Kodiak AI shares fell 37% in after-hours trading after the autonomous-trucking company raised $100 million by selling stock at $6.50 a share—well below Thursday’s $9.10 close—and issuing warrants exercisable at prices as low as $6. The discounted financing, led by existing backer Ares Management and other institutional investors, underscores investor caution as Kodiak scales its capital-intensive operations. The company reported first-quarter revenue of $1.8 million, up from $1.4 million a year earlier, and an operating loss of $37.8 million, roughly double the prior-year period. Kodiak announced a commercial contract with Roehl Transport to run autonomous freight between Dallas and Houston with safety operators onboard, and collaborations spanning industrial and defense applications. CEO Don Burnette said the company aims to launch driverless operations on public highways later this year pending validation, moving to a “driver-as-a-service” model where customers own the trucks. Kodiak went public via a SPAC merger with an Ares affiliate in September, valuing the company at about $2.5 billion and raising $275 million including PIPE financing.
Kodiak AI raises $100 million in discounted share sale; stock plunges 37%
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