Aurora Innovation, Inc. (AUR) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to Oppenheimer's 25th Annual Tech Conference. We are thrilled to have David Maday, CFO of Aurora Innovation here joining us today. My name is Colin Rusch. I lead the Sustainable Growth and Resource Optimization practice, which is looking at a variety of industrial and physical AI practices, and this is one of our favorite names. We're going to do a quick intro with David providing a little bit of an overview on the platform, and then we'll get into Q&A. So with that, David, take it away.

Thanks a lot, Colin. I appreciate you having me, and it's a pleasure to be here with everybody. Before we jump into the Q&A, let me just give you a real brief overview for those who may not be as super familiar with Aurora. But before I do that, let me just make my lawyers happy and provide you some cautionary statements regarding our forward-looking statements. Okay. With that, let me just kick off with the real important thing, which is, hey, we are operating driverless trucks on roads today. And I think that, that is super important for us, and it's super important for the industry, and we're really excited about the progress that we're making. And so right here, you can just see a little video from one of our first runs operating on the highway going from Dallas to Houston. With that, let me start with a little bit more about Aurora and kind of just like where we're at. So Aurora's mission is to deliver the benefits of self-driving technology safely, quickly and broadly. We think we're really in a pole position for this. Again, we're the only company with driverless commercial operations on public roads and trucking. We think trucking is a massive market and opportunity for Aurora. It can unlock tremendous value. And we think when we look at our partnership ecosystem, we are really the only player out there today that has a partnership ecosystem both in the OEM and then the supply base side to really commercialize at scale. We have -- we're operating from a really strong balance sheet and financial position. We have liquidity after the second quarter, we have liquidity to fund our operations into the second quarter of 2027. We've got a really attractive Driver-as-a-Service business model that supports shareholder value with a really capital-efficient approach. And again, because we're capitalizing on our opportunity, our first-mover advantage in the trucking space, it really is reinforcing our leadership position. When you think about what's next for Aurora for 2025 and 2025 is all about unlocking our technology promise. And we've taken really a crawl-walk-run approach. And so obviously, we've launched and we're increasing our driverless miles every day. There's a couple of things that we want to accomplish to really deliver that technology promise that supports adoption going into '26 and '27. The first of those was to be able to operate at nighttime. We actually did that in advance of what we had expected, and we announced at the end of our at our second quarter business review that we're operating at nighttime as well. So now we've gone from just at daytime to day and night inclement conditions. We will be focusing on unlocking the ability to operate at rain and heavy wind. We do that really well today with supervised vehicle operators. We expect to be able to operate that driverless by end of the year. And then we will also start to expand and operate on additional lanes really going from Fort Worth, El Paso to Phoenix, and that's really unlocking a tremendous amount of value for our customers. One such example, and this is an important -- how we think about the market. But if you think about like the Aurora Driver, and the value that we're trying to unlock. There's tremendous opportunity. Here's an example with carriers where we focus not just on the cost side. A lot of people talk about the cost side and can you make a higher margin, but it's also on the revenue side. So we're increasing the utilization of the trucks that operate daily and delivering lower costs. In this particular example, the ability to drive 1,000 miles between Fort Worth and Phoenix would take multiple days in the traditional market approach today. For us, we can drive it in one single trip. We're able to actually substantially increase both the revenue of the truck on a weekly basis as well as reducing the cost. So we think it's a win-win on both sides of the P&L. And then finally, one of the things we're really proud of, and this kind of emphasizes the fact that we are very much what I would say is kind of the standard bearer in terms of transparency to the market versus maybe other AV people. We've just launched what we call Aurora Driver LIVE, which -- if you go to our YouTube channel @AuroraDriver, you can check in on our trucks operating daily on the routes and just to see what the world -- the world can see what we see every day, which is the truck's handling all kinds of different conditions flawlessly. So we're really excited about this. It's a first of its kind, and I think it just continues to emphasize our safety and transparent approach to development. All right. With that, maybe I'll just stop my presentation, and we can get into the Q&A, Colin.

Perfect. And David, thanks for the overview. I would love to just kind of take a step back from a history perspective, and get your perspective on how all the critical technology elements came together at Aurora. There was an awful lot of investment in the industry starting in 2016 and you guys were able to aggregate a number of different elements into the platform. And would love to get your sense on how those things came together and what the critical technology pieces are.

Yes. I think that's a big question. I might be here for a while, but let me try to -- look, we had an advantage when Aurora was founded in 2017 because we're co-founded by Three really stellar people. Chris Urmson who built Google's initial self-driving unit, which is now called Waymo, Sterling Anderson, who led Tesla's Autopilot and Drew Bagnell, who was the former Head of Perception and Uber's ATG unit, right? And we ended up actually acquiring ATG in 2020. But like if you think about it, we have 3 founders with over 50 years of experience. They built the best team around them. And what they were able to understand is both by leveraging the hindsight and the foresight, they were able to really start from the beginning and design a system that maximizes the benefits of their past expertise while using all the cutting-edge technology and advancements in AI and machine learning, right? We've been talking about machine learning and AI for multiple years. We've been using transformer for a long time. But like if I think about and summarize like some of the things that are really great. One of them is our software. It is kind of our secret sauce. It's a compound AI system. We refer to this as a Verifiable AI. So what is Verifiable AI, ideally? It leverages really 2 things, really, advancements in the AI technology out there, transformer-style models and deep wording that you can grab data and you can make the system better. But what it does do is it also avoids the risk associated with this pure end-to-end AI approach. You eliminate some things like hallucinations as well as regulatory hurdles, right? Black box models aren't super popular with AI folks when you're trying to describe how safe you think a product is. On the hardware side, we like to purchase off-the-shelf technology where possible. But I also think it's an important distinguisher that we have a lot of hardware capabilities and experience inside. And it's super important when you're driving a tractor trailer, an 80,000-pound tractor trailer down the road, you need to be able to see far enough along. There was no technology available when we went into trucking or even when we were first founded to be able to go into trucking with the existing off-the-shelf Lidar. And then we acquired a company called Blackmore that provided us our first Lidar which is our proprietary Lidar solution. This is this frequency modulated continuous wave technology. What does it do from like a -- from a layman's terms? It gives us about an extra $0.09 of decision-making time when we're driving our vehicles as composed -- as compared to like traditional Lidars, right? And so it also has the ability to look at and see traffic, which way it's headed or whether it's stationary. It allows us to reduce or basic -- or actually eliminate any interference sunlight or other sensors. So it's a really important technology enabler. And that's what allowed us to get into trucking, right? And then we've made foundational investments in our approach for simulation. And we kind of knew a long time ago that simulation was going to be necessary to really advance the development of the technology. And I think this became more evident to everybody after COVID, but we were kind of doing it and leaning into it from the beginning. I might say those are 3 good examples of where we made investments.

Hugely helpful for us. And just for everyone, just to put it in 3 simple terms. It's the software embedded in this compound AI structure, the FMCW technology that gives you better visibility down the road, which is proprietary. And then the simulation technology, which allows you to verify in rapid cycles before you put trucks on the road into difficult environments to the incremental functionality. And I think for me, developing a thesis around you guys in rolling out coverage here, seeing the maturity of each of those elements come together has been the part that gives us a lot of confidence that you guys are not only here first, but you're here better than your peers, if we can say it that way. So can you speak to how the company came to target commercial trucking in that opportunity set? Because I think it's sometimes not seen as glamorous as some of the passenger vehicle, but it's certainly a bigger, more defensible opportunity in our view. And how you guys really build a defensible model in that sector?

Thanks for the summary too and feedback. I think you really understand the market well and the opportunities. Yes. When I think about trucking and in full disclosure, it's one of the reasons I came to Aurora was their focus in on trucking. When I think about trucking, there's a couple of things. But first, just Aurora when it was founded, and its mission is to deliver the benefits of self-driving technology safely, quickly, broadly in all markets. And they couldn't even go into trucking until they knew they were going to be safe, which was the whole point of the Blackmore acquisition in our first light Lidar. But when I look at the trucking market, I get really excited. Number one, it's a massive market. It's a $1 trillion market. It dwarfs the current ride-hailing market. There is no projections that you need to make to know truckings great. And also, there's tremendous need, right? Let's be honest. This is an aging workforce. It's got persistent driver shortages. It's got hours of service limitations. And all these things are expected -- the trucking workforce and the driver shortage that those are expected to continue to grow. And really, like our focus is really on we are going to provide a solution that addresses pain points in the market. Another one being insurance cost, right, which continued to skyrocket as well as the number of nuclear verdicts, but we're going to offer a viable solution that can really double the utilization of the existing market at lower cost, and there is no requirement for changes in like the customer behavior. And for me, like if I juxtapose that with robotaxis, and I think robotaxi is a great market, and it's interesting but it's not the market to lead in, in my opinion, right? Like the unit, economics and trucking are way more attractive. So if you think about a U.S. truck driver, they make 3x as much as a gig economy ride hail driver, right? That gives you a tremendous pricing opportunity. And again, the market is already there. You don't need to grow the market. And a lot of the reasons and the ways that you grow market is by driving down costs. Well, you can't drive down cost until you scale a business, right? And the ability to actually deploy in the trucking market doesn't force us to drive down costs immediately to force adoption. And so for us, we're able to grow and scale a business and then get the economies of sale our hardware kits and everything else that we invest in. And then a natural extension of that could be in the ride hailing market. So for us, we think it's the right business model approach.

Awesome to articulate how big that margin opportunity is for you guys and what friendly market environment that you're selling into. So I guess that dovetails to my next question around how the opportunity set has changed in the last few years? And how do you see it shifting in the next, call it, 5 years and beyond as we see that driver pool get older and you start to see the endurance of the vehicles get better, right? And it's just as simple as that. So how are you guys seeing some of those shifts start in the recent years? And how do you see them accelerating over the next 5 to 7 years?

Yes, it's a good question. So look, any new innovative technology that's going to really help revolutionize an industry, which has been around for a long time and has really -- it's tremendous industry. I give a lot of respect for all the people in this industry. And so if you reach a point where we're not able to continue to make the improvements you want to make without some sort of innovation boost, and that's what I think this is. For me, the last couple of years has just proven that the opportunity is pretty clear and even more compelling for us. And so when I think about it, it's this continuing to focus on the value drivers in the near term. And the one thing that we did, and I mentioned it a little bit in my intro is one of the things that you have to do is you have to be able to operate in enough conditions to support adoption, right? So you can't just launch in one thing and say you're going to go everywhere. You need to be a reliable supplement to the existing business. And to be reliable, you have to operate in all the same conditions. You have to eliminate any friction that's out there. So for us, our focus has been on be reliable, reduce friction, create value and then provide an incentive. And in this case, the incentive is that you can double the utilization and lower your total cost of ownership. So we think that's been a big focus. And I think over the next 5 years, honestly, we expect our technology to become a central part of the industry, right? And it's broadly deployed throughout the U.S. I think at that point, then we look -- if I look beyond 2030, let's say, the opportunities are endless. I think we can -- it's all going to be focused on our mission. And again, we can go into industries or use cases like ride hailing, we can go into different geographic areas, et cetera. I think we're just going to continue to build upon that. So for us, right now, our focus is execution.

Excellent. And just shifting gears into market creation here in a little bit more detail. We've seen emerging technology markets evolve. And you mentioned this around cost reduction driving adoption in other markets. But I want to get your sense on the competitive landscape, right? I mean so sometimes technology, one of the essential things is just getting folks comfortable with this. And you go through a period of coopetition. So how do you think about the competitive landscape and the coopetition required in terms of educating customers on how the technology works and getting them comfortable that they have multiple technology partners that could work with so that they can invest in the trends?

Yes. Well, I think it's important and like when Aurora first started out and went into trucking, we learned early on, and we've never really deviated from this. This concept of trying to get exclusivity everywhere to corner the market and block everybody out as kind of a failed approach right? Like we don't expect that and our customers don't necessarily want that like a FedEx would like to buy a truck from whoever they want to buy a truck with. They would like to get an AV system from whoever they like to do it. So ours has always been focused on creating value and kind of being the industry standard barrier when it comes to AV trucking, and that's really how we've tried to separate ourselves. And I actually think we've got like a multiyear structural lead. But that was always foundationally started on like we were we were realistic on the growth and when we would -- what growth would look like when we would come into the market. We've been the most transparent company in the AV industry, both from a regulator and from a commercial side, but just in everything we approach, every one of our customers, and you can -- you can do all of them, they kind of were the reference, we're kind of the standard bearer when it comes to understanding their business, trying to integrate within their business and we've never ever tried to block anybody out. We're just going to create value. And I think that's where we get to creating a really strong position. Like we have a multiyear lead too, right? We're the only company that operates driverless today on the U.S. public roads for trucking. We've got strategic partnerships. And one of the things that's really important and people don't probably give enough emphasis to is -- the goal isn't to be in one market or in one rolling saying you're in driverless. Like the goal is to actually be an integral -- or an essential part of our customers' business. And to be able to do that, you have to be able to build at scale, you have to be thinking about the future. And for us, I think that's something that we've really done well. At the same time, it's a trillion market, so it's not a winner take all. It's large enough for plenty of other players. And again, I think bringing in new technologies, particularly safety critical, it requires a lot of both cooperation and collaboration. And there's areas where you shouldn't be competing against other AV players. You should be forming a strong coalition whether it be Avia, which is one of the AVs trade industries or, you know, the support in California, there is certain elements where you should be advancing the industry generally and then you should create your value, and that should be how you distinguish yourself in the competitive market.

So I guess a follow-up to that is, where do you see the real technology differentiation versus peers? I mean I think this ecosystem approach, the ability to scale seemed to resonate. But how do you guys think about that internally? And how should investors think about the technology differentiation?

Yes. I think for some folks, it's really hard to understand the differences because there's a lot of stuff that's out there and people claim a lot of things. I'd like to say -- and I don't have a ton of visibility into all of our technological approaches. I try to say this, we're the only trucking and driverless company out there in public roads that speaks volumes. We -- we're the most transparent. We tell everybody how we're going to operate, what we're going to do and then we deliver upon it. And I think our Verifiable AI approach is the right approach from a regulatory, from a safety perspective. I think people say other things because it sounds good or they're trying to capitalize on something else, but I don't think they really recognize the value of what we're trying to do in this safety critical industry. But I also think our validation approach is, and it's unsexy, right, but it's super important for us. And so look, it took us a long time to launch our first driverless product in the daytime. And we were able to launch a nighttime a quarter later, right? Like that's a monumental step in terms of the investments we made in the validation and our approach. And I think that really sets us apart in some ways. So we'll continue to see how it plays out. But if we deliver to our road map, I think it's going to be pretty clear what the differentiation is.

Let's pick up on that because I think that was one thing that we were kind of joking about after the call is like we haven't seen an autonomous company pull forward time frames before. And so the fact that you guys rolled out nighttime driving as quickly as you did was pretty meaningful for us. Can you talk about those learning cycles and kind of the accelerated piece of this because it's not just validation, but it's understanding what the problems are as you move into the simulation platform and really leverage that? So can you talk about the learning cycles in Aurora's approach to train systems and adding incremental functionality where your advantages are? I know you're the finance guy, but I would love to take advantage of your insight that you have to offer here.

Yes. I bet I do it as well, but I'll try to embrace my inner Chris here for half a second. Look I think the most important thing is to recognize that when you develop a product, and this is the benefit of trucking. In trucking there's a lot of self similarity. And this is one of the things we've been saying for quite some time, and we're going to prove out here over the next couple of quarters. We've been operating and in all weather conditions for quite some time and testing and developing on all weather conditions. So it wasn't like we just did our development testing on daytime and then shifted over to night or shifted over to rain. Like honestly, to a lay person, you can be in our truck and see it operate in rainy to be like why aren't you operate in driverless, it's flawless. And so I think our approach is, first off, we've always been operating in these environments for a long time. So we've got a lot of learnings. And in our systematic approach on how we do things foundationally set up by the safety case and then how we think about our development testing approach where you've got like 3 phases. You got the phase where you see every day. You know that the system is going to work great. You've got some instances where you don't see it all that often. So you need to use simulation to amplify it. And then the third -- third approach is where you really may not see it on the roads and you need to use like NHTSA's crash taxonomy and build simulations and tools around that. That approach applies to all these scenarios. And what it allows us to do, it gives us a really super easy framework. I shouldn't say easy because it's hard, but it's a super concise framework for how we do development. And so for us, we're just leveraging what we -- the investments we put in place upfront for how we develop a product. And I think that's what I could say is the most important thing. I'm sure Chris will give a way better explanation than that.

No. I mean I think it's important to understand from a practical perspective. At what point do you guys get comfortable with taking the safety driver out, right? And so thinking about kind of this multilayered approach to how you're getting incremental data and getting to a place where you're like, okay, it's okay to take the driver out. And part of what you're seeing, I think, is you're running it with that backup system in place for a period of time. And so I guess, can you talk about when you make that decision, right? I mean if you got this kind of multipronged approach to understanding how to operate in an environment to get -- go through those learning cycles. At what point do you take the driver out and just let it run, right? What do you guys need to see to get comfortable with that? I think a lot of investors are looking at mean time between failure as well as the number of miles driven. But I was curious where you guys think about and talk about internally.

Yes. I think this is probably one of the bigger misconceptions out there, and it's probably facilitated by some AV companies that maybe haven't succeeded. Like if you think during development, people were talking about what are the number of disengagements. Disengagements it's a horrible metric to talk about how safe or not safe we are because that's how we learn and develop the system. And so for us, disengagements aren't like a super meaningful metric. We have put some metrics out there before in terms of development that we thought were important. But like it's foundationally, it's really simple. It's the closure of our safety case. Our safety case is a comprehensive evaluation for a safety critical product. It's used by all kinds of safety critical industries. You start to see a lot of AV companies try to replicate some element of our safety case framework. And I think that's how we make all the decisions if it's going to be acceptably safe. Now the interesting part behind it is the safety case is really foundationally, there's 460 claims. But it's not really the magnitude of the claims, which is the issue. It's the evidence in the testing that's used to support it. So think about, for us, when we launched in daytime, we had over 10,000 requirements that we needed the truck to be able to do, and we had to pass over 2.7 million tests. And those tests aren't like there's no random number that like somebody gives you and says, "Hey, you have to pass all these tests." It's not there. It's developed and those tests are developed based on what we think we need to be acceptably safe. And so you build these claims and then you start to deviate it. We have a much higher bar for safety than what anybody could mandate, and that's why you don't see a federal mandate right now, like in terms of safety. It's like because it's hard to do, and we think we are kind of the standard bearer in terms of the safety. So for us, it's all about is do we think it's going to be acceptably safe, and we've got -- and we have to have the evidence to support it. An example would be like -- and I think Chris mentioned this on the earnings call, but just when you think about nighttime, what was one of the challenges at nighttime? Well, it's finding a person lying on the ground underneath the car at nighttime. Like that's what we would call a vulnerable road users, but like, are we able to acceptably identify see and be able to react to that sort of situation? And so for us, it's just a lot of hard work in that area, foundationally built on our approach to safety.

That's incredibly helpful. So I guess, shifting to the scale up here, right? I mean as we move into financials and really building a business here. Can you just talk about where your ecosystem is in terms of your ability to move into series production and start building these kits and then implementing them on vehicles, either from an aftermarket perspective or with OEMs in an integrated way? Talk to us about where you're at in terms of preparedness, benchmarks that we should be thinking about over the next couple of years and as you start to see some volumes really start to move here now that you've got trucks on the road.

So we have our launch fleet today, right? Those are the trucks we're operating on today and that we referred to as the tens of trucks that we can operate in driverless. And I think that is all the trucks that we kind of need to be able to demonstrate the technology promise, right? So to be able to operate in all the different conditions and have multiple lanes. Once we've achieved all those objectives in '25, there's a couple of things that are going to happen. In '26, we're going to introduce our second generation of hardware. This is a more reliable, robust and higher volume hard work that will allow us to build hundreds to thousands of kits, which will allow us to then scale and those kits are also designed to operate 1 million miles. Our current launch hardware kit doesn't have that same robustness and the same capability. So one of the important things to unlock from a scaling perspective is that next-generation kit. When that happens, we're then able to put these kits, whether we put them on trucks that have been upfitted by ourselves or on the scalable platforms that the OEMs are working on probably going to be some combination of both. But like that's Phase 2. So '26 is about starting this customer adoption. And at the same time that we're building truck volume and kit volume in the second-generation kit, we're also going to expand and operate throughout all of the Sun Belt, right? So that's a really important step. This is necessary before we get to the third-generation kit. Because in the third-generation kit, intend to be able to build into to the tens of thousands of kits and tens of thousands of trucks. What do you need for that to be successful? You need scalable platforms with line sight integration with our OEM partners to operate. And so that is what we've done and that's kind of our plan. So it's kind of like this stepped approach. Like our first step is we're doing the technology promise. Our second one is we're going to be able to operate throughout the Sun Belt and build more volume on our second-generation kit all in advance of the third generation, which is really that kick start into the scalability and line sight install with our OEM partners. So that's kind of the approach.

Excellent. And so how much cash do you need? You guys have been pretty forthright about keeping a healthy balance sheet and making sure that cash is never concerned, you mentioned it upfront. But can you just talk about the philosophical approach to the balance sheet as you scale pretty robust technology here and how you think about a minimum cash balance as a -- in your approach to bolstering the balance sheet as you work through commercializing this technology.

Yes. I think there is -- I think my approach -- well, our approach is pretty simple. I think there's 2 things. Number one, we never want our employees, our customers, our partners or our investors to think or worry about liquidity. We don't want it to be a concern. We know that this is -- this requires a lot of capital. It's one of the hardest things that's ever been done in this industry, right? And it's going to take a lot of resources. I actually think that there are competitors out there that try to claim they can do it way cheaper and they have way less OpEx. And I actually think they're kind of fooling themselves, right? Because there's a difference between launching a driverless product and scaling to a driverless business. So -- and I don't think any customer or a partner wants to know that you did some cheap on a safety-critical product, right? So I think there is an important element of you should be investing in the future. At the same time for us, we ended Q2 with $1.3 billion in liquidity that we think will get us into the second quarter of 2027. We had said before that we think before last quarter, we wanted to raise, I don't know, $650 million to $850 million to feel comfortable on our path to get to positive free cash flow. So we're -- we still have some time to go on that, but we have chosen a couple of different financing solutions in the past, like we've done a pipe. We've done some secondaries. Most recently, we were able to use this at the market mechanism, which has been -- actually turned out to be pretty efficient and pretty effective and we raised $331 million last quarter through that. We're going to continue to explore all of those options and continue to make sure that liquidity is really never a concern as we developed our product.

That's super helpful. And then I guess the final question for me is just expectations around revenue growth. You guys have done a nice job in articulating the path to the profitability of the path to gain customers over the home. But talk to us about customer diversity, how you think about getting the right set of customers without having too many customers and then how you scale into monetizing some of those relationships as the technology matures and you start all in the pricing model a little bit here.

Yes. I think for us, it has to start off with executing the crawl-walk-run approach for our commercialization plan. Today, we have driverless trucks operating but we have to continue to prove the promise of the Aurora Driver technology. And to do that, we have to continue to increase the value for our customers. So you have to be able to operate in the vast majority of the weather conditions that they would ever see and operate in just like that were driven by humans. And in this particular case, like the Aurora Driver and AV technology is going to supplement all of these customers' networks, right? And so this isn't a replacement. This is a supplement. And to supplement effectively, you've got to be able to do the vast majority of things. So at the beginning, we think it's really important to do that. We've -- we're operating a fleet of trucks. And so therefore, we provide what we call this transportation-as-a-service business model. So we're pricing just like anybody, any carrier would be charging to carry goods between A and B. So it's got not just the driver, but all the operating costs of the trucks as well. We're shifting to a Driver-as-a-Service business model. What we think is -- '26 is going to be a year where we're really going to start to focus in on revenue growth, '25 is not a revenue growth year for us. '25 is all about -- I mean we will have revenue and we'll continue to grow. But '25 for us is all about the technology promise because we're not increasing the fleet of vehicles from where we're operating at today. '26 we'll be increasing the fleet of vehicles, and you'll start to see us focus in our revenue growth. What you'll see is us lean in heavily to the earlier adopters of the customers and we'll continue to moderate and iterate the business plan based on each of their needs. Another important thing for us to do is to be able to drive to customer end points, and you'll start to see us drive to customer end points starting in '26 and that really important enabler for value creation and price protection, right? So that's where our focus is. We'll provide more feedback for '26 later on at the end of the year when we think about '26 guidance. But for now, our focus is on executing the technology promise.

Excellent. Well, I think we're running into time here. We want to thank everybody for joining us. Just to recap a little bit, you guys have drilled this compound AI system, which is a combination of both hardware, that's proprietary. Coupled with innovative software system and simulation platform that's allowed you to go through accelerated lending cycles and demonstrate not only technology competence, but also the safety to start building trust with your customers, and we're starting to hit a point on inflection for revenue. What else do you want to leave investors with here as they think about Aurora and think about the opportunity set in front of you?

Yes. I think you did a great job of summarizing. We're really excited at Aurora of the things that we're accomplishing and how we're doing it. Like we really do feel like we want to be the standard bearer when it comes to safely deploying this technology responsibly in the trucking market and doing it in a way where we're not chasing like headlines. We're not chasing the -- hey, we're going to be here at x date, but really with the vision that we're going to become an essential part of our customers' business in the long term and it's great. And I would also say that we want to continue to be the most transparent in the world. So for those who have not seen, again, go out to Aurora Driver LIVE. If you go to the YouTube channel, it's @AuroraDriver and you can see our trucks operating on a daily basis driverless. And I think that that's a really great proof point just in the confidence of our technology and our approach.

David, thanks so much for the time and the wisdom, and we look forward to talking with you soon. And if anyone wants to talk with us about Aurora, we're happy to help educate you as well as we can before we pass you off to the company. Thanks so much, everybody. Have a great afternoon.

Thanks, Colin.

Thanks.