BREAKING: The Trade Desk, $TTD, falls over -20% after posting weaker than expected earnings.

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Kodiak AI’s stock tumbled 37% in after-hours trading Thursday after the self-driving truck startup disclosed it had raised $100 million by selling shares at a steep discount — a sign that investors were willing to back the company but not at its current market price.

The company sold shares at $6.50 each, well below its closing price of $9.10, according to a filing with the Securities and Exchange Commission (SEC). The raise also included warrants — instruments that give investors the right to buy additional shares later at a set price, in this case as low as $6.

The financing came from existing backer Ares Management and several unnamed institutional investors. The influx of capital comes as Kodiak pushes forward on the expensive task of scaling its self-driving trucks business, which covers off-road industrial settings and public highways, with the ultimate goal of eventually spending less than it earns.

Kodiak reported revenue of $1.8 million in the first quarter, up from the $1.4 million it logged in the same period a year prior. The company’s loss from operations was $37.8 million, twice what it reported in the same period last year. Those numbers help explain why the discount terms rattled investors.

The company is burning cash fast, and the raise — while sizable — does little to change that math in the near term. ’s log-hauling operations in Alberta, Canada, and a collaboration with the military vehicle maker General Dynamics Land Systems to create autonomous ground vehicles for defense applications.

Under the deal with Roehl, which was also announced Thursday, Kodiak-equipped trucks will autonomously haul freight between Dallas and Houston on four round trips per week. The trucks operate autonomously on the entirety of the trip, but Kodiak keeps a human safety operator behind the wheel as a precaution.

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Register before May 8 to bring a +1 at half the cost. San Francisco, CA | October 13-15, 2026 REGISTER NOW Kodiak founder and CEO Don Burnette said the company is on track to move to driverless trucking on public highways later this year as it ramps up operations.

“We have tons of over-the-road long-haul initiatives, and bringing on new partners continues to show momentum,” he said in an interview. ” For now, Kodiak owns the trucks, provides the safety driver, and carries the freight for Roehl along with its other existing on-highway customers, which include Werner, J.B. Hunt, Bridgestone, Martin Brower, and C.R. England.

But that arrangement will change once it goes to driverless trucking operations. “Our intention is to not own the trucks at that point [but to] operate our driver-as-a-service model, where [customers] own and operate the trucks,” Burnette said. He added that this is the system it uses with its off-highway customer Atlas for its driverless deployment in the Permian Basin of Texas.

While Kodiak plans to pull the safety driver by the end of 2026, Burnette said it won’t start driverless operations on public highways until it has finished validating the technology. “It’s already operating under all of the conditions that we expect to launch driverless, but there’s a lot of validation work that we need to do, and that’s where we bring in our autonomy readiness measure,” Burnette said, describing the initiative — released Thursday — as a zero-to-100 score tracking how much of Kodiak’s internal safety validation is complete.

As of April, Kodiak was at 86%, Burnette said. The company, which was previously called Kodiak Robotics, went public in September via a merger with special-purpose acquisition company Ares Acquisition Corporation II, an affiliate of Ares Management.

The deal valued the startup at about $2.5 billion. At the time, Kodiak raised $275 million in financing. More than $212.5 million came from certain institutional investors, including $145 million in PIPE funding (Private Investment in Public Equity, a method by which investors purchase shares directly from a public company) and about $62.9 million in trust cash from Ares.

That trust cash shrank from its initial $562 million as some SPAC investors redeemed their shares — a standard provision that lets SPAC investors recover their money before a merger closes. Topics autonomous trucks , kodiak ai , self-driving trucks , Startups , Transportation When you purchase through links in our articles, we may earn a small commission .

This doesn’t affect our editorial independence. Kirsten Korosec Transportation Editor Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade.

She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. ” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive. 07 on Signal. View Bio May 27 Athens, Greece StrictlyVC Athens is up next.

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Cloudflare stock sinks after earnings, cutting over 20% of employees Skip Navigation Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Menu Key Points Cloudflare shares plummeted after-hours Thursday as the company announced it is cutting over one-fifth of its workforce.

The company's first-quarter earnings beat analysts' expectations. CEO Matthew Prince emphasized the role that agentic artificial intelligence played in the announced cuts, which affect over 1,100 employees globally. In this article NET Follow your favorite stocks CREATE FREE ACCOUNT A logo of Cloudflare sits outside the company's house on the opening day of the 55th annual meeting of the World Economic Forum in Davos, Switzerland, Jan.

Yves Herman | Reuters Cloudflare reported first-quarter earnings Thursday that beat analysts' expectations, but shares fell 18% in extended trading as the company announced a 20% reduction in its workforce. Here's how the cloud company did versus LSEG estimates: Earnings per share: 25 cents vs.

23 cents expected Revenue: $640 million vs. $622 million expected In a blog post, the company announced that it is cutting over 1,100 employees , writing that agentic artificial intelligence has "fundamentally changed" the company's work. " Cloudflare one-day stock chart.

Cloudflare's first-quarter revenue increased 34% year-over-year. The company forecasted revenue for the second quarter to fall between $664 million and $665 million. Analysts expected $665 million. The company's Q2 guidance of 27 cents in earnings per share was in line with Wall Street's expectations.

In the earnings release, Prince described the growth of AI as the company's biggest tailwind in history. The company forecasted full-year revenue for 2026 to fall between $2.805 billion and $2.813 billion, narrowly beating estimates of $2.8 billion.

Cloudflare said it expects full-year earnings between $1.19 per share and $1.20 per share, beating estimates of $1.14. Cloudflare posted a net loss of $22.93 million, a loss of 7 cents per share in Q1 2026. A year ago, the company had a net loss of $38.45 million, a loss of 11 cents per share.

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