Kodiak Robotics (KDK), a self-driving truck technology company, saw its stock plummet 5.45% in pre-market trading on Friday, continuing its downward trend following the release of its first quarterly earnings report since completing its SPAC merger. The company's shares had already fallen 19% on Thursday, closing at $6.52.
The earnings report revealed a pretax net loss of $270 million, which included several one-time merger-related charges. The adjusted loss was approximately $34 million, close to analysts' expectations. Despite this, investors seem concerned about the company's financial position and growth prospects. Kodiak AI currently has only 10 driverless trucks deployed and generated modest third-quarter sales of $770,000.
Analysts remain cautiously optimistic about Kodiak's future, with some maintaining "Buy" ratings on the stock. However, the company's current cash balance of $146 million provides only about 12 months of funding at the current burn rate of $35-40 million per quarter. As Kodiak aims to deploy 100 autonomous trucks and launch long-haul driverless operations in the second half of 2026, investors will be closely watching the company's progress and cash management in the coming months.