Kodiak AI Announces Refinancing of Senior Debt Facility

Core Viewpoint - Kodiak AI, Inc. has established a new debt facility with Horizon Technology Finance Corporation, which enhances its financial position by providing additional capital, lowering interest rates, extending maturity, and improving liquidity [1][2][7] Group 1: Debt Facility Details - The new debt facility amounts to $30 million, with terms that include a 200 basis point reduction in interest rates and an extension of maturity from 2026 to 2030 [1][7] - Borrowings under the Loan Agreement will accrue interest at a rate equal to the prime rate plus 3.50%, with a prime rate floor of 6.50% [3] - The Term Loans will be repayable in monthly interest-only payments from February 1, 2026, until July 1, 2028, followed by 18 equal monthly payments of principal and interest until maturity on January 1, 2030 [3] Group 2: Financial Impact - The favorable terms of the debt facility will strengthen Kodiak's financial position by increasing debt capacity, eliminating near-term principal payments, and extending debt maturity, resulting in reduced near-term cash outflows and improved liquidity [2][7] - The transaction reflects Horizon's confidence in Kodiak's business model and performance, enhancing the company's ability to execute on strategic priorities [2][7] Group 3: Company Overview - Kodiak AI, Inc. is a leading provider of AI-powered autonomous vehicle technology, aiming to address supply chain challenges through its driverless solution [9] - The company has achieved significant milestones, including deploying customer-owned and operated driverless trucks in commercial service and supporting national security initiatives with its technology [9]