aur-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 10-Q

____________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-40216

____________________________

Aurora Innovation, Inc.

(Exact name of registrant as specified in its charter)

____________________________


Delaware						98-1562265
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1654 Smallman St., Pittsburgh, Pennsylvania						15222
(Address of Principal Executive Offices)						(Zip Code)

(888) 583-9506

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.00001 per share	AUR	The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50	AUROW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

The registrant had outstanding 1,506,035,025 shares of Class A common stock and 339,297,251 shares of Class B common stock as of July 23, 2025.


		Page
Part I - Financial Information
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	23

Part II - Other Information
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults Upon Senior Securities	25
Item 4.	Mine Safety Disclosures	25
Item 5.	Other Information	25
Item 6.	Exhibits	26
Signatures		27


	June 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	206	$	211
Short-term investments	1,103		1,012
Other current assets	31		31
Total current assets	1,340		1,254
Property and equipment, net	106		104
Operating lease right-of-use assets	109		120
Acquisition related intangible assets, net	617		617


Other assets	42		43
Total assets	$	2,214	$	2,138
Liabilities and Stockholders’ Equity
Current liabilities:
Operating lease liabilities, current	$	13	$	16
Other current liabilities	66		89
Total current liabilities	79		105
Operating lease liabilities, long-term	98		105
Derivative liabilities	41		48
Other liabilities	5		5
Total liabilities	223		263
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.00001 par value, 51,000 shares authorized, 1,837 and 1,733 shares issued and outstanding, respectively	—		—
Additional paid-in capital	6,758		6,232
Accumulated other comprehensive income	—		1
Accumulated deficit	(4,767)		(4,358)
Total stockholders’ equity	1,991		1,875
Total liabilities and stockholders’ equity	$	2,214	$	2,138


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Revenue	$	1	$	—	$	1	$	—







Cost of revenue	5		—		5		—
Research and development	190		170		372		336
Selling, general and administrative	36		28		65		55


Loss from operations	(230)		(198)		(441)		(391)
Other income:
Change in fair value of derivative liabilities	16		1		7		13
Other income, net	13		15		25		31
Loss before income taxes	(201)		(182)		(409)		(347)
Income tax expense	—		—		—		—
Net loss	$	(201)	$	(182)	$	(409)	$	(347)

Basic and diluted net loss per share	$	(0.11)	$	(0.12)	$	(0.23)	$	(0.22)
Basic and diluted weighted-average shares outstanding	1,785		1,554		1,764		1,545


	Common stock		Additional paid-in capital			Accumulated other comprehensive loss		Accumulated deficit		Total stockholders’ equity
		Shares			Amount
Balance as of March 31, 2024		1,545	$	—		$	5,633	$	—	$	(3,775)	$	1,858
Equity issued under incentive compensation plans, net of shares withheld for employee taxes		18	—			4		—		—		4



Stock-based compensation		—	—			38		—		—		38
Comprehensive loss		—	—			—		(1)		(182)		(183)
Balance as of June 30, 2024		1,563	$	—		$	5,675	$	(1)	$	(3,957)	$	1,717

Balance as of March 31, 2025		1,762	$	—		$	6,351	$	—	$	(4,566)	$	1,785
Equity issued under incentive compensation plans, net of shares withheld for employee taxes		18	—			21		—		—		21

Issuance of common stock in at-the-market offering, net of issuance costs		57	—			331		—		—		331
Stock-based compensation		—	—			55		—		—		55
Comprehensive loss		—	—			—		—		(201)		(201)
Balance as of June 30, 2025		1,837	$	—		$	6,758	$	—	$	(4,767)	$	1,991


	Common stock		Additional paid-in capital			Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders’ equity
		Shares			Amount
Balance as of December 31, 2023		1,529	$	—		$	5,594	$	1	$	(3,610)	$	1,985
Equity issued under incentive compensation plans, net of shares withheld for employee taxes		34	—			7		—		—		7



Stock-based compensation		—	—			74		—		—		74
Comprehensive loss		—	—			—		(2)		(347)		(349)
Balance as of June 30, 2024		1,563	$	—		$	5,675	$	(1)	$	(3,957)	$	1,717

Balance as of December 31, 2024		1,733	$	—		$	6,232	$	1	$	(4,358)	$	1,875
Equity issued under incentive compensation plans, net of shares withheld for employee taxes		37	—			38		—		—		38


Issuance of common stock in at-the-market offering, net of issuance costs		67	—			399		—		—		399
Stock-based compensation		—	—			89		—		—		89
Comprehensive loss		—	—			—		(1)		(409)		(410)
Balance as of June 30, 2025		1,837	$	—		$	6,758	$	—	$	(4,767)	$	1,991


	As of
	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	206	$	211
Restricted cash, current (a)	1		1
Restricted cash, long-term (b)	15		15
Total cash, cash equivalents and restricted cash	$	222	$	227


		As of
	Fair value level	June 30, 2025		December 31, 2024
Cash and cash equivalents:
Bank deposits	Level 1	$	1	$	1
Money market funds	Level 1	190		165
U.S. Treasury securities	Level 2	13		40
Commercial paper	Level 2	2		5
Total cash and cash equivalents		$	206	$	211
Short-term investments:
U.S. Treasury securities	Level 2	$	801	$	728
Commercial paper	Level 2	108		132
Corporate bonds and notes	Level 2	194		152
Total short-term investments		$	1,103	$	1,012


	As of June 30, 2025
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	801	$	—	$	801
Commercial paper	108		—		108
Corporate bonds and notes	194		—		194
Total short-term investments	$	1,103	$	—	$	1,103


	As of December 31, 2024
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	727	$	1	$	728
Commercial paper	132		—		132
Corporate bonds and notes	152		—		152
Total short-term investments	$	1,011	$	1	$	1,012


	Number of shares	Weighted- average grant date fair value
Unvested at December 31, 2024	76	$	2.67
Granted	51	7.44
Vested	(30)	4.24
Forfeited	(6)	3.18
Unvested at June 30, 2025	91	$	4.80


	Six Months Ended June 30, 2025

Stock options granted (in millions)	2
Weighted average grant date fair value	$	6.48
Weighted average grant date fair value assumptions:
Expected term	6.2 years
Risk-free interest rates	4.3		%

Expected volatility	88.8		%


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2024	117	$	2.07
Granted	2	8.47
Exercised	(13)	2.08
Forfeited	(4)	2.05

Outstanding at June 30, 2025	102	$	2.19	7.1	$	310
Exercisable at June 30, 2025	61	$	1.81	6.2	$	204


	As of
	June 30, 2025		December 31, 2024
Risk-free interest rates	3.9	%	4.5	%
Expected term (in years)	6.3		6.8

Expected volatility	88.0	%	64.0	%


	As of
	June 30, 2025		December 31, 2024
Land	$	14	$	14
Buildings and leasehold improvements	97		97
Equipment	28		26
Vehicles	35		28
Other	17		16
	191		181
Less accumulated depreciation and amortization	(85)		(77)
Total property and equipment, net	$	106	$	104


	As of
	June 30, 2025	June 30, 2024
RSUs	91	102
Stock options	102	129
Public warrants	12	12
Private placement warrants	9	9
Earnout shares liability	5	5
Total	219	257


	Three Months Ended June 30,				$ Change		% Change
(in millions, except for percentages)	2025		2024

Revenue	$	1	$	—	$	1	n/m(1)


Cost of revenue	5		—		5		n/m(1)
Research and development	190		170		20		12	%
Selling, general and administrative	36		28		8		29	%


Loss from operations	(230)		(198)		(32)		16	%
Other income:
Change in fair value of derivative liabilities	16		1		15		n/m(1)
Other income, net	13		15		(2)		(13)	%
Loss before income taxes	(201)		(182)		(19)		10

SEC Form 10-Q filed by Aurora Innovation Inc.