According to information from Techcrunch, Kodiak AI's stock fell about 37% in the off-hours trading session after the company announced plans to raise an additional $100 million through a new share issuance with a large discount.
According to documents submitted to the U.S. Securities and Exchange Commission, Kodiak AI sold shares at $6.5/share, significantly lower than the previous closing price of $9.1.
The capital raising phase also includes warrants allowing investors to buy more shares in the future at a fixed price of 6 USD.
New capital comes from Ares Management and some other institutional investors.
This move comes as Kodiak AI is accelerating the expansion of self-driving truck operations on public highways and industrial parks.
In Q1/2026, the company recorded revenue of about 1.8 million USD, a slight increase compared to the same period last year. However, operating losses increased to 37.8 million USD, nearly double compared to a year ago.
Kodiak AI recently announced several new deals, including a partnership with Roehl Transport to deploy self-driving trucks on the Dallas - Houston route and a partnership with General Dynamics Land Systems in the field of defense autonomous vehicles.
According to an agreement with Roehl, Kodiak's self-driving trucks will transport goods on four round trips per week. Although the car operates automatically, the company still arranges safe drivers behind the wheel.
Kodiak AI CEO - Don Burnette said the company aims to deploy unmanned road transport on public highways by the end of this year.
According to Mr. Burnette, in the long term, Kodiak AI wants to switch to a model that provides an automatic driving system instead of directly owning a truck.
Kodiak AI, formerly named Kodiak Robotics, was listed on the US stock exchange last year through a merger with SPAC company under Ares Management. The deal at that time valued the company at about 2.5 billion USD.
