Dive Brief:
- Kodiak AI expects to fully deploy its autonomous technology in the long-haul trucking segment before the end of next year, founder and CEO Don Burnette said on the company’s debut call with analysts Nov. 12.
- The company, which emerged as a publicly traded firm in September, has seen its tech successfully drive over 3 million miles and deliver more than 10,000 loads for its customers, according to the company’s Q3 earnings release. Its partners include J.B. Hunt Transport Services, CR England, Martin Brower and Atlas Energy Solutions.
- “We continue to make meaningful progress towards our goal of launching driverless operations in the long-haul vertical in the second half of next year,” Burnette told analysts.
Dive Insight:
Kodiak’s technology has been put through the paces with its customers, hauling assorted products including tires, food and frac sand. The autonomous vehicles have traveled on major interstates as well as private roads in a variety of conditions, which has sparked customer interest, according to Burnette.
“We also see a robust pipeline of customers interested in piloting and eventually deploying the Kodiak Driver in their fleets,” he said. “Our sense is that customers and the market broadly is excited about driverless deployment.”
The company has been conducting extensive safety tests on self-driving technology for long-haul trucking. Burnette said safety case reporting for this segment is about 78% complete.
“Kodiak started its journey with long-haul trucking and this continues to be our primary focus,” he said. The segment is important to the company because of its bountiful opportunity for driverless operations. In its Q3 earnings presentation, Kodiak noted the domestic long-haul market could exceed $900 billion by 2035 and top $4 trillion globally.
Burnette said Kodiak has seen success with its partnership with Atlas, noting the industrial segment is another ideal market for driverless technology.
“Operators in remote industrial locations face even greater difficulties recruiting and retaining drivers than long-haul carriers, meaning that autonomy can offer significant cost savings and operational efficiencies,” Burnette said.
Kodiak reported Q3 revenue of $770,000, representing 53% growth from the prior quarter, CFO Surajit Datta said on the call. The company expects more revenue as its grows its customer base and will seek additional financing to help scale itself.
“Kodiak is entering its next chapter with a strong foundation,” Datta said.
