Kodiak Robotics (KDK) saw its stock plummet 5.45% in pre-market trading on Friday, continuing its downward trajectory following the release of its first quarterly earnings report since completing its SPAC merger. The self-driving truck technology company's shares had already fallen 19% in the previous session, closing at $6.52 on Thursday.

The sharp decline comes as investors scrutinize Kodiak AI's financial performance and future prospects. While the company reported a substantial pretax net loss of $270 million, much of this was attributed to one-time merger-related charges. The adjusted loss of approximately $34 million was close to analysts' expectations. However, concerns remain about the company's cash burn rate and timeline to profitability.

Kodiak AI currently has 10 driverless trucks deployed and generated third-quarter sales of $770,000. The company's cash balance of $146 million is estimated to provide about 12 months of funding at the current burn rate. Despite these challenges, Kodiak is ambitiously targeting the deployment of 100 autonomous trucks and aims to launch long-haul driverless operations in the second half of 2026. As the market digests this information and assesses the long-term viability of Kodiak's business model in the competitive autonomous vehicle sector, the stock continues to face downward pressure.