Kodiak AI Raises $100 Million as Revenue Doubles

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.””

“— Don Burnette, Kodiak founder and CEO”

““We’re excited about the progress that we’re making as we march toward our driverless launch later this year.””

“— Don Burnette, Kodiak founder and CEO Burnette said once Kodiak goes to driverless trucking operations its intention is to operate a driver-as-a-service model where customers own and operate the trucks. Kodiak plans to pull the safety driver by the end of 2026. As of April, Kodiak’s autonomy readiness measure stood at 86%. Burnette described the metric as a zero-to-100 score tracking how much of the company’s internal safety validation is complete, saying the technology is already operating under all conditions expected for the driverless launch but that substantial validation work remains. The company, which was previously called Kodiak Robotics, went public in September via a merger with special-purpose acquisition company Ares Acquisition Corporation II. The SPAC merger valued Kodiak at about $2.5 billion. At that time Kodiak raised $275 million in financing. TechCrunch reported that the latest discounted raise highlights investor willingness to back the company even as it works toward the goal of eventually spending less than it earns.”