Aurora Innovation Inc (AUR) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Aurora's third quarter 2025 business review call. (Operator Instructions) . As a reminder, this conference is being recorded.

大家好，歡迎參加 Aurora 2025 年第三季業務回顧電話會議。（操作說明）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Stacy Feit, Vice President, Investor Relations. Thank you, Stacy. You may begin.

現在，我很高興向大家介紹主持人，投資者關係副總裁史黛西費特。謝謝你，史黛西。你可以開始了。

Thank you, Alicia. Good afternoon, everyone, and welcome to our third quarter 2025 business review call. We announced our results earlier this afternoon. Our shareholder letter and a presentation to accompany this call are available on our Investor Relations website at ir.aroya.tech. 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 our progress we have made across the key pillars of our business, and David will recap our third quarter financial results.

謝謝你，艾莉西亞。各位下午好，歡迎參加我們2025年第三季業務回顧電話會議。我們今天下午早些時候公佈了結果。我們的股東信以及本次電話會議的簡報可在我們投資者關係網站ir.aroya.tech上查閱。股東信也隨我們今天向美國證券交易委員會提交的8-K表格一併附上。今天和我一起通話的是聯合創始人兼首席執行官克里斯·厄姆森和首席財務官大衛·馬代。Chris 將介紹我們在業務關鍵支柱領域的進展，David 將回顧我們第三季的財務表現。

We will then open the call to Q&A. A recording of this conference call will be available on our Investor Relations website at ir.arora.tech shortly after this call has ended. I'd like to take this 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 the call. In particular, those described in our risk factors, including in our annual report on Form 10-K for the year ended December 31, 2024, and other documents filed with the SEC as well as the current uncertainty and unpredictability in our business, the markets and economy.

接下來我們將進入問答環節。本次電話會議的錄音將在會議結束後不久發佈在我們的投資者關係網站 ir.arora.tech 上。我想藉此機會提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明。這些聲明受到已知和未知風險及不確定性的影響，可能導致實際結果與電話會議期間表達、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（表格 10-K）以及向美國證券交易委員會提交的其他文件中所述的風險因素，以及我們業務、市場和經濟中當前的不確定性和不可預測性。

Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended September 30, 2025. You should not rely on our forward-looking statements as predictions of future events. 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.

更多資訊將在我們截至 2025 年 9 月 30 日的季度報告（10-Q 表格）中公佈。您不應將我們的前瞻性聲明視為對未來事件的預測。我們在本次電話會議中所做的所有前瞻性陳述均基於截至本次會議之日的假設和信念，除法律要求外，Aurora 不承擔更新任何前瞻性陳述的義務。我們今天的討論可能涉及非GAAP財務指標。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results, may be found in a 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.

這些非GAAP指標應作為補充資訊考慮，而不是替代或孤立地看待我們的GAAP結果。有關我們非GAAP財務績效的信息，包括我們歷史GAAP與非GAAP業績的調節表，可在股東信中找到，該信已隨我們今天向美國證券交易委員會提交的8-K表格一起提供，也可在我們的投資者關係網站上找到。

Our discussion today may also include reference to forward-looking free cash flow, a non-GAAP financial measure. To the extent that this forward-looking financial measures provided, it's 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.

我們今天的討論可能還會提及前瞻性自由現金流，這是一項非GAAP財務指標。就這些前瞻性財務指標而言，由於預測和量化某些進行此類調整所必需的金額本身就存在困難，因此這些指標是以非公認會計準則為基礎列示的，並且沒有進行調整。

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

接下來，我將把電話交給克里斯。

Thanks, Stacy. In the third quarter and early October, Aurora achieved several more driverless trucking industry first, rapidly advancing our path to scale and further extending our leadership position. The crack we set in motion with commercial launch is now accelerating, delivering compounding returns across our technology, operations and customer adoption. Earlier this month, the Euro driver surpassed 100,000 driverless miles in public roads. Importantly, we've maintained 100% on-time performance, while upholding our perfect driverless safety record.

謝謝，史黛西。在第三季和 10 月初，Aurora 在無人駕駛卡車行業取得了多項第一，迅速推進了我們的規模化進程，並進一步鞏固了我們的領先地位。我們透過商業發布開啟的變革正在加速，為我們的技術、營運和客戶採用帶來了複合效益。本月初，Euro Driver 在公共道路上的無人駕駛行駛里程突破了 10 萬英里。重要的是，我們保持了 100% 的準時交貨率，同時保持了完美的無人駕駛安全記錄。

Last week, we launched driverless commercial operations on the West bound 600-mile lane from Fort Worth to El Paso, setting a new benchmark for autonomous trucking. This expansion accomplished 6 months after our driverless launch is faster than any other self-driving company has scaled to a second US market. The driver unlocks substantial value on this lane, and we're thrilled to add multiple customers, including 1 of the leading carriers in the US to our driverless cohort for this route.

上週，我們在從沃斯堡到埃爾帕索的西行 600 英里車道上啟動了無人駕駛商業運營，為自動駕駛卡車樹立了新的標竿。在我們推出無人駕駛技術 6 個月後就實現了這一擴張，比任何其他自動駕駛公司拓展到第二個美國市場的速度都要快。該司機在這條線路上釋放了巨大的價值，我們很高興能為這條線路增加多家客戶，其中包括美國領先的運輸公司之一，加入我們的無人駕駛團隊。

To meet expected customer demand 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 operation without a partner requested observer. This third vehicle fleet fortifies our near-term capacity plan and supports our scaling objectives for 2026.

為了滿足 2026 年第二季客戶的預期需求，我們計劃在新車隊的卡車上推出第二代商用硬體套件，該套件將實現無人駕駛操作，而無需合作夥伴要求的觀察員。第三批車輛將鞏固我們近期的產能計劃，並支持我們 2026 年的規模擴張目標。

Let's dig into what we've been up to. Following earlier than anticipated validation of night driverless operations in July, we're already seeing the utilization potential of our self-driving trucks. Our highest mileage driverless truck logged nearly 18,000 miles in a single month. This demonstrates the confidence we have to operate trucks at an annual run rate that doubles the industry average. Our team's focus has since turned to driverless lane expansion and validation in more challenging weather conditions to further increase the value of the Aurora driver for our customers.

讓我們深入了解一下我們最近都在忙些什麼。繼 7 月夜間無人駕駛操作的驗證比預期提前之後，我們已經看到了自動駕駛卡車的利用潛力。我們行駛里程最高的無人駕駛卡車在一個月內行駛了近 18,000 英里。這表明我們有信心以行業平均兩倍的年運行率運營卡車。此後，我們團隊的重點轉向了在更具挑戰性的天氣條件下擴展和驗證無人駕駛車道，以進一步提高 Aurora 駕駛員對客戶的價值。

Our second driverless commercial lane from Fort Worth to El Paso directly addresses critical customer pain points. This route is notoriously hard to staff and challenging for traditional drivers to compete -- complete within a single day. Launching driverless operations on this lane demonstrates the significant efficiency and value potential the Aurora driver brings to the freight ecosystem by enabling nearly continuous operations.

我們第二條從沃斯堡到埃爾帕索的無人駕駛商用車道直接解決了客戶的關鍵痛點。這條路線出了名的難招人，而且對於傳統駕駛者來說，要在一天之內完成比賽也是一項挑戰。在該線路上啟動無人駕駛運營，證明了 Aurora 駕駛員能夠實現近乎連續的運營，從而為貨運生態系統帶來顯著的效率和價值潛力。

We're now nearing completion of driverless validation for the return trip as well as the Phoenix extension with our software release planned for January 2026. The Phoenix expansion will add another 400 miles to establish a continuous 1,000-mile plus mile multistate route between Fort Worth and Phoenix, which far exceeds hours of service limitations for a traditional driver. We're also working with multiple customers to identify locations along the I-20 corridor and in the Phoenix area for the first customer end points we plan to support with driverless operations in early 2026.

我們現在即將完成返程無人駕駛驗證以及鳳凰城延伸段的驗證，我們的軟體計劃於 2026 年 1 月發布。鳳凰城擴建工程將新增 400 英里，從而在沃斯堡和鳳凰城之間建立一條超過 1000 英里的連續跨州路線，遠遠超過傳統駕駛員的服務時間限制。我們也與多家客戶合作，確定 I-20 走廊沿線和鳳凰城地區的地點，作為我們計劃在 2026 年初支援無人駕駛營運的首批客戶終端點。

As you can see in the case study on Page 16 of the presentation, on these long-haul lanes, the Aurora Driver has the potential to more than double revenue and deliver several fold higher profit per truck for our customers. Looking ahead to 2026, we expect to rapidly unlock lanes across the Sunbelt. Of future planned expansions include lanes between Dallas and Laredo, a critical route for one of our key customers and between Dallas and Atlanta which will extend the driverless IT i20 corridor to approximately 2,000 miles. Launching driverless operations from Fort Worth to El Paso and soon the Phoenix extension required us to validate behavior against the storms, which are prevalent in some parts of Texas and Arizona. These fast-moving storms can quickly reduce highway visibility.

正如您在簡報第 16 頁的案例研究中看到的那樣，在這些長途運輸線路上，Aurora 司機有潛力使收入翻倍以上，並為我們的客戶帶來每輛卡車數倍更高的利潤。展望 2026 年，我們預計將迅速開通陽光地帶的車道。未來計畫的擴建項目包括達拉斯和拉雷多之間的車道（這是我們一位重要客戶的關鍵路線），以及達拉斯和亞特蘭大之間的車道，這將使無人駕駛 IT i20 走廊延伸至約 2,000 英里。從沃斯堡到埃爾帕索，以及即將延伸至鳳凰城的無人駕駛運營，都需要我們驗證其在暴風雨天氣下的行為，而暴風雨在德克薩斯州和亞利桑那州的某些地區很常見。這些快速移動的暴風雨會迅速降低高速公路的能見度。

If such conditions are present when the euro driver power trucks are on the road, the Aurora driver is designed to slow its speed and if significant perception degradation is detected, autonomously execute the safest behavior, pulling over or exiting the highway when possible. This advanced capability is powered by our multimodal sensor suite, including LIDAR, camera and RADAR. As you can see on Page 10 of the presentation, in a dust storm on the Fort Worth El Paso lane just outside of Midland, Texas, our perception system leveraged RADAR and our proprietary first light LIDAR, which we're able to see through the dense dust at twice the range of cameras alone.

如果歐洲駕駛員動力卡車在路上行駛時出現這種情況，Aurora 駕駛員系統會降低車速，如果檢測到明顯的感知能力下降，則會自主執行最安全的行為，在可能的情況下靠邊停車或駛出高速公路。這項先進功能由我們的多模態感測器套件提供支持，包括光達、攝影機和雷達。正如您在演示文稿第 10 頁上看到的那樣，在德克薩斯州米德蘭市郊外的沃斯堡-埃爾帕索公路上發生的一場沙塵暴中，我們的感知系統利用了雷達和我們專有的第一光激光雷達，我們能夠透過濃密的沙塵看到物體，其探測範圍是單獨使用攝影機的兩倍。

This provided the crucial data needed to make safe decisions long before visibility was completely compromised. These advanced capabilities will also benefit our upcoming Phoenix lane and other routes where similar weather events occur. We also continue to make progress validating driverless operations in rain and heavy wind conditions, which will also be part of our January 2026 software release. This will support high availability potential for ore driver powered trucks across the Sunbelt, a meaningful component of the value proposition. Along with expanding the Aurora Drivers operating domain, we've also validated additional trailer types, including those with super single tires and increased our driverless fleet.

這提供了在能見度完全喪失之前做出安全決策所需的關鍵數據。這些先進技術也將使我們即將開通的鳳凰城線路以及其他發生類似天氣事件的線路受益。我們也不斷推進驗證無人駕駛在雨天和強風天氣下的操作，這也將是我們 2026 年 1 月軟體版本的一部分。這將支持陽光地帶礦石運輸動力卡車的高可用性，這是價值主張的重要組成部分。除了擴大 Aurora Drivers 的營運範圍外，我們還驗證了其他類型的拖車，包括帶有超寬單胎的拖車，並增加了我們的無人駕駛車隊。

These expansions have contributed to a material acceleration of our driverless mileage with the Aurora driver earlier this month surpassing 100,000 driverless miles on public roads, that's double the cumulative driverless miles we achieved just five weeks prior in early September. We now have 5 driverless trucks regularly scheduled between Dallas and Houston and from Fort Worth to El Paso. To provide a window into this progress, we're continuing to showcase 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 the live tab on our YouTube channel at Aurora Driver.

這些擴張大大加快了我們無人駕駛里程的成長，本月初，Aurora 無人駕駛車輛在公共道路上的行駛里程超過了 10 萬英里，是我們在 9 月初（僅僅五週前）累計無人駕駛里程的兩倍。我們現在有 5 輛無人駕駛卡車定期往返於達拉斯和休士頓之間，以及從沃斯堡到埃爾帕索之間。為了讓大家了解這項進展，我們將繼續透過 Aurora Driver Live 展示 Aurora Driver 在營運初期階段的實際應用。您可以透過我們簡報第 4 頁上的連結或 Aurora Driver YouTube 頻道上的直播標籤存取直播。

You can see our driverless trucks traversing the route between Dallas and Houston and now Fort Worth to El Paso, demonstrating the safety, reliability and growing maturity of the Aurora Driver. In addition to the opportunity to see our technology live on the road, we've received positive feedback from customers and investors about our willingness to provide this level of transparency. It's a strong signal we stand behind what we're building with over 6,000 hours of watch time to date, this special series offers industry-leading transparency into autonomous driving performance and the future of freight. Our driverless mileage growth is poised to further accelerate as additional customers integrate the Aurora Driver into their operations to capitalize on its exceptional value proposition.

您可以看到我們的無人駕駛卡車行駛在達拉斯和休斯頓之間的路線上，現在又行駛在沃斯堡和埃爾帕索之間的路線上，這證明了 Aurora Driver 的安全性、可靠性和日益成熟的技術。除了有機會親眼見證我們的技術在實際應用中的效果外，我們還收到了客戶和投資者對我們願意提供這種透明度的正面回饋。這是一個強烈的信號，表明我們對正在建造的東西充滿信心。迄今為止，該特別系列節目已累積超過 6000 小時的觀看時間，為自動駕駛性能和貨運的未來提供了行業領先的透明度。隨著更多客戶將 Aurora Driver 整合到他們的營運中，以充分利用其卓越的價值主張，我們的無人駕駛里程增長勢必會進一步加速。

We firmly believe the Aurora Driver will fundamentally redefine the freight ecosystem with its potential to set new standards for safety, efficiency and sustainability, thereby driving both revenue growth and margin expansion for our customers. A member of Werner's safety team and one of their most seasoned drivers recently came down of Texas to assess the Aurora Drivers' performance. Their reactions spoke volumes about the Aurora Drivers core advantages. Superior perception, unwavering focus and the ability to safely navigate long monotonous lanes, which are particularly difficult to staff and have hours of service constraints for traditional drivers.

我們堅信，Aurora Driver 將從根本上重新定義貨運生態系統，它有潛力為安全性、效率和永續性樹立新的標準，從而推動客戶的收入成長和利潤擴張。Werner 安全團隊的一名成員和他們經驗最豐富的司機之一最近從德克薩斯州來到奧羅拉，評估司機的表現。他們的反應充分說明了 Aurora Drivers 的核心優勢。卓越的感知能力、堅定的專注力以及安全駕駛長而單調的車道的能力，對於傳統駕駛員來說，這些車道尤其難以配備人員，而且服務時間也有限制。

I'm inspired when I hear industry veterans affirm the transformational role our technology will play in the freight industry. You can hear firsthand from the Werner representatives in the video on Page 5 of our presentation. With our Fort Worth -- El Paso driverless launch, we've expanded driverless operations for Hirschbach, one of our earliest adopters and valued partners and added two additional carriers to our growing driverless customer cohort.

聽到業內資深人士肯定我們的技術將在貨運業發揮變革性作用，我深受鼓舞。您可以在我們的簡報第 5 頁的影片中直接聽取 Werner 代表的意見。隨著我們在沃斯堡-埃爾帕索推出無人駕駛服務，我們擴大了 Hirschbach（我們最早的採用者和重要合作夥伴之一）的無人駕駛業務，並為我們不斷增長的無人駕駛客戶群體增加了兩家新的承運商。

Launching driverless on this lane is a major inflection point on our journey with customers and the expansion of our driveless cohort validates our technology, rigorous safety approach and the value we deliver. Now that we've proven the promise of the Euro driver and are rapidly increasing its value for customers, we're expanding our sales funnel to include mid-market customers who offer shorter approval cycles. To efficiently target this new segment, we recently announced a strategic partnership with McLeod Software, a premier provider of transportation management solutions for over 1,200 carriers in private fleets.

在該車道上推出無人駕駛技術是我們與客戶合作歷程中的一個重要轉折點，我們無人駕駛車隊的擴張驗證了我們的技術、嚴格的安全方法以及我們所創造的價值。既然我們已經證明了歐元驅動的優勢，並且正在迅速提高對客戶的價值，我們正在擴大銷售管道，以納入審批週期較短的中端市場客戶。為了有效地瞄準這個新細分市場，我們最近宣布與 McLeod Software 建立策略合作夥伴關係，McLeod Software 是一家領先的運輸管理解決方案提供商，為超過 1200 家私人車隊的承運商提供服務。

This partnership will deliver seamless integration from our cloud customers, which we expect to accelerate new customer adoption of the Aurora driver. Just one month after announcing the partnership, we executed an agreement with McLeod customer Russell Transport for driverless hauls on the Fort Worth, El Paso lane. In parallel, we continue to advance our second and third generation commercial hardware programs as well as our vehicle programs that underpin our path to scale and self-funding.

此次合作將為我們的雲端客戶帶來無縫集成，我們預計這將加速新客戶採用 Aurora 驅動程式。在宣布合作關係僅一個月後，我們就與 McLeod 的客戶 Russell Transport 簽署了一項協議，在沃斯堡至埃爾帕索的線路上進行無人駕駛運輸。同時，我們繼續推動第二代和第三代商用硬體項目以及車輛項目，這些項目支撐著我們實現規模化和自籌資金的道路。

Designed to deliver customer value for 1 million miles, we expect our second-generation commercial kit to drive a 50% plus reduction in our hardware costs. And we're also seeing some meaningful performance gains, particularly with the next generation of our proprietary long-range FMCW, LIDAR. First Light is now detecting objects at 1,000 meters away, which is double the distance of our current generation as well as the closest FMCW, LIDAR competitor. For our truck traveling and highway speeds, this equates to more than 34 seconds of planning horizon. This will further enhance the Aurora Drivers' performance and set a new standard for safety in the industry.

我們的第二代商用套件旨在為客戶帶來 100 萬英里的價值，預計可將我們的硬體成本降低 50% 以上。我們也看到了一些顯著的性能提升，特別是我們下一代專有的遠程FMCW雷射雷達。First Light 現在可以探測到 1000 公尺外的物體，這是我們當前一代產品探測距離的兩倍，也是最接近的 FMCW 雷射雷達競爭對手的兩倍。對於我們的卡車行駛速度和高速公路行駛速度而言，這相當於超過 34 秒的規劃時間。這將進一步提升 Aurora Drivers 的性能，並為業界安全樹立新的標準。

We plan to increase driverless operations without a partner requested observer in the second quarter of 2026 with a new fleet of trucks equipped with this second-generation commercial hardware kits. This fleet will be based on the International LT Series truck with Aurora performing all necessary upfit required for driverless operations. These trucks will undergo rigorous testing and validation, just like any platform we would take to driverless operation.

我們計劃在 2026 年第二季度增加無人駕駛運營，無需合作夥伴要求的觀察員，屆時將配備第二代商用硬體套件的新卡車車隊也將投入使用。車隊將以 International LT 系列卡車為基礎，Aurora 將進行無人駕駛操作所需的所有必要改裝。這些卡車將接受嚴格的測試和驗證，就像我們將來用於無人駕駛操作的任何平台一樣。

This third truck fleet fortifies our near-term capacity plan and will support our target to exit 2026 with hundreds of driverless trucks in operation. While this program is underway, we achieved an industry-first partnership manufacturing milestone with Volvo as they began the line sight integration of the second-generation Aurora Driver commercial hardware kit into the Volvo VNL autonomous on the pilot line at their New River Valley Virginia manufacturing facility.

第三批卡車車隊鞏固了我們近期的產能計劃，並將支持我們實現 2026 年底數百輛無人駕駛卡車投入營運的目標。在該計劃進行的同時，我們與沃爾沃實現了該行業首個合作製造里程碑，他們開始在位於弗吉尼亞州新河谷製造工廠的試點生產線上，將第二代 Aurora Driver 商用硬體套件整合到沃爾沃 VNL 自動駕駛汽車中。

Once Volvo completes validation of the vehicle-level firmware necessary for driverless operations, we will integrate these trucks into our driverless fleet. In addition, PACCAR continues to advance the prototype testing of their scalable autonomy enabled truck platform at their facilities. Looking further ahead, we continue to progress our third-generation commercial hardware kit that we believe will unlock scale on the order of tens of thousands of trucks.

一旦沃爾沃完成對無人駕駛操作所需的車輛等級韌體的驗證，我們將把這些卡車整合到我們的無人駕駛車隊中。此外，PACCAR 也在其工廠繼續推進其可擴展自動駕駛卡車平台的原型測試。展望未來，我們將繼續推動第三代商用硬體套件的研發，我們相信該套件將實現數萬輛卡車的規模化應用。

In September, Continental completed the spin-off of their automotive business, Aumovio. Ide honored keynote their Supplier Day, which highlighted our flagship program which has a planned start of production in 2027. We're excited to see Aumovio continue to make significant manufacturing investments here in the US to support the scaling of the Aurora driver. Earlier this month, they announced a $110 million investment to significantly expand their new Bonfils Texas manufacturing facility where the Aurora driver hardware kit will be produced.

9 月，大陸集團完成了旗下汽車業務 Aumovio 的分拆。Ide 在供應商日發表了主題演講，重點介紹了我們的旗艦項目，該項目計劃於 2027 年開始生產。我們很高興看到 Aumovio 繼續在美國進行大量製造投資，以支持 Aurora 驅動程式的規模化生產。本月初，他們宣布投資 1.1 億美元，大幅擴建位於德州 Bonfils 的新製造工廠，Aurora 驅動硬體套件將在此生產。

The project, which includes a 65,000 square foot addition and a state-of-the-art automated warehouse is expected to create new well-paying jobs in the coming years. The expansion will more than double the existing production floor space and is expected to fully -- to be fully operational by August 2027. We have now received and begun testing computer samples from Aumovio, which include NVIDIA's DRIVE Thor system on a chip. Complete prototypes of this hardware kit are on track for delivery by the end of the year to begin engineering validation testing. As we accelerate our path to deployment at scale, favorable regulatory momentum continues to build across the US. Earlier this month, we received approval from the US. Department of Transportation to begin using cab Mount warning beacons as an alternative to reflective triangles.

該項目包括擴建 65,000 平方英尺的建築和一座最先進的自動化倉庫，預計在未來幾年創造新的高薪就業機會。此次擴建將使現有生產車間面積增加一倍以上，預計 2027 年 8 月全面投入營運。我們現在已經收到並開始測試來自 Aumovio 的電腦樣品，其中包括 NVIDIA 的 DRIVE Thor 系統晶片。該硬體套件的完整原型機正按計劃推進，並將於年底前交付，以便開始工程驗證測試。隨著我們加快大規模部署的步伐，美國各地的有利監管勢頭也不斷增強。本月初，我們獲得了美國的批准。交通部將開始使用駕駛室安裝式警示燈來取代反光三角標誌。

The cap mounted flashing lights indicate when a vehicle has stopped on the side of the road to warn other road users, which is similar to systems used by emergency construction vehicles and is a step forward for road safety. And on the legislative front, the America Drives Act, a landmark build to establish a federal framework specifically for self-driving trucks continues to gain traction with co-sponsorship from US representative Jay Obernolte of California. In closing, we've made unprecedented progress since commercial launch and continue to be the only company with driverless trucks on public roads in the US. We've proven that the technology works and are now channeling our momentum to support lasting customer value and our path to scale.

車頂安裝的閃光燈會在車輛停靠在路邊時亮起，以警告其他道路使用者，這與緊急施工車輛使用的系統類似，是道路安全的一大進步。在立法方面，《美國駕駛法案》是一項具有里程碑意義的法案，旨在建立一個專門針對自動駕駛卡車的聯邦框架，該法案在加州美國眾議員傑伊·奧伯諾爾特的共同支持下，繼續獲得越來越多的支持。最後，自商業化推出以來，我們取得了前所未有的進展，並且仍然是美國唯一一家在公共道路上經營無人駕駛卡車的公司。我們已經證明這項技術是有效的，現在正利用這股動能來支持持久的客戶價值和我們的規模發展之路。

Insights from our real-world travelers miles reinforce there are no shortcuts to safety, trust and scale in autonomous trucking. Our strategic investments have built powerful flywheels that are now accelerating, driving us forward with increasing efficiency. Our industry-leading technology, coupled with a world-class ecosystem of partners, customers and shareholders uniquely positions Aurora to set the standard for autonomous trucking.

從我們真實世界的旅行者里程中獲得的洞察表明，在自動駕駛卡車領域，安全、信任和規模化沒有捷徑可走。我們的策略投資已經建造了強大的飛輪，現在這些飛輪正在加速運轉，推動我們以越來越高的效率向前發展。我們領先業界的技術，加上世界一流的合作夥伴、客戶和股東生態系統，使 Aurora 擁有獨特的優勢，能夠為自動駕駛卡車樹立標準。

Thank you for your partnership as we continue to build the future of transportation. With that, I'll now pass it over to Dave, who will review our financial results.

感謝您與我們攜手共建交通運輸的未來。接下來，我將把發言權交給戴夫，他將審查我們的財務表現。

Thank you, Chris. Let's discuss our financial results for which we have provided the summary on Page 17 of the slide deck for reference. Third quarter 2025 revenue totaled $1 million across driverless and vehicle operator super buys commercial loads for Hirschbach, Uber Freight, Werner, FedEx, Schneider and Mobile Autonomous Solutions, among others. The Aurora Driver achieved another record number of commercial miles driven during the quarter, which drove a 12% sequential increase in revenue from the second quarter. Third quarter operating losses, including stock-based comp, totaled $222 million, excluding stock-based comp of $51 million, R&D totaled $138 million, SG&A was $28 million, and the cost of revenue was $6 million. We used approximately $149 million in operating cash during the third quarter, and capital expenditures totaled $8 million.

謝謝你，克里斯。讓我們來討論一下我們的財務業績，相關摘要已列在投影片第 17 頁供您參考。2025 年第三季度，公司透過無人駕駛和車輛營運商超級採購商業貨物，為 Hirschbach、Uber Freight、Werner、FedEx、Schneider 和 Mobile Autonomous Solutions 等公司創造了 100 萬美元的收入。Aurora Driver 在本季再次創下了商業行駛里程數的新紀錄，推動營收比第二季季增 12%。第三季營業虧損（含股票選擇權抵扣）總計 2.22 億美元，不包括股票選擇權抵扣 5,100 萬美元，研發支出總計 1.38 億美元，銷售、一般及行政費用為 2,800 萬美元，營業成本為 600 萬美元。第三季度，我們約使用了 1.49 億美元的經營現金，資本支出總計 800 萬美元。

This cash spend was meaningfully below our externally communicated target, reflecting continued strong fiscal discipline. We expect cash use of $175 million to $185 million during the fourth quarter of 2025. During the third quarter, we issued 80 million shares of Class A common stock through our at-the-market program for net proceeds of $460 million. We used $21 million of the net proceeds to fund the tax liability associated with the vesting of our employees' restricted stock units during the third quarter.

這次現金支出遠低於我們對外公佈的目標，反映了我們持續嚴格的財務紀律。我們預計 2025 年第四季現金使用量為 1.75 億美元至 1.85 億美元。第三季度，我們透過市場發行計畫發行了 8,000 萬股 A​​ 類普通股，淨收益為 4.6 億美元。我們使用淨收益中的 2,100 萬美元來支付第三季員工限制性股票單位歸屬相關的稅金。

In turn, we ended the third quarter with a very strong balance sheet, including increase liquidity of $1.6 billion in cash in short-term and long-term investments. We expect this list -- we expect this liquidity to fund our operations into the second half of 2027. We will be providing 2026 financial objectives in the fourth quarter 2025 business review in February. For the remainder of the year, we will continue to focus on expanding driverless operations and advancing our program to support our 2026 scaling objectives to accelerate our first-mover advantage to reinforce our leadership position.

反過來，我們在第三季末擁有非常強勁的資產負債表，包括短期和長期投資中現金流動性增加了 16 億美元。我們預計這份名單——我們預計這筆流動資金將為我們的營運提供資金，直至 2027 年下半年。我們將於2月發布的2025年第四季業務回顧報告中公佈2026年的財務目標。今年剩餘時間裡，我們將繼續專注於擴大無人駕駛業務，推進我們的計劃，以支持我們 2026 年的規模化目標，加速我們的先發優勢，鞏固我們的領導地位。

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

接下來，我們將進入問答環節。

(Operator Instructions)

（操作員指示）

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hi, everyone. Thank you for taking our questions. At first, I'd like to ask if you could sort of give us form and shape to your plans from moving from a terminal to endpoint-to-endpoint shipments.Thank you.

大家好。感謝您回答我們的問題。首先，我想請您簡要介紹一下您從終端發貨到點對點發貨的計劃。謝謝。

Yeah, Thanks, George. Great to take questions from you. I think one of the misconceptions that we hear is that this is kind of a big deal. And it really is -- so today, for example, when we're operating -- getting to our Houston terminal, we drive for about 5 miles through various industrial park surface streets to get to our terminal. So we have a system that's capable and able to deliver this -- like it works well.

是啊，謝謝你，喬治。很高興回答你們的問題。我認為我們經常聽到的一種誤解是，這件事意義重大。確實如此——例如，今天當我們運營時——前往我們在休斯頓的碼頭，我們需要開車行駛大約 5 英里，穿過各個工業園區的地面道路才能到達我們的碼頭。所以我們有一個能夠實現這一點的系統——而且運作良好。

So for us, it's just a matter of timing and sequencing when the volumes are sufficient that it's relevant for our customers. And so we intend to be rolling that out to customers through the next year. Dave?

所以對我們來說，這只是一個時機和順序的問題，當數量足夠多，對我們的客戶有意義時，我們就會採取行動。因此，我們計劃在明年逐步向客戶推出這項服務。戴夫？

And I would say maybe two other things. One of them is on the misconception piece, right? Like if you think about end points, customer end points, roughly 80% of those endpoints are within a 5-mile range from a highway. So this is not a difficult technical challenge at all.

我可能還會補充兩點。其中一篇是關於誤解的，對吧？例如，如果你考慮終端點，客戶終端點，大約 80% 的終端點都在距離高速公路 5 英里的範圍內。所以這根本不是技術難題。

I think the other thing, it's important to point out that we started out, and everything kind of relates to our technology rollout and our crawlrun, right? So we started out operating a small fleet of trucks that we're continuing to build up. But it's important to understand that we need to be able to drive in all weather conditions, right? We already opened up nighttime earlier. We're expanding lanes, but we also want to be able to operate in rain and heavy wind.

我認為還有一點很重要，那就是我們起步於技術推廣和試運行階段，對吧？所以我們最初營運的是一支小型卡車車隊，現在我們正在不斷擴大車隊規模。但重要的是要明白，我們需要能夠在各種天氣條件下駕駛，對吧？我們已經提前開始夜間營業了。我們正在擴大車道，但我們也希望能夠在下雨天和大風天氣下運作。

And when we're able to operate in all these conditions, then when we go to customer endpoints, we're able to operate a larger number of vehicles between their specific end points. So the 1 thing that's really important is to make sure that we've got a really robust product that is operating between the endpoints. So I would say that this is a very deliberate plan that we're executing upon.

當我們能夠在所有這些條件下運作時，當我們前往客戶終端時，我們就能夠在各個終端之間運作更多的車輛。所以，真正重要的一點是，要確保我們有一個非常強大的產品，能夠在各個端點之間穩定運作。所以我認為，這是一個經過深思熟慮並正在執行的計劃。

Thank you. And maybe as a follow-up in two parts. So in your press release, you say that you want to deploy hundreds of trucks next year. That feels like a little bit of an acceleration. Is that true? And the second part of the question is, is that being enabled by your partnership with international, which I think is new. Did you have a partnership with International before this? Thank you.

謝謝。或許可以分成兩部分進行後續報道。所以，你們在新聞稿中說，你們計劃明年部署數百輛卡車。感覺像是稍微加速了一下。是真的嗎？問題的第二部分是，這是否得益於您與國際組織的合作，我認為這是一種新的合作。在此之前，您是否與國際組織有過合作關係？謝謝。

Yeah, So this is, I think, in line with what we've been saying for a while now, we've been saying we want to get 10 plus tens of trucks this year, and we want to get hundreds next year. And so I think it's aiming to accomplish what we set out to do. In terms of -- with international, this is a new relationship. So we are purchasing trucks from international, and we're doing the upfit ourselves. We continue to work with Volvo and Makar and continue to be excited about the plan for with them. But a way for us to take timing into our own hands, ensure that we can deliver this and support and fortify our volumes for next year as a response to the customer interest that we're seeing today. Thank you.

是的，我認為這和我們一直以來所說的話是一致的，我們一直說我們今年想要引進十幾輛卡車，明年想要引進幾百輛。所以我認為它正朝著我們設定的目標邁進。就國際關係而言，這是一種全新的關係。所以我們從國際卡車公司購買卡車，然後自己改裝。我們將繼續與沃爾沃和馬卡合作，並對與他們共同製定的計劃感到興奮。但我們可以自己掌控時間，確保能夠交付產品，並支援和加強明年的銷售，以回應我們今天看到的客戶需求。謝謝。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Great, thanks everyone. If I can just continue that line of discussion on international, I wanted to confirm. So are you just buying the trucks off a lot and kind of rolling that out as a third fleet, or is this an actual OEM relationship like you have with that car and Volvo, and in which case, going to be there a time to commercial launch of that as well?

太好了，謝謝大家。如果我能繼續討論國際議題，我想確認一下。所以你們只是從經銷商那裡購買卡車，然後將其作為第三支車隊投入使用，還是像你們與沃爾沃汽車公司那樣建立了真正的 OEM 合作關係？如果是後者，那麼是否也會有商業化推出的時間呢？

So Ravi, it's Dave. So we are buying stock trucks. We're not actually buying necessarily at the lot we are ordering them through international, but there is no co-development partnership associated with those. So it's important to understand that we've got a tremendous experience in how to integrate out of the Aurora driver into platforms. We've done it on like roughly 8 platforms. So we understand all the necessary capabilities to launch a safe product.

拉維，我是戴夫。所以我們正在購買庫存卡車。我們實際上不一定是在現場購買，我們是透過國際管道訂購的，但這些訂單與合作開發夥伴關係無關。因此，重要的是要明白，我們在如何將 Aurora 驅動程式整合到平台方面擁有豐富的經驗。我們已經在大約 8 個平台上實現了這一點。因此，我們具備推出安全產品所需的所有能力。

And in this particular case, we've got 2 partnerships with co-developments already. We felt this was a great opportunity for us to continue to meet customer demand. and work and offer the Aurora Driver on a third platform.

就此案例而言，我們已經建立了兩個合作開發專案。我們認為這是一個絕佳的機會，可以繼續滿足客戶需求，並在第三個平台上開發和提供 Aurora 驅動程式。

And answer to the second half of your question, Ravi, we expect to have the international. A truck on the road, driverless in Q2 of 26, so we're excited to add that to our growing fleet.

至於你問題的後半部分，Ravi，我們預計會舉辦國際賽事。2026 年第二季度，一輛無人駕駛卡車上路了，所以我們很高興能將它加入我們不斷成長的車隊。

Understood. That's helpful. And maybe as a follow-up, as you guys get closer to launching Gen 2 and specking the Gen 3 hardware. When do you get a sense of the bill of materials and the cost of the system involved. And maybe also like when do you expect to have conversations with OEM partners and maybe launch actual pricing of the truck and the system for your customers? Thank you.

明白了。這很有幫助。或許可以作為後續報道，隨著你們越來越接近發布第二代產品並確定第三代硬體的規格。什麼時候才能大致了解物料清單和系統成本？或許還可以問問，你們預計何時與 OEM 合作夥伴進行洽談，並向客戶公佈卡車和系統的實際價格？謝謝。

Yeah, So I think on the bill of materials for the Aurora Driver, we have very good insight into that today. We track it as part of our development process. We know what that bill of material cost is. And it's important to understand again that as we look at that cost, that doesn't get borne upfront as part of the purchase of a truck, that is paid through the subscription that customers will pay for the Aurora driver. This driver as a service model. And we factored that into the cost and into the revenue stream and profitability of the business going forward.

是的，所以我覺得對於 Aurora 驅動器的物料清單，我們今天已經有了非常清晰的了解。我們將其作為開發流程的一部分進行追蹤。我們知道物料清單成本是多少。再次強調，重要的是要明白，當我們考慮這項成本時，它不會作為購買卡車的一部分預先承擔，而是透過客戶為 Aurora 司機支付的訂閱費用來支付。這是驅動程式即服務模式。我們已將這些因素納入成本、收入來源以及企業未來的獲利能力考量之中。

Very helpful. Thanks guys.

非常有幫助。謝謝大家。

Thanks, Robbie.

謝謝，羅比。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Thanks so much guys. You, you've talked a lot about the simulation, expertise that you have. Can you talk a little bit about any sort of acceleration that you're seeing or any sort of transitions that that may see hiccups as you as you move to the new hardware?

非常感謝大家。你談了很多關於模擬方面的專業知識。您能否談談您在遷移到新硬體過程中觀察到的任何加速現象，或任何可能發生故障的過渡情況？

Yeah. Well, first, yes, we think simulation is an important tool. It's something we've invested and I appreciate you recognizing that. No, we don't really see any hiccups. Like one of the things that we -- that I think a lot of folks don't really understand is that the automated driving system is a complicated difficult thing to build. But the tools and process and rigor you have to put in place to have conviction that the thing is safe to put out in the road and operate at 70 miles an hour down the freeway is at least as hard, if not harder.

是的。首先，是的，我們認為模擬是一個重要的工具。這是我們投入的資源，感謝你的認可。不，我們沒發現任何問題。我覺得很多人不太明白的一點是，自動駕駛系統是一個非常複雜、難以建構的東西。但是，要確信某樣東西可以安全地投放市場，並在高速公路上以每小時 70 英里的速度行駛，你所必須採取的工具、流程和嚴格措施至少同樣困難，甚至更難。

And so as we've been building our processes for validation and release, we've designed them with an eye toward this needs to scale. This needs to allow us to accelerate our release process over time and meet the needs for that second generation, third generation hardware.

因此，在建立驗證和發布流程時，我們在設計時就考慮了這種規模化的需求。我們需要加快產品發布流程，以滿足第二代、第三代硬體的需求。

And so it's kind of moving along as we'd hoped. So yes, I hope that -- I'm not sure if I answered your question, but we're feeling pretty good about this.

所以事情進展得基本上符合我們的預期。是的，我希望——我不確定我是否回答了你的問題，但我們對此感覺相當不錯。

Okay, yeah, I'll follow-up offline. The second one is really around customer comfort with the technology, now that you're accumulating a fair amount of experience on the road without the driver, how quickly are customers getting comfortable with taking a safety driver out of the cab, and thinking about actually starting to deploy, with you guys, out of the gate without a driver.

好的，我會線下跟進。第二個問題其實是關於客戶對這項技術的接受度，既然你們在沒有司機的情況下已經積累了相當多的道路駕駛經驗，那麼客戶多久才能適應將安全司機從駕駛室中移除，並考慮真正開始像你們一樣，一開始就部署沒有司機的車輛。

Yeah, I think that one, it's dangerous to characterize all customers in one bucket, and so there's obviously a spectrum of them, but what we're seeing is enthusiasm, right, that the conversation has moved from, hey, maybe this will happen to oh it's happening. I can see why this will benefit my business. I would like to have access to that. And so you know we mentioned Russell Transport, that's a customer that just signed up with us and signed up with us on day one to operate driverlessly, and we expect that to be the flavor of many of the customer relationships that we're going to put in place going forward.

是的，我認為把所有顧客都歸為一類是危險的，所以顯然顧客群體存在一個連續譜，但我們看到的是熱情，對吧，討論已經從“嘿，也許會發生這種情況”轉變為“哦，它正在發生”。我明白這對我的生意有什麼好處。我希望能夠獲得存取權限。正如我們剛才提到的 Russell Transport，這家客戶從第一天起就與我們簽約，採用無人駕駛營運模式。我們預計，未來我們將與許多客戶建立類似的合作關係。

Thanks so much guys. Thank you.

非常感謝大家。謝謝。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey guys, good afternoon. Thank you so much for taking our questions and congrats on all the great, progress. Congrats on all the great progress. I think some of our questions have been asked. But Chris, I'm hoping maybe if you can help us maybe give us some granularity as to how we should think about the truck deployments for Q4 and maybe early next year to I guess -- so you have 5 in operational as of now. So to get to more than 10, presumably, that means deploying 6 additional trucks before year-end. So I mean how should we think about Q4 deployments and maybe ASPs. Any granularity you might be able to give us there. I know we'll get more color on Q4 for next year, but anything helpful there?

大家好，下午好。非常感謝您回答我們的問題，並祝賀您的所有巨大進步。祝賀你們取得的巨大進步。我認為我們的一些問題已經被問過了。但克里斯，我希望你能幫我們更具體地說明一下，我們應該如何考慮第四季以及明年年初的卡車部署——目前你們有 5 輛卡車在運作。因此，要達到 10 輛以上，大概意味著在年底前再部署 6 輛卡車。所以我的意思是，我們應該如何考慮第四季的部署以及ASP（應用程式銷售價格）？您能提供的任何更詳細的資訊都非常感謝。我知道明年第四季我們會獲得更多關於這方面的信息，但那方面有什麼有用的信息嗎？

Yeah, so we expect to get to 10 trucks operating driverlessly at the end of this year. We'll kind of ramp them through the course of Q4, we really like you're probably sick of us saying crawl, walk, run, but we very much believe that, we want to make sure that customers are comfortable, regulators are comfortable, that we're building out at a rate. That really enables us to do something useful in the world for us right now, it's a balance between increasing driverless operation and utilizing the fleet that we have to advance capability to deliver that value to customers.

是的，我們預計到今年年底將有 10 輛卡車實現無人駕駛運行。我們將在第四季度逐步推進，我們真的相信，你們可能已經厭倦了我們說“爬、走、跑”，但我們堅信，我們希望確保客戶放心，監管機構放心，我們正在以適當的速度進行建設。這確實使我們能夠在當今世界做一些對我們有用的事情，這是一種平衡，既要增加無人駕駛運營，又要利用我們現有的車隊來提高能力，從而為客戶創造價值。

And so you know we're putting time into, of course, the lane expansion work and into weather so that as those trucks begin operating driverlessly you're maximizing the utility for the customers.

所以你知道，我們當然會投入時間進行車道擴建工作，也會關注天氣狀況，這樣當這些卡車開始無人駕駛運行時，就能最大限度地為客戶帶來效益。

Got it. Okay. That's helpful. And I guess as a maybe a quick follow-up. So in your, presentation, in the timeline slide you talk about having positive gross profit by end of 26 or early 27. How should we think about that? Is there a certain number of trucks in operation that you think you'd need to to get to that point, or is there a better way to think about kind of that ramp up? Thanks.

知道了。好的。這很有幫助。我想，或許可以做個簡短的後續說明。所以，在你的簡報中，在時間軸幻燈片中，你提到到 2026 年底或 2027 年初實現正毛利。我們該如何看待這個問題？您認為需要多少卡車投入運作才能達到那個目標？或者有沒有更好的方法來考慮這種逐步擴大規模的方法？謝謝。

Yeah, so it's a little bit of a truck volume. It's a little bit of continuing our capabilities that we're focusing on today. So there's what we TRY to describe as 4 key enablers. The first one is to launch our second generation hardware kit. We are well on its way to that, and that will be launched with the introduction of our new fleet of trucks in April, so we're really ex excited Q2, sorry.

是的，所以這有點像卡車運輸量。今天我們主要關注的是如何繼續提升我們的能力。所以，以上就是我們試圖描述的 4 個關鍵推動因素。第一件事是推出我們的第二代硬體套件。我們正朝著這個目標穩步前進，並將於 4 月隨著我們新卡車車隊的推出而啟動，所以我們真的非常興奮。第二季度，抱歉。

And we're really excited about that.

我們對此感到非常興奮。

I think there's an element of continued progress on remote assistance, and we've said before, again, remote assistance, they're not operating the vehicles, but they are supporting the vehicles if there's any need for support like. Detecting different signs and things like that that we want to clear, we're well on our path towards that where we think we're going to be able to have one person operating and supporting multiple vehicles. We're going from few to many, and so we think that path is pretty clear.

我認為遠端協助方面正在取得持續進展，我們之前也說過，遠端協助是指他們不操作車輛，而是在需要支援時為車輛提供支援。偵測到不同的標誌以及我們想要清除的類似事物，我們正朝著這個目標穩步前進，我們認為我們將能夠讓一個人操作和支援多輛車。我們正在從少數走向多數，所以我們認為這條道路非常清晰。

There's an element of, what type of support do we need on site if we're able, if there's a, let's say we have a tire blowout or something like that. We're pretty confident that that still needs a little bit of work to prove out, but we think that there's a pretty clear path to that. Those are the big items that we talk about. And then the last one is obviously you need a sufficient scale because we do have some structural cost elements whether we operate at our terminals or our insurance costs, etc. Where just purely the mileage accumulation is really important. So again, I think when we originally talked about gross profit positive, we had established a target for ourselves. This was back in 204. By the end of 206, we launched a little bit later for commercial launch, so we expect that may flow into 27, early 207, but we still feel confident that that's a good target, but we're not putting any formal guidance out yet for 26 profitability.

這裡涉及到一個問題，如果我們有能力的話，比如說，我們遇到爆胎之類的情況，我們需要什麼樣的現場支援。我們相當有信心，這還需要一些工作來證明，但我們認為通往成功的道路已經相當清晰了。這些都是我們討論的主要內容。最後一點顯然是，你需要足夠的規模，因為我們有一些結構性成本因素，無論是在我們的碼頭運作還是保險成本等等。而單純的里程累積就非常重要。所以，我認為當我們最初討論毛利為正時，我們為自己設定了一個目標。那是204年的事了。到 206 年底，我們的商業發佈時間稍晚了一些，所以我們預計這可能會延續到 2027 年或 2027 年初，但我們仍然相信這是一個不錯的目標，但我們還沒有對 2026 年的盈利能力做出任何正式的指導。

And just to add on, Dave was saying right now, like, take for example the Aurora driver hardware kit. There we just look at the bomb cost and we see a roughly half the price of what our current system is, and then you add to that the increased durability so you can amateurize that over a longer distance or a longer amount of driving that that's a big mover and we see that coming online in 26 or in Q226.

補充一點，戴夫剛才說，例如，以 Aurora 驅動程式硬體套件為例。我們只需看看炸彈的成本，就會發現它的價格大約是我們現有系統的一半，再加上更高的耐用性，因此即使在更長的距離或更長時間的駕駛中，它也能正常工作，這是一個很大的進步，我們預計它將在 26 年或 2026 年第二季度上線。

Understood thanks Chris thanks David, very helpful appreciate it we'll pass it on.

明白了，謝謝克里斯，謝謝大衛，非常有幫助，感激不盡，我們會轉達的。

Thank you.

謝謝。

Chris Pierce, Needham & Company.

克里斯·皮爾斯，尼德姆公司。

Hey, good afternoon, everyone. If we just go back to the international truck announcement, I just want to understand, will customers be able to buy international trucks that you upfit, or is this just something you're doing to sort of pull forward or accumulate more proof points with the Aurora driver technology?

嘿，大家下午好。如果我們回到國際卡車發布會，我只想了解，客戶是否能夠購買你們改裝的國際卡車，或者這只是你們為了推進或積累更多 Aurora 駕駛員技術的證據而採取的措施？

So as today we're operating in this what we call transportation as a service mode where we're operating trucks for our customers and initially we expect that's how this will operate. So we'll own these trucks. They'll be out there revenue revenue generating value for customers, maybe at some point in the future we consider that, but initially this is going to be trucks we own and operate and get paid for.

所以，目前我們採用的是一種所謂的運輸即服務模式，也就是我們為客戶經營卡車，我們預期最初也會是這樣運作的。所以這些卡車將歸我們所有。它們將會投入運營，為客戶創造收入和價值，也許在未來的某個時候我們會考慮這一點，但最初這些卡車將是我們擁有和運營的，並且我們會從中獲得收入。

And should we think about if it goes well, is this something where, you've talked about launching with other OEM partners in the past, do you, but International has a public autonomous partner already. Do you see a world where OEMs have multiple autonomous platforms and the end user, the truck fleet chooses which one they want based on metrics or price, or how do you kind of see the market shaking out?

我們是否應該考慮一下，如果進展順利，這是否會像您過去談到與其他 OEM 合作夥伴共同推出那樣，但 International 已經有一個公共自動駕駛合作夥伴。您認為未來 OEM 廠商會擁有多個自動駕駛平台，而最終用戶（卡車車隊）會根據指標或價格選擇他們想要的平台嗎？或者您認為市場最終會如何發展？

Yeah, we've made no secret that we intend to have the Aurora driver available on all OEM platforms, and we love the opportunity to compete. We think the Aurora Driver is going to be the best product in the market. And so yeah, we would love to have and hope to have a long-term relationship here.

是的，我們毫不掩飾地表示，我們打算讓 Aurora 驅動程式適用於所有 OEM 平台，我們非常樂於參與競爭。我們認為 Aurora 驅動程式將成為市場上最好的產品。所以，是的，我們非常希望並期待與貴公司建立長期的合作關係。

Okay. And then just lastly from me, not to sort of put you on the spot, I'm not sure how many headlines you're watching during the day, but there were some headlines from Nvidia all across mobility today with OEM partners, EV to partners, and in the, with international in the tracking space. What's the right way to sort of frame this announcement if you saw it versus, your relationship with Nvidia? I just want to kinda understand what is new, not new, kinda how we should think about that broadly, if that's something you can speak to.

好的。最後，我再補充一點，不是想讓你難堪，我不知道你一天會關注多少新聞，但今天英偉達在移動領域，包括與 OEM 合作夥伴、電動汽車合作夥伴以及國際追踪領域的合作，都有一些新聞報道。如果你看到了這條公告，你會如何適當地看待它與你和英偉達的關係之間的關係？我只是想了解什麼是新的，什麼是不新的，以及我們應該如何從更廣泛的角度思考這個問題，如果您能談談這方面的話。

Yeah, we, we've obviously been working with Nvidia and Amovio on the.

是的，我們顯然一直在與英偉達和Amovio合作。

The 3rd generation Aurora commercial hardware kit for some time now I think we announced it back in January maybe. So great to see others recognizing the opportunity to use this technology. We think it's great hardware and you know we'll just continue to build our business, yeah, Nvidia makes good products, so I'm not surprised others are using them.

第三代 Aurora 商用硬體套件已經有一段時間了，我想我們可能在一月份就發布了。很高興看到其他人也意識到了利用這項技術的機會。我們認為這是很棒的硬件，而且我們也會繼續發展我們的業務，是的，英偉達的產品很好，所以其他人使用它們我並不感到驚訝。

Okay.

好的。

Thanks for the time. Thank you.

謝謝你的時間。謝謝。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, good afternoon, and, thanks for putting me in here. So, first question for you on the equipment side, you mentioned in the presentation that the second generation, should be getting you a 50% reduction in the hardware costs. Is there a scale number to think about that you need to hit to get to that level, and then with this equipment, like what's the whole life cycle this stuff like how often do you need, are you envisioning that you're going to need to kind of be, upgrading the hardware on on a truck or is it a lack truck?

嘿，下午好，謝謝你讓我參與其中。那麼，關於設備方面，我的第一個問題是，您在演示中提到第二代產品應該能為您節省 50% 的硬體成本。是否有一個規模數字需要考慮，才能達到那個水準？然後對於這些設備，例如它們的整個生命週期是怎麼樣的呢？你需要多久更換一次？你設想​​的是需要升級卡車上的硬件，還是需要升級整輛卡車？

Yeah, So as we talk about the price point of the bill of material savings, that's across this production run of 1,000-plus units, right? And as we talked about in the past, we have the vehicles we have today with our first-generation hardware, we knew we could build that in tens and not more. And that's why we have the second generation hardware where our contract manufacturing partner, Fabrinet is producing those. And that gets us to 1,000-plus. And then, of course, the truly large automotive scale comes in with the Aumovio partnership, and that's when we can get to tens of thousands of units.

是的，所以當我們談到物料清單節省的成本時，這是針對這 1000 多台產品的生產批次而言的，對吧？正如我們過去討論過的，我們今天擁有的車輛採用的是第一代硬件，我們知道我們只能生產幾十輛，不能更多。因此，我們推出了第二代硬件，由我們的代工製造合作夥伴 Fabrinet 生產。這樣我們就達到了 1000 多個。當然，真正的大規模汽車生產是透過與 Aumovio 的合作實現的，那時我們就能達到數萬輛的產量。

So this is kind of the bridge between tens and tens of thousands and so the price numbers are across that 1,000-plus scale, and we have commitments and alignment on that. In terms of the life cycle, we expect this hardware to be lasting 1 million miles that aligns well with the kind of useful first ownership for many of these trucks and meets our objectives for the profitability and financials here.

所以這算是介於幾萬和幾萬之間的橋樑，價格數字跨越了 1000 以上的範圍，我們在這方面有承諾和共識。就生命週期而言，我們預計該硬體的使用壽命可達 100 萬英里，這與許多此類卡車的首次使用里程非常吻合，並滿足了我們對盈利能力和財務狀況的目標。

Okay, thanks. That's helpful. And then Dave, my second question would be for you on your sort of illustrative and then case study looking on page 16 of your presentation there for Fort Worth and Phoenix. If I'm, if I'm have my metrics right, I'm pretty sure a fully loaded Class A tractor can go 1,000 to 1,200 miles on a full tank of gas with a driverless.

好的，謝謝。這很有幫助。戴夫，我的第二個問題是關於你簡報第 16 頁中關於沃斯堡和鳳凰城的案例研究。如果我沒記錯的話，如果我的計算方法正確的話，我很確定一輛滿載的 A 級牽引車在無人駕駛的情況下，加滿一箱油可以行駛 1000 到 1200 英里。

Couldn't this truck make the trip in a day as opposed to the 2 to 3 that a normal, trucker would quote for the plane? And if that's right, then, why sell it at 205 a mile?

這輛卡車難道不能在一天之內完成這段旅程嗎？而一般的卡車司機搭乘飛機的話，通常需要 2 到 3 天。如果是這樣，那為什麼還要以每英里 205 美元的價格出售？

Yeah, I think it's in a, well, a couple of things. Number one, yes, we can drive the same distance, for fuel economy. We're actually probably slightly better for fuel economy. We're averaging about 15% better than the traditional human driver.

是的，我覺得它在好幾個方面都有體現。第一，是的，為了節省燃油，我們可以行駛同樣的距離。實際上，我們在燃油經濟性方面可能略勝一籌。我們的平均表現比傳統人類駕駛者好約 15%。

We can go all that distance, and our intent is to go in a single day. I think the 205 is also a luster of for us because each lane is going to be a little bit different in terms of its pricing environment and the and the customers and so for us we've always said that in the transportation as a service element which is this is the illustrative kind of example and then there's the driver as a service example in each of these particular examples transportation service we're kind of pricing like the rest of the market. And for the drivers of the service we've got the 65% to 85% range but we'll get more specific on pricing when we get a little bit further along.

我們可以走完這段路程，我們的目標是在一天之內到達。我認為 205 號公路對我們來說也是一個亮點，因為每條車道的定價環境和客戶都會略有不同，所以我們一直說，在運輸即服務要素中（這是一個示例性的例子），還有司機即服務的例子，在這些具體的運輸服務示例中，我們的定價方式與市場上的其他部分類似。對於這項服務的司機，我們的分成比例在 65% 到 85% 之間，但等我們再進一步討論定價時，我們會給出更具體的方案。

David, just to, can I just jump in here for one sec, I think, just because Dave doesn't have the slide in front of him. The revenue per mile that that we have there that's not necessarily to Aurora, right? So this is an end to end in a in a drivers of service business model that is an industry rate that's DAT sourced right? So we're using that cost basically that that's what a carrier would be paid to haul those loads on that lane based on industry data and. Then we're showing how much more revenue and margin we can drive for the customer based on the driver service model in which they are paying us the driver fee so we can actually walk through the math offline, but I just wanted to clarify that one.

大衛，我能插一句嗎？因為戴夫面前沒有滑梯。我們每英里的收入並不一定是指奧羅拉的收入，對吧？所以這是一個端到端的服務業務模式，其行業費率來自DAT，對嗎？所以，我們基本上是使用這個成本，也就是根據行業數據，承運人在該線路上運輸這些貨物所應獲得的費用。然後我們會展示，根據司機服務模式（客戶向我們支付司機費用），我們可以為客戶帶來多少額外的收入和利潤，這樣我們就可以在線下進行計算，但我只是想澄清一下這一點。

And I do think though your point as there is an opportunity potentially for premium pricing here because of the speed at which you can move these goods. But we're still, exploring when and if that's an appropriate lever to pull.

不過我確實同意你的觀點，因為這些商品的銷售速度很快，所以這裡可能有溢價的機會。但我們仍在探索何時以及是否應該採取這種措施。

Okay, and, but is the, is the software subject any hours of service or no? And then I'll let you go. Sorry.

好的，那麼，這個軟體是否有服務時間限制呢？然後我就放你走。對不起。

It's not.

它不是。

No, the software is not subject to hours of service because you know if you just think about the reason for the hours of service limitation it's because the person gets tired, right? Our software is that superhuman ability to not get tired.

不，該軟體不受服務時間限制，因為你知道，如果你仔細想想服務時間限制的原因，那就是因為人會累，對吧？我們的軟體擁有超人般的永不疲倦的能力。

Superhuman races.

超人種族。

Thank you.

謝謝。

Thank you very much, appreciate it.

非常感謝，感激不盡。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thank you very much for taking my questions. First, just hoping to better understand some of the progress the company has been making with Volvo. I think in the last earnings call, you spoke about. Hope you have 20 trucks from them by the end of the year. Where do you stand with that? And if I understood the press release today, you also are working to integrate line side. So if you could share some time frames for that as well. So a couple of different parts to Volvo time lines and progress, please?

是的，下午好。非常感謝您回答我的問題。首先，我只是希望能更了解該公司在沃爾沃專案上取得的一些進展。我想在上次財報電話會議上，您也談到了這一點。希望到年底你能從他們那裡買到 20 輛卡車。你對此持什麼態度？如果我理解今天的新聞稿沒錯的話，你們也在努力整合生產線的內容。所以，如果您也能提供一些時間安排就更好了。那麼，請介紹一下沃爾沃發展歷程和進展的幾個不同部分？

Yeah, I, hey Mark, can you just hit the first part again just to make sure I got it, correct.

是的，嘿，馬克，你能再確認第一部分的內容，確保我理解正確嗎？

I thought you were, planning to take, some trucks, from Volvo Autonomous Solutions if I was, remembering correctly, where did you stand with those and and getting those validated then I think you also talked today about, doing some line side integration or something but also understand, when that may. Yeah.

我以為你打算從沃爾沃自動駕駛解決方案公司購買一些卡車，如果我沒記錯的話，你對這些卡車的進展如何？驗證工作進度如何？我想你今天也談到了進行一些生產線旁整合之類的工作，但我也明白，這大概什麼時候會實現。是的。

Okay, so I just want to make sure that I got the the 20 part right, so yeah, for Volvo Autonomous Solutions what we had said, and we had said this last time as well, that we are starting to get their second, set, and now we're actually in the process of building kind of their third set of trucks and so. There's they're called like B sample and C sample, so they are development trucks that have all the representative hardware, but as Chris mentioned, there's still some updates associated with the firmware and the software that need to be done to have them fully validated for driverless operations on their truck platform. And we're in the midst of deploying those trucks and we use them in terms of delivering commercial loads to support Volvo Autonomous Solutions business as well as development testing and integrating them into our second generation hardware. What Chris referenced even even today is that we've actually have. Our first line side integration of the Aurora driver kit being lineside installed at an assembly plant at their new River Valley assembly plant, and so that's really a look into the future because remember one of the things that we're really excited about with the pack.

好的，我只是想確認我是否理解了第 20 部分，是的，對於沃爾沃自動駕駛解決方案公司，我們之前說過，上次也說過，我們正在開始交付他們的第二批車輛，現在我們實際上正在建造他們的第三批卡車等等。它們被稱為 B 樣車和 C 樣車，是開髮用車，配備了所有代表性的硬件，但正如 Chris 所提到的，固件和軟體方面還有一些更新需要完成，才能使其完全驗證可以在卡車平台上進行無人駕駛操作。我們正在部署這些卡車，並將它們用於運送商業貨物，以支援沃爾沃自動駕駛解決方案業務，以及進行開發測試，並將它們整合到我們的第二代硬體中。克里斯今天仍然提到的是，我們實際上已經擁有了。我們首次在生產線上整合了 Aurora 驅動套件，並在他們位於 River Valley 的新裝配廠的裝配線上進行了安裝，這確實展望了未來，因為記住，我們對該套件感到非常興奮的原因之一就是…

And partnerships is the ability to build that scale and one of the key components of really building it high scale, high volume is the ability to line side install like it was any other part that was being assembled onto the vehicle and so we're making progress on both of those fronts.

而合作關係是實現規模化的關鍵，而真正實現大規模、高產量生產的關鍵組成部分之一，就是能夠像組裝到車輛上的任何其他部件一樣進行生產線旁安裝，因此我們在這兩個方面都取得了進展。

Very helpful, David. And just the time frame to be done with the testing and validation with Volvo, do you have an estimate you can share?

大衛，你幫了我大忙。至於與沃爾沃的測試和驗證工作需要多長時間，您能否提供一個預估時間？

Yeah, we, again, same as always, we're going to TRY not to talk about our customers and our partners' timing. We let them do that, but we're making tremendous progress and again we're starting lineside integration, so things are advancing really well for us.

是的，我們還是會像往常一樣，盡量不談論我們的客戶和合作夥伴的時間表。我們讓他們這麼做，但我們正在取得巨大的進步，我們正在重新開始線路邊整合，所以事情進展得非常順利。

Okay, and then just my last question was just on the news with with international maybe just talk a little bit more around how that how that's evolved and and how that supports your driver out, time frames that you were describing in your prepared remarks.

好的，我的最後一個問題是關於國際新聞的，能否再多談談它是如何發展的，以及它如何支持您在準備好的發言稿中描述的司機出勤率和時間框架。

Thank you.

謝謝。

Yeah, so I think with International also super excited and you know we've had a lot of, the interest and the customer demand on the Aurora driver has really been strong and we continue to make great progress technically, and we want to be able to kind of fulfill that promise of being able to deploy these trucks across the Sun Belt and working off of international trucks where we upfit stock trucks from international and being able to install the Aurora driver on those and deploy those driverlessly without an observer in the second quarter of 2026 is a great opportunity for us to meet demand and kind of fill that volume potential and continue to demonstrate our leadership position. So our focus is really on continuing to build the momentum across the board.

是的，所以我覺得國際卡車公司也非常興奮，你知道，客戶對Aurora自動駕駛系統的興趣和需求非常強勁，我們在技術上也持續取得巨大進展。我們希望能夠兌現承諾，在陽光地帶部署這些卡車，並以國際卡車為基礎進行改裝。我們將對國際卡車進行改裝，並在這些卡車上安裝Aurora自動駕駛系統，然後在2026年第二季度實現無人駕駛部署，無需觀察員。這對我們來說是一個絕佳的機會，可以滿足市場需求，釋放銷售潛力，並繼續展現我們的領導地位。因此，我們的重點是繼續全面保持發展勢頭。

Michaeli, TD Cowen.

Michaeli，TD Cowen。

Great thanks. Good afternoon everybody. Just two questions on the product roadmap. First question you mentioned kind of solving for some of the dust storms. I'm curious as you solve for that, how much of that was kind of done by by the lidAR, your LIDAR versus radar. And secondly, I guess a slight delay in the rain and heavy wind update. Just maybe talk a little bit about that. Was that just tied to maybe having to solve for the The dust storms first, not pushed out a little bit, and anything could share that would be helpful.

非常感謝。大家下午好。關於產品路線圖，我只有兩個問題。你提到的第一個問題有點像是在解決一些沙塵暴問題。我很好奇，在你解決這個問題的時候，光達（lidAR）和雷達相比，有多少工作是完成的？其次，關於降雨和強風天氣的最新消息可能會稍微延遲。或許可以稍微談談這件事。那是不是因為必須先解決沙塵暴問題，而不是稍微往外推一點？任何能分享的資訊都會有所幫助。

Yeah, so on the how do we deal with the dust storm part of this there, as we said for a long time, we see real value in having a complementary set of sensors. They have different strengths and weaknesses and so there isn't like we just use LIDAR or we just use radar, we build a model, a perception model, an AI model that's taking data from those different sources and producing the best possible outcome from it. And so you know we lean into the special properties that come along with first light, our FMCW lighter, and of course radar, given its relatively longer wavelengths is less impacted by dust.

是的，關於如何應對沙塵暴這個問題，正如我們一直以來所說的，我們認為擁有一套互補的感測器具有真正的價值。它們各有優缺點，所以我們不會只使用光達或只使用雷達，而是會建立一個模型、一個感知模型、一個人工智慧模型，該模型會從這些不同的來源獲取數據，並從中產生最佳結果。所以你知道，我們利用第一束光的特殊性質，我們的 FMCW 打光器，當然還有雷達，由於其相對較長的波長受塵埃的影響較小。

And so between the two of them we do a really nice job of seeing what's on the road in front of us.

因此，我們兩人合作得很好，能夠看清眼前的道路狀況。

In terms of the the rain push out, this is like we look at this as just not a thing, right, whether it's the end of December or the kind of the beginning of January, we just like to report things with integrity and we realized it was going to come out in the release a couple of weeks later than we had originally said, so we just value transparency figure we share that.

關於降雨延後的問題，我們認為這根本不算什麼事，對吧？無論是十二月底還是一月初，我們都喜歡秉持誠信報道，而且我們意識到發佈時間會比原計劃晚幾週，所以我們重視透明度，並在此分享。

Yeah, and it's also important to point out that we also pulled ahead, the the El Paso lane quite a bit.

是的，還有一點很重要，那就是我們在埃爾帕索車道上也領先了不少。

We're going to continue to drive towards moving really quickly on this, and as Chris reminded me even earlier today, we are going to give people a little bit of a breather during the holidays.

我們將繼續加快這項工作，正如克里斯今天早些時候提醒我的那樣，我們將在假期期間給大家一點喘息的機會。

Yeah, that that's all very helpful thank you.

是的，這些資訊都很有幫助，謝謝。

Thank Yeah, Dave has to remind me not to beat myself and the team on the the the the week or two here given that we pulled the other thing forward.

謝謝。是啊，戴夫得提醒我，鑑於我們把另一件事提前完成了，不要在這短短一兩週內責怪自己和團隊。

Thank you. At this time, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。