aur-20260331

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 March 31, 2026


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 1,653,863,906 shares of Class A common stock and 307,339,183 shares of Class B common stock as of April 29, 2026.


		Page
Part I - Financial Information
Item 1.	Financial Statements	4
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	21

Part II - Other Information
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	23
Signatures		24


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	273	$	221
Short-term investments	952		1,055
Other current assets	47		41
Total current assets	1,272		1,317
Property and equipment, net	115		103
Operating lease right-of-use assets	80		85
Acquisition related intangible assets, net	617		617

Long-term investments	52		183
Other assets	49		38
Total assets	$	2,185	$	2,343
Liabilities and Stockholders’ Equity
Current liabilities:
Operating lease liabilities, current	$	12	$	11

Other current liabilities	122		100
Total current liabilities	134		111
Operating lease liabilities, long-term	67		73
Derivative liabilities, long-term	16		15
Other liabilities	4		4
Total liabilities	221		203
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.00001 par value, 51,000 shares authorized, 1,956 and 1,943 shares issued and outstanding, respectively	—		—
Additional paid-in capital	7,361		7,312
Accumulated other comprehensive income	—		2
Accumulated deficit	(5,397)		(5,174)
Total stockholders’ equity	1,964		2,140
Total liabilities and stockholders’ equity	$	2,185	$	2,343


	Three Months Ended March 31,
	2026		2025



Revenue	$	1	$	—





Cost of revenue	6		—
Research and development	195		182
Selling, general and administrative	44		29


Loss from operations	(244)		(211)
Other income (expense):
Change in fair value of derivative liabilities	(1)		(9)
Other income, net	22		12
Loss before income taxes	(223)		(208)
Income tax expense	—		—
Net loss	$	(223)	$	(208)

Basic and diluted net loss per share	$	(0.11)	$	(0.12)
Basic and diluted weighted-average shares outstanding	1,948		1,744


	Common stock		Additional paid-in capital			Accumulated other comprehensive income		Accumulated deficit		Total stockholders’ equity
		Shares			Amount
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		19	—			17		—		—		17


Issuance of common stock in at-the-market offering, net of issuance costs		10	—			68		—		—		68
Stock-based compensation		—	—			34		—		—		34
Comprehensive loss		—	—			—		(1)		(208)		(209)
Balance as of March 31, 2025		1,762	$	—		$	6,351	$	—	$	(4,566)	$	1,785

Balance as of December 31, 2025		1,943	$	—		$	7,312	$	2	$	(5,174)	$	2,140
Equity issued under incentive compensation plans, net of shares withheld for employee taxes		10	—			(11)		—		—		(11)


Issuance of common stock in at-the-market offering, net of issuance costs		3	—			14		—		—		14
Stock-based compensation		—	—			46		—		—		46
Comprehensive loss		—	—			—		(2)		(223)		(225)
Balance as of March 31, 2026		1,956	$	—		$	7,361	$	—	$	(5,397)	$	1,964


	As of
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	273	$	221
Restricted cash, current (a)	2		1
Restricted cash, long-term (b)	14		13
Total cash, cash equivalents and restricted cash	$	289	$	235


		As of
	Fair value level	March 31, 2026		December 31, 2025
Cash and cash equivalents:
Bank deposits	Level 1	$	1	$	1
Money market funds	Level 1	272		220
U.S. Treasury securities	Level 2	—		—
Commercial paper	Level 2	—		—
Total cash and cash equivalents		$	273	$	221
Short-term and long-term investments:
U.S. Treasury securities	Level 2	$	620	$	766
Commercial paper	Level 2	7		39
Corporate bonds and notes	Level 2	377		433
Total short-term and long-term investments		$	1,004	$	1,238


	As of March 31, 2026
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	620	$	—	$	620
Commercial paper	7		—		7
Corporate bonds and notes	377		—		377
Total short-term and long-term investments	$	1,004	$	—	$	1,004


	As of December 31, 2025
	Amortized cost		Unrealized gains		Fair value
U.S. Treasury securities	$	765	$	1	$	766
Commercial paper	39		—		39
Corporate bonds and notes	433		—		433
Total short-term and long-term investments	$	1,237	$	1	$	1,238


	Number of shares	Weighted- average grant date fair value
Unvested at December 31, 2025	80	$	5.12
Granted	63	4.41
Vested	(10)	4.39
Forfeited	(3)	5.21
Unvested at March 31, 2026	130	$	4.83


	Three Months Ended March 31, 2026

Stock options granted (in millions)	1
Weighted average grant date fair value	$	3.18
Weighted average grant date fair value assumptions:
Expected term	6.5 years
Risk-free interest rates	4.1		%

Expected volatility	79.1		%


	As of
	March 31, 2026		December 31, 2025
Land	$	14	$	14
Buildings and leasehold improvements	79		79
Equipment	36		35
Vehicles	59		42
Other	16		17
	204		187
Less accumulated depreciation and amortization	(89)		(84)
Total property and equipment, net	$	115	$	103


	Number of shares	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2025	91	$	2.21
Granted	1	4.38
Exercised	(4)	1.85
Forfeited	(1)	3.18

Outstanding at March 31, 2026	87	$	2.23	6.5	$	155
Exercisable at March 31, 2026	62	$	1.98	5.9	$	121


	As of
	March 31, 2026	March 31, 2025
RSUs	130	100
Stock options	87	110
Public warrants	12	12
Private placement warrants	9	9
Earnout shares liability	5	5
Total	243	236


	Three Months Ended March 31,				$ Change		% Change
(in millions, except for percentages)	2026		2025

Revenue	$	1	$	—	$	1	n/m(1)


Cost of revenue	6		—		6		n/m(1)
Research and development	195		182		13		7	%
Selling, general and administrative	44		29		15		52	%


Loss from operations	(244)		(211)		(33)		16	%
Other income (expense):
Change in fair value of derivative liabilities	(1)		(9)		8		(89)	%
Other income, net	22		12		10		83	%
Loss before income taxes	(223)		(208)		(15)		7	%
Income tax expense	—		—		—		n/m(1)
Net loss	$	(223)	$	(208)	$	(15)	7	%

SEC Form 10-Q filed by Aurora Innovation Inc.