KDK · Kodiak AI, Inc. Common Stock

Kodiak AI, Inc. (Nasdaq: KDK) disclosed a $100 million private placement (PIPE) of common stock and warrants, alongside its Q1 2026 earnings. The PIPE involves 15.4 million shares at $6.50 each and warrants exercisable at $6.00, with a five-year term. Proceeds will support working capital and general corporate purposes. The company also agreed to file a resale registration statement within 30 days and imposed a three-month lock-up on additional equity sales. Notably, to avoid anti-dilution adjustments triggered by the issuance, holders of the company's 9.99% Series A Cumulative Convertible Preferred Stock and certain existing warrants agreed to waive those provisions and set the conversion/exercise price at $6.00. This financing strengthens Kodiak's balance sheet, adding to the $90.2 million in cash and marketable securities reported at Q1 end. Q1 revenue of $1.8 million grew 74% sequentially, driven by expansion of its Driver-as-a-Service model with 28 customer-owned driverless trucks in operation. The company also highlighted operational milestones, including 23,500 cumulative hours of paid driverless operations and a strategic partnership with General Dynamics Land Systems. The PIPE, led by TD Cowen, Cantor, and Oppenheimer, provides capital to fund growth initiatives and progress toward profitability.