Key Highlights

  • Net loss per share of USD 0.12 matched the consensus estimate as the net loss widened to USD 234 million.
  • Revenue of USD 3 million was in line with the USD 2.99 million consensus estimate, up from USD 1 million.
  • Research and development expense rose 13% to USD 203 million, and the operating loss widened to USD 257 million.
  • Cash and short-term investments totaled USD 1.03 billion, and fourth-quarter cash use is projected near USD 250 million.

Aurora Innovation, Inc. (NASDAQ:AUR) reported a third-quarter 2026 net loss of USD 234 million, or USD 0.12 per share, in line with a consensus estimate of a USD 0.12 loss and compared with USD 201 million, or USD 0.11 per share, a year earlier. Revenue was USD 3 million against USD 1 million, in line with a consensus estimate of USD 2.99 million. The filing credited higher utilization, geographic expansion and higher fuel surcharges for the revenue gain.

The operating loss widened to USD 257 million from USD 222 million. Cost of revenue was USD 8 million, up from USD 6 million, on higher personnel and fuel expense. Other income fell to USD 10 million from USD 16 million on lower interest rates.

Spending, Cash and Funding

Research and development expense rose 13% to USD 203 million, including USD 43 million of stock-based compensation, on higher personnel, hardware development and cloud costs. Selling, general and administrative expense climbed 29% to USD 49 million, partly because some costs moved from research and development after a realignment of resources. Over nine months, the net loss was USD 727 million against USD 610 million, and cash used in operations reached USD 554 million, up from USD 435 million as the annual bonus was paid in cash.

The company held USD 141 million of cash and cash equivalents and USD 893 million of short-term investments. It sold 6 million Class A shares through its at-the-market program in the quarter for net proceeds of USD 41 million, and 39 million shares over nine months for USD 270 million net. On October 28, it raised the program's available capacity to USD 1.0 billion, and its public and private warrants expire on November 3.

Production Ramp and Outlook

Chief executive Chris Urmson said the company has more than 20 driverless trucks built and coming into the fleet. The initial production ramp was constrained by material availability, component quality and end-of-line testing issues, which left it about six weeks behind plan. Management now projects 2026 revenue of about USD 9 million and a target rate of 20 trucks per week by early December. It also projects more than 200 driverless trucks by the end of February and more than 1,000 by the end of 2027.

The company's chief financial officer said operating cash use was about USD 170 million in the quarter with USD 36 million of capital spending, and projected about USD 250 million of cash use in the fourth quarter. Partnership milestones include a memorandum of understanding with Charger Logistics for 500 Driver as a Service trucks, Volvo Autonomous Solutions driverless trucks launching in the first quarter of 2027, and a five-year federal exemption allowing cab-mounted warning beacons in place of roadside devices.

Checkpoints Ahead

Five dated items frame the next report. Production is first: 20 trucks per week targeted for early December after a ramp that ran about six weeks late. Revenue is second, with about USD 9 million projected for 2026 against USD 6 million recognized through nine months. Cash is third, with about USD 250 million of fourth-quarter use against USD 1.03 billion of liquidity. The warrant expiration is fourth: trading in the public warrants ends after the close on November 2, and they expire on November 3. Fleet scale is fifth, with 200 driverless trucks targeted by the end of February and Volvo deployments beginning in the first quarter of 2027.