Aurora Innovation, Inc. (AUR) 2026 Q2 法說會逐字稿

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

各位好，歡迎參加 Aurora 2026 年第二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：本次會議將被錄音。

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

現在我很榮幸介紹投資人關係副總裁 Stacy Feit。您現在可以開始。

Thanks, Paul. Good afternoon, everyone. Welcome to our second-quarter 2026 business review call.

謝謝你，Paul。各位下午好。歡迎參加我們 2026 年第二季業務回顧電話會議。

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.

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合的簡報已發布於我們的投資人關係網站 ir.aurora.tech。股東信亦已隨同我們的 Form 8-K 一併提交，並於今日向美國證券交易委員會（SEC）申報。

On the call with me today are Chris Urmson, Co-Founder and CEO; and David Maday, CFO.

今天與我一同出席電話會議的有共同創辦人兼執行長 Chris Urmson，以及財務長 David Maday。

Chris will provide an update on the progress we've made across the key pillars of our business. David will recap our second-quarter financial results. We'll then open up the call to Q&A.

Chris 將就我們在業務關鍵支柱上的進展提供最新資訊。David 將回顧我們第二季的財務結果。之後我們將開放問答。

A recording of this conference call will be available on our Investor Relations website at ir.aurora.tech shortly after this call has ended.

本次電話會議的錄音將於會議結束後不久，提供於我們的投資人關係網站 ir.aurora.tech。

I'd like to take this opportunity to remind you that, during the call, we will be making forward-looking statements.

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。

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.

這些陳述受到已知與未知風險及不確定性的影響，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 年報所載風險因素，以及其他向 SEC 提交之文件中所述者；並包括我們業務、市場與經濟環境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 June 30, 2026.

更多資訊亦將載於我們截至 2026 年 6 月 30 日止季度之 Form 10-Q 季報。

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. Aurora disclaims any obligation to update any forward-looking statements, except as required by law.

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一切前瞻性陳述，均係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.

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，而不應取代 GAAP 結果，亦不應單獨或孤立地加以解讀。

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.

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），可見於我們的股東信；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查閱。

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 measure is 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.

我們今天的討論也可能提及前瞻性的自由現金流，這是一項非 GAAP 財務衡量指標。在提供此類前瞻性財務衡量指標的情況下，由於某些為進行調節所必需的金額具有內在的預測與量化困難，因此將以非 GAAP 基礎呈列，且不提供調節。

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

接下來，我將把電話會議交給 Chris。

Thanks, Stacy.

謝謝你，Stacy。

The second quarter represented a meaningful leap forward in our path to scale, anchored by a number of customer wins.

第二季在我們邁向規模化的道路上代表著一次重要的躍進，而這主要由多項客戶勝利所支撐。

To capitalize on this growing demand, we've launched our new fleet of driverless trucks, based on the International LT series without a person behind the wheel.

為了把握這股日益成長的需求，我們已推出全新的無人駕駛卡車車隊，採用 International LT 系列車款，且車上沒有駕駛人。

Last week, we debuted Aurora Driver 2, the combination of our new software, second-generation commercial hardware, and this new truck platform.

上週，我們首次亮相 Aurora Driver 2，這是我們全新軟體、第二代商用硬體，以及這個新卡車平台的整合。

If you didn't get a chance to join the live stream, check out the video on page 4 of the slide deck. This milestone officially moves Aurora into the start of our commercial-scaling phase.

如果您未能參加直播，請查看投影片第 4 頁的影片。這項里程碑正式讓 Aurora 進入商業規模化階段的起點。

Backed by this momentum, we are fully allocated to exit the year with 200 driverless trucks in operation and are in negotiations with a number of Driver-as-a-Service business customers for 2027 and beyond.

在此動能支持下，我們已將資源完全配置，以在年底前達成 200 輛無人駕駛卡車投入營運，並正與多家 Driver-as-a-Service（駕駛即服務）商業客戶就 2027 年及之後的合作進行洽談。

Our commercial momentum continues to accelerate after a strong start to the year, driven by a powerful customer-flywheel effect.

在今年強勁開局之後，我們的商業動能持續加速，主要由強大的客戶飛輪效應所帶動。

We recently executed Transportation-as-a-Service agreements with two customers that aim to grow their networks with Aurora Driver-powered trucks, starting in Laredo, Texas, where near-shoring is driving unprecedented freight volume.

我們近期與兩家客戶簽署 Transportation-as-a-Service（運輸即服務）協議，目標是以搭載 Aurora Driver 的卡車擴展其運輸網路，起點為德州拉雷多（Laredo），在近岸外包（near-shoring）推動下，當地貨運量正創下前所未有的水準。

Charger Logistics will utilize the Aurora Driver to add capacity on its network and drive higher utilization, starting on the Dallas-Laredo route, one of the busiest corridors in Texas.

Charger Logistics 將使用 Aurora Driver 以提升其網路運能並提高使用率，首先從達拉斯—拉雷多路線開始，該路線是德州最繁忙的運輸走廊之一。

Value Truck will initially focus on boosting route density between two key corridors, Dallas-Laredo and Fort Worth-Phoenix.

Value Truck 初期將聚焦於提升兩條關鍵走廊之間的路線密度：達拉斯—拉雷多，以及沃斯堡—鳳凰城。

In addition, we expanded our operations with Volvo Autonomous Solutions with their launch of commercial-freight service, powered by the Aurora Driver for industry leaders, DSV and AVI-SPL.

此外，隨著 Volvo Autonomous Solutions 推出由 Aurora Driver 驅動的商業貨運服務，我們也擴大了與其合作的營運規模，服務產業領導者 DSV 與 AVI-SPL。

Proving the value of our technology across complex networks and diverse applications lays the groundwork for widespread market adoption. Every new customer acts as a pipeline multiplier.

在複雜網路與多元應用情境中證明我們技術的價值，為市場的廣泛採用奠定基礎。每一位新客戶都能成為管線的倍增器。

As the broader logistics industry prepares to adopt autonomy, we're streamlining our customer onboarding cycle. This velocity is a powerful testament to the pent-up demand for a solution that helps address systemic industry bottlenecks.

隨著更廣泛的物流產業準備採用自動化，我們正在精簡客戶導入流程週期。這樣的速度有力證明市場對於能協助解決產業系統性瓶頸之解決方案的長期積壓需求。

While expanding our commercial relationships, the Aurora Driver completed nearly 440,000 driverless miles since launch through the end of June, maintaining 100% on-time performance record and zero Aurora Driver-attributed collisions.

在擴展商業合作關係的同時，Aurora Driver 自推出以來至 6 月底已完成近 44 萬英里的無人駕駛里程，維持 100% 準時表現紀錄，且零起由 Aurora Driver 歸因的碰撞事故。

With additional trucks entering service weekly, we expect driverless miles to accelerate meaningfully, moving forward.

隨著每週有更多卡車投入服務，我們預期未來無人駕駛里程將顯著加速成長。

Our scaling plan for this new fleet prioritizes driverless delivery to and from customer facilities to further strengthen the Aurora Driver's value proposition.

我們針對這支新車隊的規模化計畫，優先推動往返客戶設施的無人化交付，以進一步強化 Aurora Driver 的價值主張。

Our work with Detmar Logistics in West Texas illustrates this versatility. We have deployed driverless operations without a person behind the wheel between their facility in Midland, Texas and Capital Sand's mining site in Monahans, Texas, along I-20.

我們在西德州與 Detmar Logistics 的合作展現了這種多樣性。我們已在 I-20 公路沿線，於其位於德州米德蘭（Midland）的設施與位於德州莫納漢斯（Monahans）的 Capital Sand 採礦場之間，部署了車上無駕駛人的無人駕駛營運。

To support this deployment, we validated a frac-sand trailer with minimal integration work, demonstrating the modularity and adaptability of the Aurora Driver.

為支援此部署，我們以最少的整合作業驗證了一款壓裂砂（frac-sand）拖車，展現 Aurora Driver 的模組化與適應性。

To enable nationwide driverless trucking and ensure seamless end-to-end service for our customers, we recently began supervised testing of way-station navigation and on-route fueling.

為了實現全國範圍的無人駕駛卡車運輸，並為客戶提供順暢的端到端服務，我們近期開始在監督下測試過磅站（way-station）導航與途中加油。

While robotaxis will require extensive infrastructure build-out, the freight ecosystem's established service networks and turnkey truck's stop footprint makes trucking a plug-and-play market for autonomous technology.

相較之下，機器人計程車將需要大規模的基礎設施建置；而貨運生態系既有的服務網路與完善的卡車休息站（truck stop）據點，使卡車運輸成為自動駕駛技術可即插即用的市場。

Leveraging this infrastructure, we're now piloting third-party fueling and scaling at truck stops. In these pilots, truck stop staff fuel the truck, as the Aurora Driver navigates in and out of the fuel island.

運用這些基礎設施，我們目前正試行第三方加油服務，並在卡車休息站進行規模化。在這些試點中，由卡車休息站人員為卡車加油，而 Aurora Driver 則負責在加油島（fuel island）間進出與行駛。

Looking ahead, truck-stop personnel will utilize automated arrival notifications to efficiently secure, fuel, and release Aurora Driver-powered trucks, enabling continuous long-haul travel.

展望未來，卡車休息站人員將使用自動到站通知，更有效率地完成停靠、加油與放行搭載 Aurora Driver 的卡車，實現長途運輸的連續行駛。

To support customer demand that is accelerating, we continue to advance our hardware and autonomy-enabled truck programs. The launch of our new fleet of driverless trucks also marks the initial commercial deployment of our second-generation commercial hardware kit.

為支援持續加速的客戶需求，我們持續推進硬體與具備自動駕駛能力的卡車計畫。我們新無人駕駛卡車車隊的推出，也標誌著第二代商用硬體套件的首次商業部署。

Engineered for 1 million miles of operation, this kit is designed to significantly increase uptime and reliability. It also delivers substantial performance gains, including a more efficient computer and an extended 1 kilometer range for FirstLight, our proprietary long-range FMCW LiDAR.

此套件以可運行 100 萬英里為工程設計目標，旨在大幅提升正常運作時間（uptime）與可靠性。它也帶來顯著的效能提升，包括更高效率的電腦，以及我們專有的長距離 FMCW LiDAR「FirstLight」量測距離延伸至 1 公里。

This long-range capability provides the Aurora Driver with more than 34 seconds of reaction time at highway speeds, setting a new superhuman standard for safety.

這項長距離能力可在高速公路速度下，為 Aurora Driver 提供超過 34 秒的反應時間，為安全性樹立新的超人類標準。

Crucially, we expect this kit to drive a 50%-plus reduction in Aurora Driver hardware costs, a key lever supporting our breakeven gross margin target.

更重要的是，我們預期此套件將推動 Aurora Driver 硬體成本降低 50% 以上，這是支撐我們毛利損益兩平目標的關鍵槓桿。

We expect to have 20 to 25 driverless trucks in operation by the end of the third quarter. To support our scaling plan, our upfitter, Roush, has commenced manufacturing at a dedicated facility for Aurora.

我們預期在第三季末前將有 20 至 25 輛無人駕駛卡車投入營運。為支援我們的擴張計畫，我們的改裝合作夥伴 Roush 已在一座專為 Aurora 設立的專用廠房開始製造。

We've already received the initial builds and expect Roush to ramp to an annual run rate of 1,000 trucks in October. Concurrently, our ecosystem for series production is on a clear trajectory to hit its stride.

我們已收到首批組裝車，並預期 Roush 將於 10 月把年化產能提升至每年 1,000 輛的運行速率。同時，我們的量產生態系統正沿著清晰的軌跡邁向全面發揮效能。

At Volvo Group's 2026 Capital Markets Day, the company announced plans for Volvo Autonomous Solutions to begin driverless operations on the Volvo VNL Autonomous in the first quarter of 2027.

在沃爾沃集團（Volvo Group）2026 年資本市場日上，公司宣布計畫讓 Volvo Autonomous Solutions 於 2027 年第一季在 Volvo VNL Autonomous 上開始無人駕駛營運。

These trucks will be driven by the Aurora Driver. They expect to exit 2027 with more than 300 driverless trucks, paving the way for industrial scaling in 2028.

這些卡車將由 Aurora Driver 駕駛。他們預期在 2027 年底前將無人駕駛卡車數量提升至 300 輛以上，為 2028 年的工業化擴張鋪路。

We're seeing broad enthusiasm and engagement around the industry, with Volvo projecting $3 billion in autonomous revenue within five years. The industrialization of autonomous freight is definitively at an inflection point.

我們看到整個產業普遍的熱情與投入，沃爾沃預估在五年內可達到 30 億美元的自動駕駛營收。自動化貨運的工業化已明確來到拐點。

Volvo has already completed several Aurora Driver-powered trucks on their pilot line ahead of the first-quarter 2027 driverless launch. Looking further ahead, we've also built Volvo development trucks equipped with components of our third-generation commercial hardware kit manufactured by AUMOVIO.

在 2027 年第一季無人駕駛上線之前，沃爾沃已在其試產線上完成多輛由 Aurora Driver 驅動的卡車。展望更長期，我們也打造了沃爾沃開發用卡車，配備由 AUMOVIO 製造的第三代商用硬體套件之部分元件。

Our partnership with AUMOVIO is intended to support tens of thousands of trucks. We look forward to testing these systems in the coming quarters, ahead of AUMOVIO's planned start of production in the second half of 2027.

我們與 AUMOVIO 的合作旨在支援數以萬計的卡車。我們期待在未來幾個季度測試這些系統，並在 AUMOVIO 規劃於 2027 年下半年開始量產之前完成驗證。

In parallel, PACCAR and Aurora are jointly defining the path to a scalable launch of our third-generation commercial hardware kit integrated with PACCAR's future autonomy-enabled platform on their assembly lines.

同時，PACCAR 與 Aurora 正共同界定可擴展上線的路徑，將我們第三代商用硬體套件整合至 PACCAR 未來具備自動駕駛能力的平台，並在其組裝產線上導入。

We designed our strategy to enable our asset-light commercial model to be deployed across the leading truck platforms, giving us unmatched flexibility to meet diverse fleet preferences, as autonomous trucking scales.

我們設計的策略可讓資產輕量的商業模式部署於各大主流卡車平台之上，隨著自動駕駛卡車規模化，賦予我們無可比擬的彈性以滿足不同車隊偏好。

Our commercial readiness is matched by a highly supportive regulatory landscape. California recently joined the majority of other states in the US to permit the deployment of driverless trucks.

我們的商業就緒度也有高度支持性的監管環境相匹配。加州近期加入美國多數州的行列，允許部署無人駕駛卡車。

Last month, I had the privilege of representing our industry before the California Assembly Transportation Committee.

上個月，我有幸在加州眾議院運輸委員會（California Assembly Transportation Committee）前代表我們的產業。

This engagement provided an opportunity to share key learnings from our safe driverless operations; outline our thoughtful approach to regional expansion; and foster shared confidence in the future of autonomous freight in the state.

這次交流讓我們得以分享無人駕駛安全營運的關鍵經驗；闡述我們對區域擴張的審慎作法；並在州內共同建立對自動化貨運未來的信心。

We have submitted our application to begin the required driver testing in California.

我們已提交申請，以在加州開始所需的駕駛測試。

At the federal level, we're seeing historic momentum toward a unified national framework. In May, the US House Transportation Infrastructure Committee passed the BUILD America 250 Act, 62-2, a truly bipartisan surface-transportation reauthorization bill.

在聯邦層級，我們看到朝向統一全國框架的歷史性動能。5 月，美國眾議院運輸與基礎建設委員會以 62 比 2 通過《BUILD America 250 Act》，這是一項真正跨黨派的地面運輸再授權法案。

This bill features a dedicated framework for the nationwide deployment of autonomous trucks that would help harmonize the current patchwork of state laws and addresses operational updates that Aurora has long championed.

該法案包含一套專門用於全國部署自動駕駛卡車的框架，有助於協調目前各州法律的拼布式差異，並涵蓋 Aurora 長期倡議的營運更新。

For example, the legislation would explicitly permit the use of cab-mounted warning beacons instead of manually placed warning devices, when a commercial motor vehicle is stopped.

例如，該立法將明確允許在商用機動車輛停靠時，使用駕駛室安裝的警示燈（warning beacons）取代人工放置的警示裝置。

We continue to engage closely with lawmakers to advance this critical legislation into law and secure American leadership in the global autonomous-transportation race.

我們持續與立法者密切合作，推動這項關鍵立法完成立法程序並成為法律，以確保美國在全球自動化運輸競賽中的領導地位。

Improving road safety is an important component of that global leadership and core to the Aurora Driver's value proposition. To show you what this looks like in practice, I'd like to share a recent example that powerfully underscores our safety advantage:

提升道路安全是全球領導地位的重要組成，也是 Aurora Driver 價值主張的核心。為了讓各位看到實務上是什麼樣子，我想分享一個近期案例，強而有力地凸顯我們的安全優勢：

Earlier this month, one of our trucks was traveling on a frontage road in Fort Worth during a development mission. It was in manual mode; meaning, the Aurora Driver system was not engaged in autonomy.

本月稍早，我們其中一輛卡車在一次開發任務期間，行駛於沃斯堡（Fort Worth）的一條輔道（frontage road）。當時為手動模式；也就是說，Aurora Driver 系統並未啟用自動駕駛。

The truck was being driven by one of our most experienced vehicle operators, with over 2 million miles of Class 8 driving experience and a spotless safety record.

該卡車由我們最資深的車輛操作員之一駕駛，擁有超過 200 萬英里的 8 級（Class 8）駕駛經驗，且安全紀錄零瑕疵。

The Aurora truck was proceeding into an intersection on a green light, which had been green for more than 25 seconds. Unfortunately, another vehicle entered the intersection against the red light and collided with our truck.

Aurora 卡車在綠燈狀態下駛入路口，而該綠燈已亮超過 25 秒。不幸的是，另一輛車闖紅燈進入路口並與我們的卡車相撞。

Thankfully, no serious injuries were reported by either party. However, our truck and the other vehicles sustained significant damage.

所幸雙方均未通報嚴重傷害。然而，我們的卡車及其他車輛均遭受重大損壞。

While the autonomy system was not engaged through a combination of log review and simulation, we were able to confirm the Aurora Driver perceived the red light runner nearly 6 seconds prior to the collision and would have slowed to avoid the collision, even despite having the right of way with the green light.

雖然自動駕駛系統當時未啟用，但透過行車紀錄檢視與模擬，我們確認 Aurora Driver 在碰撞前近 6 秒就已感知到闖紅燈車輛，且即使在綠燈享有路權的情況下，也會減速以避免碰撞。

Events like this motivate our team to keep doing this incredibly important work. Last year, we began operating the first driverless Class 8 trucks on US public roads.

這類事件激勵我們的團隊持續投入這項極其重要的工作。去年，我們開始在美國公共道路上營運首批無人駕駛的 8 級卡車。

As we continue to scale driverless operations, our commitment to safety and transparency remains a core cultural tenet and key differentiator.

隨著我們持續擴大無人駕駛營運規模，對安全與透明的承諾仍是我們文化的核心信條與關鍵差異化因素。

Now, we're entering our commercial scaling phase with Aurora Driver 2. We're already fully allocated to exit the year with 200 driverless trucks.

現在，我們正以 Aurora Driver 2 進入商業化擴張階段。我們已完成配置，預計在年底前達到 200 輛無人駕駛卡車。

We've earned third-party validation for our safety case. We've advanced the industrial partnerships to deliver at the scale this opportunity demands.

我們的安全論證已獲得第三方驗證。我們也推進工業合作夥伴關係，以交付符合此一機會所需的規模。

As our fleet grows week by week, we're positioning Aurora to power a meaningful share of the $1 trillion US logistics industry.

隨著我們的車隊每週持續成長，我們正讓 Aurora 有能力為美國規模達 1 兆美元的物流產業提供具實質意義的動力支援。

I'm incredibly proud of the discipline our team has shown in executing our vision responsibly, establishing deep credibility and cultivating an ecosystem of partners, customers, regulators, and investors who share our conviction in the future we're building.

我為團隊在負責任地執行願景上所展現的紀律感到無比自豪；我們建立了深厚的可信度，並培育出由合作夥伴、客戶、監管機構與投資人所組成的生態系，大家共同堅信我們正在打造的未來。

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

接下來，我把時間交給 Dave，由他回顧我們的財務結果。

Thanks, Chris.

謝謝你，Chris。

Let's review our financial results for which we have provided a summary on page 6 of the slide deck for reference.

我們來回顧財務結果；為便於參考，我們已在簡報第 6 頁提供摘要。

Second-quarter 2026 revenue totaled $2 million across driverless and vehicle operator-supervised commercial loads. The Aurora Driver achieved another record number of commercial miles driven during the quarter.

2026 年第二季營收合計 200 萬美元，涵蓋無人駕駛與由車輛操作員監督的商業載貨運輸。Aurora Driver 在本季達成另一項商業行駛里程的紀錄新高。

Second quarter operating loss, including stock-based compensation, totaled $266 million. Excluding stock-based compensation of $60 million, R&D totaled $164 million; SG&A was $37 million; and cost of revenue was $7 million.

2026 年第二季營業虧損（含以股份為基礎之薪酬）合計 2.66 億美元。若排除 6,000 萬美元的以股份為基礎之薪酬，研發費用為 1.64 億美元；銷售、一般及行政費用（SG&A）為 3,700 萬美元；營收成本為 700 萬美元。

We used approximately $225 million in operating cash during the second quarter of 2026. Capital expenditures totaled $31 million.

2026 年第二季我們約使用 2.25 億美元的營運現金。資本支出合計 3,100 萬美元。

Excluding $63 million in cash-bonus payments, which were funded through our at-the-market program, our cash spend was within our externally communicated quarterly average target.

若排除 6,300 萬美元的現金獎金支付（透過我們的市場隨售計畫 at-the-market program 籌資），我們的現金支出符合我們對外溝通的季度平均目標。

During the quarter, we issued 30 million shares of Class A common stock through our at-the-market program for net proceeds of $215 million.

本季我們透過市場隨售計畫發行 3,000 萬股 A 類普通股，淨募資 2.15 億美元。

Using a portion of these proceeds, as planned, to fund our -- the referenced cash-bonus payments, as well as the tax liability associated with the vesting of employee-restricted stock units, we increased our liquidity by $126 million.

如規劃所示，我們使用部分募資款項來支付前述現金獎金，以及員工限制型股票單位（RSU）歸屬所產生的稅負，從而使我們的流動性增加 1.26 億美元。

In turn, we ended the quarter with a very strong balance sheet, including nearly $1.2 billion in cash and short-term investments.

因此，我們在季末擁有非常強健的資產負債表，其中包含近 12 億美元的現金與短期投資。

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-pyear 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，預估第四季將貢獻全年營收的一半以上；在我們新車隊上線後，將隨著無人駕駛營運規模擴大而帶動成長。

We anticipate exiting the year with more than 200 driverless trucks in operation, which translates to an approximately $80 million revenue run rate for our Transportation-as-a-Service business.

我們預期在年底前將有超過 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）業務約 8,000 萬美元的營收運行速率（run rate）。

This establishes a powerful foundation for 2027, when we expect the core Driver-as-a-Service business model to commence.

這為 2027 年奠定了強而有力的基礎，屆時我們預期核心的「Driver-as-a-Service（駕駛即服務）」商業模式將開始啟動。

To support our scaling plan, we continue to expect quarterly cash use of approximately $190 million to $220 million, on average, in 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 年平均每季現金使用約為 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。

The focused execution driving Aurora's 2026 transition continued in the second quarter. We are making the strategic investments necessary to bring Aurora Driver 2 to large-scale industrial deployment.

推動 Aurora 於 2026 年轉型的聚焦執行在第二季持續推進。我們正在進行必要的策略性投資，以將 Aurora Driver 2 推向大規模工業化部署。

With every truck on the road, we are driving a safer, more efficient era for logistics.

隨著每一輛卡車上路，我們正在為物流帶來更安全、更高效率的新時代。

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)

（接線員指示）

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Maybe, to start, you clearly have several strong tailwinds at your back. You have a proven technology that's ready to scale; macro pressures, like tightening freight capacity, rising fuel costs.

也許先從這裡開始，你們顯然有幾個強勁的順風因素。你們擁有已被驗證、可準備擴張的技術；以及宏觀壓力，例如貨運運能收緊、燃料成本上升。

Given the positive commercial momentum you've been announcing and recent industry announcements. like the one from TFI, yesterday, around expanding its autonomous operations, what specific catalysts do you think will drive the next, like, real inflection point in commercial adoption?

鑑於你們近期宣布的正向商業動能，以及最近產業的公告——例如昨天 TFI 關於擴大其自動化營運的消息——你認為哪些具體催化劑將推動下一個、像是商業採用真正的拐點？

If I may ask, are you directly involved with TFI?

如果我可以再問一下，你們是否直接參與了 TFI？

Thanks, George.

謝謝你，George。

As you know, we're not going to comment about potential partnerships to customers until we're able to do that; and aligned with them; and whatnot so no comment there.

如你所知，在我們能夠對外說明、並且與對方達成一致之前，我們不會就潛在合作夥伴或客戶發表評論；因此這部分不予置評。

In terms of [catalyst] demand, I think it's just a continued building of trust and credibility, right?

就（催化劑）需求而言，我認為就是持續建立信任與可信度，對吧？

We've seen, with each step forward of the technology and each step forward with the customer adoption, we get this flywheel effect, where the engagement we have with our commercial team just continues to grow and grow.

我們看到，隨著技術每向前一步、客戶採用每向前一步，就會產生這種飛輪效應；我們商務團隊的互動與接觸只會持續增加、越來越多。

I expect, as we put more and more of these second-generation trucks on the road and we continue to build the volume there, it -- success begets success here is my expectation.

我預期，當我們讓越來越多第二代卡車上路、並持續在那裡建立規模時——我的預期是，這裡會出現「成功帶來成功」的效果。

Thank you. Maybe, as a follow-up, regarding the unit economics and the scaling roadmap, how confident are you that you can achieve your projected hardware cost-downs, given what's happening, from an inflationary perspective?

謝謝。也許追問一下，關於單位經濟與擴張路線圖，考量通膨環境的影響，你們對於能達成所預期的硬體降本有多大信心？

Maybe, on the hardware maintenance front, specifically on your proprietary LiDAR, how resilient is the stack against real-world steel degradation? Should the units require service or replacement? How does that cost curve look like for maintaining your in-house components, at scale?

另外在硬體維護方面，特別是你們自有的 LiDAR，你們的堆疊在面對真實世界的鋼材劣化時有多強的韌性？這些單元是否需要維修或更換？在規模化情境下，維護你們自製元件的成本曲線大概會是什麼樣子？

Yeah. We continue to have confidence in our ability to bring -- to achieve the targets we have for the cost of the hardware kit and the maintenance support of that hardware kit to achieve our long-term economic objectives there so continue to be very happy with that.

是的。我們仍然有信心能夠達成——實現我們對硬體套件成本，以及該硬體套件維護支援成本的目標，以達成我們長期的經濟目標；因此我們對此仍然非常滿意。

It's really important to understand the level of rigor and testing we put these systems through to achieve the durability we intend to get out of them.

理解我們為了達到預期耐久性而對這些系統施加的嚴謹程度與測試強度，這點非常重要。

We've been testing these units for months, already. We'll continue to test them forward so we can continue to build confidence in them.

我們已經對這些單元測試了好幾個月。我們也會持續往前測試，以便持續建立對它們的信心。

We've already begun some of the reliability testing for the third-generation hardware components. This is work that is in flight and gives us a lot of confidence on what we can expect, going forward, with the fleet.

我們也已經開始對第三代硬體元件進行部分可靠度測試。這項工作正在進行中，並讓我們對未來車隊的表現更有信心。

I don't know, Dave, if there's more you'd add.

我不確定，Dave，你是否還要補充？

Yeah. I think, in terms of confidence of the economics, just generally, obviously, we are already building our second-generation kit. We have costs for the ones we're producing today and the ones that we'll be producing into next year. We have estimates.

是的。我想就經濟性信心而言，整體來說，顯然我們已經在打造第二代套件。我們掌握了今天正在生產的套件成本，以及明年將持續生產的套件成本。我們也有估算。

We have a pretty good handle in terms of that. Certainly, there are some headwinds in terms of costs. But these kits are also designed and expected to last 1 million miles so some minor increases in component costs.

我們對此有相當好的掌握。當然，在成本方面確實存在一些逆風。但這些套件的設計與預期壽命可達 100 萬英里，因此即便元件成本有些微上升。

When you look at it on a unit-economic basis, George, for gross profit over a per mile basis -- are not materially going to impact our gross-margin projections.

George，當你以單位經濟的角度、以每英里毛利來看——這些變化不會對我們的毛利率預測造成實質影響。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，Morgan Stanley。

Chris, you said that -- in the release that you are in negotiations with a number of customers for the DaaS business model for '27 and beyond.

Chris，你在新聞稿中提到——你們正在與多家客戶就 2027 年及之後的 DaaS 商業模式進行談判。

Can you just unpack that a little bit more and, maybe, give us a glimpse into what momentum of negotiations have been like, especially after the first few commercial agreements that you've announced in the last few months?

你能否再多拆解一下，並且也許讓我們一窺談判動能大概是什麼樣子，特別是在你們過去幾個月宣布了前幾個商業協議之後？

Yeah. Enthusiastic would be the right way to frame it. We announced, a few months ago now, that MOU with Hirschbach. We continue to progress that deal forward.

可以。用「非常熱烈」來形容會是合適的方式。我們在幾個月前宣布了與 Hirschbach 的那份 MOU。我們仍在持續推進那筆交易。

That really will create the framework for the rest of the partnerships that we have in the space. The core elements of that, we have clarity on. We'll just continue to move that forward.

那確實會為我們在這個領域的其他合作夥伴關係建立框架。其中的核心要素我們已經很清楚。我們會持續推進。

Customers want to own these assets. They want to see the benefit from it. We're excited to get them to them.

客戶希望擁有這些資產。他們希望看到由此帶來的效益。我們很期待把它們交付給客戶。

Yeah. The other thing I'd say, Ravi, is that, like, for every customer that we sign up with Transportation-as-a-Service agreement, it is with the intent to, then, move into the Driver-as-a-Service in the following year.

是的。Ravi，我還想補充的是，對於我們簽下的每一位「Transportation-as-a-Service（運輸即服務）」協議客戶，其意圖都是在隔年再轉入「Driver-as-a-Service（駕駛即服務）」。

In terms of, like, the active negotiations, we are working with a couple of folks, just to make sure that, like, the paper that we put in that we want to apply broadly works for everybody. And so that's why we're actively working with multiple folks.

就目前積極談判而言，我們正在與幾方合作，主要是為了確保我們提出、希望能廣泛適用的合約文件能符合每個人的需求。因此我們才會同時與多方積極推進。

But the intent is, if you're a Transportation-as-a-Service customer today, we would expect that you'll start to add Driver-as-a-Service business model in 2027.

但意圖是，如果你今天是「Transportation-as-a-Service」客戶，我們預期你會在 2027 年開始加入「Driver-as-a-Service」商業模式。

Understood. Maybe, as a follow-up, again, to the comment that Volvo is projecting $3 billion in autonomous revenue in five years: Not to make you answer for Volvo but I'm assuming if they're putting out a revenue target, they have done some fairly detailed math on what they think the truck is going to cost and how they share the economics and such.

了解。也許再追問一下，關於 Volvo 預估五年內自動駕駛營收達 30 億美元：我不是要你替 Volvo 回答，但我猜如果他們提出營收目標，應該已經做了相當細緻的推算，包括他們認為卡車成本會是多少、以及如何分配經濟利益等等。

I'm wondering if they've shared any of that with you and if you can share with us.

我想知道他們是否有與你們分享其中任何內容，以及你是否能與我們分享。

Yeah. We certainly can't share anything of Volvo's model with you. But I can share that we have clear -- an understanding of the economic arrangement between Aurora and Volvo. We're excited for that.

是的。我們當然無法與你分享 Volvo 的模型細節。但我可以分享的是，我們對 Aurora 與 Volvo 之間的經濟安排有清楚——的理解。我們對此感到興奮。

We're excited to see them continue to grow their customer cohort. We look forward to supporting them and helping them build their business.

我們也很期待看到他們持續擴大其客戶群。我們期待支持他們並協助他們建立他們的業務。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations on the quarter and on getting [Gen 2] out -- very exciting.

恭喜本季表現，也恭喜你們推出（第二代）——非常令人振奮。

Wondering if you can maybe help us quantify the current fleet size; how many [Gen 1s] versus Gen 2 trucks are in operation today? As we think about your target for Q3, how should we think about that unit mix?

想請你們協助量化目前車隊規模；今天有多少（第一代）與第二代卡車在營運？在思考你們第三季目標時，我們應該如何看待這個車型組合？

Similarly, as we scale to the more-than 200 trucks by year-end, how should we be thinking about that unit mix, going forward?

同樣地，當你們在年底擴張到超過 200 輛卡車時，往後我們又該如何看待這個車型組合？

Yeah. Great question. Thank you. Today, we have on order of 25 trucks that are operating. A handful of them are the new international trucks. We expect to grow that to 20 to 25 trucks -- that are the international trucks -- by the end of this quarter; and then, by the end of the year, as we said, have a couple of hundred trucks operating.

是的。很好的問題。謝謝。今天，我們大約有 25 輛卡車在營運。其中有幾輛是新的 International 卡車。我們預期在本季末把 International 卡車的數量提升到 20 到 25 輛；然後到年底，如我們所說，會有數百輛卡車投入營運。

You can expect the vast majority, if not all, of that fleet will be -- well, all of that fleet, by the end of the year, will either be international or Volvo. And so we're excited to see those come online.

你可以預期其中絕大多數、甚至可能全部的車隊——嗯，到年底，整個車隊不是 International 就是 Volvo。因此我們很期待看到它們上線運行。

We'll start to phase out the Peterbilt trucks, with an eye to looking forward to reintroducing Peterbilt trucks with a third-generation hardware in the future.

我們將開始逐步汰換 Peterbilt 卡車，同時也著眼於未來以第三代硬體重新導入 Peterbilt 卡車。

Wonderful. Very helpful. Just a quick follow-up to that -- you alluded to there, just at the end -- now that the Gen 2 has launched, will Gen 1 trucks just be phased out completely or upgraded?

太好了。非常有幫助。我再快速追問一下——你剛在最後提到——現在第二代（Gen 2）已經推出，第一代（Gen 1）卡車會被完全汰換，還是會升級？

How does the 50% improvement in hardware-cost reduction on Gen 2 -- how does that change your path to profitability?

第二代（Gen 2）硬體成本降低 50%——這會如何改變你們通往獲利的路徑？

Yeah. We do expect to just phase those trucks out. They've served a really important purpose for us in demonstrating the technology; starting to build early customer traction; and really being a tremendous learning test bed for us as a company.

是的。我們確實預期會把那些卡車逐步汰換。它們對我們而言扮演了非常重要的角色：用來展示技術；開始建立早期客戶動能；並且作為公司極佳的學習與測試平台。

But we're very excited to get on to the Gen 2 platform, with all the benefits that come along with that and the ability to scale that for customers so excited for that.

但我們非常期待轉向第二代（Gen 2）平台，享受隨之而來的所有優勢，並能為客戶擴大規模，因此我們對此非常興奮。

In terms of the 50% cost reduction, this is what we've been talking about for some time as how that second-generation partner ultimately allows us to get to a point where we can operate the business with unit-economic profitability.

就 50% 成本降低而言，這正是我們一段時間以來一直在談的：第二代合作夥伴最終如何讓我們達到能以單位經濟（unit economics）實現獲利的狀態。

And so we expect that to continue to play out, as we continue to improve our execution; and drive efficiencies in the operations of the business; and improve the system.

因此我們預期這會持續發酵，因為我們會持續提升執行力；推動營運效率；並改善系統。

And then, ultimately, that third-generation hardware will take another step function in hardware cost for us. That will allow us to drive to the ultimate margins that we anticipate in the business.

然後，最終第三代硬體會讓我們的硬體成本再出現一次階躍式下降。這將使我們能推動達到我們對這項業務所預期的最終毛利水準。

Excellent. Congrats, again. We'll pass it on.

非常好。再次恭喜。我們把問題交給下一位。

Thank you. Appreciate it.

謝謝。感謝。

Chris Pierce, Needham & Company.

Needham & Company 的 Chris Pierce。

This year, year to date, you've had a lot of customer announcements. I just want to understand, how are customers thinking about, why are they moving forward? Is it to add capacity and win share? Is it to better utilize their assets? Or is it about lowering per hour driver costs?

今年截至目前，你們有很多客戶公告。我想了解的是，客戶是怎麼思考、為什麼要往前推進？是為了增加產能、搶占市佔嗎？是為了更有效利用他們的資產嗎？還是為了降低每小時的駕駛員成本？

Like, how would you bucket those?

你會怎麼分類這些動機？

I'd say it's much more the first two of these. Every one of our customers put safety first; and then, talk about the importance of their people, their drivers; and how this technology complements them.

我會說更偏向前兩項。我們每一位客戶都把安全放在第一位；接著會談到他們的人、他們的駕駛員有多重要；以及這項技術如何與他們互補。

It really will -- we expect to allow them to expand their business;. allow them to increase the utilization of their assets; and allow them to have those incredible humans that they have on their team focus on things where they add the most value, where they can be the face of the company to their customers.

我們預期它確實能——讓他們擴大業務；提升資產使用率；並讓他們團隊中那些優秀的人才把精力放在最能創造價值的事情上，成為公司面向客戶的門面。

We're excited to see this help these customers grow and become more profitable.

我們很期待看到這能幫助這些客戶成長並提升獲利能力。

On that, is it fair to say they see a situation where they can outgrow their peers or they can really grow their business and win share by those that are moving slower? Is that the right way to think about it?

延續這點，是否可以說他們看到一種情況：他們能比同業成長更快，或是相較於推進較慢的競爭者，真正擴大業務並贏得市佔？這樣理解對嗎？

I think you'll have to ask them. But, as we look at it -- you've heard me say before that this technology is so impactful, transformational -- improving safety, improving fuel economy, improving utilization -- for customers that, if you're not using our stuff in the next five years, you just would not be competitive in long haul.

我想你得去問他們。但從我們的角度——你之前也聽我說過，這項技術影響非常大、具有變革性——提升安全、提升燃油經濟性、提升使用率——對客戶而言，如果你在未來五年不使用我們的技術，你在長途運輸市場就不會有競爭力。

We're excited for that.

我們對此很興奮。

Okay. Perfect. And then, just one last one: In the letter, it talked about streamlining customer onboarding. Can you give us an example of a gating factor that was up and has come down on your side; and why you chose to highlight this?

好的。完美。最後一個問題：在股東信中提到簡化客戶導入流程。你能舉一個例子，說明以前有哪些關卡因素（gating factor）存在、現在在你們這邊已經降低了；以及你們為什麼選擇特別強調這點？

Yeah. We're just seeing conversations move more quickly. We think part of that is, just, the visible experience and credibility we've built by operating driverless trucks for some time.

是的。我們看到對話推進得更快。我們認為部分原因是，我們已經營運無人駕駛卡車一段時間，建立了可見的實績與可信度。

Part of it is us just being smarter, understanding more what's involved in integrating with the customer business; and getting the lessons learned from that; and allowing us to do a better job of meeting the customers where they are today.

另一部分原因是我們變得更聰明了，更了解與客戶業務整合所涉及的內容；從中吸取經驗教訓；並讓我們能更好地在客戶當下的狀態與需求上與他們對接。

It's experience you just don't get without actually operating the fleet and serving customers.

這些經驗如果不實際營運車隊、服務客戶，是不可能獲得的。

I'd say, the other thing on that is, because we've reached a point in the autonomy performance; and the generalizability; and just where we are, our ability to take a customer request and go react to that quickly has really improved dramatically.

我想另一點是，因為我們在自動駕駛性能、泛化能力，以及整體進展上已經達到一個階段，我們接到客戶需求後快速回應的能力，確實大幅提升。

And so we have a few more trucks. We're adding a lot more trucks. We have more people to support them and the autonomy systems. We can go react to customer requests much quicker.

因此我們有更多卡車。我們正在增加更多卡車。我們也有更多人員來支援它們以及自動駕駛系統。我們能更快回應客戶需求。

Remember, when we first started, we were on Dallas to Houston. You couldn't talk about, like, when you were going to exactly get to, like, Oklahoma City right away.

記得我們剛開始時，只跑達拉斯到休士頓。你不可能馬上就談到例如何時能精確拓展到奧克拉荷馬市。

And then, once we got to a point where we were comfortable and generalizable, adding Oklahoma City as a potential route took weeks to do. And so our ability to move faster is one of the key elements, as well.

然後當我們達到一個覺得足夠成熟、具備泛化能力的階段，把奧克拉荷馬市加入為潛在路線也只花了幾週。因此我們加速推進的能力也是關鍵要素之一。

And then, I'd just add to that one last point, which is, you just wouldn't have been able to meet supply with trucks for our customers last year between both the limitation for first-generation hardware and the work we had to do the integration onto the new platform.

最後我再補充一點：去年你根本無法為客戶提供足夠的卡車來滿足供給，因為第一代硬體的限制，以及我們必須把系統整合到新平台上所需的工作量。

And so, at this point now, we unlocked that ability to scale the business. It's much easier to have a conversation with customers, when we have clarity on how we can serve them and when we can serve them.

所以到目前為止，我們已經解鎖了擴大業務規模的能力。當我們清楚知道如何服務客戶、以及何時能服務客戶時，與客戶對話就容易得多。

Ryan Sigdahl, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Ryan Sigdahl。

Chris, maybe, curious on Volvo, just how you're thinking about Aurora's place in the AV ecosystem, longer term, as OEMs like Volvo work to build out their own TaaS businesses or, as they call it, [BaaS]; and if you ultimately care who you're selling to, whether it's an OEM running their own fleet or whether it's direct to the fleet customers, yourself, under a DaaS model.

Chris，我想就 Volvo 問一下：從長期來看，當像 Volvo 這樣的 OEM 著手建立自己的 TaaS 業務（或他們稱之為 [BaaS]）時，你們如何看待 Aurora 在自動駕駛（AV）生態系中的定位？以及你們最終是否在意你們賣給誰——是賣給由 OEM 自行營運的車隊，還是以 DaaS 模式由你們直接面向車隊客戶？

And then, maybe, second to that, Dave, if you're willing to comment on the financial implications of OEMs TaaS versus fleet DaaS, from an economics to Aurora standpoint?

另外第二個問題，Dave，如果你願意評論：就 Aurora 的經濟性而言，OEM 的 TaaS 相較於車隊的 DaaS，在財務影響上有何不同？

Yeah. We really think about that relationship we have with Volvo as having two dimensions:

是的。我們確實把與 Volvo 的關係視為有兩個面向：

One is the integration with the OEM platform and then, the support and engagement we have with Volvo Autonomous Solutions and their business.

一個是與 OEM 平台的整合；另一個是我們與 Volvo Autonomous Solutions 及其業務之間的支援與合作。

When we look at Volvo Autonomous Solutions, we have a close relationship with them, of course, because of that broader relationship around the platform. But, really, we look at them as a Driver-as-a-Service customer to us.

當我們看 Volvo Autonomous Solutions 時，當然因為平台層面的更廣泛合作，我們與他們有緊密關係。但本質上，我們把他們視為我們的「Driver-as-a-Service」客戶。

That's great. We are excited for them to go out; and serve customers; and build their business. We will continue to work with them that way.

太好了。我們很期待他們能夠走向市場；服務客戶；並建立他們的業務。我們也會持續以這種方式與他們合作。

Yeah. Relative to the financial differences, I would say this: Each of them, whether you're doing Aurora Driver for freight and selling a TaaS or a DaaS business or we're working with Volvo Autonomous Solutions, we have gross margin targets to run the business.

是的。就財務差異而言，我會這麼說：無論是你在做 Aurora Driver 的貨運業務並銷售 TaaS 或 DaaS 業務，或是我們與 Volvo Autonomous Solutions 合作，我們都有毛利率目標來經營這項業務。

We look at both our cost structure to support that business and then, the necessary margins. And so we look at them all together. It's a good balance.

我們同時會檢視支援該業務的成本結構，以及所需的利潤率。因此我們會把它們一起看。這是一個很好的平衡。

I don't want to say they're exactly the same because the inputs and the cost to support those businesses are slightly different. But we do look at, holistically, each of them independently and then, add them up together to make sure that it matches our overall projections.

我不想說它們完全一樣，因為投入項目與支援這些業務的成本略有不同。但我們確實會以整體角度，分別獨立檢視每一項，然後再加總起來，確保符合我們的整體預測。

Good. And then, just on the Gen 2 international truck launch, in the video you posted last week, you could see at least a dozen -- a little more than that -- trucks in the background -- implies you have high visibility to that 20 to 25 you guided for Q3.

很好。接著，關於第二代（Gen 2）國際卡車的上市，在你上週發布的影片中，背景至少可以看到十幾輛——甚至更多——卡車，這意味著你們對於第三季指引的 20 到 25 輛有很高的能見度。

Is that a reasonable inference? Or is there a reason some of those wouldn't necessarily be used for commercial operations?

這樣推論合理嗎？還是說其中有些車不一定會用於商業營運，有什麼原因？

And then, second to that would be just the path with Roush, on track for 1,000 unit annual capacity by October. That implies 250 trucks a quarter. Why wouldn't you exit the year with more than 200 commercial trucks on the road?

第二個問題是與 Roush 的進度：預計在 10 月達到年產能 1,000 輛。這代表每季 250 輛卡車。那為什麼你們不會在年底時讓上路的商用卡車超過 200 輛？

We have really good visibility in our access to trucks to support the 2025 at the end of the quarter. As you know, there's a ramp-up that it takes, whenever you stand up a new manufacturing line. And so we expect that to ramp in Q4 to the full velocity.

我們對於取得卡車以支援 2025 年（在本季末）的需求有非常好的能見度。如你所知，當你建立一條新的製造產線時，需要一段爬坡期。因此我們預期第四季會爬坡到全速。

But we also understand that there may be challenges along that path. And so we're trying to provide what we think is reasonable guidance to where we expect that to net out.

但我們也理解在這條路徑上可能會遇到挑戰。所以我們試著提供我們認為合理的指引，說明我們預期最終會落在什麼結果。

I don't know, Dave, if you'd add more there.

Dave，我不知道你是否要再補充一些。

Yeah. I think, for certain, we have -- if we have the ability to build more, I'm sure we have stronger customer demand. We'll take advantage of that.

是的。我想可以確定的是——如果我們有能力生產更多，我相信客戶需求會更強，我們會把握這個機會。

But, for right now, we think that this is a pretty good plan to what we've guided to before. It is our appropriate target, at this point in time.

但就目前而言，我們認為這個計畫與我們先前給出的指引相當一致。在此時此刻，這是我們合適的目標。

Relative to your trucks comp, internally, the videos and everything you're going to see, we do have development trucks, as well. We have first-generation and second-generation trucks out there. I wouldn't look too much at it.

至於你提到影片中卡車的構成，內部來說，我們也有開發用卡車。我們有第一代與第二代卡車在外面。我不會太過解讀那個。

I think the important thing for us is, we've got a handful of the international trucks already operating driverless on multiple routes and two customer endpoints, as well. By the end of the quarter, we expect to have 20 to 25.

我認為對我們來說重要的是：我們已經有少數幾輛國際卡車在多條路線、以及兩個客戶端點之間進行無人駕駛營運。到本季末，我們預期會有 20 到 25 輛。

That will be the highest number of dedicated commercial trucks we've had, going forward. We're just going to build upon that. We're super excited about the opportunity.

這將會是我們迄今為止擁有的、專用商用卡車的最高數量，往後我們會在此基礎上持續擴增。我們會在此之上繼續建構。我們對這個機會感到非常興奮。

Like, this is -- like, for a very long time, we've known this is coming. But, like, now, we can confidently see the future and the growth in the truck supply. We're excited, as well, about that.

就像——我們很久以前就知道這一天會到來。但現在，我們可以很有信心地看見未來，以及卡車供給的成長。我們對此也很興奮。

Yeah. For us, internally, here, we've been investing heavily to get to this point; and be able to start to see these things come off the line; and get used. It's going to be a blast.

是的。對我們內部而言，我們一直大量投資以走到這一步；並且能開始看到這些車從產線下來；並被投入使用。這會非常令人振奮。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Can you talk a little bit about what you're seeing from Roush, from a tack-time perspective, in terms of production and validation that gives you some comfort around the scale up to the 1,000 trucks a year?

你能談談你們從 Roush 那邊看到的情況嗎？從節拍時間（takt time）的角度來看，在生產與驗證方面有哪些進展，讓你們對擴產到年產 1,000 輛更有信心？

Yeah. First, I think it's just important to recognize that Roush does this, right? They're one of the folks that do finishing work from each OEMs and do this at scale -- even scale much larger than what we're talking about.

是的。首先，我認為重要的是要認知到 Roush 本來就做這個，對吧？他們是為各家 OEM 進行後段整備（finishing）工作的廠商之一，而且能以規模化方式執行——甚至規模比我們現在談的還要大得多。

Part of the reason we selected them is the pedigree experience and competence that they have. We have very little doubt there.

我們選擇他們的部分原因，是他們具備良好的資歷、經驗與能力。我們對此幾乎沒有疑慮。

We're still early in the ramp. But they're familiar with the work. We engage with them on a -- if not a daily basis. We just have a high degree of confidence that's going to come together.

我們仍處於爬坡初期。但他們對這項工作很熟悉。我們與他們保持——如果不是每天——也幾乎是每日的互動。我們對於這件事能夠順利整合完成有很高的信心。

Yeah. The other thing that I'd say, Colin, is tech time for, like, production supply, when you're doing large scale, is somewhat relevant here. This is a dedicated facility; dedicated stations.

是的。Colin，我還想補充的是：在大規模生產供應時，節拍時間（takt time）在這裡算是有一定相關性。這是一個專用設施；專用工站。

It moves through like an assembly line -- like, instead of one person building the entire truck. It will be highly efficient.

它會像組裝產線一樣流動——而不是由一個人把整台卡車從頭到尾組起來。效率會非常高。

But tack time is not necessarily the thing that we're looking for. We look at the number of stations and the number of trucks we can build per week. We try to match that to the supply of the Aurora Driver hardware kits that we'll have, coming forward.

但節拍時間不一定是我們最關注的指標。我們會看工站數量，以及每週能生產多少輛卡車。我們會嘗試把這與我們未來可取得的 Aurora Driver 硬體套件供應量相匹配。

Great. And then, obviously, you guys are focused on the trucking market. But I'm sure you're getting a variety of components for other form factors and other applications.

很好。另外，很明顯你們聚焦在卡車市場。但我相信你們也會取得各種用於其他車型與其他應用的元件。

Given the sophistication of the platform and the kinds of learning cycles that you guys have demonstrated, just curious if you're starting to evolve your thinking about the ability to serve other markets and potentially carve out some other applications that could be a separate growth driver.

考量到平台的成熟度，以及你們展現出的學習迭代週期，我很好奇你們是否開始調整想法，思考服務其他市場的能力，並可能切入一些其他應用，作為另一個成長驅動力。

Yeah. We consistently believe that the Aurora Driver, itself; and the broad competence and capabilities we built as a company that allows us to deliver a safety-critical, highly complicated AI-enabled system into the world, is going to travel.

是的。我們一直相信 Aurora Driver 本身；以及我們作為一家公司所建立的廣泛專業能力與技術，能讓我們把一套安全關鍵、極其複雜、由 AI 驅動的系統交付到真實世界中，這些能力是可以延伸到其他領域的。

Right now, we look at the trucking market. It's hard to imagine a market that would give you both better precision for; and that has better opportunity for us to grow and succeed in the business.

目前我們聚焦在卡車市場。很難想像有哪個市場能同時提供更好的精準度，並且對我們的業務成長與成功帶來更好的機會。

But, for sure, we are starting to think about where are the other places that we should go apply this and exactly what the right timing is to begin investing in those spaces.

但可以肯定的是，我們也開始思考，還有哪些地方應該去應用這些能力，以及開始在那些領域投資的正確時點是什麼。

But I would not forgive myself -- and I'm sure our investors would not forgive us -- if we didn't execute with excellence in delivering on the trucking application. And so we'll keep that very much front and foremost.

但如果我們沒有以卓越的執行力交付卡車應用，我不會原諒自己——我相信投資人也不會原諒我們。因此我們會把這件事放在最前面、也是最重要的位置。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

It's Cole, on for Scott.

我是 Cole，代 Scott 提問。

Can you size, roughly, how many trucks carriers (inaudible) -- intend to put on to their balance sheets in 2027, following some of your customer negotiations around the DaaS model?

你能否大致估算一下，根據你們與客戶就 DaaS 模式的部分談判，運輸業者在 2027 年打算在其資產負債表上配置多少輛卡車（聽不清）？

I don't think there's much more we can share there than what we've already said, which is, with that MOU we have in place with Hirschbach, they're expecting to put 500 tractors into their fleet over '27 and '28.

我想我們能分享的內容不會比先前說過的更多；也就是，根據我們與 Hirschbach 已簽署的那份 MOU，他們預期在 2027 與 2028 年間將 500 輛牽引車納入其車隊。

We'll look forward to sharing more with you, as we can.

我們期待在可行的情況下，與各位分享更多資訊。

Okay. Maybe, just on the OEM side, how do you think -- or do you think the OEM appetite to scale autonomous is keeping up with your targets? What's the risk that you'll have to switch to a more Transportation-as-a-Service-dominated model, going forward?

好的。或許先從 OEM 端來看，您怎麼看——或者您是否認為 OEM 對於擴大自動駕駛規模的意願，能跟上你們的目標？未來你們必須轉向以「運輸即服務」（Transportation-as-a-Service）為主導模式的風險有多大？

Yeah. Those feel like very different questions, right? Can the OEMs keep up with the demand? I'm a big believer in the market system and that, if customers are seeing the benefits that they will with the Aurora Driver and the pull that will generate, it's going to encourage OEMs to produce vehicles to meet that demand.

是的。這感覺是兩個非常不同的問題，對吧？OEM 能否跟上需求？我非常相信市場機制；如果客戶看見 Aurora Driver 將帶來的效益，以及由此產生的拉動需求，這將鼓勵 OEM 生產車輛以滿足該需求。

Because this is going to be transformational. It's going to have a huge positive impact for our customers. And so I think that, the more we can demonstrate that value, the more enthusiasm and energy the customer pool will generate with OEM partners.

因為這將是具變革性的。它會為我們的客戶帶來巨大的正面影響。因此我認為，我們越能證明這個價值，客戶群就會與 OEM 夥伴一起產生更高的熱情與動能。

And then, the second question is, do you think we'd have to pivot towards a Transportation-as-a-Service business? Not from where we see today. No.

然後第二個問題是，你認為我們是否必須轉向「運輸即服務」業務？以我們目前所見，不需要。不會。

Again, why do we have the approach -- why do we take the approach we're taking? We think we're really good at building autonomy systems and the driving capability. But we have the humility to understand that others are great at what they do.

再說一次，我們為什麼採取這種做法——我們為什麼選擇目前的策略？我們認為自己非常擅長打造自動駕駛系統與駕駛能力。但我們也謙遜地理解，其他人也非常擅長他們所做的事。

And so I would much rather support a Werner or a Hirschbach or a Schneider or any of these other companies that we work with; and help them build and grow their business; and allow us to stay focused on what we do.

因此，我更願意支持 Werner、Hirschbach、Schneider 或我們合作的其他公司；協助他們建立並擴大其業務；同時讓我們能專注於我們所擅長的事。

I think, together, that's the way we have the biggest impact in the world and the way we succeed best.

我認為，這樣合作，才是我們對世界產生最大影響、也是我們最能成功的方式。

Michael Latimore, Northland Capital Markets.

Michael Latimore，Northland Capital Markets。

In terms of launching new routes, can you discuss a little bit about the time to launch a new route? Do you expect that to continue to shrink?

就推出新路線而言，能否談談推出一條新路線所需的時間？你們預期這個時間會持續縮短嗎？

Maybe, can you quantify where it is now versus where it would be, optimally?

另外，你能否量化一下目前大概是多少、相較於理想狀態會是多少？

Yeah. First, we're really focused on where the customers want us to be operating. That's going to drive route expansion for us.

是的。首先，我們非常專注於客戶希望我們在哪裡營運。這將驅動我們的路線擴張。

As we mentioned, there's a lot of excitement, right now, with routes coming out of Laredo, given the near-shoring. We're excited to be supporting customers there -- and continuing to build across the Southern Freight Corridor.

如我們提到的，鑑於近岸外包（near-shoring），目前從拉雷多（Laredo）出發的路線非常令人振奮。我們很高興能在那裡支持客戶——並持續在南部貨運走廊（Southern Freight Corridor）拓展。

For us, we look at this as a thing where the cost for us to build new routes is going to continue to decrease and the time associated will continue to decrease. This is not a thing that I really worry about as driving the scale of our business, over time.

對我們而言，我們把這視為一件事：我們建立新路線的成本會持續下降，相關所需時間也會持續下降。長期來看，我並不擔心這會成為影響我們業務規模的因素。

This is something where you'll see us start to pick up more routes, as customer demand for it drives it through the back half of this year and in years, going forward.

隨著客戶需求推動，你會看到我們在今年下半年以及未來幾年開始增加更多路線。

But it's not really something that we think of as a major cost driver for the business.

但這並不是我們認為會成為業務主要成本驅動因素的項目。

How many routes do you expect to have by year end?

你們預期到年底會有多少條路線？

What we've shared is that, we expect to be expanding into the Sun Belt through the year end. We haven't been specific about the number of routes.

我們已分享的是，我們預期到年底會擴展到陽光帶（Sun Belt）地區。我們尚未具體說明路線數量。

Okay. Great. And then, on the Detmar program, any additional opportunity there or expansion opportunities from where you are now?

好的。很好。接著關於 Detmar 計畫，從目前的進展來看，是否還有其他額外機會或擴張機會？

Yeah. I think that -- I would imagine, like any other business, as we prove our value; and demonstrate how we're able to support and help them grow their business, that will drive increased demand.

是的。我認為——我想像，和任何其他業務一樣，當我們證明自身價值，並展示我們如何支持並協助他們擴大業務時，就會帶動更高的需求。

And so, so far, we're excited to be off; and started with them; and operating driverlessly between their relevant endpoints.

因此，到目前為止，我們很高興能與他們啟動合作，並在其相關端點之間進行無人駕駛營運。

We look forward to updating you, as we continue to build that relationship with them.

隨著我們持續深化與他們的合作關係，我們也期待向各位更新進展。

Itay Michaeli, TD Cowen and Company.

Itay Michaeli，TD Cowen and Company。

Just, a first question on the Aurora Driver 2: I was hoping you could talk more about the degree of performance improvement in the new generation, just given it's both hardware and software upgrades; and whether that performance improvement comes in the form of safety or, perhaps, like, just more [ODD] coverage?

第一個問題關於 Aurora Driver 2：我希望你能多談談新一代在性能提升的幅度，畢竟它同時包含硬體與軟體升級；以及這些性能提升主要體現在安全性，或是例如更多的 [ODD] 覆蓋範圍？

Yeah. It really drives both a reduction in cost, which is important for us to grow our business. And then, it does have some important performance- and ODD-expansion capabilities.

是的。它確實同時帶來成本下降，這對我們擴大業務很重要。此外，它也具備一些重要的性能提升與 ODD 擴展能力。

We certainly wouldn't have put anything on the road that we didn't believe was safe. And so this continues to be a safe product that we have out there.

我們當然不會把任何我們不認為安全的東西放到道路上。因此，這仍然是一個我們已部署在外、且安全的產品。

But that extra range that we have with the FirstLight LiDAR allows us to react sooner, particularly to situations at night, which is a big advantage.

但 FirstLight LiDAR 帶來的額外探測距離，讓我們能更早做出反應，特別是在夜間情境，這是一個很大的優勢。

And then, the conditions in which we can operate continue to expand, which does a better job of serving our customers.

此外，我們可運行的條件也持續擴大，這能更好地服務我們的客戶。

Great. That's helpful. And then, just as a follow-up, I'm curious what your latest thoughts on just, like, remote assistance and on-site support costs -- how to think about those over the next 12 to 18 months, just from what you've gained experience with the last few quarters; and, maybe along those lines, too, how you think about insurance costs and how those are being treated in some of your latest customer agreements?

很好。這很有幫助。接著追問一下，我想了解你們對遠端協助（remote assistance）與現場支援成本的最新看法——基於過去幾季累積的經驗，未來 12 到 18 個月該如何看待這些成本？另外也想請教，你們如何看待保險成本，以及在你們最新的一些客戶協議中，這些成本是如何被處理的？

Yeah. On both remote-assist and on-site support, we continue to see positive trends in how we're deploying the technology and how that is translating to the rate of -- that we need to. =Ultimately, that will drive the cost of delivering the Aurora Driver.

是的。在遠端協助與現場支援兩方面，我們持續看到正向趨勢：包括我們如何部署技術，以及這如何轉化為——我們所需要的比率。=最終，這將推動交付 Aurora Driver 的成本下降。

We're excited for that. Yeah. We continue to be on track in delivering a product that's going to beat performance and meet our business objectives there.

我們對此感到振奮。是的。我們仍按計畫交付一個在性能上具競爭力、並能達成我們商業目標的產品。

In terms of insurance, Dave, do you want to speak to that?

至於保險方面，Dave，你要不要談一下？

Yeah. Because we are the DOT holder today, right, for our Transportation-as-a-Service business, we carry the insurance associated with that. We have insurance coverage for all of our trucks.

好的。因為我們目前在「運輸即服務」業務中是 DOT 持證方（holder），所以我們承擔與此相關的保險。我們的所有卡車都有保險保障。

We have really good rates, really, on a per truck basis because of the safety performance of the system. While still limited in a track record, we've got a pretty impressive tracker coming up to leverage. And so we'll continue to expand upon that.

以每輛卡車來看，我們的費率確實非常不錯，因為系統的安全表現。雖然可用的歷史紀錄仍有限，但我們已累積相當令人印象深刻的紀錄可供運用。因此我們會持續在此基礎上擴展。

When we shift over to Driver-as-a-Service, this is an opportunity for both sides:

當我們轉向「駕駛即服務」（Driver-as-a-Service）時，這對雙方都是一個機會：

It's an opportunity for us to just have coverage associated with the Aurora Driver, itself, and other things that happen.

對我們而言，這是讓保險保障更聚焦於 Aurora Driver 本身，以及其他可能發生事項的機會。

For our customers, it's an opportunity for them to have increased level of confidence; and reduce incidents; and safety; and coverage for them -- all things that they don't have today.

對客戶而言，這是提升信心程度的機會；並降低事故；提升安全；以及為他們提供保障——這些都是他們目前所沒有的。

I think it's a win-win across the board.

我認為這對各方而言都是雙贏。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛（Goldman Sachs）。

You have Aman, on for Mark.

由 Aman 代替 Mark 發言。

Maybe, starting with some of the comments you made on the path exiting the year: You talked about being able to leave the year with 200-plus driverless trucks but, also, transitioning to DaaS next year.

或許先從你對今年年底路徑的一些評論開始：你提到你們能在年底時擁有 200 輛以上的無人駕駛卡車，但同時也會在明年轉向 DaaS。

How should we think about your ability and willingness to add trucks beyond that into '27 and beyond? How might that impact your cash use per quarter targets that you've laid out for '26 going into '27?

我們應該如何看待你們在 2027 年及之後，將卡車數量增加到超出該水準的能力與意願？這可能會如何影響你們為 2026 年、並延伸到 2027 年所設定的每季現金使用目標？

Yeah. In '27, it will be the transition year, where we move from, primarily, Transportation-as-a-Service business to a primarily Driver-as-a-Service business over the course of the year.

是的。2027 年將是過渡年，我們會在一年當中，從以「運輸即服務」（TaaS）為主的業務，轉向以「司機即服務」（DaaS）為主的業務。

We may add more trucks in '26 under the TaaS business. As we look at that, we obviously generate more revenue. But we expect to do so at a lower margin with a TaaS vehicle versus a DaaS vehicle.

我們可能會在 2026 年於 TaaS 業務下增加更多卡車。從這個角度看，顯然會帶來更多營收。但我們預期，TaaS 車輛相較於 DaaS 車輛，會以較低的毛利率來達成。

But I don't know, David, if you want to add more to that?

不過我不確定，David，你是否想再補充一些？

Yes. We haven't provided any guidance for 2027 cash use and capital expenditures. But we do have projections.

是的。我們尚未提供 2027 年的現金使用與資本支出指引。但我們確實有內部預測。

We will add additional TaaS units into 2027. It's not, like, we go from -- like, on January 1, everything is DaaS. It's every customer, right? Like, this is customer adoption and support.

我們會在 2027 年增加額外的 TaaS 單位。並不是說——例如 1 月 1 日起，一切就都變成 DaaS。這牽涉到每一位客戶，對吧？這是客戶採用與支援的問題。

There's going to -- it's going to be a customer-by-customer transition. We do have that built into our forecast for our overall liquidity projections.

這將會——會是逐一客戶的轉換。我們已把這點納入整體流動性預測的模型中。

I think we've shared before that we'd be willing to support up to 500 test trucks, if needed. I don't think it will be that many. But, like, we, obviously, have flexibility in our modeling and in our financing to support that.

我想我們之前分享過，如有需要，我們願意支援最多 500 輛測試卡車。我不認為會到那麼多。但顯然，我們在模型與融資上都有彈性來支援。

Understood. Maybe, to the earlier point that Chris, I think, you made, how are you guys thinking about some of the other functions that you're planning to add? Like. some of the other weather conditions and being able to haul different types of trailers?

了解。也許回到你先前提到的重點——我想是 Chris 你提到的——你們如何看待一些計畫新增的其他功能？例如一些其他天候條件，以及能夠拖運不同類型的拖車？

Can you maybe provide some color on progress there, given that you're planning to do (inaudible) -- expansions more to customer demand?

鑑於你們計畫做（聽不清）——更多依客戶需求的擴展——你能否談談目前的進展，提供一些說明？

Yeah. We continue to expand the conditions the truck can operate in. Right now, it has a fairly broad operating environment.

是的。我們持續擴展卡車可運行的條件。目前它已具備相當廣泛的運行環境。

One of the things we'll be looking to add, as we get towards the end of this year, is operation in light snow and cold weather. That will be an important enabler for the vehicle or for the system, as we go forward.

我們在今年接近年底時，會希望新增的一項能力，是在小雪與寒冷天氣下運行。這將是未來車輛或系統向前推進的重要促成因素。

At this point, we have a fairly broad set of trailers that we do support -- supporting many of the uses for our customers. But, as we continue to add customers, we'll look at the trailers that are needed to support that growth of the business.

就目前而言，我們支援的拖車種類相當廣泛——可支援客戶的許多使用情境。但隨著我們持續新增客戶，我們會檢視為支援業務成長所需的拖車類型。

Adding a trailer is not a big deal, right? We take safety very seriously. And so it means that we do go through a process -- a deliberate process -- to make sure that it actually works, not just one shot it in hope.

新增一種拖車並不是什麼大事，對吧？我們非常重視安全。因此這代表我們會走一套流程——一套審慎的流程——以確保它確實可行，而不是只做一次嘗試就寄望成功。

But it's not a material amount of effort.

但所需投入的工作量並不重大。

David Vernon, Bernstein Research.

David Vernon，Bernstein Research。

This is Justine Weiss speaking, on behalf of David Vernon.

我是 Justine Weiss 代 David Vernon 發言。

First, it looks like the number of driverless trucks in operation expected by year end has gone from more than 200 mentioned last quarter to this quarter's presentation saying just 200 trucks.

首先，看起來年底預期投入運行的無人駕駛卡車數量，從上季提到的「超過 200 輛」，變成本季簡報所說的「僅 200 輛」。

Has something changed with build rates or deals that shifted that outlook down slightly?

是建造速度或交易進展有什麼變化，讓展望略微下修嗎？

Yeah. Heu, Justine. It's Dave.

是的。嗨，Justine。我是 Dave。

Yeah. I wouldn't read too much into that. We're fully allocated 200. We have the flexibility to go more. I wouldn't look too much into it.

是的。我不會對此過度解讀。我們的 200 輛已全數配置完畢。我們也有彈性可以再增加。我不會太放大解讀。

If we had to get to 201, 202, 205, that's not really our concern. Right now, we've been really just trying to match the supply with our customer demand.

如果我們必須做到 201、202、205 輛，那其實不是我們的主要顧慮。目前我們真正做的是讓供給與客戶需求相匹配。

We said we have a lot of demand, right now. We just want to make sure that we're pretty solid on the supply. We'll actually have more trucks built than that.

我們說過現在需求很強，對吧？我們只是想確保供給端相當穩健。實際上我們建造的卡車會超過這個數字。

But we also have to have some trucks that are able to support development. And then, we have to have trucks that can backfill during regularly scheduled repair and maintenance of base trucks and things like that.

但我們也必須保留一些卡車用來支援研發。此外，還需要一些卡車在基礎車輛例行維修保養等情況下作為替補支援。

I wouldn't read too much into it, right now.

目前我不會對此過度解讀。

Got it. Okay. That's helpful. Thanks.

了解。好的。這很有幫助。謝謝。

And then, the other thing, I'm hoping that you can help us get a sense of the economic impact of these commercial deals being announced. Like, when we see these press releases come out about new deals, like the Hirschbach one or the Value Truck one, can you help us think about how to frame the revenue impact for investors?

另外一點，我希望你們能協助我們理解這些宣布的商業合作案所帶來的經濟影響。例如當我們看到新聞稿宣布新合作案，像 Hirschbach 或 Value Truck 這類，你們能否協助投資人思考該如何框架其營收影響？

Like, can you discuss -- and maybe, like, discuss the difference between the revenue impact of the TaaS versus DaaS deals?

例如，你們能否談談——也許談談 TaaS 與 DaaS 合作案在營收影響上的差異？

Well, obviously, the TaaS deals have a higher per mile revenue outlook because it's the full service -- as we've said before, in that $2-plus range; whereas, DaaS is targeting the $0.85-plus.

嗯，顯然 TaaS 合作案的每英里營收展望較高，因為它是全套服務——如我們先前所說，大約在每英里 2 美元以上的區間；而 DaaS 的目標是每英里 0.85 美元以上。

There's a substantial difference in TaaS versus DaaS on the revenue side. But there's also a substantial difference on the cost side and on the margin side.

在營收端，TaaS 與 DaaS 有顯著差異。但在成本端與毛利端也同樣有顯著差異。

In terms of our announcements, essentially, I would guide it this way: We're fully allocated to 200 trucks.

就我們的公告而言，我會這樣引導大家理解：我們已全數配置到 200 輛卡車。

200 trucks at the end of the year equals, roughly, a revenue run rate of $80 million, right? By the end of the year, before we add any trucks in to '27; before we add any more to go above $200 million, we would have a contractual rate, which is roughly $80 million revenue run rate.

年底 200 輛卡車大致相當於約 8,000 萬美元的營收年化運行率，對吧？到年底，在我們於 2027 年新增任何卡車之前；在我們再增加任何卡車、把規模推升到超過 2 億美元之前；我們會有一個合約化的費率水準，約等於 8,000 萬美元的營收年化運行率。

For us, if you think about where we were to start the year and then, in one year, having a run rate of $80 million, it's hyper-growth for us. Yeah.

對我們而言，如果你想想我們年初的起點，然後在一年內達到 8,000 萬美元的年化運行率，這對我們就是超高速成長。是的。

Got it. Thank you.

了解。謝謝你。

Thank you. We have reached the end of our question-and-answer session. This does conclude today's conference call.

謝謝。我們的問答環節到此結束。今天的電話會議也到此結束。

We thank you, again, for your participation. You may disconnect your lines at this time.

再次感謝各位的參與。您現在可以掛線。