Aurora Innovation Inc. (AUR) 2Q26: Elevated 2Q cash burn with bonus pay, but burn target holds, commercial expansion on track

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Aurora Innovation Inc. (AUR) 2Q26: Elevated 2Q cash burn with bonus pay, but burn target holds, commercial expansion on track

NSTEIN FLASHMAIL

29 July 2026

David Vernon

+1 917 344 8333

Transportation Technology david.vernon@bernsteinsg.com

Aurora Innovation Inc. Justine Weiss

+1 917 344 8433

Rating justine.weiss@bernsteinsg.com

Market-Perform Specialist Sales

Price Target Steve Song

+1 917 344 8401

AUR 3.59 USD steve.song@bernsteinsg.com

Aurora Innovation Inc. (AUR) 2Q26: Elevated 2Q cash burn with

bonus pay, but burn target holds, commercial expansion on track

2Q26 AUR results a bit below consensus estimates (adj. EPS of -$0.14 vs. consensus -$0.12) and cash burn looked a bit high as the

company paid out $63M in cash bonuses. But AUR reiterated much of its previous guidance, as well as its avg. quarterly cash burn target

for the year. Management highlighted commercial expansion updates that are on track and more positive regulatory shifts that will help

expand AUR’s addressable market. Company remains on track to reach positive free cash flow in 2028.

AUR reported a 2Q operating loss of $266M (which includes stock-based compensation expense of $60M), a slight uptick from

the $244M operating loss (included $46M SBC) last quarter. Cash burn picked up too, as the company utilized ~$225M (vs. 1Q26’s

$159M) in operating cash during 2Q, which included capex of $31M (a bit higher than 1Q’s $25M and equal to capex of all of FY25).

While recent quarters saw cash burn land below avg. quarterly targets, 2Q’s cash burn was actually above the previously announced

quarterly avg. target for FY26 of $190-$220M. The elevated cash burn in 2Q was on the back of $63M in cash bonus payments,

without which that company would’ve had quarterly cash burn land within the target range.