AUR

Aurora Innovation is a venture-stage bet on autonomous driving, not an investable business on current fundamentals. It launched Aurora Driver for Freight (driverless trucking) in April 2025 and only began recognizing revenue mid-year, generating just $3.00M in FY2025 against a -$816M net loss and -$901M operating loss. R&D alone was $745M. The Driver-as-a-Service model is genuinely ambitious — an asset-light, fee-per-mile platform spanning trucking, ride-hailing and delivery — but it remains years from meaningful scale, and the data here cannot support a confident valuation.

The financing picture is the immediate problem. Operating cash burn was -$581M while cash stood at just $221M, so the company is dependent on continuous capital raises. In 2025 it sold roughly 151 million Class A shares through an ATM program at an average $5.96, raising $898M, and expanded the program to $1,421M — meaning ongoing, substantial dilution is the funding mechanism. The balance sheet looks clean (0.09x liabilities/equity, $2.14B equity) only because it is being repeatedly refilled with equity; the -$5.17B accumulated deficit shows how much cash the science has consumed.