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Aurora Innovation, Inc. files its annual report describing progress toward commercializing the Aurora Driver, a Level 4 self-driving platform designed for trucks, ride-hailing vehicles and local delivery. The company focuses first on autonomous trucking in Texas, where it launched driverless commercial operations in April 2025 with Hirschbach and Uber Freight.
Aurora highlights a Driver as a Service model, where partners eventually own and operate Aurora Driver-powered fleets while paying per‑mile fees. It emphasizes proprietary FirstLight FMCW lidar for long‑range highway perception, its Verifiable AI approach that blends machine learning with engineered safety rules, and a large Virtual Testing Suite.
The report underscores deep partnerships with PACCAR, Volvo, Toyota, Uber and AUMOVIO, more than 2,000 patents and applications, and an approximately 1,900-person team as of December 31, 2025. Extensive risk factors note technical, regulatory, competitive and capital needs that could materially affect future performance.
Aurora Innovation reported its fourth quarter and full-year 2025 results alongside major progress in driverless trucking. Fourth quarter 2025 revenue was $1 million, up 25% sequentially, with full-year 2025 revenue of $3 million and adjusted revenue of $4 million including early pilot activity.
The company remains deeply loss-making, with a fourth quarter operating loss of $238 million and a full-year net loss of $816 million, and 2025 adjusted EBITDA of -$683 million. Aurora ended 2025 with liquidity of nearly $1.5 billion in cash and investments after using $581 million in operating cash for the year.
Operationally, Aurora launched what it calls the first driverless commercial trucking operations on U.S. public roads, surpassing 250,000 driverless miles in January 2026 and over 4.5 million commercial miles cumulatively. Management guides 2026 revenue of $14–$16 million, expects to exit 2026 with more than 200 driverless trucks in operation and an approximately $80 million Transportation as a Service revenue run-rate, and is targeting breakeven gross margin on a run-rate basis exiting 2026.
Morgan Stanley and its affiliate Morgan Stanley Investment Management Inc. reported significant ownership stakes in Aurora Innovation, Inc. Class A common stock. Morgan Stanley reported beneficial ownership of 143,446,433 shares, representing 9.0% of the class, with all voting and dispositive power shared.
Morgan Stanley Investment Management Inc. reported beneficial ownership of 142,652,912 shares, representing 8.9% of the class, also with shared voting and dispositive power. The firms state the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Aurora Innovation.