driverless operations during the second quarter of 2025, we began recognizing revenue, which totaled $1 million across driverless and vehicle operator supervised commercial loads for Hirschbach, Uber Freight, Werner, FedEx, Schneider and Volvo Autonomous Solutions, among others.

謝謝你，克里斯。讓我們討論一下我們的財務結果，我們在投影片的第 10 頁提供了摘要以供參考。隨著 2025 年第二季無人駕駛業務的啟動，我們開始確認收入，其中包括 Hirschbach、Uber Freight、Werner、FedEx、Schneider 和 Volvo Autonomous Solutions 等公司的無人駕駛和車輛操作員監督的商業負載總計 100 萬美元。

The Aurora Driver achieved a record number of commercial miles driven during the quarter. Second quarter 2025 operating loss, including stock-based compensation, totaled $230 million, excluding stock-based comp of $55 million. R&D totaled $146 million, SG&A was $25 million and cost of revenue was $5 million. We used approximately $144 million in operating cash during the second quarter.

本季度，Aurora Driver 的商業行駛里程創下了紀錄。2025 年第二季營運虧損（含股票薪酬）總計 2.3 億美元，不包括股票薪酬 5,500 萬美元。研發總計 1.46 億美元，銷售、一般及行政費用為 2,500 萬美元，收入成本為 500 萬美元。我們在第二季使用了約 1.44 億美元的營運現金。

Capital expenditures totaled $7 million. This cash spend was meaningfully below our externally communicated target reflecting continued strong fiscal discipline. During the second quarter, we issued 57 million shares of Class A common stock through our at-the-market program for net proceeds of $331 million. We used $44 million of the net proceeds to fund the tax liability associated with the vesting of our employees restricted stock units during the second quarter.

資本支出總計700萬美元。這項現金支出明顯低於我們對外傳達的目標，反映出我們持續嚴格的財政紀律。第二季度，我們透過市場發行計畫發行了 5,700 萬股 A​​ 類普通股，淨收益為 3.31 億美元。我們使用了 4,400 萬美元的淨收益來支付第二季與員工限制性股票單位歸屬相關的稅務責任。

In turn, we ended the second quarter with a very strong balance sheet, including increased liquidity of $1.3 billion in cash and short-term investments. With this additional capital as well as efficiencies we found in the business and cash preservation decisions we have made, we now expect this liquidity to fund our operations into the second quarter of 2027.

反過來，我們在第二季結束時擁有非常強勁的資產負債表，包括增加 13 億美元的現金和短期投資流動性。憑藉這些額外的資本以及我們在業務和現金保留決策中發現的效率，我們現在預計這些流動資金將為我們的營運提供資金，直至 2027 年第二季。

In our continued opportunistic approach to fundraising, we are expanding our at-the-market program as it has proven to be an effective and efficient mechanism. The additional capacity can support future fundraising as well as funding of tax liabilities associated with the vesting of our employee RSUs over time. For the remainder of 2025, we continue to expect quarterly cash use of $175 million to $185 million on average.

當我們持續採取機會主義的籌款方式時，我們正在擴大我們的市場計劃，因為它已被證明是一種有效且高效的機制。額外的容量可以支持未來的籌款以及與我們員工 RSU 歸屬相關的稅務責任的資金。對於 2025 年剩餘時間，我們預計平均每季現金使用量仍為 1.75 億至 1.85 億美元。

This reflects an increase in capital expenditures and continued development of our new hardware programs, as we prepare to scale our business. For the balance of the year, we will continue to focus on expanding our driverless operations as well as key cost reduction levers to support achieving our initial scaling and profitability ambitions.

這反映了我們準備擴大業務規模，資本支出增加，新硬體項目持續發展。在今年餘下的時間裡，我們將繼續專注於擴大我們的無人駕駛業務以及關鍵的成本削減手段，以支持實現我們最初的規模和盈利目標。

With that, we'll now open the call to Q&A.

有了這些，我們現在開始問答環節。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員指示）George Gianarikas，Canaccord Genuity。

I wanted to ask about the Volvo Trucks. In your press release, you said you expect to receive 20 of the trucks by the end of the year. Do you expect to be operating those trucks, and do you expect them to have an observer in them when they launch?

我想詢問有關沃爾沃卡車的問題。你們在新聞稿中表示，預計今年底將收到 20 輛卡車。您是否希望操作這些卡車？您是否希望在發射時有一名觀察員在車內？

Yes. Thanks, George. So yes, we expect those trucks to be here by the end of the year. We're going to initially using those for development and bring up. So no, we don't expect to be operating those without an observer by the end of the year. We'll be -- we're continuing to work closely with Volvo, and we'll wait for them to be comfortable announcing the timeline for us to launch initially with them driverlessly.

是的。謝謝，喬治。是的，我們預計這些卡車將於今年底到達這裡。我們最初將使用它們進行開發和提升。所以，我們預計今年底前不會在沒有觀察員的情況下進行這些行動。我們將繼續與沃爾沃密切合作，等待他們願意宣布我們與他們合作推出無人駕駛技術的時間表。

And maybe just as a follow-up on commercial momentum. I mean since your launch a couple -- few months ago, have you seen additional incoming interest from other commercial partners that may be interested in expanding their service with you or maybe even launching?

或許只是作為商業動能的後續行動。我的意思是，自從幾個月前推出以來，您是否看到其他商業合作夥伴的更多興趣，他們可能有興趣與您一起擴展他們的服務，甚至可能推出服務？

Yes. It's actually been really exciting. I talk about it is, we've gone from selling the promise and the belief into selling the real thing and that's shown up in our sales funnel. We're having lots of exciting conversations with carriers and fleet operators. And so we don't have more we can share today, but the excitement is real. And I think people get the transformational impact this can have on their business, whether it's improving the safety of their fleet or improving both the bottom line and top line. So yes, I think people get it.

是的。這確實非常令人興奮。我談論的是，我們已經從銷售承諾和信念轉變為銷售真實的東西，這體現在我們的銷售管道中。我們正在與承運商和車隊營運商進行許多令人興奮的對話。因此，我們今天無法分享更多信息，但興奮之情是真實的。我認為人們會意識到這會對他們的業務產生變革性的影響，無論是提高車隊的安全性還是提高底線和頂線。是的，我認為人們明白了。

Colin Rusch, Oppenheimer.

科林·拉什，奧本海默。

Can you talk a little bit about the early returns around the wind and rain performance, and how you're tracking and evolving that functionality? And what we can be looking at as you guys continue to work on that part of the business?

您能否談談風雨性能的早期回報，以及您如何追蹤和發展該功能？當你們繼續致力於這部分業務時，我們可以專注於什麼？

Yes. Thanks, Colin. I think just candidly, I think if we put you in the truck today driving in the rain, you'd ask us why we haven't launched it yet, right? The operation and capability of it is very good. It behaves well on the road. And really, it's about the fact that we just put safety first and foremost that we want to go through the process of really thoroughly validating, refining anything that we identify through that validation process and just having the utmost confidence that when we declare something driverless and operate it as such that I put my family out on the road and you'd feel comfortable with your family out of the road around it.

是的。謝謝，科林。坦白說，如果我們今天讓你坐在卡車上在雨中行駛，你會問我們為什麼還沒有推出它，對嗎？它的操作和能力非常好。它在路上表現良好。事實上，我們把安全放在第一位，我們希望透過徹底的驗證過程，改善我們在驗證過程中發現的任何事物，並抱有最大的信心，當我們宣布某種無人駕駛汽車並以此方式運營時，當我讓我的家人上路時，你會感到安心，讓你的家人遠離道路。

So it works well today. We're continuing to work towards the time frame we've laid out by the end of the year. And it's exciting to see the crank that we've talked about this machine for validating and releasing software turning over in the way we'd hoped and continue to be able to do that faster and faster.

所以今天它運作良好。我們將繼續努力，實現我們在今年年底前製定的時間表。令人興奮的是，我們看到這個用於驗證和發佈軟體的機器正在按照我們所希望的方式運轉，並且能夠越來越快地完成這項工作。

And then looking at the FMCW technology and the manufacturing of it, can you talk a little bit about where you're at with yields with your manufacturing partners? And how we should think about the potential cadence for cost reduction on that, as you guys get closer to a higher volume launch?

然後看看 FMCW 技術及其製造，您能否談談您與製造合作夥伴的產量？當你們越來越接近更大批量的發佈時，我們應該如何考慮降低成本的潛在節奏？

Yes. So as we've talked about, there's -- we can talk about two different dimensions. So one is we see significant steps in cost as we move from building and manufacturing and assembling in-house to moving to Fabrinet as our contract manufacturer and then moving to the hardware-as-a-service partnership we have with Continental. And each one of those generations is going to drive discrete cost downs.

是的。正如我們所討論的，我們可以討論兩個不同的維度。因此，首先，隨著我們從內部建造、製造和組裝轉向使用 Fabrinet 作為我們的合約製造商，然後轉向與大陸集團建立硬體即服務合作夥伴關係，我們看到成本取得了顯著的進步。每一代產品都會帶來成本的下降。

One of the big reasons why we're so excited about working with Continental for the long term, it's just they really understand how to deliver automotive quality hardware at scale, on time and do that with high-quality yields. And so that process is all moving along well. The working relationship is strong, and we feel very good about that.

我們之所以對與大陸集團長期合作感到如此興奮，其中一個重要原因是，他們真正懂得如何按時大規模地交付汽車質量硬件，並且保證高質量的收益。所以整個過程進展順利。我們之間的工作關係非常牢固，對此我們感到非常高興。

In the specific case of the FMCW LiDAR, we've talked in the past about moving from discrete optical components, which is what our systems have today, to LiDAR and chip, which is what we're bringing up already today. And this is a place where we've been investing for the last several years, not just in the design of the optics, but also in the deposition process, the fab process to do this efficiently and effectively.

在 FMCW LiDAR 的具體情況下，我們過去曾討論過從分立光學元件（我們目前的系統所擁有的）轉向 LiDAR 和晶片（我們今天已經提到了這一點）。過去幾年來，我們一直在這方面進行投資，不僅在光學設計方面，而且在沉積過程、製造過程方面，以確保高效和有效地完成這項工作。

I don't have yield numbers I can share today, but what I can tell you is that development program is on track. And we see that as a meaningful cost-down opportunity in the FirstLight technology.

我今天沒有可以分享的產量數字，但我可以告訴你的是，開發計劃正在按計劃進行。我們認為這是 FirstLight 技術的一個有意義的降低成本的機會。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯謝潑德、康托費茲傑拉。

Congratulations on the quarter. Congratulations on the first revenues.

恭喜本季。恭喜您獲得第一筆收入。

Thank you. It's nice to have at least an R to go with our L. It may not be a P yet.

謝謝。至少有一個 R 與我們的 L 相匹配，這很好。它可能還不是 P。

It's only going to grow from here.

從現在起它只會繼續增長。

Exactly right.

完全正確。

Just a quick question on maybe the near-term ramp-up of trucks in operation. So right, you disclosed today, you now have three, I believe, trucks in operations. As we get closer to year-end and towards the tens of trucks, just curious if you can give us a sense of how you're thinking about that ramp-up in terms of vehicles operational in maybe Q3 and Q4? Any color or direction there would be --

我只是想問一個簡單的問題，關於近期卡車營運量的成長。沒錯，您今天透露，我相信您現在有三輛卡車在運作。隨著我們越來越接近年底，卡車數量也即將達到數十輛，我很好奇您是否可以告訴我們，您如何看待在第三季和第四季增加車輛運行？任何顏色或方向都會--

Yes. We continue to follow our crawl, walk, run model. And right now, just given the fleet size that we have, we're balancing the growth of driverless operations with the bandwidth for development and testing that we want to really unlock the capabilities that enable the expansion across the Sunbelt next year. And so as we said, really, this year is primarily focused on that capability expansion and unlock, proving out the process for releasing software rapidly as we believe we're starting to and making sure we're set up for scale next year.

是的。我們繼續遵循爬行、行走、奔跑的模式。目前，考慮到我們現有的車隊規模，我們正在平衡無人駕駛營運的成長與開發和測試的頻寬，我們希望真正釋放出實現明年在陽光地帶擴張的能力。正如我們所說，今年我們主要關注的是能力的擴展和釋放，驗證快速發佈軟體的過程，我們相信我們已經開始這樣做，並確保我們為明年的規模做好準備。

So it's really going to be driven by how do we maximize the probability of success on that capability expansion points while continue to build and grow traction with our customers. I don't know, Dave, if there's more you'd add to that?

因此，這實際上取決於我們如何最大限度地提高能力擴展點的成功機率，同時繼續與客戶建立和發展聯繫。我不知道，戴夫，你還有什麼要補充的嗎？

No, I think that's right. The only other thing I'd say, Andres, is like we're going to measure and try to report and think about our success of driving more in terms of mileage than it is in trucks because one of the things that we can do is, obviously, as we can operate now day and night on driverless, we can take one truck and operate it on multiple runs around a day.

不，我認為是這樣。安德烈斯，我唯一想說的另一件事就是，我們將衡量、嘗試報告並思考我們在行駛里程方面比卡車行駛方面的成功，因為我們可以做的事情之一顯然是，由於我們現在可以晝夜無人駕駛，我們可以用一輛卡車在一天內多次運行。

So for us, we want to build the mileage, we want to build the proof point. And again, 2025 is all about delivering the technology promise. So for us, success is being able to operate in almost all conditions that you'd see at this Sunbelt and demonstrate that we are able to do that effectively.

所以對我們來說，我們想要建立里程，我們想要建立證明點。再次強調，2025 年的關鍵在於兌現技術承諾。因此，對我們來說，成功就是能夠在陽光地帶的幾乎所有條件下開展工作，並證明我們能夠有效地做到這一點。

Got it. That's super helpful. I appreciate you both. Super helpful. And maybe just a quick follow-up. I wanted to go back to the rain and heavy wind preparations, which is encouraging to hear that you feel comfortable enough that the vehicle could already do that today. Without maybe getting too technical, but just curious like what lessons, what differences rain and heavy wind -- like what lessons you have learned from that?

知道了。這非常有幫助。我很感謝你們兩位。非常有幫助。也許只是一個快速的跟進。我想回到雨天和大風天的準備工作，聽到你感覺足夠舒服，車輛今天已經可以做到這一點，這令人鼓舞。也許不會涉及太多技術問題，但我只是好奇，例如從中學到了什麼教訓，雨和大風有什麼不同——你從中學到了什麼教訓？

And ultimately, what I'm getting at is this is maybe where the case of LiDAR becomes much more superior than non-LiDAR. So just any color there? Any lessons learned? I mean what was that process like? What is that process like and the progress that you can share?

最終，我想說的是，這也許就是 LiDAR 比非 LiDAR 更優越的地方。那麼那裡有任意顏色嗎？有什麼教訓嗎？我的意思是這個過程是怎麼樣的？這個過程是怎麼樣的？可以分享一下進度嗎？

Yes, yes. Like I said, is not that -- I just want to be careful. We are not ready to launch in rain today. But I think as someone riding in the truck, you would wonder why, right? Because if you got in the truck today, it would behave very similarly to the way that it does in the daylight or at night in that it would be super boring and just kind of drive down the road (technical difficulty).

是的，是的。就像我說的，不是那樣──我只是想小心一點。我們今天還沒準備好在雨中發射。但我想，身為卡車上的乘客，你會想知道為什麼，對吧？因為如果你今天坐上卡車，它的表現會和白天或晚上非常相似，非常無聊，只是沿著路開（技術難度）。

As we -- areas where we expect are probably the kind of the most challenging things to both validate and ensure we're getting the performance, particular things like the same places that we've talked about in the past with daytime driving. So pedestrians lying in the road, right? It turns out that doesn't happen very often. In fact, I don't think I've ever seen one in my driving lifetime.

正如我們預期的那樣，我們預期的領域可能是最具挑戰性的，既要驗證又要確保我們獲得性能，特別是像我們過去在白天駕駛時討論過的那些地方。那麼行人就躺在路上了，對嗎？事實證明這種情況並不常發生。事實上，我認為在我開車的一生中我從未見過這樣的車。

But if it does, we want to make sure we handle it well and appropriately. And that was one of the last capabilities that we were able to get to go with in daytime and incrementally more challenging at night and then you can imagine with rain that's incrementally more challenging again. You're right that when we operate in more challenging environments, whether it's in the rain or whether it's in dust that having a complementary set of sensors is very powerful, because they could each see through different conditions.

但如果確實發生，我們希望確保能夠妥善、適當地處理。這是我們能夠在白天實現的最後幾個功能之一，而在夜間則更具挑戰性，然後你可以想像，如果下雨，挑戰性又會進一步加大。您說得對，當我們在更具挑戰性的環境中作業時，無論是在雨中還是在塵土中，擁有一組互補的感測器非常有用，因為它們可以分別看穿不同的條件。

They each give different kinds of data. And we believe that's really an important aspect of building a robust and safe system. And again, we're not really interested in building a thing that we can give a demo in. We're building a technology that ultimately will transform freight and transportation. And that means it needs to work. It needs to be able to turn your back trust it. And that's where the bar we're holding to for the driverless releases that we're putting out today.

它們各自提供不同類型的資料。我們相信，這對於建立強大而安全的系統來說確實是一個重要方面。再說一次，我們對建立一個可以進行演示的東西並不真正感興趣。我們正在開發一項最終將改變貨運和運輸的技術。這意味著它需要發揮作用。它需要能夠讓你相信它。這就是我們今天推出的無人駕駛汽車的標準。

The next question comes from Ravi Shanker with Morgan Stanley.

下一個問題來自摩根士丹利的 Ravi Shanker。

This is (technical difficulty) on for Ravi Shanker. It would be helpful to hear about other catalysts set for the third quarter and back half of the year, specifically the timing of that second route and next major milestones on your partnerships with both Volvo and PACCAR.

這對 Ravi Shanker 來說是一個（技術難題）。了解第三季和下半年的其他催化劑將會很有幫助，特別是第二條路線的時間以及與沃爾沃和佩卡合作的下一個重要里程碑。

Yes. And I don't think we're going to provide more resolution than we have already. What we're pushing for through the end of the year is unlocking the ability so that in '26, we're able to rapidly enroll routes across the Sunbelt. And so by the end of the year, we hope to be able to operate in -- and we intend to be able to operate in day and night in the rain.

是的。我認為我們不會提供比現在更多的解決方案。我們希望在今年年底前能夠釋放這項能力，以便在 26 年我們能夠迅速開闢橫跨陽光地帶的路線。因此，到今年年底，我們希望能夠開展業務——我們打算能夠在下雨天和白天開展業務。

We intend to unlock the Fort Worth to El Paso, El Paso to Phoenix and Fort Worth to Phoenix as routes. To do that, there's some discrete capabilities that we know we need. We've talked in the past about the custom border patrol station that's between El Paso and Fort Worth. That's the thing that we handle autonomously today, but we'll want to validate performance for that.

我們打算開闢沃斯堡至埃爾帕索、埃爾帕索至菲尼克斯以及沃斯堡至菲尼克斯的航線。為了做到這一點，我們知道我們需要一些獨立的能力。我們過去曾談論過埃爾帕索和沃斯堡之間的海關邊境巡邏站。這是我們今天自主處理的事情，但我們希望驗證其性能。

And then there's kind of surprising like little things that are really from learning from our experience with customers. So for example, for those of you who aren't deeply familiar in the freight space, is I think called a super single tire, and what that is, is where instead of putting two tires in tandem on an axle, you put one larger one that has various trade-offs and economics and fuel efficiency and whatnot.

然後還有一些令人驚訝的小事，這些小事實際上都是從我們與客戶打交道的經驗中學習而來的。舉個例子，對於那些對貨運領域不太熟悉的人來說，我認為這是一種叫做超級單輪胎的輪胎，它不是在一個軸上串聯兩個輪胎，而是放一個更大的輪胎，這種輪胎有各種權衡、經濟性和燃油效率等等。

And it turns out that we didn't really understand prior to launch that for some of our customers that was important, we'd asked them, and in fact, they said it wasn't really. But as we've been beginning to operate driverlessly, we found out that it actually is more important. And so part of what we'll be doing in the near future is finalizing the validation for what happens when we're running super single tires and making sure in the case of a blowout or puncture that we can detect and respond to that appropriately.

事實證明，在推出之前我們並沒有真正理解這一點對我們的一些客戶來說很重要，我們曾經問過他們，而事實上，他們說這並不那麼重要。但隨著我們開始實現無人駕駛，我們發現它實際上更為重要。因此，我們近期要做的工作之一是最終驗證超級單輪胎運行時發生的情況，並確保在發生爆胎或刺破時，我們能夠檢測到並做出適當的反應。

And so it's great to be able to kind of both have a clear road map for where we're going. And then because we have vehicles in operation, we're able to get feedback from customers and kind of tune the near-term milestones so that we maximally meet the value for them.

因此，能夠為我們的未來制定出清晰的路線圖真是太好了。而且由於我們有車輛在運行，我們能夠從客戶那裡獲得反饋並調整近期里程碑，以便最大限度地滿足他們的價值。

That's all really helpful. And then if I could squeeze in one more question? It'd be helpful if you could give us a little bit of insight into your relationship with Uber, post their debt offering against your stake and some of the other autonomous bets. How critical are they to deployment?

這些都非常有幫助。那我是否可以再問一個問題呢？如果您能向我們介紹您與 Uber 的關係，並介紹他們針對您的股份提供的債務以及其他一些自主投資的情況，那將會很有幫助。它們對於部署有多重要？

Uber has been a great partner and continues to be. And as you know, Dara has been on the Board and we continue to have a close working and personal relationship. Uber is focused on ride hailing, and we're focused on trucking. And so in the near term, I think the importance there is kind of relatively disconnected. Of course, Uber Freight is one of our pilot customers, large customers for driverless operations, and we continue to work with them and continue to grow business there.

Uber 一直是我們優秀的合作夥伴，並且將繼續如此。如你所知，達拉一直是董事會成員，我們一直保持著密切的工作和個人關係。Uber 專注於叫車服務，而我們專注於卡車運輸。因此，從短期來看，我認為那裡的重要性是相對脫節的。當然，Uber Freight 是我們的試點客戶之一，也是無人駕駛營運的大客戶，我們將繼續與他們合作並繼續在那裡發展業務。

Over the long term, we see the capability we've built to safely operate vehicles on the public roads as something that will ultimately unlock automated passenger vehicles as well. And at some point, we'll engage in that space. But right now, we're really focused on delivering the promise of trucking and building that business.

從長遠來看，我們認為，我們所建立的在公共道路上安全駕駛車輛的能力最終也將解鎖自動駕駛乘用車。在某個時候，我們會參與這個領域。但現在，我們真正專注於兌現卡車運輸的承諾並發展這項業務。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Just for clarity, and I'm not sure how much of this you can go into, but on the PACCAR earnings call, they talked about the importance of validated production. In your letter and in your comments, you talked about production on their end of prototype parts in the new trucks and you have a lot of medium there about your production with your contract manufacturer and with Continental.

只是為了清楚起見，我不確定你能講多少，但在 PACCAR 財報電話會議上，他們談到了驗證生產的重要性。在您的信件和評論中，您談到了他們在新卡車原型零件方面的生產情況，並且您有很多關於與合約製造商和大陸集團合作生產的資訊。

How can you -- I guess I just want to get a sense of what -- how to think about this relationship? And are these surprising to you? Are you pulling forward production? Is this sort of everything is in line with how you expected as far as your production partners? I just kind of want to get a sense if you could talk to that relationship and what -- how are you testifying production?

你怎麼能——我想我只是想了解一下——如何看待這段關係？這些令你感到驚訝嗎？你們在推進生產嗎？就您的生產夥伴而言，這一切是否符合您的預期？我只是想了解一下您是否可以談談這種關係以及——您如何證明生產？

No, we -- well, first, let me begin by saying we continue to really value the relationship we have with PACCAR and continue to kind of push forward in there. And it's wonderful to see them moving forward their autonomy-enabled truck platform. I think the right way to think about this is there's a truck and there's a driver.

不，我們——首先，我要說的是，我們繼續非常重視與 PACCAR 的關係，並將繼續推動這段關係的發展。很高興看到他們不斷推進其自動駕駛卡車平台。我認為正確的思考方式是，有一輛卡車，還有一名司機。

And we work with our OEM partners to specify and then they go and develop and design the platform, the vehicle itself, the truck. And that has a variety of components in it. And the vehicles we're operating today still have some prototype parts from our OEM partners in them. In contrast and in parallel with that, the driver parts that we operate and are building the parts we develop and build with Fabrinet, and we'll be building with Continental are really around the development process of that driver.

我們與 OEM 合作夥伴一起制定具體規定，然後他們去開發和設計平台、車輛本身和卡車。它包含多種組件。我們今天運營的車輛仍然保留著來自我們的 OEM 合作夥伴的一些原型零件。與此相反，與此同時，我們操作和製造的驅動器部件、我們與 Fabrinet 共同開發和製造的部件以及我們將與 Continental 共同製造的部件實際上都圍繞著該驅動器的開發過程。

And the driver, of course, works across multiple different OEMs. So today, we work with PACCAR and Volvo. In the future, of course, we hope to work with other OEMs as well. And so that's maybe -- I apologize for the confusion, if there is any there. But we're tracking and supporting our OEM partners as they mature their platforms.

當然，該驅動程式可以跨多個不同的 OEM 運行。所以今天，我們與 PACCAR 和沃爾沃合作。當然，未來我們也希望與其他 OEM 合作。或許是這樣的──如果造成任何混淆的話，我深感抱歉。但我們正在追蹤和支持我們的 OEM 合作夥伴，因為他們的平台正在不斷成熟。

And then in parallel, we're advancing the development of the Aurora Driver and bringing that to production with the second generation coming online next year and then working with Continental to bring that third generation online in '27.

同時，我們正在推進 Aurora Driver 的開發，並將其投入生產，第二代將於明年上線，然後與大陸集團合作，在 27 年推出第三代。

Okay. Perfect. And then you sort of hit on my next question. You want to work with other OEM partners in the future. How do you see this autonomous trucking developing? Do you see an OEM having multiple autonomous partners and then the logistics customer makes a choice? Or do you see -- how do you see the business developing over time given this is an industry that's had a lot of dual sourcing from all sides?

好的。完美的。然後你就回答了我的下一個問題。您希望將來與其他 OEM 合作夥伴合作。您如何看待自動駕駛卡車的發展？您是否看到 OEM 擁有多個自主合作夥伴，然後由物流客戶做出選擇？或者您認為——考慮到這個行業存在來自各方的大量雙重採購，您如何看待業務隨著時間的推移而發展？

Yes. I think our aspiration is to drive every truck that's out there. And we'll continue to advance as quickly and rapidly as we can to accomplish that by building the best technology, the best product and providing the best service for customers. That said, it's a $1 trillion market. And everyone is going to want and hope for another player in the space, and we look forward to competing with them.

是的。我認為我們的願望是駕駛那裡的每一輛卡車。我們將繼續盡可能快速地前進，透過打造最好的技術、最好的產品並為客戶提供最好的服務來實現這一目標。也就是說，這是一個價值 1 兆美元的市場。每個人都希望這個領域能有另一位參與者，我們期待與他們競爭。

Today, Aurora is the only company in the world that can drive trucks on the road at freeway speed and do that safely, driverlessly. And we'll continue to accelerate based on the tools we put in place to validate and release new software, and we'll welcome the competition when it gets there.

如今，Aurora 是世界上唯一一家能夠以高速公路速度在道路上安全無人駕駛地駕駛卡車的公司。我們將繼續利用現有的工具來加速驗證和發布新軟體，並歡迎競爭的到來。

Doug Dutton, Evercore ISI.

道格·達頓，Evercore ISI。

Just wanted to first ask on the ramp from the two trucks to the 10-plus by year-end, is the idea that each of those trucks has a dedicated customer, whether there's customers with two or three or customers with one? Or how is that rollout sort of happening?

我首先想問一下，到年底，卡車數量將從兩輛增加到十多輛，是不是每輛卡車都有一個專門的客戶，不管是兩輛、三輛還是一輛？或者說，這項措施進展如何？

Yes. Thanks for the question, Doug. So really, we're going to -- I guess the short answer is no, at this point, we don't really intend to allocate a specific truck to a specific customer. We're going to provide the capability to move goods from A to B for the different customers, and we'll fill that need with a truck as appropriate as we move forward.

是的。謝謝你的提問，道格。所以實際上，我們打算——我想簡短的回答是否定的，目前，我們實際上並不打算將特定的卡車分配給特定的客戶。我們將為不同的客戶提供將貨物從 A 地運送到 B 地的能力，隨著我們前進，我們會用卡車適時滿足這一需求。

Okay. Understood. That's helpful. And then diving deeper, just on the math here. If you have 2 trucks on the road right now per quarter running each day 200 miles, we'll call it. You got about 60 days, so it's 12,000 miles per quarter per truck. Is that the type of math that you would start to share in the future or that makes sense to sort of calculate the miles driven in the future?

好的。明白了。這很有幫助。然後深入研究這裡的數學。如果現在每季有 2 輛卡車在路上行駛，每天行駛 200 英里，我們就會稱之為。您有大約 60 天的時間，因此每輛卡車每季行駛 12,000 英里。這是您將來會開始分享的數學類型嗎？或者這對於計算未來的行駛里程是否有意義？

Yes. I think -- it's Dave, Doug, good to hear from you. I think like generally, if you're talking about an individual lane, that's right. We kind of think about it a little bit differently. So if you think about it this way, daytime had like an 8-hour restriction and we can't drive in rain. So you're able to operate in a certain percentage of time.

是的。我想——是戴夫、道格，很高興收到你們的消息。我認為一般來說，如果你談論的是單獨的車道，那是對的。我們對此的看法有點不同。所以如果你這樣想，白天就有 8 小時的限制，我們不能在雨中開車。因此，您能夠在一定比例的時間內完成操作。

And for us, when the time was available and it wasn't raining, we do a round trip, which was like 400 miles for a truck. As we unlock nighttime, then you can kind of double that. As you go to longer lanes, you can go even further. It really is somewhat lane dependent and then your capability dependent. For us, our focus has been on just growing the driverless number of miles each quarter, which we'll continue to demonstrate and being able to technically operate in almost all of the conditions that are required for the Sunbelt.

對於我們來說，如果有時間並且不下雨，我們就會進行一次往返，對於卡車來說，這相當於 400 英里。當我們解鎖夜間模式時，你就可以將其翻倍。當你走更長的車道時，你可以走得更遠。這確實在某種程度上取決於車道，然後取決於你的能力。對我們來說，我們的重點是每季增加無人駕駛里程數，我們將繼續展示這一點，並能夠在陽光地帶所需的幾乎所有條件下進行技術運行。

So being able to exceed hours of service, being able to drive it day and night and in rain and in wind and I think at that point, then we'll start thinking more about like utilization. But we do expect that our trucks to have higher utilization than kind of the average as soon as we're able to operate day and night and in rain. And so we'll continue to demonstrate that overall. So we do think mileage as opposed to trucks is really the right way to measure this.

因此，如果能夠延長服務時間，能夠在白天和夜晚、在雨天和風天駕駛，我認為到那時，我們就會開始更多地考慮利用率。但我們確實希望，只要我們能夠日夜和雨天運營，我們的卡車的利用率就會高於平均水平。因此，我們將繼續全面展示這一點。因此，我們確實認為里程而不是卡車是衡量這一點的正確方法。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

This is Aman Gupta on for Mark Delaney. Maybe going back to this safety kind of observer in the vehicle, kind of what needs to happen for both the Aurora and then PACCAR to feel comfortable kind of removing that person? And is there some sort of time line that you can share on when you guys expect that to happen?

這是 Aman Gupta 為 Mark Delaney 所做的報導。也許回到車輛中的這種安全觀察員，對於 Aurora 和 PACCAR 來說，需要發生什麼才能放心地撤走該人員？您能否分享一下預計何時會發生這種情況的時間表？

Yes. From Aurora's perspective, we are comfortable today and that observer is in the vehicle really out of respect and appreciation for our partnership with PACCAR. From PACCAR's, we'll let them speak for themselves, but I think what they've shared and what I can share is that it's really about their process and the fact that these trucks have prototype parts in them.

是的。從 Aurora 的角度來看，我們今天感到很舒服，觀察員坐在車裡確實是出於對我們與 PACCAR 合作的尊重和讚賞。從 PACCAR 的角度來看，我們會讓他們自己說，但我認為他們所分享的以及我可以分享的是，這實際上是關於他們的流程以及這些卡車中有原型零件的事實。

And so for them to ultimately bring these trucks to production and operate them driverlessly, we expect that to correlate with when they launch their autonomy-enabled truck platform.

因此，為了最終將這些卡車投入生產並實現無人駕駛，我們預計這將與他們推出自動駕駛卡車平台的時間有關。

Understood. That's helpful. And then maybe one on the financial side. One of the slides quoted like $1.84 per mile for cost with the Aurora system. Is that ballpark a good assumption for revenue? And then does that kind of change if there's still the safety observer in the vehicle or as the ODD continues to expand, does that get larger? How should we think about that?

明白了。這很有幫助。然後也許還有一個財務上的問題。其中一張幻燈片的報價為 Aurora 系統每英里 1.84 美元。這個大概的數字對於收入來說是個好的假設嗎？那麼，如果車內仍然有安全觀察員，或者隨著 ODD 的不斷擴大，這種情況會改變嗎？它會變得更大嗎？我們該如何看待這個問題？

Yes. I think -- so when you're -- I think you're looking at the part which is the carrier perspective example, and that was really the focus on being able to drive beyond the hours of service limitation that you normally had. So from a revenue standpoint, we just kind of used the average revenue that was out there. And then from the cost perspective, we used a lot of the ATRI data and then just provided some discounts for what we are able to provide. It's not a model specifically for our cost.

是的。我認為——所以當你——我認為你正在看的是承運人視角的例子，而這實際上關注的是能夠超越你通常的服務時間限制進行駕駛。因此，從收入的角度來看，我們只是使用了現有的平均收入。然後從成本角度來看，我們使用了大量的 ATRI 數據，然後根據我們能夠提供的數據提供一些折扣。這不是專門針對我們的成本的模型。

But like generally speaking, we do expect that we are going to lower the cost of operations for our carriers. We're going to be able to do that in the near term, really based on fuel efficiency. We are getting really better fuel efficiency by driving this autonomous trucks. We will be able to do it on driver costs. You think about driver cost, you think about like our indicative DaaS price range, which we provided before.

但一般來說，我們確實希望降低營運商的營運成本。我們將能夠在短期內實現這一目標，這確實是基於燃油效率。透過駕駛這種自動駕駛卡車，我們的燃油效率確實提高了。我們可以透過司機費用來做到這一點。您考慮驅動程式成本，考慮我們先前提供的指示性 DaaS 價格範圍。

And if you look at the current driver costs on average, which are now at roughly $1 per mile, like there is an opportunity for us to drive the TCO benefit down. But the other most important thing is it's the utilization, so it's the revenue side as well. You're able to take a truck and generate more revenue on a daily and on an annual basis. So it's just a way to think about how to predict it.

如果你看一下目前的平均駕駛成本，大約是每英里 1 美元，那麼我們就有機會降低 TCO 效益。但另一個最重要的事情是利用率，所以這也是收入方面。您可以駕駛卡車並每天和每年創造更多的收入。所以這只是一種思考如何預測的方法。

I don't know that I would go and take those specific numbers and put them into a model because that's very specific to an individual lane.

我不知道我是否會去獲取這些特定的數字並將它們放入模型中，因為這對單一車道來說是非常具體的。

And just around the part around the observer on board, right? This is both a temporary element and the cost for us in practice is de minimis, right, that we're running a small number of trucks. It is what it is, and it's just not that big a deal. It has no impact on our road map or plans for growth or anything.

就在船上觀察員周圍的部分，對嗎？這既是暫時的，實際上對我們來說成本是微不足道的，因為我們只運行少量的卡車。事實就是這樣，沒什麼大不了的。它對我們的路線圖或成長計劃或任何事情都沒有影響。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

This is Cole on for Scott. It's good to see progress with the next generation of hardware in the press release. Is there any way to frame up how we're progressing relative to your original expectations, either from the Fabrinet perspective or the Continental generation?

這是科爾代替斯科特上場。很高興看到新聞稿中關於下一代硬體的進展。有沒有辦法描述我們相對於您最初的期望的進展情況，無論是從 Fabrinet 的角度還是從大陸一代的角度來看？

Yes. I guess at the high order that we haven't shifted our expectations, right? I think we've been fairly consistent about talking about that second generation of hardware coming online in '26 and the Continental generation, the third generation hardware-as-a-service components coming online in '27. We're literally working with these systems on a daily basis.

是的。我想從高階上來說我們還沒有改變我們的期望，對嗎？我認為我們一直在談論將於 26 年上線的第二代硬體和將於 27 年上線的第三代 Continental 硬體即服務組件。我們實際上每天都在使用這些系統。

The fact we have the samples from Fabrinet in a truck, and we're in the process of bringing up and validation there is really exciting and kind of aligned with what we would hope. And then the partnership with Continental is just moving forward. We've got through the norming and forming and we're solidly into the storming phase of that partnership.

事實上，我們將 Fabrinet 的樣品放在卡車上，並且正在進行提升和驗證，這真的令人興奮，並且與我們的期望一致。與大陸航空的合作正在不斷推進。我們已經完成了規範化和形成階段，並已穩步進入合作夥伴關係的衝刺階段。

Okay. That's helpful. And maybe just on the prototype trucks that you've called out, which hardware generation is going to go into those? And maybe expand on how you see that actually playing out over the next 12-months?

好的。這很有幫助。也許就您所提到的原型卡車而言，它們將採用哪一代硬體？您能否進一步闡述您認為未來 12 個月內這種情況的實際發展？

I'm sorry, I don't know that I followed the question. I apologize.

抱歉，我不知道我是否理解了這個問題。我很抱歉。

So in the -- with the prototype trucks that your OEM partners are delivering, is this going to be the Fabrinet hardware going into it? Is it going to be -- what hardware is actually going to be in those trucks?

那麼，您的 OEM 合作夥伴交付的原型卡車中，是否會使用 Fabrinet 硬體？這些卡車上實際上會配備什麼硬體？

Yes. Depending on exactly when and which truck, some of it will be our existing first-generation hardware, which we're using to do kind of bring up a validation of the interface, some of it will be with the second-generation hardware and some will ultimately have components or kits from the third-generation hardware set. It's really driven by internal engineering execution and need.

是的。具體時間以及具體是哪輛卡車，有些將是我們現有的第一代硬件，我們將用它來進行接口驗證，有些將使用第二代硬件，有些最終將使用第三代硬件組的組件或套件。它實際上是由內部工程執行和​​需求所驅動的。

Thank you. Ladies and gentlemen, at this time, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。