Ares Acquisition II(AACT) - 2025 Q3 - Quarterly Results

Autonomous Operations - Kodiak Driver is now deployed in 10 fully driverless trucks, representing a 100% increase from Q2[5] - Cumulative hours of paid driverless operations exceeded 5,200, marking a 166% increase from the end of Q2[5] - As of the end of Q3, the Kodiak Driver has driven over 3 million autonomous miles and delivered over 10,000 loads for customers[7] - The company anticipates launching long-haul driverless operations in the second half of 2026[4] - Kodiak's long-haul autonomous trucks achieved the top score in an independent safety evaluation by Nauto[7] - The company introduced new product features, including a generative AI-based system for complex edge case scenarios[7] - Kodiak expanded its partnership with ZF to supply 100 advanced steering systems for Kodiak Driver-powered trucks[7] - The company has commenced hauling double trailers in the industrial vertical[7] Financial Performance - Kodiak ended Q3 with $146.2 million in cash and cash equivalents, including proceeds from the business combination with Ares Acquisition Corporation II[7] - Revenues for the three months ended September 30, 2025, increased to $770,000, up 92.5% from $400,000 in the same period of 2024[28] - Total operating expenses for the nine months ended September 30, 2025, were $76,659,000, a 43.3% increase from $53,486,000 in 2024[28] - Net loss for the nine months ended September 30, 2025, was $511,846,000, compared to a net loss of $55,107,000 in 2024, representing an increase of 828.5%[28] - Cash and cash equivalents at the end of the period were $146,203,000, significantly up from $33,192,000 at the end of September 30, 2024[31] - Free cash flow for the nine months ended September 30, 2025, was $(82,097,000), compared to $(36,977,000) in 2024, indicating a worsening cash flow situation[36] - Research and development expenses for the three months ended September 30, 2025, were $13,452,000, a 29.0% increase from $10,431,000 in 2024[28] - The company reported a loss on issuance of common stock warrants amounting to $123,328,000 for the nine months ended September 30, 2025[28] - Total liabilities, redeemable convertible preferred stock, and stockholders' deficit amounted to $177,839,000 as of September 30, 2025[25] - The weighted-average common shares outstanding for the nine months ended September 30, 2025, were 62,978,000, compared to 58,338,000 in 2024[28] - The company experienced a significant increase in stock-based compensation, totaling $10,136,000 for the nine months ended September 30, 2025, compared to $3,989,000 in 2024[30] Asset Management - Kodiak's total assets increased to $177.8 million as of September 30, 2025, compared to $35.6 million at the end of 2024[24]