Shares of Kodiak Robotics (KDK), a leader in autonomous trucking technology, plummeted 19.50% during intraday trading on Thursday following the release of its disappointing third-quarter 2025 financial results. The significant drop comes as investors digest the company's wider-than-expected losses, revenue shortfall, and mounting concerns about its cash burn rate.

Kodiak reported a staggering quarterly loss of $3.89 per share, far exceeding analyst expectations of a $0.16 loss. Revenue for the quarter came in at a mere $770,000, falling dramatically short of Wall Street forecasts. The company's net loss expanded to $269.9 million, compared to $19.1 million in the same period last year. While some of this loss was attributed to one-time merger-related charges, the adjusted loss of about $34 million still raised eyebrows among investors.

Despite reporting some operational progress, including the deployment of 10 fully driverless trucks and over 5,200 hours of paid driverless operations, investors seem more focused on the company's substantial cash burn rate. Analysts estimate Kodiak is burning through $35 million to $40 million per quarter, with a current cash balance of $146 million providing only about 12 months of funding at the current rate. This has prompted questions about future capital needs, especially as Kodiak aims to deploy 100 autonomous trucks and launch long-haul driverless operations in the second half of 2026. The market appears to be reassessing the company's near-term financial prospects and its ability to monetize its technology at scale in the highly competitive autonomous driving sector.