10-Q · May 6, 2026
Aurora Innovation reported a Q1 2026 revenue of $1 million, exceeding estimates and indicating the successful commercial launch of Aurora Driver for Freight. Despite missing on EPS at -$0.11 compared to -$0.12 expected,…
Earnings analysis · 10-Q
AUR earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Aurora delivered strong percentage revenue growth, with Q3 revenue of $3 million up 200% year over year and gross margin improving from -500.0% to approximately -166.7%. However, the company remains deeply loss-making,…
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Aurora delivered strong percentage revenue growth, with Q3 revenue of $3 million up 200% year over year and gross margin improving from -500.0% to approximately -166.7%. However, the company remains deeply loss-making, with a $234 million quarterly net loss, $554 million of nine-month operating cash burn, and $92 million of capital expenditures. Liquidity of $1.034 billion in cash and short-term investments supports at least 12 months of needs according to management, but continued losses, fleet investment, supplier concentration, and equity dilution keep the risk/reward profile bearish.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
- Gross margin
- -166.7%
- Operating margin
- -8566.7%
- Segment
- Aurora Driver / consolidated single reportable segment: Q3 2026 revenue $3 million versus $1 million in Q3 2025; nine-month revenue $6 million versus $2 million.
What stood out
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Revenue growth accelerated
Q3 revenue increased to $3 million from $1 million in the prior-year quarter, a $2 million or 200% increase, driven by higher utilization, geographic expansion, and fuel surcharges. Revenue also rose 50% from $2 million in Q2 2026.
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Gross margin improved
Gross margin improved to approximately -166.7% in Q3 2026 from -500.0% in Q3 2025 and -250.0% in Q2 2026, although cost of revenue was still $8 million against $3 million of revenue.
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EPS matched consensus
Operating loss was $257 million versus $222 million in Q3 2025, while operating margin improved to approximately -8,566.7% from -22,200.0% because of revenue growth. Diluted EPS was -$0.12 versus -$0.11 a year ago and matched the reported estimate of -$0.12.
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Liquidity supports near term
Aurora remained well funded with $141 million of cash and cash equivalents plus $893 million of short-term investments as of September 30, 2026; management stated liquidity should cover working capital and capital expenditures for at least 12 months.
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Fleet investment increased
Property and equipment increased to $189 million from $103 million at December 31, 2025, including vehicles of $126 million versus $42 million, reflecting investment to expand the commercial fleet.
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Commercialization remains costly
The company has one reportable segment. Nine-month revenue increased 200% to $6 million from $2 million, while net loss widened 19% to $727 million from $610 million.
What to watch
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Cash burn and capex remain high
Operating cash burn worsened: cash used in operating activities was $554 million for the first nine months of 2026 versus $435 million in the prior-year period. Capital expenditures were $92 million versus $23 million, implying substantial ongoing cash funding needs.
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Losses continue to widen
Aurora reported a $727 million nine-month net loss and a $767 million operating loss, compared with losses of $610 million and $663 million, respectively, in the prior-year period. Management expects to continue incurring operating losses.
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Equity financing creates dilution
The company raised $270 million of net ATM proceeds during the first nine months and issued approximately 39 million shares, while shares outstanding increased to 2,015 million from 1,943 million at year-end 2025, creating dilution risk.
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Single-source supply exposure
Aurora depends on suppliers that may be single- or limited-source; the filing specifically states it plans to rely on one supplier, AUMOVIO, for future-generation Aurora Driver hardware production and lifecycle support.
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Liquid assets declined
Short-term investments declined to $893 million from $1,055 million at December 31, 2025, and cash and cash equivalents declined to $141 million from $221 million, despite $226 million of financing cash inflow during the first nine months.
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Warrants face imminent expiry
The public and private placement warrants, totaling 12 million and 9 million warrants respectively, expire on November 3, 2026; unexercised warrants will be cancelled for no consideration, and public-warrant trading is expected to cease after November 2, 2026.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance. Management expects to continue incurring operating losses, expects to opportunistically raise additional capital, and states that total liquidity should cover working capital and capital expenditures for at least 12 months from the filing date. The previously disclosed 2026 revenue outlook was addressed in the October 28, 2026 earnings release rather than quantified in this 10-Q.
Earlier filings 4
10-K · February 11, 2026
Aurora launched driverless commercial trucking operations in April 2025 and emphasizes a truck-first commercialization path with a Driver-as-a-Service roadmap that leverages strategic partners (PACCAR/Volvo, Toyota,…
10-K · February 14, 2025
Aurora’s 2024 10-K emphasizes a strategy of commercializing a common Aurora Driver platform starting with driverless trucking (Aurora Driver for Freight) and then expanding into passenger mobility and local goods…
10-Q · October 31, 2024
Aurora reported a three‑month net loss of $208.0M (EPS $(0.13)) for the quarter ended September 30, 2024, roughly in line on EPS with the year‑ago quarter ($(0.13)) but with a larger net loss vs $190.0M in Q3 2023.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.