Aurora shares fall 6.9% after hours as Q3 loss widens

Aurora Innovation Inc. (AUR) reported a third-quarter net loss of $234 million, up from $201 million a year earlier, on revenue of $3 million.

Shares fell 6.9% in after-hours trading as of 5:19 p.m. ET, from a regular-session close of $5.10.

The company said in a shareholder letter furnished with an 8-K on Oct. 28 that its results for the quarter ended Sept. 30 showed a wider loss than a year earlier.

Here's how the company did:

• Revenue: $3 million vs. $1 million a year earlier
• Net loss per share: $0.12 vs. $0.11 a year earlier
• Net loss: $234 million vs. $201 million a year earlier
• Operating loss: $257 million vs. $222 million a year earlier
• Adjusted EBITDA, a non-GAAP measure that excludes stock-based compensation, depreciation and amortization, and other items: loss of $197 million vs. loss of $165 million a year earlier

The company now expects 2026 revenue of approximately $9 million. It said the production ramp is about six weeks behind its prior plan.

Production and partnerships

The company said it surpassed 500,000 commercial driverless miles in September and expects to exceed the 200-truck milestone by the end of February.

Production is expected to reach a steady rate of about 20 trucks per week by early December, the company said. Its initial ramp volume over the past month was constrained by material availability, component quality and issues found in end-of-line testing.

Charger Logistics signed a non-binding memorandum of understanding to own and operate 500 trucks through Aurora's Driver as a Service model. The company said the potential multi-year revenue stream is in the hundreds of millions of dollars, with truck delivery expected in 2027 and 2028.

Volvo plans to deploy more than 300 driverless trucks in 2027, ahead of full industrial production in 2028, the company said.

Cash and share sales

Aurora used approximately $170 million in operating cash during the third quarter, and capital expenditures totaled $36 million. The company expects cash use of approximately $250 million in the fourth quarter.

The company ended the quarter with over $1 billion in cash and short-term investments. It issued 6 million shares through its at-the-market program for net proceeds of $41 million, and used $23 million of those proceeds to fund taxes on the vesting of employee restricted stock units.

The company said it is in a regulatory filing that the results were reported in its shareholder letter and Form 8-K filed on Oct. 28.