Aurora Innovation, Inc. (AUR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Aurora first-quarter 2026 business review call.

各位好，歡迎參加 Aurora 2026 年第一季業務回顧電話會議。

(Operator Instructions). As a reminder, this conference is being recorded.

(接線員指示)。提醒各位，本次電話會議將被錄音。

It is now my pleasure to introduce Stacy Feit, Vice President of Investor Relations. Please go ahead.

現在我很榮幸介紹投資人關係副總裁 Stacy Feit。請開始。

Thanks, Paul. Good afternoon, everyone, and welcome to our first-quarter 2026 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.aurora.tech. The shareholder letter was also furnished with our Form 8-K filed today with the SEC.

謝謝你，Paul。各位下午好，歡迎參加我們 2026 年第一季業務回顧電話會議。我們已於今天下午稍早公布業績。本次電話會議的股東信以及配套簡報可於我們的投資人關係網站 ir.aurora.tech 取得。股東信亦已隨同我們今日向美國證券交易委員會（SEC）提交的 Form 8-K 一併提供。

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 first quarter financial results. 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.aurora.tech, shortly after this call has ended.

今天與我一同參與電話會議的有共同創辦人暨執行長 Chris Urmson，以及財務長 David Maday。Chris 將就我們在業務關鍵支柱上的進展提供最新資訊，David 則將回顧第一季財務結果。接著我們將開放問答。本次電話會議的錄音將於會議結束後不久，於我們的投資人關係網站 ir.aurora.tech 提供。

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 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, 2025, and other documents filed with the SEC, as well as the current uncertainty and unpredictability in our business, the markets, and economy.

我想藉此機會提醒各位，在本次電話會議中我們將發表前瞻性陳述。這些陳述受已知與未知的風險與不確定性影響，可能導致實際結果與本次電話會議中所表達、預測或暗示者存在重大差異。尤其包括我們截至 2025 年 12 月 31 日止年度之 Form 10-K 年報及其他向 SEC 提交文件中所載之風險因素，以及我們業務、市場與經濟目前的各種不確定性與不可預測性。

Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2026. 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.

更多資訊亦將載於我們截至 2026 年 3 月 31 日止季度之 Form 10-Q 季報。您不應將我們的前瞻性陳述視為對未來事件的預測。我們在本次電話會議中所作的所有前瞻性陳述，均基於截至本日的假設與信念；除法律要求外，Aurora 不承擔更新任何前瞻性陳述之義務。

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. 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.

我們今天的討論可能包含非 GAAP 財務衡量指標。這些非 GAAP 指標應與我們的 GAAP 結果一併考量，而非取代 GAAP 結果，亦不應單獨或孤立地解讀。有關我們非 GAAP 財務結果的資訊（包括歷史 GAAP 與非 GAAP 結果之調節表），可於我們的股東信中查閱；該股東信已隨同我們今日向 SEC 提交的 Form 8-K 一併提供，亦可於我們的投資人關係網站取得。

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

我們今天的討論也可能提及前瞻性的自由現金流量，這是一項非 GAAP 財務衡量指標。在提供此等前瞻性財務衡量指標的範圍內，其係以非 GAAP 基礎呈列，且不提供調節表，原因在於預測與量化進行該等調節所需的某些金額本質上具有困難。

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

接下來，我將把電話會議交給 Chris。

Thanks, Stacy. 2026 is the year Aurora begins to scale. Our strategic investments are fueling the momentum necessary to accelerate our growth and extend our lead in autonomous trucking market. The start of this year has been a period of disciplined transition, a deliberate buildup before the inflection.

謝謝你，Stacy。2026 年是 Aurora 開始擴大規模的一年。我們的策略性投資正在推動必要的動能，以加速成長並擴大我們在自動駕駛卡車市場的領先優勢。今年年初是一段有紀律的轉換期，是在拐點到來前的刻意蓄勢。

Drawing on our deep experience, safely integrating the Aurora Driver across multiple platforms, we're on the cusp of launching our second-generation commercial hardware kit on a new fleet of driverless trucks. This program positions us to exit the year with over 200 driverless trucks in operation across the Sun Belt and supports our broader scaling ambitions in 2027 and beyond.

憑藉我們深厚的經驗，將 Aurora Driver 安全地整合至多個平台，我們即將在一支新的無人駕駛卡車車隊上推出第二代商用硬體套件。此計畫使我們有望在年底前於陽光地帶（Sun Belt）部署超過 200 輛投入營運的無人駕駛卡車，並支援我們在 2027 年及其後更廣泛的規模化目標。

In preparation for this imminent launch, our forthcoming software release and commercial hardware kit are engineered specifically to deliver the reliability required as we scale our fleet. This progress is driving significant commercial momentum.

為了這次即將到來的發布，我們即將推出的軟體版本與商用硬體套件，皆專為在擴大車隊規模時所需的可靠性而設計。這些進展正帶動顯著的商業動能。

In addition to the Transportation-as-a-Service commitments we already have in place with Hirschbach we announced last week that they have selected Aurora to scale their autonomous fleet with intent to own and operate 500 trucks through our Driver-as-a-Service business model.

除了我們已與 Hirschbach 建立的「運輸即服務」（Transportation-as-a-Service）承諾之外，我們上週也宣布，Hirschbach 已選擇 Aurora 來擴大其自動駕駛車隊，並計畫透過我們的「Driver-as-a-Service」商業模式，持有並營運 500 輛卡車。

We expect to finalize the definitive agreement, which represents a potential multiyear revenue stream in the hundreds of millions of dollars later this year with truck delivery slated to begin in 2027. As we prepare to scale, we're seeing continued regulatory momentum with landmark progress at the state level.

我們預期將於今年稍晚敲定最終協議；該協議代表一項潛在的多年期收入來源，規模可達數億美元，且卡車交付預計自 2027 年開始。在我們準備擴大規模之際，我們也看到監管面持續出現動能，並在州層級取得里程碑式進展。

California has reached a watershed moment, joining the vast majority of states in enabling autonomous trucking. We now project a serviceable, addressable market of 60 billion vehicle miles traveled by 2028. And excitingly, California supports a seamless coast-to-coast operating environment.

加州已達到關鍵轉折點，加入絕大多數允許自動駕駛卡車的州之列。我們目前預估，到 2028 年可服務的可觸及市場（serviceable, addressable market）將達 600 億車輛行駛英里（vehicle miles traveled）。令人振奮的是，加州也支援無縫的全美東西岸（coast-to-coast）營運環境。

With the Aurora Driver now sufficiently generalized for us to begin scaling across the Sun Belt aligned with customer demand, we strategically focused our resources on three key initiatives: expanding our driverless network, finalizing our latest software release, and validating our second-generation commercial hardware kit.

隨著 Aurora Driver 現已具備足夠的泛化能力，使我們能依客戶需求開始在陽光地帶擴大規模，我們策略性地將資源聚焦於三項關鍵計畫：擴展無人駕駛路網、完成最新軟體版本，以及驗證第二代商用硬體套件。

These efforts serve as the critical final steps in preparing for the imminent launch of our new driverless truck fleet, transitioning Aurora from a phase of localized operations to one of wide-scale, industrial deployment. Our expansion is progressing at an accelerated pace with our network now encompassing 12 distinct routes.

這些工作是為即將推出的新無人駕駛卡車車隊所做的關鍵最後準備步驟，將 Aurora 從局部營運階段，推進到大規模、工業化部署階段。我們的擴張正以加速的步伐推進，目前路網已涵蓋 12 條不同路線。

At the end of March, we validated driverless operations on the bidirectional route between Dallas and Laredo within just six weeks of initiating supervised autonomous runs. Building on this momentum, we also opened new bidirectional routes between Dallas and Oklahoma City. In collaboration with Volvo Autonomous Solutions, we have started supervised autonomous deliveries on this route to support one of their key customers.

在 3 月底，我們在啟動有人監督的自動駕駛行駛後僅六週內，即完成達拉斯與拉雷多之間雙向路線的無人駕駛營運驗證。在此動能基礎上，我們也開通了達拉斯與奧克拉荷馬市之間新的雙向路線。我們與 Volvo Autonomous Solutions 合作，已在該路線上開始有人監督的自動駕駛交付，以支援其一位關鍵客戶。

Furthermore, we've expanded our driverless cohort to seven customers, including transitioning commercial loads with McLane to driverless operations. Our forthcoming software release further increases the Aurora Driver's reliability in preparation for scaling, including validation of driverless operations in more severe rain, as well as the full spectrum of complex construction scenarios on our highway routes.

此外，我們已將無人駕駛客戶群擴大至七家，其中包括將與 McLane 的商業載貨轉為無人駕駛營運。我們即將推出的軟體版本將進一步提升 Aurora Driver 在規模化前的可靠性，包括在更強降雨條件下的無人駕駛營運驗證，以及在高速公路路線上各類複雜施工情境的完整覆蓋與驗證。

To complement these advancements, we are augmenting our driverless network to support real-time dynamic rerouting, providing the operational agility required for high-volume commercial service. We're also in the process of validating our second-generation commercial hardware kit on multiple truck platforms through rigorous on-road, track, and lab testing to prepare for our planned second quarter launch and are seeing impressive performance. Designed for 1 million miles of operation and with enhanced sensor cleaning capabilities, this kit meaningfully increases the Aurora Driver's reliability.

為配合這些進展，我們正在強化無人駕駛路網，以支援即時動態改道，提供高運量商業服務所需的營運敏捷性。我們也正透過嚴格的道路、測試場與實驗室測試，在多個卡車平台上驗證第二代商用硬體套件，為我們計畫於第二季推出做準備，且已看到令人印象深刻的表現。此套件以 100 萬英里運行壽命為設計目標，並具備更強的感測器清潔能力，可顯著提升 Aurora Driver 的可靠性。

It also brings exciting performance gains including a more efficient computer and an extended 1-kilometer range for FirstLight, our proprietary long-range FMCW lidar. This is double the range of the closest FMCW lidar competitor and can give the Aurora Driver more than 34 seconds to react when at highway speeds, setting a new, superhuman standard for safety.

它也帶來令人振奮的效能提升，包括更高效率的電腦，以及我們自研的長距離 FMCW 光達 FirstLight 之量測距離延伸至 1 公里。這是最接近的 FMCW 光達競品量測距離的兩倍，並可在高速公路速度下為 Aurora Driver 提供超過 34 秒的反應時間，為安全性樹立全新、超越人類的標準。

And importantly, we expect this kit to drive a 50%-plus reduction in Aurora Driver hardware costs, a key lever supporting our breakeven gross margin target. While advancing on these fronts, in April, the Aurora Driver surpassed 370,000 driverless miles with 100% on-time performance and zero Aurora Driver attributed collisions.

而且重要的是，我們預期這套套件將推動 Aurora Driver 硬體成本降低 50% 以上，這是支撐我們毛利率損益兩平目標的關鍵槓桿。在推進這些工作的同時，4 月份 Aurora Driver 的無人駕駛里程已超過 370,000 英里，準點率達 100%，且零起由 Aurora Driver 歸因的碰撞事故。

Notably, this growth was driven by a very strong utilization with a leaner active fleet. For example, the driverless trucks we are operating for Werner are already averaging 4,000-plus miles per week, which translates to an annual run rate of 225,000-plus miles per truck. With the performance we're seeing, we expect Aurora Driver powered trucks will be capable of more than doubling utilization, and in turn, revenue per truck for our customers.

值得注意的是，這項成長是由精簡的在役車隊所帶來的非常高使用率所驅動。例如，我們為 Werner 營運的無人駕駛卡車目前每週平均已超過 4,000 英里，換算成年化運行率為每輛卡車超過 225,000 英里。依據我們目前看到的表現，我們預期搭載 Aurora Driver 的卡車將有能力把使用率提高到兩倍以上，進而為客戶提升每輛卡車的營收。

Expanding driverless delivery to and from customers' facilities will further strengthen the Aurora Driver's value proposition. We're continuing to ready Hirschbach, Detmar, and Werner for endpoint operations, including in-yard autonomous operations at their facilities. We currently expect to generate a majority of our 2026 revenue through operations between customer facilities, reflecting our continued focus on increasing commercial value.

將無人駕駛配送擴展至往返客戶設施，將進一步強化 Aurora Driver 的價值主張。我們持續協助 Hirschbach、Detmar 與 Werner 為端點營運做好準備，包括在其設施內的場內（in-yard）自動駕駛作業。我們目前預期 2026 年的大部分營收將來自客戶設施之間的營運，反映我們持續聚焦於提升商業價值。

To ensure seamless end-to-end service, we recently began supervised testing of way station navigation and on-route fueling at truck stops. Navigating these environments requires many of the same advanced surface Street capabilities we have already refined. For example, on the 7-mile, the Aurora Driver navigates to and from the highway in Houston. The video on page 8 of our presentation demonstrates the Aurora Driver's proficiency in these complex low-speed settings.

為確保端到端服務順暢無縫，我們近期開始在監督下測試休息站（way station）導航以及途中於卡車休息站加油。在這些環境中導航，需要許多我們已經精煉的先進地面道路（surface street）能力。例如，在休士頓的 7 英里路段上，Aurora Driver 會在高速公路與一般道路之間往返導航。我們簡報第 8 頁的影片展示了 Aurora Driver 在這些複雜低速情境中的熟練度。

To meet customer demand and support our path to scale, we've established a robust hardware and vehicle platform road map. We're closing in on the second quarter launch of our second-generation commercial hardware kit on a new fleet of trucks based on the international LT series that will enable driverless operations without an observer. With this program, we have a strong line of sight to achieving our 2026 scaling goals. We expect this to establish a powerful foundation for 2027 when we plan to launch our Driver-as-a-Service business model.

為滿足客戶需求並支援我們的規模化路徑，我們已建立強健的硬體與車輛平台路線圖。我們正接近在第二季推出第二代商用硬體套件，並部署於一支基於 International LT 系列的新車隊，將可在無需觀察員的情況下進行無人駕駛營運。透過此計畫，我們對達成 2026 年的規模化目標有清晰可見的路徑。我們預期這將為 2027 年奠定強大基礎，屆時我們計畫推出 Driver-as-a-Service（駕駛即服務）商業模式。

Looking ahead to 2027, we've made exciting progress on our third-generation commercial hardware kit that will be manufactured by AUMOVIO. Together, we started testing initial units. Our engineering team is also working with AUMOVIO and NVIDIA to develop a first-of-its-kind Super Thor compute configuration an architecture that integrates two NVIDIA DRIVE for SoCs into a unified platform optimized to power the Aurora Driver at scale.

展望 2027 年，我們在第三代商用硬體套件方面取得令人振奮的進展，該套件將由 AUMOVIO 製造。我們已與其共同開始測試初始單元。我們的工程團隊也正與 AUMOVIO 與 NVIDIA 合作，開發業界首創的 Super Thor 運算配置——一種將兩顆 NVIDIA DRIVE SoC 整合為統一平台的架構，並針對大規模驅動 Aurora Driver 進行最佳化。

This approach demonstrates our three-way collaboration is setting the standard for industrializing autonomous technology. In March, AUMOVIO broke ground on their -- the expansion of their new Brownfields, Texas facility where they will produce our third-generation hardware kit intended to supply tens of thousands of trucks. Construction of the plant's expansion is expected to be completed in the first quarter of 2027, with start of production for the hardware kits on track to begin in the second half of 2027.

此一作法展現我們三方合作正在為自動駕駛技術的工業化樹立標準。3 月，AUMOVIO 在德州布朗菲爾德（Brownfields）的新廠擴建工程舉行動土，該廠將生產我們的第三代硬體套件，預計供應數以萬計的卡車。該廠擴建工程預計於 2027 年第一季完工，硬體套件的量產啟動預計可在 2027 年下半年如期開始。

Volvo plans to build hundreds of the Volvo VNL autonomous trucks in 2027 and has already completed several Aurora Driver powered trucks on their pilot line. For the program based on the International LT truck, our upfitter, Roush, will begin scale production later this year. We're initially establishing the capacity to produce 1,000 trucks per year with potential to increase that capacity.

Volvo 計畫於 2027 年打造數百輛 Volvo VNL 自動駕駛卡車，並已在其試產線上完成數輛搭載 Aurora Driver 的卡車。就以 International LT 卡車為基礎的計畫而言，我們的改裝整合夥伴（upfitter）Roush 將於今年稍晚開始規模化生產。我們初期將建立每年生產 1,000 輛卡車的產能，並具備提升該產能的潛力。

Concurrently, PACCAR and Aurora are jointly defining the path to scalable launch on the third-generation Aurora Driver commercial hardware kit integrated with PACCAR's future autonomy enabled platform. All of this work is forging the industrial engine that extends our leadership position and supports commercial deployment at significant scale.

同時，PACCAR 與 Aurora 正共同界定可規模化上市的路徑，將第三代 Aurora Driver 商用硬體套件整合至 PACCAR 未來具備自動化能力的平台。所有這些工作正在打造工業引擎，延伸我們的領先地位，並支援大規模的商業部署。

At Aurora, we're building a safer, stronger, and more resilient freight ecosystem with our technology for the people who power it. To back this vision, we recently announced Aurora Works. Our commitment to invest in workforce development by establishing educational partnerships and technical training for emerging roles in autonomous trucking.

在 Aurora，我們正以技術為推動其運作的人們打造更安全、更強健且更具韌性的貨運生態系。為支持此一願景，我們近期宣布 Aurora Works。我們承諾透過建立教育合作夥伴關係與提供技術訓練，投資於勞動力發展，以因應自動駕駛卡車領域的新興職務。

We're at the center of a new era of logistics that improves road safety, fuels economic growth, and creates new high-skilled American jobs. Autonomous freight represents a step change for what is possible in global logistics.

我們正處於物流新時代的核心，這將提升道路安全、促進經濟成長，並創造新的美國高技能工作機會。自動化貨運代表全球物流可能性的重大躍升。

The Aurora Driver moves the industry beyond traditional constraints toward a world of continuous high utilization delivery. With a clear road map, deep partnerships, and an accelerating industrial engine, we are well positioned to lead this evolution. The future of freight is on the road and Aurora is setting the pace.

Aurora Driver 正推動產業突破傳統限制，邁向可持續高使用率配送的世界。憑藉清晰的路線圖、深厚的合作夥伴關係，以及加速運轉的工業引擎，我們已做好領導這場演進的準備。貨運的未來正在路上，而 Aurora 正在設定節奏。

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

接下來，我將把時間交給 Dave，由他來回顧我們的財務結果。

Thank you, Chris. Now let's review our financial results for which we have provided a summary on page 15 of the slide deck for reference. First quarter 2026 revenue totaled $1 million across driverless and vehicle operator supervised commercial loads.

謝謝你，Chris。現在讓我們回顧財務結果；我們已在投影片第 15 頁提供摘要供參考。2026 年第一季營收合計為 100 萬美元，涵蓋無人駕駛與由車輛操作員監督的商業載貨。

Despite leveraging our shared fleet for continued development of new routes and validation of our second-generation commercial hardware kit, the Aurora Driver achieved another record number of commercial miles during the quarter which drove a 10% sequential increase in revenue from the fourth quarter of 2025.

儘管我們運用共享車隊持續開發新路線並驗證第二代商用硬體套件，Aurora Driver 在本季仍創下另一項商業里程紀錄，帶動 2026 年第一季營收較 2025 年第四季季增 10%。

First quarter operating loss, including stock-based compensation, totaled $244 million, excluding stock-based compensation of $46 million, R&D totaled $159 million, SG&A was $34 million, and cost of revenue was $6 million.

第一季營業虧損（含以股份為基礎之薪酬）合計為 2.44 億美元；若排除 4,600 萬美元的以股份為基礎之薪酬，研發費用為 1.59 億美元，銷售、一般及行政費用（SG&A）為 3,400 萬美元，營收成本為 600 萬美元。

We used approximately $159 million in operating cash during the first quarter of 2026, and capital expenditures totaled $25 million. As planned, this cash spend was below our externally communicated quarterly average target. We expect the second quarter cash spend to be above the target range due to the timing of our cash bonus payout which, as we discussed last quarter, we plan to fund with our at-the-market program.

2026 年第一季我們約使用 1.59 億美元的營運現金，資本支出合計為 2,500 萬美元。如同規劃，這次現金支出低於我們對外溝通的季度平均目標。我們預期第二季現金支出將高於目標區間，原因在於現金獎金發放的時點；如同我們上季所討論，我們計畫透過我們的 at-the-market（ATM）計畫來籌措資金。

We ended the quarter with a very strong balance sheet, including liquidity of nearly $1.3 billion in cash and short-term and long-term investments. During the first quarter, we generated net proceeds of $14 million from the issuance of Class A common stock through our at-the-market program which we used to fund the tax liability associated with vesting of employee restricted stock units during the quarter.

本季結束時，我們的資產負債表非常強勁，流動性接近 13 億美元，包含現金以及短期與長期投資。第一季期間，我們透過 at-the-market（ATM）計畫發行 A 類普通股，取得 1,400 萬美元的淨收益，用以支付本季員工限制型股票單位（RSU）歸屬所產生的稅負。

We continue to expect 2026 revenue of $14 million to $16 million up 400% year over year at the midpoint. Revenue will be back-end loaded with the fourth quarter projected to contribute over half of full year revenue. as we scale driverless operations following the launch of our new fleet.

我們仍預期 2026 年營收為 1,400 萬至 1,600 萬美元，以中位數計年增 400%。營收將偏向下半年認列，預計第四季將貢獻全年營收的一半以上，因為我們在新車隊推出後將擴大無人駕駛營運規模。

We anticipate exiting the year with more than 200 driverless trucks in operation. which translates to approximately $80 million in revenue on a run rate basis for our Transportation-as-a-Service business. This establishes a powerful foundation for 2027 when we expect the core Driver-as-a-Service model to commence.

我們預期在年底時，將有超過 200 輛無人駕駛卡車投入營運。這相當於我們「運輸即服務」（Transportation-as-a-Service）業務以年化運行率計算約 8,000 萬美元的營收。這為 2027 年奠定強而有力的基礎，屆時我們預期核心的「駕駛即服務」（Driver-as-a-Service）模式將開始啟動。

To support our scaling plan, we continue to expect quarterly cash use of approximately $190 million to $220 million on average throughout 2026. This includes approximately $150 million in anticipated full year capital expenditures, primarily attributed to our capacity plan.

為了支持我們的擴張計畫，我們仍預期在 2026 年全年，平均每季現金使用量約為 1.90 億至 2.20 億美元。其中包含約 1.50 億美元的預期全年資本支出，主要歸因於我們的產能規劃。

We continue to expect 2026 to represent peak capital spend and capital expenditures declining significantly in 2027 as we transition to our Driver-as-a-Service model and Hardware-as-a-Service structure with AUMOVIO. Our first quarter performance reflects the focused execution and disciplined transition that will define Aurora in 2026.

我們仍預期 2026 年將是資本投入的高峰，並且在 2027 年，隨著我們轉型至「駕駛即服務」模式，以及與 AUMOVIO 的「硬體即服務」（Hardware-as-a-Service）架構，資本支出將大幅下降。我們第一季的表現反映了聚焦的執行力與紀律性的轉型，這些將定義 Aurora 在 2026 年的樣貌。

We continue to balance prudent resource management with the strategic investments needed to support large-scale industrial deployment.

我們持續在審慎的資源管理與支持大規模工業化部署所需的策略性投資之間取得平衡。

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

接下來，我們將開放進入問答環節。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

(接線員指示) George Gianarikas，Canaccord Genuity。

Hey, everyone. Thank you for taking my questions. So maybe first, in light of the growing commercial momentum that you're seeing, have you seen any meaningful acceleration in inbound interest from prospective fleet partners? And also as you're beginning to scale, how are you navigating price discovery? Has there been any resistance from customers regarding the per mile rate or is the value currently offsetting any cost concerns? Thank you.

嗨，各位。謝謝讓我提問。那我先問第一個：鑑於你們看到的商業動能正在增強，你們是否看到來自潛在車隊合作夥伴的主動洽詢（inbound interest）有任何顯著加速？另外，隨著你們開始擴張，你們如何進行價格探索（price discovery）？客戶對每英里費率是否有任何抗拒，或目前的價值是否足以抵消任何成本疑慮？謝謝。

Yeah. Thanks, George. I appreciate the question. We continue to have really exciting conversations with various customers. We've talked in the past about each time we got to check off progress.

是的。謝謝你，George。我很感謝這個問題。我們持續與各類客戶進行非常令人振奮的對話。我們過去也談過，每當我們能勾選完成一項進展。

We see it become more real in the eyes of customers, and that leads to an increase in the conversations we have. We've got an exciting funnel and we'll share more as we can -- as we get through that. I don't think we can talk specifically about pricing on this. Obviously, there's a lot of competitive elements around that. But we have very fruitful conversations with folks.

在客戶眼中就會變得更真實，而這也會帶動我們對話的增加。我們有一個令人振奮的商機漏斗（funnel），我們會在適當時機——在推進到那一步時——分享更多資訊。我想我們無法具體談論定價。顯然，這裡面有很多競爭因素。但我們與各方的對話都非常有成果。

Of course, they want to pay nothing for it, and we'd like to charge them more for it. So every one of those conversations is, of course, the negotiation. I don't know, David, if you'd add more?

當然，他們希望不用付錢，而我們希望能收得更多。所以每一場對話當然都是在談判。我不知道，David，你要不要補充？

Yeah. I think the customers themselves have been giving us really good and direct feedback. At the end of the day, the value proposition that we're discussing has still resonated quite well. You're going to argue a little bit about the fringes, but the growing cost drivers is undeniable, the indirect costs associated with it. And fuel costs are really high right now.

是的。我認為客戶本身一直給我們非常好的、直接的回饋。歸根結底，我們正在討論的價值主張仍然相當能引起共鳴。你可能會在邊際上爭論一些細節，但成本驅動因素的上升是無可否認的，還有與之相關的間接成本。而且目前燃料成本真的很高。

We're providing a 15% reduction on that. That translates to real dollars, right? That's roughly $0.15, $0.16 per mile in today's marketplace. So the value proposition does resonate quite well, and we're confident that we're going to be able to grow the business and achieve our profit objectives.

我們在這方面提供 15% 的降低。這會轉化為實際的金額，對吧？以當前市場來看，大約相當於每英里 0.15 到 0.16 美元。因此，這個價值主張確實相當能引起共鳴，我們也有信心能夠擴大業務並達成我們的獲利目標。

Thank you. And maybe as a follow-up, given your recent autonomous haul, are you encountering any technical bottlenecks as you transition from pilot to more of a consistent operational cadence? And how have your engineering teams mitigated any constraints that have been out there in the system? Thank you.

謝謝。那再追問一下，考量你們近期的自動駕駛貨運（autonomous haul），當你們從試點轉向更一致的營運節奏時，是否遇到任何技術瓶頸？你們的工程團隊如何緩解系統中既有的限制？謝謝。

Yeah. There's nothing that we're seeing that's particularly surprising. It's stuff that's been in our road map for a while. So we're continuing to improve that. This new release that is going to land with the second-generation hardware really is about making sure that we have a robust platform that's reliable and meets customer needs, increasing the amount of rain we can handle dealing with more complicated construction that we need to deal with on freeways. That's the thing that's going to set us up to be able to scale really well.

是的。我們目前沒有看到任何特別令人意外的事情。這些都是我們路線圖上已經規劃一段時間的項目。所以我們會持續改進。這次將隨第二代硬體落地的新版本，主要是為了確保我們擁有一個強健的平台，具備可靠性並能滿足客戶需求，提升我們可應對的降雨量，並處理我們在高速公路上需要面對的更複雜施工情境。這將是讓我們能夠很好地擴張的關鍵。

Thanks.

謝謝。

Thank you.

謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey. Thanks. Afternoon, guys. So a couple of things. Relative to the target of 200 trucks by the end of the year, how many are in operation today? And then, separately on the Hirschbach MOU. Just hoping for a little bit more color, like what needs to happen to convert this from an MOU to a committed contract? And do you have any color on how many of those 500 trucks you expect to deliver in '27? And how long do you think it takes to get to the full 500?

嗨。謝謝。各位下午好。我有幾個問題。關於年底 200 輛卡車的目標，目前實際在營運的有多少輛？另外，關於與 Hirschbach 的 MOU。希望你們能提供更多細節，例如要達成哪些條件，才能把這份 MOU 轉為具約束力的正式合約？以及你們是否能分享一下，在 2027 年你們預期交付那 500 輛中的多少輛？你們認為要多久才能達到完整的 500 輛？

Yeah. So on the 200 trucks, when we talk about 200 trucks, we're talking about driverless trucks operating by the end of the year. Today, we're running about a handful of them. Of the vehicles that will make up those 200 trucks that are operating driverlessly, I think we own 25 of them now, and they're in various stages of upfit and preparation. So that's where we stand on getting to those 200 trucks over the course of the year.

是的。關於 200 輛卡車，當我們談 200 輛時，我們指的是在年底前投入營運的無人駕駛卡車。目前我們大概在跑少數幾輛。在將構成這 200 輛、並以無人方式營運的車輛中，我想我們現在擁有其中 25 輛，且它們正處於不同階段的改裝（upfit）與準備中。這就是我們在今年推進至 200 輛的進度現況。

We expect -- we're doing work in Q2 to prepare Roush to scale, and they'll really start scaling getting towards that 20 trucks per week production rate in Q3. With Hirschbach, I don't know there's a whole lot we can share there. We're really excited about there have been one of our longest-term partners and customers.

我們預期——我們正在第二季進行工作以讓 Roush 做好擴產準備，而他們將在第三季真正開始擴產，朝每週 20 輛的產能爬坡。至於 Hirschbach，我不確定我們能分享太多。我們對此非常興奮，他們一直是我們合作時間最長的合作夥伴與客戶之一。

And to George's question earlier about the value customers see. You don't get a company like Hirschbach, signing up for an MOU unless they see real opportunity for it to complement the drivers they have in their fleet today.

回到 George 先前關於客戶所見價值的問題。如果他們沒有看到真正的機會、能夠補足他們目前車隊中的駕駛配置，你不會看到像 Hirschbach 這樣的公司簽署 MOU。

It's a 500-truck deal over '27 and '28 is our expectation. We expect it to turn into hundreds of millions of miles and hundreds of millions of dollars of revenue. So and we expect to get to closure on that this year.

我們的預期是，這是一筆在 2027 年與 2028 年合計 500 輛卡車的合作。我們預期它將轉化為數億英里的里程與數億美元的營收。此外，我們也預期今年能完成定案（closure）。

Yeah. And Scott, one other thing on the 200 trucks, just so there's no confusion. We already have commitment and order slots for the entire 200 trucks. So there is no question about the truck availability. It's just when we bring them into start the upfit process, and we build out our capacity plan.

是的。另外，Scott，關於那 200 輛卡車還有一點，為了避免混淆。我們已經就全部 200 輛卡車取得承諾並拿到訂單名額。所以卡車供應完全沒有疑問。差別只在於我們何時把它們導入、開始改裝（upfit）流程，以及我們如何規劃產能計畫。

Okay. Great. And then last couple of things, David, do you -- I think you talked about last quarter, if you get to the $80 million run rate of revenue, that will be gross profit breakeven. Is that still the case? And then on the California front, when do you expect to start operations there?

好的。很好。最後還有幾件事，David，你——我記得你上季提到，如果營收年化運行率達到 8,000 萬美元，毛利就能損益兩平。現在仍然是這樣嗎？另外在加州方面，你們預期何時開始在那裡營運？

Well, relative to the gross profit breakeven, that is still our target for sure. The $80 million is one element of that. There are some things that we need to do on the cost side of that equation, which are equally as important, which is part of our plan. And so we're still targeting it. It's not formal guidance, but we are targeting it, and we are going to be working really hard to be able to achieve that target.

嗯，關於毛利損益兩平，那確實仍然是我們的目標。8,000 萬美元只是其中一個要素。在那個等式的成本端，我們也需要做一些事情，而且同樣重要，這也是我們計畫的一部分。所以我們仍以此為目標。這不是正式的財測指引，但我們以此為目標，並且會非常努力去達成。

I'll let Chris talk a little bit about California.

我讓 Chris 來談一下加州的部分。

For California, first, we're really excited that California has taken a step forward of this. We've been in conversation with them literally for years, and we're just excited to see put out the regulations and give us certainty on how we can start to build our business there. We don't have set time for when we'll begin operating in California. We have to go through the permitting process with them to do that but the team is already working on that, and we'll share more when we can.

就加州而言，首先，我們非常興奮加州在這件事上向前邁進了一步。我們和他們的對話真的持續了好幾年，很高興看到他們發布法規，讓我們對如何在那裡開始建立業務有了確定性。我們目前還沒有設定何時開始在加州營運的時間點。我們必須先和他們走完許可（permitting）流程，但團隊已經在著手進行，能分享更多時我們會再更新。

All right. Appreciate the time, guys. Thank you.

好的。感謝各位撥冗。謝謝。

Thank you.

謝謝。

Ravi Shanker, Morgan Stanley.

摩根士丹利的 Ravi Shanker。

Great. Thanks. Chris, you said in your letter that you and PACCAR are jointly defining the path to scalable launch on their assembly lines. Do you have an understanding? And if so, can you tell us what this path looks like from a catalyst or a timing standpoint?

很好。謝謝。Chris，你在信中提到你們與 PACCAR 正共同定義在其組裝產線上可規模化（scalable）導入的路徑。你們是否已經有初步理解？如果有，能否從催化劑或時程的角度，談談這條路徑大概會是什麼樣子？

Yeah. I can't share timing, of course. What I can share is that we're aligning around the third-generation platform that -- or hardware kit from Aurora that we're working with AUMOVIO on. We've shared in the past that we expect that to come into production in the back half of '27. And so we continue to have conversations with PACCAR. We continue to work with them closely and look forward to offering customers who'd like to have the Aurora Driver on a Peterbilt that option.

是的。當然我不能分享時程。我能分享的是，我們正圍繞第三代平台——也就是 Aurora 的第三代平台或硬體套件——與我們正在和 AUMOVIO 合作的內容進行對齊。我們過去也分享過，我們預期它會在 27 年下半年進入量產。因此我們會持續與 PACCAR 對話。我們也會持續與他們密切合作，並期待能為希望在 Peterbilt 車款上搭載 Aurora Driver 的客戶提供這個選項。

Okay. Understood. And maybe on a different topic. Obviously, truck rates appear to be going up quite meaningfully and there are some who think we may be on the cusp of a generational upcycle here.

好的。了解。換個話題。顯然卡車運價似乎正在相當明顯地上升，也有人認為我們可能正處於一個世代級上行週期的前緣。

Are you seeing any increased interest from customers or carriers who may be concerned about a driver shortage? And is this an opportunity for you to maybe revise your pricing strategy? Or are you just selling this as, hey, there's more savings for your customers if they switch to autonomous in the next few years?

你們是否看到客戶或承運商因擔心司機短缺而提高興趣？這是否是你們可能調整定價策略的機會？或者你們只是把它當作：嘿，如果客戶在未來幾年改用自動駕駛，能省更多成本？

Yeah. So I'll say that first. I'm not savvy enough to predict exactly what will happen with the market here, but it does feel like there's a lot of factors that are contributing to what will be increased freight rates going forward. We're really focused on delivering value to our customers. We ultimately expect to get paid for that value.

是的。我先說，我沒有那麼精明到能精準預測市場接下來會怎麼走，但確實感覺有很多因素正在推動未來運費上升。

And so if we're contributing more value, we'll ultimately expect to be compensated for that. But right now, we're focused on making sure that the folks who've been with us as partners and customers and get an opportunity to benefit from that and build their business. So I don't know, Dave, anything you'd add?

因此，如果我們帶來更多價值，我們最終也會期待得到相應的補償。但目前我們的重點是，確保那些一路以來作為合作夥伴與客戶的人，能有機會從中受益並建立他們的業務。所以我不確定——Dave，你有要補充的嗎？

No, I think that's right. I will say that the interest has been picking up a lot over the last six months, frankly. The number of inbounds that we're getting has been just increasing dramatically, Ravi. So we're very excited about that. Part of it is just we're out there and people can see and experience it more than they've ever had before.

沒有，我覺得說得對。我會說，坦白講，過去六個月市場興趣確實大幅升溫。我們收到的主動洽詢（inbounds）數量大幅增加，Ravi。所以我們對此非常興奮。其中一部分原因是我們在外部的能見度更高，人們能看到並體驗到的程度比以往任何時候都多。

Part of it is the market is starting to have some positive signs that feel like they're more sustainable and that has people more interested in thinking about their long term. I think from the pricing side, the one thing that I would say is we believe that the pricing at that $0.85 plus range will enable us to be very successful and it will support broad scale adoption for our customers.

另一部分原因是市場開始出現一些正向訊號，感覺更具可持續性，這也讓大家更有興趣去思考長期規劃。我認為在定價方面，我想說的一點是，我們相信每英里 0.85 美元以上的定價區間將使我們能非常成功，也能支持客戶的廣泛規模化採用。

And I think we look at it not so much as how would we maximize that next quarter. And I think about it as how will we build the plan for the next several years. And we want to make sure that we have as equally as much of that long-term focus and support for customer adoption as we can.

而且我認為我們看的不是「下個季度如何把價格拉到最大化」。我更把它視為「未來幾年我們要如何建立計畫」。我們希望確保自己能盡可能同樣重視長期聚焦，並支持客戶採用。

Very good, Chris and David.

非常好，Chris 和 David。

Thank you.

謝謝。

Chris Pierce, Needham & Company.

Needham & Company 的 Chris Pierce。

Hey. Good afternoon. I just want to -- if you guys could shed some light, if you talked about Hirschbach, what are they seeing -- are they seeing something different in terms of absolute number of miles driven, or is it just a unique decision on their end that has them pull the trigger to move from a trial to a truck order? And I guess, do you have other partners that you've been working with over time that are similar miles or that it just come down to a unique decision on their end? I just want to get a sense of what helped them over the -- get over the edge.

嗨。下午好。我想請你們幫忙說明一下：你們提到 Hirschbach，他們看到的是——他們看到的是絕對行駛里程數有什麼不同嗎？還是說這只是他們自身的一個獨特決策，讓他們決定從試點（trial）轉為下卡車訂單？另外，我想問，你們是否還有其他長期合作的夥伴，其行駛里程也類似，或是這主要取決於他們自身的獨特決策？我想了解是什麼因素幫助他們——讓他們跨過那個臨界點。

Yeah. I think first, it's important to recognize that there's a distribution of customers, right? There's going to be folks who are first movers and there's going to be others who are fast followers. Hirschbach has had a lot of experience with us. The leadership team there. We've been able to build trust with over time.

是的。我想首先要認知到，客戶是有分布的，對吧？會有一些是先行者，也會有一些是快速跟進者。Hirschbach 和我們有很多合作經驗。那裡的管理團隊也是。我們能夠隨著時間建立起彼此的信任。

And so we're excited for them to pull the trigger. We do expect others will follow. And we'll just continue to demonstrate value. And frankly, right now, we're pretty supply constrained, and we look forward to unlocking that supply over the course of this year and certainly in '27 as we bring the AUMOVIO hardware kit online.

因此，我們很期待他們扣下扳機。我們確實預期其他人也會跟進。而我們將持續展現價值。坦白說，就目前而言，我們在供給端相當受限，我們期待在今年的過程中解鎖這些供給，並且隨著AUMOVIO硬體套件上線，當然也會在'27年進一步釋放。

The other thing that I would add on Hirschbach, they have been with us for quite some time. And they don't look at this just as a business decision. They are really looking at this -- in their words, the quality of life investment for their people, right?

另外我想補充關於Hirschbach的一點，他們和我們合作已經有相當長一段時間了。他們不只是把這當作一個商業決策。他們真正看待的是——用他們的話說——對他們員工的生活品質投資，對吧？

This is to help support their people and get them to the routes in the working environment that will improve their quality of life while we handle the, quote-unquote, less desirable, the longer haul routes that keep you away very far. So they've been very forward-leaning on thinking about their drivers, long-term quality of life.

這是為了協助支持他們的員工，讓他們能在工作環境中跑那些能提升生活品質的路線，而我們則處理那些——所謂——較不理想、較長途、會讓你離家很遠的路線。因此他們在思考司機、長期生活品質方面一直非常積極。

And so I think that's something that's very important to them. And certainly, they care a lot about their drivers.

所以我認為那對他們來說非常重要。而且他們確實非常在乎他們的司機。

Yeah. Okay. And then just one for Dave. In your -- from the desk of the CFO, you talked about in the last time about peak CapEx.

是的。好的。接著有一題給Dave。在你的——以CFO的角度——你上次提到過資本支出（CapEx）的峰值。

I just want to understand definitionally, I mean, I don't think of you guys as a heavy CapEx company. I think of you as a heavy R&D company. Are we saying that '27 is we're close to peak R&D and R&D comes down? I just want to make sure I'm understanding what line item on the model and what statement to look at.

我只是想從定義上理解一下，我的意思是，我不會把你們視為一家重資本支出的公司。我會把你們視為一家重研發的公司。我們是在說'27年我們接近研發的峰值，然後研發會下降嗎？我只是想確認我理解的是模型裡哪一個科目，以及該看哪一張報表。

No, I think we have said many times, we're a capital efficient or a capital-light business, right? And as a Transportation-as-a-Service business to start, you actually have a little bit more capital than what we believe is going to be our steady state long-term capital. So we do expect our CapEx to go down.

不，我想我們已經多次說過，我們是一個資本效率高、或資本輕量的業務，對吧？而作為一開始的「運輸即服務」（Transportation-as-a-Service）業務，你實際上會需要比我們認為長期穩態所需資本略多一些的資本。所以我們確實預期我們的CapEx會下降。

Our R&D investments, certainly, that's a larger percentage of our overall expenditures. We are continuing to invest in our R&D to capitalize on the lead continue to build that advantage, make the Aurora Driver available everywhere.

我們的研發投資，當然，占我們整體支出的比例更高。我們會持續投資研發，以把握領先優勢、持續建立那個優勢，讓Aurora Driver能在任何地方都可用。

And so we look at that as more of a steady state number for the foreseeable quarters, whereas we think the CapEx will start to drop down substantially in 2027.

因此我們把它視為在可預見的未來幾個季度會較接近穩態的數字；相較之下，我們認為CapEx將在2027年開始大幅下降。

Okay. Thanks for clarifying. Good luck.

好的。謝謝澄清。祝好運。

Thank you.

謝謝。

Colin Rusch, Oppenheimer & Company.

Colin Rusch，Oppenheimer & Company。

Thanks so much, guys. You've done a very judicious job of waiting to scale until you guys were ready. And now as you move into this next stage of the organization, I'm just curious about how you think about pacing of the scale-up because certainly, demand isn't going to be an issue, but maintaining quality as you move into these higher volumes is critical.

非常感謝，各位。你們在準備好之前才擴大規模，做得非常審慎。而現在你們進入組織的下一個階段，我很好奇你們如何看待擴張節奏，因為需求當然不會是問題，但在你們進入更高的量產規模時，維持品質至關重要。

So I just want to think about how you're managing that, how you're managing supply chain to meet those specs, and how you might end up diversifying some of the supply chain to enable a little bit more resilient supply as you go forward?

所以我想了解你們如何管理這件事、如何管理供應鏈以符合那些規格，以及你們未來是否可能在供應鏈上做一些多元化，以便在往前走時能有更具韌性的供給？

Yeah. And that's really aligned with our long-term strategy that we've talked about for several years. So thanks for the question. Yeah, as we went from the initial vehicles that we launched trials with last year, that was hardware that we had built in-house. We had sourced all in-house.

是的。而這其實與我們多年來一直談的長期策略非常一致。所以謝謝你的問題。是的，當我們從去年用來啟動試點的初始車輛開始，那些硬體是我們內部自行打造的。我們的採購也都是內部完成。

As we move to the second generation of hardware, there we're leveraging Fabrinet, the experience they have, the quality process they have layering on top of that, our quality and sourcing support. So we feel good about that.

當我們轉向第二代硬體時，我們會運用Fabrinet的經驗與其品質流程，並在其之上疊加我們的品質與採購支援。所以我們對此感到放心。

And then, of course, as we move to the back half of '27 when we expect the hardware kit that we're developing with AUMOVIO to come to life there, of course, we're leaning into AUMOVIO and the strength that they have in managing their supply chain and managing quality being a true scale automotive supplier. And so that's -- as you think about the hardware side of it, that's how we're building that supply chain system.

當然，當我們進入'27年下半年、我們預期與AUMOVIO共同開發的硬體套件開始落地時，我們自然會倚重AUMOVIO在供應鏈管理與品質管理上的實力，作為真正具規模的汽車供應商。因此——就硬體面而言——這就是我們建立該供應鏈體系的方式。

When it comes to the software that operates on board, that's been a core part of how we've thought about this is how do we ensure that the software will generalize safely over time. It's what leads us to do as much work as we do in testing and validation. And it's why we've said from day one that safety has to be first. And so we've ingrained that into the organization over the better part of a decade at this point, and that leads to process that we think will scale and ultimately drive safe and reliable outcomes for our customers.

至於車載運行的軟體，這一直是我們思考的核心：我們如何確保軟體能隨時間安全地泛化。這也是為什麼我們在測試與驗證上投入大量工作。也因此我們從第一天起就說安全必須擺在第一位。所以到目前為止將近十年的時間，我們已把這點深植於組織之中，而這也帶來我們認為可以擴展的流程，最終為客戶帶來安全且可靠的成果。

Thanks. And then as you guys prioritize ODDs, I'm curious about how much input you're getting from your customers at this point? Or if you're at a place now where you're just really driving capabilities and then selling it to them, are there priorities that they have that can impact some of the sequencing and focus areas for you on an R&D perspective?

謝謝。另外，當你們在優先排序ODD（操作設計域）時，我很好奇你們目前從客戶那裡獲得多少意見？或者你們現在是否已經到了主要是你們在推動能力、再把它賣給他們的階段；客戶是否有一些優先事項，會從研發角度影響你們的排序與聚焦領域？

That's a great question. We continue to want to learn as much as we possibly can from our partners and understand what the source of demand is and where it's most useful for them. Dave talked about Hirschbach focus on supporting their employees and what does that translate into places that are useful for us to drive for them.

這是一個很好的問題。我們仍然希望盡可能多地向合作夥伴學習，並了解需求的來源，以及對他們而言在哪些地方最有用。Dave談到Hirschbach聚焦於支持他們的員工，而這會轉化為哪些對我們而言有用、能為他們提供駕駛服務的地點。

So in terms of the capabilities of the driver, the Aurora Driver has to have, we do learn some from our customers, but that we infer ourselves, but where we need to go operate, which lanes we should be opening, that is very much almost purely driven by customer demand.

因此，就Driver需要具備的能力而言，Aurora Driver必須具備哪些能力，我們確實會從客戶那裡學到一些，但也有一部分是我們自行推導；但至於我們需要到哪裡去營運、應該開通哪些路線，那幾乎完全是由客戶需求所驅動。

Thanks, guys.

謝謝各位。

Thank you.

謝謝。

David Vernon, Bernstein.

David Vernon，Bernstein。

Hey, guys. Thanks for fitting me in here. The first question for you, Dave. I noticed the language around sufficient liquidity to get to positive free cash flow in 2028 that was in the 4Q letter, it's not in a 1Q letter. Is that -- was that purposeful? Was that just -- it's still on plan? Can you give a comment what the status is on that cash flow breakeven by 2028?

嗨，各位。謝謝讓我插進來提問。第一個問題給你，Dave。我注意到在第四季信函中提到「有足夠的流動性以支撐到2028年自由現金流轉正」的措辭，但在第一季信函中沒有出現。那是——刻意的嗎？還是只是——仍然在計畫之內？你能否評論一下在2028年前後達到現金流損益兩平的最新狀態？

Yeah, it's still our plan. We believe that we have sufficient liquidity. Nothing has changed in that to get us to a positive free cash flow.

是的，這仍然是我們的計畫。我們相信我們有充足的流動性。在推動我們達到正向自由現金流這件事上，沒有任何改變。

Okay. Thanks. And then maybe the 4,000 miles per truck per week that you guys are quoting on the utilization that you're getting out of Werner. Is that the right number to use in terms of a run rate assumption to underpin the $80 million half exit run rate?

好的。謝謝。另外，你們提到在 Werner 的利用率下，每輛卡車每週 4,000 英里。就用這個數字作為運行率假設，來支撐 8,000 萬美元的半年期退出運行率，這樣理解對嗎？

And then I guess the follow-on to that would be if that turns in to be the right revenue per mile-ish range. How does the DaaS thing compare? Is it half? Is it three-quarters? Anything you can give us relatively on what we should be thinking about plugging into a model around on the DaaS or the DaaS rate would be helpful.

然後我想接續的問題是，如果那確實落在每英里收入大概那個區間。那 DaaS 這塊相比之下如何？是只有一半嗎？還是四分之三？任何你們能提供的相對比較，讓我們在模型裡對 DaaS 或 DaaS 費率該填什麼數字有所概念，都會很有幫助。

Yeah. I think for the mileage, I think that's really going to vary based on the customer use cases. But we're very confident in our ability to achieve double utilization, and it is really going to depend on which Roush they put them on and the load frequency that they have. But certainly, we think this 250,000-mile range is still a very good source. We've used that several years ago, and we still think that, that's a good target that any customer can achieve.

是的。我認為就里程而言，這真的會因客戶的使用情境而有很大差異。但我們對於達成雙倍利用率的能力非常有信心，而這確實取決於他們把車放在哪些路線（Roush）上，以及他們的載貨頻率。不過我們當然認為這個 25 萬英里的區間仍然是非常好的參考來源。我們幾年前就用過這個數字，我們仍然認為這是任何客戶都能達成的良好目標。

So we think that's probably good there. In terms of the pricing dynamics, I can't get into too many specifics without comparing individual customers. But what I can tell you is the information that we shared before, relative to anywhere from $1.50 to $2 a mile for TaaS plus fuel surcharge. And then on the Driver-as-a-Service, again, our indicative thing, pricing is about $0.85. So again, we think that, that's a pretty good mix. And so you can do the math from there.

所以我們認為那部分大概是合理的。至於定價動態，在不比較個別客戶的情況下，我不能談太多細節。但我可以告訴你的是，我們之前分享過的資訊：TaaS 的價格大約是每英里 1.50 到 2 美元，另加燃油附加費。而在 Driver-as-a-Service 方面，同樣地，我們的指標性定價大約是 0.85 美元。所以我們認為這樣的組合相當不錯，你可以從這裡自行推算。

Okay. Thanks.

好的。謝謝。

Thanks, David.

謝謝你，David。

[John Sager], Evercore ISI.

[John Sager]，Evercore ISI。

Hey, everyone. Thanks for taking my call. I hate to continue to dig into the numbers a little bit. But to get to $15 million of revenue, so you're charging somewhere around $2 per mile. And then if I'm backing into gross margin breakeven, that means that your cost is something like $1 per mile to operate. Is that a fair way of thinking about it? I'm just trying to figure out how to track your progress with that.

各位好。謝謝接我的電話。我不想一直追問數字細節。但要做到 1,500 萬美元的營收，你們的收費大概是每英里 2 美元左右。然後如果我倒推到毛利損益兩平，那表示你們的營運成本大概是每英里 1 美元左右。這樣想合理嗎？我只是想弄清楚該如何追蹤你們在這方面的進展。

Yeah, no problem. Like our cost of goods sold is the measurement that we're looking at for our gross margin. So you will see if revenue is about $2. That's our target for our cost of goods sold. It is about $2 a mile.

是的，沒問題。我們用銷貨成本（COGS）作為衡量毛利的指標。所以你會看到如果營收大約是 2 美元。那就是我們對銷貨成本的目標。大約也是每英里 2 美元。

That will obviously change when we go to the Driver-as-a-Service. You got to remember in our current Transportation-as-a-Service business model, it's not just the cost of being able to deploy the Aurora Driver. It's the cost of purchasing the trucks, financing the hardware, and a lot of other fuel costs, terminal. So I think you'll see us really targeting roughly that $2 a mile for a breakeven target.

當我們轉向 Driver-as-a-Service 時，這當然會改變。你要記得，在我們目前的 Transportation-as-a-Service 商業模式中，成本不只是部署 Aurora Driver 的成本。還包括購買卡車、硬體融資，以及許多其他成本：燃油、場站等。所以我想你會看到我們的目標大致是每英里約 2 美元作為損益兩平的目標。

Okay. Perfect. And then as we look out into 2027, at what point do you make that transition to the point where the customers own the trucks? And like when is -- can you give us any sense of timing on that? Is it does it all happen at once? Or is this a customer by customer?

好的。完美。那再看向 2027 年，你們會在什麼時間點轉換到由客戶擁有卡車？你能否給我們一些時間上的概念？是一次性全部發生嗎？還是會依客戶逐一進行？

Yeah. It's not a hard line. We will start the process in 2027 and then it will really be customer-by-customer specific. I would also point out that we will still have Transportation-as-a-Service trucks operating for several years. even with customers who have signed up for additional Driver-as-a-Service contract.

是的。這不是一條硬性的分界線。我們會在 2027 年啟動這個流程，之後會更偏向依客戶而定。我也要指出，即使是已簽署額外 Driver-as-a-Service 合約的客戶，我們仍會在接下來幾年持續運行 Transportation-as-a-Service 的卡車。

So we're going to continue to utilize a small fleet of Transportation-as-a-Service trucks for its life, and then we will just build upon that going forward. So we do expect, again, some general starting -- we will start in 2027. But there's no hard line of when it will exactly start. We're not making some fundamental shift. We will only do Driver-as-a-Service going forward.

所以我們會在其使用壽命內持續利用一小支 Transportation-as-a-Service 車隊，並在此基礎上往前推進。因此我們確實預期，整體而言會在 2027 年開始。但並沒有一個明確的時間點說它會在何時精確開始。我們不是在做某種根本性的轉向。未來也不會只做 Driver-as-a-Service。

Again, it's important for our customers to support the adoption to be able to see and experience the Aurora Driver in a scenario where they don't have to make huge investments until they've seen the product work and provide value to them.

同樣地，對我們的客戶而言，為了支持採用，他們需要在不必先投入巨額資本的情況下，先看到並體驗 Aurora Driver 在實際情境中運作，並為他們帶來價值。

That is something that I think will evolve over time, right? Today, we're going to be the only provider, first provider of this technology in market. And so I think there's going to be more customer education and the Transportation-as-a-Service as Dave said, allows us to have this low friction way for them to get introduced, get used to it.

我認為這會隨時間演進，對吧？今天，我們將會是市場上唯一的供應商、也是第一個把這項技術帶到市場的供應商。因此我認為會需要更多的客戶教育；而如 Dave 所說，Transportation-as-a-Service 讓他們能以低摩擦的方式先接觸、先熟悉。

But what we do see is that as customers get used to it, they believe in their -- the value they provide in owning, operating, maintaining using these trucks efficiently. And that's a confidence that we don't think that's core to Aurora. And so we see customers excited to take that on, and we look forward to it.

但我們確實看到的是，當客戶逐漸習慣之後，他們會相信由自己來擁有、營運、維護並高效率地使用這些卡車所能帶來的價值。而這種信心，我們認為並不是 Aurora 的核心能力。因此我們看到客戶很樂意承擔這部分，我們也很期待。

Okay. Great. Thank you so much. Very helpful.

好的。很好。非常感謝。很有幫助。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Good afternoon. Thank you for taking my questions. Nice to see the improved new rollouts to new locations. So thanks for all the updates on that. Chris, I was hoping to get your latest thoughts on AI technology and any new innovations that Aurora is looking at.

下午好。謝謝回答我的問題。很高興看到你們在新地點的部署推出有所改善。所以也謝謝你們在這方面提供的所有更新。Chris，我想聽聽你對 AI 技術的最新看法，以及 Aurora 正在關注的任何新創新。

One thing that's had more discussion in the investment community and tech community recently has been world models, but curious whether it's that or other newer technologies that you're observing and anything that could be impactful for Aurora?

最近在投資圈與科技圈討論較多的一個議題是「世界模型」（world models），但我也想了解你們觀察到的是這個或其他較新的技術，以及是否有任何可能對 Aurora 產生重大影響？

No. We continue to pay attention to what's happening outside. We're excited about the models that we're building at Aurora. We continue to be deep believers in verifiable AI. The idea that you would trust one of these giant trucks driving down the road with something where you just hope the output is the right thing given the input. It just doesn't make sense.

不。我們會持續關注外部正在發生的事情。我們對 Aurora 正在打造的模型感到振奮。我們仍然堅信可驗證的 AI。你要信任這些巨型卡車在路上行駛，卻只是希望在給定輸入時輸出會是正確的結果，這實在說不通。

And so we continue to look for ways we can bring those ideas in and fuse them with our approach to ensuring that we can deliver a safe vehicle on the road.

因此，我們會持續尋找方法，把這些理念帶進來，並與我們確保能在道路上交付安全車輛的方法融合。

Understood. Thanks. My other question was around the planned start of operations without a driver this quarter. Maybe just speak a bit more, if you could please around what still needs to happen for that to materialize? Is it additional testing and validation or anything else that may still be left in order to meet that timeline? Thank you.

了解。謝謝。我另一個問題是關於本季計畫在沒有駕駛員的情況下開始營運。如果可以的話，能否再多談一些，為了讓這件事成真，還需要完成哪些事項？是否還需要額外的測試與驗證，或任何其他尚待完成、以符合該時程的工作？謝謝。

Yeah. It's really imminent. We're excited about the progress we're making. It's predominantly testing a validation at this point. So we're continuing to look forward to having them on the road in Q2.

是的。真的已經迫在眉睫。我們對目前取得的進展感到興奮。此刻主要就是測試與驗證。所以我們仍期待在第二季讓它們上路。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great. Good afternoon, Chris and Dave. Earlier, you talked about some of the new routes going from Dallas to Laredo, Dallas, Oklahoma City. So for the 200 trucks by year-end, can you talk about how many total lanes would that encompass what's the expansion target? And then how many different customers are part of that 200 trucks? Are you focused on the existing customers? You start talking about new stickers on the trucks. Thanks.

很好。下午好，Chris 和 Dave。先前你們談到一些新路線，從達拉斯到拉雷多、達拉斯到奧克拉荷馬市。那麼，針對年底前的 200 輛卡車，你們能談談這將涵蓋多少條總車道（lane），擴張目標是什麼嗎？另外，這 200 輛卡車會包含多少不同客戶？你們是否聚焦於既有客戶？你們開始提到卡車上會有新的貼紙。謝謝。

Yeah. So for the second question, first, we expect there to be many new stickers on the trucks by the end of the year. We continue to want to support and ensure that the folks who've been with us early on are able to benefit from it and grow their businesses. We appreciate the trust they put in us. But we aspire to have the Aurora Driver on every truck, ultimately.

是的。先回答第二個問題：我們預期到年底，卡車上會出現許多新的貼紙。我們仍希望支持並確保那些早期就與我們同行的夥伴，能夠從中受益並擴大其業務。我們感謝他們對我們的信任。但我們的願景是，最終讓 Aurora Driver 搭載在每一輛卡車上。

And so we're excited to have new customers come in and grow with them. On the lanes front, it's really going to be driven by customer interest and demand and where it makes sense for those customers to have the trucks operating. We expect it to span across the Sun belt, as we have said for some time, but the specific lanes and lane count will really be dictated by that.

因此，我們也很期待引入新客戶並與他們一同成長。至於車道（lane）方面，將主要由客戶的興趣與需求，以及在哪些地方讓卡車營運對客戶而言最合理所驅動。如同我們一段時間以來所說，我們預期會橫跨陽光帶（Sun Belt），但具體的車道與車道數量將真正由此決定。

And that's what's great is that we're moving in the direction with our ability to unlock new lanes that it's a comparatively -- the complexity and difficulty of making that happen has come down dramatically. And so we can be much more responsive and reactive to where customers want us to operate.

而這很棒的一點是，隨著我們解鎖新車道的能力提升，相較之下——讓這件事發生的複雜度與難度已大幅下降。因此，我們能更快速回應並因應客戶希望我們在哪裡營運。

Great. Makes a lot of sense. If I can get a follow-up then on the routes, right? So maybe talk about how much of that is, I don't know, end-to-end versus drop and hook yards or maybe just understanding the last mile at this point. And then on the production, if you're targeting 200 or 20 trucks a week at this point by year-end, how much can that scale into '27 on both the truck manufacturing and the AUMOVIO side?

很好。非常合理。如果我可以追問一下路線的部分，對吧？能否談談其中有多少是，我不確定，端到端（end-to-end）運輸， versus 掛車落地與勾掛（drop-and-hook）場站，或是目前對最後一哩（last mile）的理解？另外在產能方面，如果你們的目標是年底前達到 200 輛或每週 20 輛卡車，那麼在卡車製造端與 AUMOVIO 端，這在 2027 年能擴大到什麼程度？

Yeah. Okay. So we continue -- and maybe let me make sure we mean by end-to-end. End-to-end means going from a customer side to a customer side, generally a distribution center or some kind to a customer distributions center or terminal. We're not talking about going to the Safeway or the restaurant.

是的。好的。我們持續——也許我先確認一下我們對端到端的定義。端到端是指從一個客戶端到另一個客戶端，通常是從某種配送中心到客戶的配送中心或場站（terminal）。我們不是在談開到 Safeway 或餐廳。

And so we expect by the end of the year that the miles that we drive are predominantly going between customer endpoints. That's our expectation. We think that is the right way to deliver the product. We think it's valuable to the customer. So we're looking forward to that.

因此，我們預期到年底，我們行駛的里程將主要是在客戶端點之間往返。這是我們的預期。我們認為這是交付產品的正確方式。我們認為這對客戶很有價值。所以我們很期待。

And as we mentioned, we're already doing the work with customers today with Werner, Hirschbach, and others at Detmar, in particular, to open up their endpoints and operate those robustly. I feel like there's a second half of your question there that I lost somewhere. I apologize.

而且如我們提到的，我們今天已經在與客戶一起推進這項工作，包括 Werner、Hirschbach，以及其他客戶；尤其是在 Detmar，我們正協助開放他們的端點並穩健地營運。我覺得你問題的後半段我剛剛漏掉了。抱歉。

Just the second one is just back to the production, right? So you talked about 20 trucks a week and thoughts on the scalability to '27.

第二個就是回到產能，對吧？你們談到每週 20 輛卡車，以及對 2027 年可擴展性的想法。

Yeah. So we're starting by setting Roush up with the bandwidth to be able to produce 1,000 trucks a year. As we go into '27, as we see the demand for that, we can increase that scale further. And we really see this as a complement to the other programs we're running with Volvo and Peterbilt, PACCAR. So it's a third option relative to those two.

是的。我們先從讓 Roush 具備每年可生產 1,000 輛卡車的產能開始。進入 2027 年後，隨著我們看到相關需求，我們可以進一步擴大規模。而我們確實將其視為對我們與 Volvo 以及 Peterbilt、PACCAR 所推動的其他計畫的補充。因此，相對於那兩個方案，這是第三個選項。

Wonderful. Thanks a lot. Thanks for the time.

太好了。非常感謝。謝謝你們撥冗。

Thank you.

謝謝。

Thank you. That is all the time we have for questions today. This concludes today's presentation. You may disconnect your lines at this time. We thank you again for your participation.

謝謝。今天的提問時間就到這裡。今天的簡報到此結束。您現在可以掛斷電話線。再次感謝各位的參與。