finance
Kodiak AI Raises $100 Million as Revenue Doubles
Kodiak AI sold shares at $6.50 each, below its $9.10 closing price, in a financing round led by existing investor Ares Management. The company reported first-quarter revenue of $1.8 million and an operational loss of $37.8 million while announcing new commercial deals and progress toward driverless trucking later this year.
May 7, 5:49 PM·2m read4 sources
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Kodiak AI’s stock tumbled 37% in after-hours trading on Thursday after the company raised $100 million by selling shares at a steep discount to its market price. 10, according to an SEC filing. The financing included warrants allowing investors to buy additional shares at a price as low as $6.
TechCrunch reported that the $100 million financing came from existing backer Ares Management and several unnamed institutional investors. 4 million in the same period a year prior.
Those results underscored the cash burn confronting the company even as it scales its autonomous trucking operations across off-road industrial settings and public highways. The company announced several commercial advances alongside its earnings. Kodiak signed a new commercial contract with Roehl Transport under which Kodiak-equipped trucks will autonomously haul freight between Dallas and Houston on four round trips per week.
Kodiak keeps a human safety operator behind the wheel on Roehl Transport freight trips as a precaution. ’s log-hauling operations in Alberta, Canada. It also entered a collaboration with General Dynamics Land Systems to create autonomous ground vehicles for defense applications.
B. R. England.
The company uses its driverless deployment model with off-highway customer Atlas in the Permian Basin of Texas. Kodiak founder and CEO Don Burnette said the company is on track to move to driverless trucking on public highways later this year.
““We have tons of over-the-road long haul initiatives, and bringing on new partners continues to show momentum.””
