Segment
The Company has one reportable segment managed on a consolidated basis by the Chief Executive Officer (CEO) who is the chief operating decision maker (“CODM”). In identifying one reportable segment, the Company considered the basis of organization for the continued development of the Aurora Driver, an advanced and scalable suite of self-driving hardware, software and data services designed as a platform to adapt and interoperate amongst vehicle types and applications.
The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as consolidated total assets.
The CODM allocates resources and evaluates performance based on net loss, which is the Company’s measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the company’s resources.
In the second quarter of 2025, our CODM began to regularly review revenue and cost of revenue as a result of the successful launch of the Aurora Driver for Freight product.
Beginning in the second quarter of 2025, cost of revenue and other operating expenses now include depreciation and amortization which was previously reported in other segment items. The table below has been updated to reflect these changes.
The components of segment profit or loss were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Twelve Months Ended
December 31, | | |
| | | | | | 2025 | | 2024 | | 2023 |
| | | | | | | | | | |
Revenue | | | | | | $ | 3 | | | $ | — | | | $ | — | |
Less: | | | | | | | | | | |
Cost of revenue | | | | | | 17 | | | — | | | — | |
| Personnel expenses | | | | | | 443 | | | 423 | | | 428 | |
| Other operating expenses | | | | | | 256 | | | 219 | | | 247 | |
Other segment items (a) | | | | | | 103 | | | 106 | | | 121 | |
| Net loss | | | | | | $ | (816) | | | $ | (748) | | | $ | (796) | |
(a) Other segment items include stock-based compensation expense, change in fair value of derivative liabilities, and other income (expense), net
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.