What changed in this filing

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Item 1. Business

2026-02-11 compared with 2025-02-14 · 48 added, 56 removed, 373 unchanged (22% of the section changed)

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and its subsidiaries.

Corporate History and Background

On November 3, 2021 (the “Closing Date”), Aurora Innovation, Inc.

(f/k/a Reinvent Technology Partners Y and referred to herein as the “Company”), consummated a business combination with Aurora Innovation Holdings, Inc., a Delaware corporation (f/k/a Aurora Innovation, Inc.

and f/k/a Avian U Merger Holdco Corp.

and referred to herein as “Legacy Aurora”), and RTPY Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), pursuant to an Agreement and Plan of Merger dated July 14, 2021 (the “Merger Agreement” and the transactions contemplated thereby, the “Merger”), by and among the Company, Legacy Aurora and Merger Sub.

Our Class A common stock and public warrants are listed on Nasdaq under the symbols “AUR” and “AUROW,” respectively.

Our Class B common stock is neither listed nor publicly traded.

Pursuant to the terms of the Merger Agreement, a business combination between the Company and Legacy Aurora was effected through the merger of Merger Sub with and into Legacy Aurora, with Legacy Aurora surviving as the surviving company and as a wholly-owned subsidiary of the Company.

On the Closing Date, the Company changed its name from Reinvent Technology Partners Y to Aurora Innovation, Inc.

Company Overview

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Aurora was founded in 2017 by Chris Urmson, Sterling Anderson, and Drew Bagnell, three of the most prominent leaders in the self-driving space.

Led by a team with deep experience, we are developing the Aurora Driver based on what we believe to be the most advanced and scalable suite of self-driving hardware, software, and data services in the world to fundamentally transform the global transportation market.

Led by a team with deep experience, including Chris and Drew, we have launched and are continuing to develop the Aurora Driver based on what we believe to be the most advanced and scalable suite of self-driving hardware, software, and data services in the world to fundamentally transform the global transportation market.

The Aurora Driver is designed as a platform to adapt and interoperate amongst a multitude of vehicle types and applications.

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In trucking, we can enable logistics networks to move goods more efficiently, and also help fill the shortage of truck drivers by providing a self-driving option.

We will expand access to transportation, improving the lives of the millions of people with a disability in the U.S.

We can expand access to transportation, improving the lives of the millions of people with a disability in the U.S.

who have difficulty traveling outside of the home.

And we will give people back their time that can be made more productive and enjoyable.

We intend to launch trucking as our first driverless product, as we believe its massive scale, significant structural need, attractive unit economics, and self-similar operating environment will allow us to rapidly deploy and profitably scale on high-volume, highway-focused routes.

We launched trucking as our first driverless product, as we believe its massive scale, significant structural need, attractive unit economics, and self-similar operating environment will allow us to rapidly deploy and profitably scale on high-volume, highway-focused routes.

Drafting on the revenue and technical capability we expect this trucking product to generate, we plan to leverage the extensibility of the Aurora Driver to deploy and scale into the passenger mobility and local goods delivery markets.

We have operated our self-driving test vehicles in diverse weather and operating environments, including in Arizona, California, New Mexico, Pennsylvania, and Texas, allowing us to create a more robust self-driving system.

We also autonomously haul (under the supervision of vehicle operators) truck freight on behalf of our pilot customers in preparation for driverless commercialization.

Our first-principles approach underpins our technology development strategy for the Aurora Driver.

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To bring our product to market at scale, we focus on what we do best – building self-driving technology – and through strategic partnerships work with best-in-class companies to deliver the benefits of our technology broadly.

We have strategic partnerships with:

We have numerous strategic partnerships, including but not limited to:

• PACCAR & Volvo, who together represent a significant share of US Class 8 truck sales.

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• Uber, a leading ride hailing company globally.

• Continental, a leading global technology manufacturer and Tier 1 automotive supplier.

With these strategic partnerships, each party is making significant investments towards integrating the Aurora Driver into vehicles, logistics and mobility networks, and business models.

We believe that partnering with other industry leaders enables us to scale more efficiently, as it allows us to focus on what we do best – developing the Aurora Driver—while our partners handle activities such as vehicle and hardware manufacturing, fleet ownership, and operation.

• AUMOVIO (formerly known as Continental), a leading global technology manufacturer and Tier 1 automotive supplier.

With these strategic partnerships, each party has made significant investments towards integrating the Aurora Driver into vehicles, logistics and mobility networks, and business models.

We believe that partnering with other industry leaders enables us to scale more efficiently, as it allows us to focus on what we do best – continuing to develop the Aurora Driver—while our partners handle activities such as vehicle and hardware manufacturing, fleet ownership, and operation.

We are proud that these industry leaders have selected Aurora as their self-driving partner.

During 2024, we operated commercial trucking pilots with FedEx, Hirschbach, Schneider, Uber Freight, Volvo Autonomous Solutions, and Werner, among others, through which we regularly and autonomously hauled loads under the supervision of vehicle operators, and are also integrating access to Uber Freight’s digital freight network within our autonomous trucking subscription service.

In April 2025, we launched driverless commercial operations with Hirschbach and Uber Freight and have since expanded our driverless customer cohort.

We also continued to operate commercial trucking pilots throughout 2025 with FedEx, Schneider, Volvo Autonomous Solutions, and Werner, among others, through which we regularly and autonomously hauled loads under the supervision of vehicle operators, and we are also integrating access to Uber Freight’s digital freight network and McLeod’s transportation management system within our autonomous trucking subscription service.

Further, we continued our strategic collaboration with Ryder Systems, piloting on-site fleet maintenance to support current autonomous freight pilot operations and prepare for commercial operation at scale.

Supplementing our strategic partnerships, in 2025 we began a truck program to support our commercialization strategy by providing customers with greater driverless capacity.

Under this program, trucks, including a fleet based on International® LT® Series vehicles, will be upfitted by or on behalf of Aurora and used for driverless operations.

We envision a two-phase process for ownership and operation of Aurora Driver-powered self-driving vehicles.

Early in our commercialization, we intend to own or lease and operate an initial fleet of trucks and will invest in self-driving system hardware, base vehicles, and commercial facilities (such as freight terminals).

Following this initial phase, we expect to ultimately commercialize the Aurora Driver in a Driver as a Service (“DaaS”) business model, in which we will supply self-driving technology and earn revenue on a fee per mile basis.

In this second phase, we do not intend to own nor operate large vehicle fleets ourselves.

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• greater individual productivity.

We plan to launch Aurora Driver for Freight, our driverless trucking subscription service, as our first commercial product.

We launched Aurora Driver for Freight, our driverless trucking subscription service, as our first commercial product.

We have prioritized this market as we believe it is an optimal first product for both commercial and technical reasons:

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Aurora’s investment in long-range perception, including Aurora’s proprietary FirstLight Lidar, enables us to solve this, while benefiting from the other elements that make deploying trucks on highways an advantageous initial market entry point.

During 2024, we operated commercial trucking pilots with FedEx, Hirschbach, Schneider, Uber Freight, Volvo Autonomous Solutions, and Werner, among others, through which we regularly and autonomously hauled loads under the supervision of vehicle operators, and also explored integrating access to Uber Freight’s digital freight network within our autonomous trucking subscription service.

In April 2025, we launched driverless commercial operations with Hirschbach and Uber Freight and have since expanded our driverless customer cohort.

We also continued to operate commercial trucking pilots throughout 2025 with FedEx, Schneider, Volvo Autonomous Solutions, and Werner, among others, through which we regularly and autonomously hauled loads under the supervision of vehicle operators, and also explored integrating access to Uber Freight’s digital freight network within our autonomous trucking subscription service.

We also continued our strategic collaboration with Ryder Systems, piloting on-site fleet maintenance to support current autonomous freight pilot operations and prepare for commercial operation at scale.

We plan to initially launch Aurora Driver for Freight in Texas, which has the largest freight market in the US, a favorable business and regulatory environment, and moderate weather.

We launched Aurora Driver for Freight in Texas, which has the largest freight market in the US, a favorable business and regulatory environment, and moderate weather.

These characteristics make it an attractive market for our initial driverless launch.

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Aurora was founded in 2017 by Chris Urmson, Sterling Anderson, and Drew Bagnell, three leaders in the self-driving space.

Chris led the Google self-driving car team and was technology director for Carnegie Mellon when it won the 2007 DARPA Urban Challenge.

Sterling developed MIT’s Intelligent CoPilot, then launched Tesla’s Model X and Autopilot, and Drew worked for two decades at the intersection of artificial intelligence, machine learning and robotics across industry and academia at Carnegie Mellon.

Before co-founding Aurora, Chris led the Google self-driving car team and was technology director for Carnegie Mellon when it won the 2007 DARPA Urban Challenge.

Before co-founding Aurora, Sterling developed MIT’s Intelligent CoPilot, then launched Tesla’s Model X and Autopilot.

Before co-founding Aurora, Drew worked for two decades at the intersection of artificial intelligence, machine learning and robotics across industry and academia at Carnegie Mellon.

As of December 31, 2025, Aurora has assembled an approximately 1,900-person team, of whom approximately 1,600 focus on engineering and product.

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Deep strategic partnerships which support commercialization at scale

We have developed strategic partnerships with industry leaders like PACCAR, Volvo, Toyota, Uber and Continental and will work together to develop and scale Aurora Driver-powered trucks and self-driving passenger vehicles.

We have developed strategic partnerships with industry leaders like PACCAR, Volvo, Toyota, Uber and AUMOVIO and will work together to develop and scale Aurora Driver-powered trucks and self-driving passenger vehicles.

Our partners are industry leaders in their respective fields and we are able to leverage each of our respective strengths as we commercialize.

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The commercial self-driving vehicles that integrate with the Aurora Driver will include redundant steering, braking, and power to promote safe vehicle operation in the event of a component failure.

We work closely with our OEM partners to develop a safe, reliable, and scalable integrated solution.

We work closely with our OEM partners, PACCAR and Volvo, and suppliers for the new truck program, to develop a safe, reliable, and scalable integrated solutions.

Driver as a Service Business Model

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We intend to partner with our ecosystem of OEMs, Tier 1 automotive supplier, fleet operators, and mobility and logistics services, as well as other third parties, to commercialize and support Aurora Driver-powered vehicles.

With our business model, fleet owners will purchase Aurora Driver-powered vehicles from our OEM partners, subscribe to the Aurora Driver, and utilize Aurora-certified fleet service partners to operate autonomous mobility and logistics services.

This business model will enable fleet owners to acquire Aurora Driver-powered vehicles, subscribe to the Aurora Driver, and leverage Aurora-certified fleet service partners to support autonomous operations.

In many instances, the same party may play multiple roles:

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Greater Range .

Our lidar can see nearly twice as far as a traditional automotive lidar, because our coherent measurement enables single-photon sensitivity.

Our current generation of lidar can see nearly twice as far as a traditional automotive lidar, because our coherent measurement enables single-photon sensitivity.

Our next generation of lidar which we expect to launch in 2026 can see nearly four times as far as a traditional automotive lidar.

The enhanced range of our FMCW lidar enables the detection and tracking of objects and actors at the very long ranges essential for high-speed driving.

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• Efficiency .

Aurora’s motion planning simulation is 2,500 times less expensive than on-road testing.

Aurora’s motion planning simulation is meaningfully less expensive than on-road testing.

Aurora’s Virtual Testing Suite can scale to continuously simulate the equivalent of over 125,000 trucks on the road.

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Celebrate our Diversity.

Inviting and including diverse perspectives and experiences make us stronger as a team, and help us better represent the world we live in.

Inviting and including a wealth of unique backgrounds, perspectives and experiences make us stronger as a team, and help us better represent the world we live in.

We are building a technology and a company to serve all people and all communities.

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In addition, we have 5 registered U.S.

trademarks, 37 registered foreign trademarks and 5 pending trademark applications.

trademarks and 39 registered foreign trademarks.

Our patents and patent applications cover a broad range of technology relevant to self-driving vehicles.

PACCAR Strategic Partnership

In January 2021, we entered into a global strategic partnership with PACCAR in preparation for the launch of the Aurora Driver’s first application in trucking.

In January 2021, we entered into a global strategic partnership with PACCAR.

This partnership combines PACCAR’s considerable expertise in heavy-duty truck development, manufacturing, and sales with our deep understanding of autonomous vehicle technology to bring a safe, efficient self-driving product to market quickly and deploy it broadly.

This partnership brings PACCAR and Aurora engineering teams together around an accelerated development program to create truly driverless-capable trucks, starting with the Peterbilt 579 and Kenworth T680.

This partnership brings PACCAR and Aurora engineering teams together around an accelerated development program to create truly scalable driverless-capable trucks, starting with the Peterbilt 579 and Kenworth T680.

PACCAR and Aurora plan to develop a suite of self-driving fleet services, including servicing and maintenance options for the deployment and operation of these trucks at scale over the next several years.

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In addition to acquiring Uber’s self-driving unit, we announced a strategic partnership with Uber that connects our technology to the world’s leading ride-hailing platform and strengthens our position to deliver the Aurora Driver broadly.

In support of our partnership with Uber, and concurrent with the acquisition of Uber’s self-driving unit, Uber invested $400 million in Aurora and Uber Chief Executive Officer Dara Khosrowshahi is a member of our board of directors.

In support of our partnership with Uber, and concurrent with the acquisition of Uber’s self-driving unit, Uber invested $400 million in Aurora.

As part of our partnership with Uber, we receive access to Uber data.

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Toyota Strategic Collaboration

As part of this collaboration, our engineering teams are jointly developing and testing driverless-capable vehicles equipped with the Aurora Driver, starting with the Toyota Sienna.

As part of this long-term effort, we will be exploring mass production of key autonomous driving components with DENSO and a comprehensive services solution with Toyota for when these vehicles are deployed at scale, including financing, insurance, maintenance, and more.

These efforts will lay the foundation for the mass-production, launch, and support of these vehicles with Toyota on ride-hailing networks, including Uber’s.

In February 2021, we announced a long-term, global, and strategic collaboration with Toyota and DENSO, one of the largest global automotive manufacturers and tier-one automotive suppliers, respectively, to build and globally deploy self-driving cars at scale.As part of this collaboration, our engineering teams jointly developed and tested driverless-capable vehicles equipped with the Aurora Driver, starting with the Toyota Sienna.

These efforts will lay the foundation for our entry into the ride-hailing business, including the mass-production, launch, and support of passenger vehicles on ride-hailing networks, including Uber’s.

Volvo Group Strategic Partnership

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These trucks will combine the best of Volvo’s technology with the Aurora Driver into a compelling and scalable logistics platform.

As Volvo’s official technology partner for US hub-to-hub solutions, the parties continue to develop an unprecedented autonomous offering with one of the most trusted commercial truck manufacturers in the world.

As Volvo’s official technology partner for their US hub-to-hub solutions, the parties continue to develop an unprecedented autonomous offering with one of the most trusted commercial truck manufacturers in the world.

This partnership will be the center of the integration of the Aurora Driver into Volvo’s on-highway trucks and development of industry-leading Transportation as a Service solutions.

Continental Strategic Partnership

In April 2023, we entered into an exclusive partnership with Continental to deliver the first commercially scalable future generation of the Aurora Driver.

As part of this partnership, we work with Continental to jointly design, develop, validate, deliver, and service the scalable autonomous system for the industry.

We will leverage Continental’s decades of experience in systems development for safer, more reliable automotive solutions to industrialize the Aurora Driver and deliver the entire hardware required.

Additionally, Continental will manage the complete lifecycle of the supplied autonomous hardware kits for the Aurora Driver, from the manufacturing line to decommissioning.

Continental will also develop a new industrialized fallback system as one of the redundancies in the event of a failure in the primary system of the Aurora Driver.

AUMOVIO Strategic Partnership

In April 2023, we entered into an exclusive partnership with Continental, now AUMOVIO, to deliver the first commercially scalable future generation of the Aurora Driver.

As part of this partnership, we work with AUMOVIO to jointly design, develop, validate, deliver, and service the scalable autonomous system for the industry.

We will leverage AUMOVIO’s decades of experience in systems development for safer, more reliable automotive solutions to industrialize the Aurora Driver and deliver the entire hardware required.

Additionally, AUMOVIO will manage the complete lifecycle of the supplied autonomous hardware kits for the Aurora Driver, from the manufacturing line to decommissioning.

AUMOVIO will also develop a new industrialized fallback system as one of the redundancies in the event of a failure in the primary system of the Aurora Driver.

Under the “Hardware-as-a-Service” business model, Aurora will pay for the hardware and related services on a per mile basis.

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We believe such hurdles will be removed in the future as we work with our government partners to highlight the benefits of self-driving technology.

For example, while California regulation currently only permits the testing and deployment of autonomous light-duty vehicles, in August 2024, state regulators requested informal public input on draft regulatory language for the testing and deployment of autonomous trucks.

For example, while California regulation currently only permits the testing and deployment of autonomous light-duty vehicles, in 2025, state regulators released proposed regulations for the testing and deployment of autonomous trucks.

We work closely with state and local elected officials and regulatory bodies to ensure they continue to welcome the testing and deployment of self-driving vehicles on their roads.

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Aurora remains deeply committed to the communities in which we have a presence - partnering with educational institutions and community based organizations to educate on the benefits of self-driving technology - investing in programs that address community workforce needs while strengthening the pipeline of diverse talent to fuel key business needs.

In December 2024, we announced the opening of our new 78,000 square-foot office and testing facility located on Montana State University’s Innovation Campus in Bozeman, Montana, which builds upon the university’s 30-year history of producing industry-leading photonics engineers and innovations.

Aurora has also been working extensively with the Gallatin College Laser and Photonics Program in a partnership aimed at helping train and place the next generation of highly-trained technicians in the field of optics, laser, and photonics.

Additionally, throughout 2024, Aurora supported a community engagement roadshow along our commercial launch lane in Texas, engaging students and other stakeholders on autonomous trucking technology, careers, and the future.

Diversity and Inclusion

We are committed to diversity and inclusion.

One of our core values — Celebrate our Diversity — is based on bringing together diverse backgrounds and perspectives.

We celebrate the diversity of the people, experiences, and backgrounds that make up Aurora, and we encourage each other to speak up and share perspectives, respectfully and thoughtfully.

Such initiatives include, for example, programs that help train and upskill technicians in fields important to the autonomous vehicle industry, such as optics, laser, and photonics, and other areas of autonomous vehicle technical work.

Inclusion and Belonging

We are committed to fostering a workplace of belonging where all employees feel valued, included and empowered to contribute.

One of our core values — Celebrate our Diversity — is based on bringing together a wealth of unique backgrounds and perspectives.

We celebrate the mix of the people, experiences, and backgrounds that make up Aurora, and we encourage each other to speak up and share perspectives, inclusively, respectfully and thoughtfully.

We are building technology that will benefit all people and all communities, so we strive to foster and embrace diversity throughout our business and our teams to bring us closer to those we serve.

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We reinforce our values by aligning our work to company objectives and key results and by providing meaningful and challenging growth opportunities for our employees.

We offer a variety of people-focused initiatives, including learning and development, transparent career paths, and a focus on diversity, equity, and inclusion.

We offer a variety of people-focused initiatives, including learning & development and transparent career paths.

We offer opportunities for meaningful and fun connections through company events and team-building activities.

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The transfer agent and registrar for our common stock and the warrant agent for our warrants is Equiniti Trust Company, LLC.

The transfer agent’s address is 48 Wall Street, Floor 23, New York, NY 10005, and its telephone number is (800) 937-5449.

The transfer agent’s address is 28 Liberty Street, 53rd Floor, New York, NY 10005, and its telephone number is (800) 937-5449.

Available Information

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Channels of Distribution

We announce material information to the public through filings with the SEC, the investor relations page on our website, our X account (@aurora_inno), our LinkedIn account, press releases, public conference calls, and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

We announce material information to the public through filings with the SEC, the investor relations page on our website, our X account (@aurora_inno), our LinkedIn account, our Instagram account, our Facebook account, press releases, public conference calls, and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

We encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business