Shares of Kodiak Robotics (KDK) plummeted 10% in pre-market trading on Thursday, following the release of the company's disappointing third-quarter 2025 financial results. The autonomous truck technology provider's earnings report revealed significant challenges, raising concerns about its path to profitability.

Kodiak reported a quarterly loss of $3.89 per share, substantially wider than the analyst consensus estimate of a $0.16 loss. Revenue for the quarter came in at a mere $770,000, missing Wall Street forecasts by an astonishing 99.84%. The company's net loss for the quarter expanded dramatically to $269.9 million, compared to a $19.1 million loss in the same period last year.

Despite reporting some operational progress, including the deployment of 10 fully driverless trucks and accumulating over 5,200 hours of paid driverless operations, investors appear to be focusing on Kodiak's substantial losses and revenue shortfall. The sharp decline in stock price reflects growing skepticism about the company's ability to monetize its technology at scale in the highly competitive autonomous driving sector. Analysts also expressed concerns about Kodiak's cash burn rate, with Citi analyst Mike Ward noting that the current cash balance of $146 million provides only about 12 months of funding at the current burn rate of $35 million to $40 million per quarter.