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Kodiak AI's Stock Plummets, Raises $100M for Self-Driving Trucks
Description
Kodiak AIs stock plummeted 37% in after-hours trading following a $100M share sale at a steep discount. The funding, led by Ares Management and other big investors, aims to accelerate self-driving truck development for highways and off-road jobs. Despite a 25% revenue increase, operating losses doubled, causing investor concern. Kodiaks new deals, like a driverless haul partnership with Roehl Transport, and progress on autonomy readiness, may not ease short-term cash burn worries.
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