Kodiak AI Inc (KDK) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to Kodiak's third-quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Lauren Harper, Kodiak's Chief of Staff. Please go ahead.

感謝您的耐心等待，歡迎參加 Kodiak 2025 年第三季財報電話會議。（操作員指示）我現在將電話交給科迪亞克的幕僚長勞倫·哈珀。請繼續。

Thank you, and welcome, everyone, to Kodiak's third-quarter 2025 earnings call. On the call today are Don Burnett, Founder and Chief Executive Officer of Kodiak; and Surajit Dutta, Chief Financial Officer of Kodiak. Our press release and an earnings presentation were issued earlier today and are posted on the Investor Relations section of our website. This call is being broadcast live via a webcast, and a replay will be available on our website after the call.

謝謝大家，歡迎各位參加 Kodiak 2025 年第三季財報電話會議。今天參加電話會議的有 Kodiak 的創辦人兼執行長 Don Burnett 和 Kodiak 的財務長 Surajit Dutta。我們今天稍早發布了新聞稿和獲利報告，並已發佈在我們網站的投資者關係版塊。本次電話會議將透過網路直播，會議結束後將在我們的網站上提供回放。

Before we begin, I would like to remind you that during today's call, Kodiak will be making forward-looking statements within the meaning of the Federal Securities laws about financial performance and future events, including our guidance for fiscal fourth quarter and full fiscal year 2025, as well as our long-term goals. Such forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位，在今天的電話會議中，Kodiak 將根據聯邦證券法對財務業績和未來事件做出前瞻性聲明，包括我們對 2025 財年第四季度和全年的業績指引，以及我們的長期目標。此類前瞻性聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

Any statement made during this call that is not a statement of historical facts should be deemed to be a forward-looking statement. All forward-looking statements, including statements regarding our guidance for fiscal fourth quarter and full fiscal year 2025, our estimated total addressable markets, our operational and product roadmap, our relationships with partners and suppliers, our ability to produce and deploy the Kodiak driver at scale, including the timing of launching drive assist trucks for long-haul highway operations, our expansion plans and opportunities, and our expectations regarding future business and financial performance, including future cash flows and our past profitability, are based upon management's current estimates and various assumptions.

本次電話會議中任何非歷史事實的陳述均應視為前瞻性陳述。所有前瞻性聲明，包括有關我們對 2025 財年第四季和全年業績的指引、我們估計的總潛在市場、我們的營運和產品路線圖、我們與合作夥伴和供應商的關係、我們大規模生產和部署 Kodiak駕駛員的能力（包括推出用於長途公路運輸的駕駛輔助卡車的時機）、我們的擴張計劃和機遇，以及我們對未來業務和財務業績的預期（包括未來現金流和我們過去的盈利能力）的聲明，均基於管理層當前的估計和各種假設。

These statements involve material risk and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please see our filings with the Securities and Exchange Commission.

這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性聲明中預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些說法。有關我們業務相關的風險和不確定性的清單和說明，請參閱我們向美國證券交易委員會提交的文件。

We disclaim any obligation, except as required by law, to update or revise any financial or operational projections or our other forward-looking statements, whether because of new information, future events or otherwise. Any forward-looking statements made on this call speak only as of the date of this call.

除法律要求外，我們不承擔任何更新或修改任何財務或營運預測或其他前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。本次電話會議中所做的任何前瞻性陳述僅代表截至本次電話會議之日的觀點。

Further, in addition to discussing results that are calculated in accordance with generally accepted accounting principles, we may also refer to certain non-GAAP financial measures. For more detailed information on our non-GAAP financial disclosures, including reconciliations to most comparable GAAP measures, please refer to our earnings release, which can be found on our investor relations website.

此外，除了討論依照公認會計原則計算的結果外，我們可能還會提及某些非公認會計原則的財務指標。有關我們非GAAP財務披露的更多詳細信息，包括與最可比較GAAP指標的調節表，請參閱我們的盈利報告，該報告可在我們的投資者關係網站上找到。

Our discussion today also includes references to forward-looking free cash flow. Such forward-looking financial measure is provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

我們今天的討論也包括對未來自由現金流的展望。由於預測和量化某些金額的固有困難，而這些金額是進行此類調整所必需的，因此，此類前瞻性財務指標以非公認會計準則 (non-GAAP) 為基礎提供，並且沒有與最直接可比較的公認會計準則 (GAAP) 指標進行調整。

I will now turn the call over to Don. Please go ahead.

現在我將把通話交給唐。請繼續。

Thanks, Lauren, and welcome to our first earnings call as a public company. Today, we're excited to share our third-quarter results. But first, I'd like to introduce you to Kodiak and talk about our industry-leading technology, our strategy, and why we believe we are positioned to capture the tremendous opportunity in the global trucking market.

謝謝勞倫，歡迎參加我們作為上市公司的首次財報電話會議。今天，我們很高興與大家分享第三季業績。但首先，我想向大家介紹一下 Kodiak，並談談我們行業領先的技術、我們的策略，以及我們為什麼相信我們有能力抓住全球卡車運輸市場的巨大機會。

Kodiak delivers AI-powered driving technology that tackles some of the world's toughest driving jobs across vehicles and environments. We are a leading provider of autonomous trucking technology with 10 driverless trucks in customer operation with no human in the cab.

Kodiak 提供人工智慧驅動的駕駛技術，可應對世界上一些最艱鉅的駕駛任務，涵蓋各種車輛和環境。我們是領先的自動駕駛卡車技術供應商，目前有 10 輛無人駕駛卡車在客戶營運中，駕駛室內無人駕駛。

These 10 trucks are the first to be delivered as we fulfill the world's largest known driverless trucking contract, a binding order to deploy our technology in 100 customer-owned trucks. Our differentiated technology allows us to seamlessly operate across a variety of environments, giving us the flexibility we need to focus on three large verticals: Long-Haul Trucking, Industrial Trucking, and Defense.

這 10 輛卡車是我們履行全球已知最大的無人駕駛卡車合約的首批交付車輛，這是一份具有約束力的訂單，要求我們在 100 輛客戶擁有的卡車上部署我們的技術。我們差異化的技術使我們能夠在各種環境中無縫運營，從而賦予我們所需的靈活性，讓我們專注於三大垂直領域：長途貨運、工業貨運和國防。

Across these verticals, We work with industry-leading customers such as JB Hunt, Werner, CR England, Martin Brower, Atlas Energy Solutions, and the US Army. Kodiak's core business is based on the Driver-as-a-Service, or DaaS model, which is designed to replicate how customers pay their drivers today, either by the mile or by the vehicle.

在這些垂直領域，我們與業界領先的客戶合作，例如 JB Hunt、Werner、CR England、Martin Brower、Atlas Energy Solutions 和美國陸軍。Kodiak 的核心業務基於司機即服務 (DaaS) 模式，該模式旨在複製客戶如今向司機支付報酬的方式，即按里程或按車輛支付報酬。

Our customers own and operate their own driverless trucks and pay us a recurring fee to utilize the Kodiak driver in their fleets. This DaaS model allows us to generate recurring revenue while keeping our balance sheet relatively asset-light.

我們的客戶擁有並經營自己的無人駕駛卡車，並定期向我們支付費用，以便在他們的車隊中使用 Kodiak 駕駛員。這種 DaaS 模式使我們能夠在保持資產負債表相對輕量化的同時，產生經常性收入。

We initially launched this model with Atlas Energy Solutions, a leading logistics provider in the Permian Basin that is actively working to automate its supply chain. We intend to grow DaaS revenue both as Atlas grows its fleet of Kodiak-powered trucks and as we expand driverless operations with new customers.

我們最初與阿特拉斯能源解決方案公司（Atlas Energy Solutions）合作推出了這個模式。該公司是二疊紀盆地領先的物流供應商，目前正積極致力於實現供應鏈自動化。我們計劃隨著 Atlas 不斷擴大其 Kodiak 動力卡車車隊以及我們透過與新客戶拓展無人駕駛業務，提高 DaaS 收入。

I believe it is paramount to execute across three strategic pillars to launch a driverless business: technology, safety case, and product. While technology is the most visible, each of these pillars is critical to successfully launching and scaling autonomous trucks.

我認為，要啟動無人駕駛業務，必須圍繞三大戰略支柱：技術、安全論證和產品。雖然技術是最顯而易見的，但這些支柱中的每一個對於成功推出和擴大自動駕駛卡車的規模至關重要。

Let me address each of these, starting with technology. The Kodiak Driver, our autonomous system, combines advanced AI-powered software with modular vehicle agnostic hardware. We designed the Kodiak Driver to operate in challenging driving environments while integrating seamlessly into our customers' fleets.

讓我逐一解答這些問題，先從技術方面說起。Kodiak Driver 是我們的自動駕駛系統，它將先進的人工智慧軟體與模組化的、與車輛無關的硬體相結合。我們設計的 Kodiak Driver 能夠在具有挑戰性的駕駛環境中運行，同時能夠無縫整合到我們客戶的車隊中。

This single integrated software platform is designed for deployment across three verticals: Long-Haul Trucking, Industrial Trucking, and Defense. It operates day and night in a wide range of weather conditions, including rain and severe dust storms, and in some of the most complex scenarios in trucking.

這個單一整合的軟體平台旨在部署於三個垂直領域：長途貨運、工業貨運和國防。它晝夜不停地在各種天氣條件下運行，包括雨天和嚴重的沙塵暴，以及卡車運輸中一些最複雜的場景。

Our core technology allows the Kodiak Driver to operate without high-definition maps commonly used in the AV industry. We believe this approach makes the Kodiak driver more adaptable to real-time changes on the road than traditional AVs that heavily rely on pre-mapped terrain. It also makes the Kodiak Driver better able to navigate unstructured off-road environments, uniquely enabling us to pursue opportunities in the Industrial and Defense verticals that would otherwise be challenging if we required high-definition maps.

我們的核心技術使 Kodiak Driver 能夠在無需 AV 行業常用的高清地圖的情況下運作。我們認為，與嚴重依賴預先繪製地形圖的傳統自動駕駛汽車相比，這種方法使 Kodiak 駕駛員能夠更好地適應道路上的即時變化。它還使 Kodiak Driver 能夠更好地在非結構化的越野環境中導航，從而使我們能夠獨特地在工業和國防垂直領域尋求機會，而如果我們需要高解析度地圖，這些機會將難以實現。

We integrate our software into our modular autonomy hardware kit that is adaptable to a wide range of vehicle types. We've already integrated the Kodiak hardware kit into Class A trucks, Ford F-150s, and even treaded military vehicles.

我們將軟體整合到模組化自動駕駛硬體套件中，該套件可適應各種類型的車輛。我們已經將 Kodiak 硬體套件整合到 A 級卡車、福特 F-150 甚至履帶式軍用車輛中。

Our hardware kit includes Kodiak's proprietary sensor pods, which are self-contained modules that contain third-party cameras, radars, and lidars, and are designed to be quick and easy to swap in the field with minimal training. Our modular approach allows us to quickly install the Kodiak Driver's hardware kit into our customers' trucks, reducing the cost of deployment.

我們的硬體套件包括 Kodiak 專有的感測器艙，這些感測器艙是獨立的模組，包含第三方攝影機、雷達和光達，設計用於在現場快速輕鬆地更換，只需極少的培訓。我們的模組化方法使我們能夠快速地將 Kodiak 駕駛員硬體套件安裝到客戶的卡車上，從而降低部署成本。

Years ago, we decided that upfitting was the right go-to-market strategy to address a significant industry-wide challenge, that today, none of the truck OEMs offer a driverless-ready platform. To implement this strategy, we partnered with Michigan-based Roush Industries, a leading automotive product development supplier.

多年前，我們決定採用改裝策略來應對一個重大的產業挑戰，那就是如今沒有一家卡車原始設備製造商提供可供無人駕駛使用的平台。為了實施這項策略，我們與總部位於密西根州的 Roush Industries 建立了合作關係，該公司是領先的汽車產品開發供應商。

Roush is an industry leader in small to medium volume automotive manufacturing. Their deep experience building high-quality vehicles at scale brings efficiency and quality to our manufacturing that would be very difficult to match with in-house production.

Roush是中小批量汽車製造業的領導者。他們擁有豐富的經驗，能夠大規模製造高品質的車輛，這為我們的生產帶來了效率和質量，而這是內部生產很難達到的。

Now to our second pillar: safety. Safety is our core value at Kodiak. It is critical to building trust with customers, regulators, and the general public. The most important part of the process is building a safety case, which is a comprehensive evidence-backed argument for why the Kodiak driver is safe to deploy.

現在來說說我們的第二支柱：安全。在 Kodiak，安全是我們的核心價值。這對於建立與客戶、監管機構和公眾之間的信任至關重要。這個過程中最重要的部分是建立安全論證，即提供全面的、有證據支持的論證，說明為什麼 Kodiak 驅動器可以安全部署。

Kodiak is one of only a handful of AV companies known to have completed a driverless safety case. Developing a safety case is a massive cross-functional effort, spanning software, systems engineering, hardware, functional safety, manufacturing, operations, and even legal and policy.

Kodiak是目前已知的少數幾家完成無人駕駛安全案例的自動駕駛汽車公司之一。制定安全論證是一項龐大的跨職能工作，涉及軟體、系統工程、硬體、功能安全、製造、運營，甚至法律和政策。

To help track our progress on launching the Kodiak Driver on long-haul routes, today, we are unveiling our Autonomous Readiness Measure, or ARM, which measures the percentage of claims and evidence in Kodiak safety case for driverless operations that are materially complete.

為了幫助我們追蹤 Kodiak Driver 在長途路線上的推出進展，今天，我們推出了自動駕駛準備度指標 (ARM)，該指標衡量 Kodiak 無人駕駛操作安全案例中已實質完成的索賠和證據的百分比。

Having completed our industrial safety case, our industrial ARM is necessarily at 100%. Today, I am incredibly proud to report that our long-haul ARM currently stands at 78%, and we expect to make steady progress in the quarters ahead as we prepare for long-haul driverless operations in the second half of 2026.

完成工業安全案例後，我們的工業 ARM 必然達到 100%。今天，我非常自豪地宣布，我們的長途無人駕駛營運率目前已達到 78%，我們預計在接下來的幾個季度將穩步推進，為 2026 年下半年的長途無人駕駛營運做好準備。

Lastly, I'd like to turn to our third pillar, the product. We take a unique, customer-centric approach that has allowed us to implement our technology and build a valuable product our customers can utilize efficiently. The operational experience we have gained over seven years and 10,000 loads has enabled us to understand our customers' needs and build our product accordingly.

最後，我想談談我們的第三個支柱——產品。我們採取獨特的以客戶為中心的方法，使我們能夠實施我們的技術並打造出客戶可以高效使用的有價值的產品。七年多來，我們累積了超過 10,000 次運輸的營運經驗，這使我們能夠了解客戶的需求，並據此打造我們的產品。

For example, We developed our quick swap sensor pods after hearing from our customers about the importance of our hardware fitting into existing maintenance processes. Additionally, our driverless deployment with Atlas in the Permian has helped us pressure test core product features, including launching, driving, landing, and maintaining driverless vehicles. We see this generating a flywheel effect, allowing us to leverage these features and our learnings across Long-Haul and Defense deployments.

例如，在聽取了客戶的意見，了解到我們的硬體與現有維護流程的契合度非常重要之後，我們開發了快速更換感測器模組。此外，我們在二疊紀盆地與 Atlas 合作開展的無人駕駛車輛部署項目，幫助我們對核心產品功能進行了壓力測試，包括無人駕駛車輛的發射、駕駛、著陸和維護。我們看到這產生了飛輪效應，使我們能夠在長途運輸和國防部署中利用這些特性和我們的經驗。

As we have already discussed, The Kodiak Driver operates on highways, local streets, dirt roads, and off-road environments. This generalization enables seamless operations and shared learnings across industries. I'd like to address our unique experience and opportunity in each of these verticals.

正如我們之前討論過的，Kodiak Driver 可以在高速公路、當地街道、土路和越野環境中運行。這種通用化使得跨產業的無縫營運和經驗共享成為可能。我想談談我們在每個垂直領域的獨特經驗和機會。

Kodiak started its journey with Long-Haul Trucking, and this continues to be our primary focus. Given the trucking industry's $4 trillion global TAM, we see tremendous opportunity in this vertical. Today, we get paid to deliver freight from our Dallas operations hub to Houston, Oklahoma City, and Atlanta using our own trucking fleet with a safety driver. Our highly respected customers include JB Hunt, Werner, CR England, and Martin Brower.

Kodiak 起步於長途貨運，而這仍然是我們的主要業務。鑑於卡車運輸業的全球市場規模高達 4 兆美元，我們看到了這個垂直領域的巨大機會。今天，我們使用自己的卡車車隊，配備安全駕駛員，將貨物從達拉斯營運中心運送到休士頓、俄克拉荷馬城和亞特蘭大，並獲得報酬。我們備受尊敬的客戶包括 JB Hunt、Werner、CR England 和 Martin Brower。

We also see a robust pipeline of customers interested in piloting and eventually deploying the Kodiak driver in their fleets. 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. and expect to subsequently transition our Long-Haul customers to our DaaS business model.

我們也看到大量客戶對在其車隊中試用並最終部署 Kodiak 驅動程式表現出濃厚的興趣。我們正朝著明年下半年在長途運輸領域推出無人駕駛營運的目標穩步邁進，並預計隨後將我們的長途運輸客戶過渡到我們的DaaS業務模式。

The Industrial Trucking vertical, where we deployed our first driverless trucks, includes oil and gas, mineral transportation, and logging transportation. The $68 billion global industrial market is an ideal use case for our 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.

我們在工業運輸垂直領域部署了第一批無人駕駛卡車，該領域包括石油和天然氣、礦物運輸和伐木運輸。價值 680 億美元的全球工業市場是我們技術的理想應用場景。偏遠工業區的業者在招募和留住司機方面面臨的困難甚至比長途運輸公司更大。這意味著自主駕駛可以顯著節省成本並提高營運效率。

As I mentioned previously, the Kodiak Driver's technology is well-designed to work in unstructured industrial environments where we see many challenging scenarios that are less common in Long-Haul Trucking. These include oncoming traffic; narrow, uneven roads; frequent pedestrians; and the occasional cow. We believe that this versatility sets the Kodiak Driver's AV capabilities ahead of the competitions.

正如我之前提到的，Kodiak Driver 的技術設計精良，能夠在非結構化的工業環境中運行，在這些環境中，我們會看到許多在長途貨運中不太常見的具有挑戰性的場景。這些因素包括迎面而來的車輛；狹窄不平的道路；頻繁的行人；以及偶爾出現的牛隻。我們相信，這種多功能性使 Kodiak Driver 的 AV 功能領先於競爭對手。

In addition to being a significant revenue opportunity, our Industrial Trucking deployment in the Permian helps us mature the Kodiak driver across all three of our strategic pillars. The Permian is a literal and figurative sandbox for honing our technology, our safety case, and product, enabling a flywheel that is already accelerating our ability to implement our technology across verticals.

除了帶來巨大的收入機會外，我們在二疊紀盆地的工業卡車部署還有助於我們在三大戰略支柱領域內提升 Kodiak 駕駛員的技能。二疊紀盆地既是名副其實的沙箱，也是我們磨練技術、安全論證和產品的沙箱，它形成了一個飛輪效應，已經加速了我們在各個垂直領域實施技術的能力。

The unstructured driving environment of the Permian produces more unusual edge cases compared to structured highway driving, progressing the technology through rapid learning and challenging the system. We've also gained significant product experience integrating into our customers' transportation management systems and developed processes for managing vehicle maintenance with operations personnel on the ground.

二疊紀盆地的非結構化駕駛環境與結構化的高速公路駕駛相比，會產生更多不尋常的極端情況，透過快速學習推動技術進步，並對系統提出挑戰。我們在將產品整合到客戶的運輸管理系統中方面也累積了豐富的經驗，並制定了與現場營運人員一起管理車輛維護的流程。

We've been delivering loads with no human in the vehicle in some of the toughest weather conditions in trucking, including dust storms. This experience will enable us to provide greater value to our Long-Haul customers.

我們曾在卡車運輸中最惡劣的天氣條件下（包括沙塵暴）運送貨物，車內無人。這次經驗將使我們能夠為長途運輸客戶提供更大的價值。

Lastly, we're focused on adapting our virtual driver for Defense purposes. The current administration has adopted a supportive posture for autonomous technology and defense use cases mirror Long-Haul and Industrial Trucking with both on-road and off-road operations. We have proven experience in Defense, exemplified by our $30 million contract with the US Army, which we completed work on earlier in 2025.

最後，我們正致力於將我們的虛擬駕駛員系統應用於國防領域。現任政府對自動駕駛技術採取了支持態度，國防應用案例與長途運輸和工業卡車運輸類似，既包括公路運輸也包括非公路運輸。我們在國防領域擁有豐富的經驗，例如我們與美國陸軍簽訂的價值 3000 萬美元的合同，我們已於 2025 年初完成了該合同的工作。

The need for autonomy and defense applications is obvious. And ultimately, we believe autonomy will be integrated into the entire Pentagon vehicle fleet. We believe Congress and the military support investments in autonomy, though the government shutdown has caused some short-term uncertainty around contracting timing. We will continue to pursue opportunities in this space going into 2026.

對自主系統和國防應用的需求顯而易見。最終，我們相信自動駕駛技術將融入五角大廈的整個車輛車隊中。我們相信國會和軍方支持對自主權的投資，儘管政府停擺導致合約簽訂時間方面出現了一些短期不確定性。進入2026年，我們將繼續在這個領域尋求機會。

Now, turning to our Q3 results. We are pleased with our strong performance in Q3. During the third quarter, we deployed the Kodiak Driver in an additional five trucks owned by our customer, Atlas Energy Solutions. We are now generating recurring gas revenue on a total of 10 driverless trucks equipped with the Kodiak driver, a 100% increase over Q2.

現在，讓我們來看看第三季業績。我們對第三季的強勁業績感到滿意。第三季度，我們在客戶 Atlas Energy Solutions 擁有的另外五輛卡車上部署了 Kodiak Driver。我們現在共有 10 輛配備 Kodiak 駕駛員系統的無人駕駛卡車正在產生持續的汽油收入，比第二季度增加了 100%。

As we move into 2026, we expect to accelerate our deployment as we seek to fulfill Atlas's initial order of 100 Kodiak-equipped trucks. We have also completed over 5,200 cumulative hours of paid driverless operations, which represents a 166% increase from the end of Q2.

進入 2026 年，我們預計將加快部署速度，以完成 Atlas 最初訂購的 100 輛配備 Kodiak 的卡車。我們還完成了累計超過 5200 小時的付費無人駕駛運營，比第二季末成長了 166%。

We view this as a key metric to measure the progress of an autonomous company, regardless of the specific use case. Additionally, we have driven over 3 million autonomous miles and delivered over 10,000 loads for our customers, a 21% increase in cumulative deliveries over Q2.

我們認為這是衡量一家自主公司發展進程的關鍵指標，無論具體應用情境為何。此外，我們已實現超過 300 萬英里的自動駕駛里程，並為客戶交付了超過 1 萬批貨物，累計交付量比第二季度增長了 21%。

I'd like to address our recent progress by pillar. First, the technology pillar. At the beginning of Q4, we issued a new software release that among other improvements, includes new features that allow us to reduce the need for remote assistance by 53%. This reduction, in turn, improves our ability to scale our solution.

我想按幾個方面來談談我們最近的進展。首先是技術支柱。在第四季初，我們發布了一個新的軟體版本，除其他改進外，還包含一些新功能，使我們能夠將遠端協助的需求減少 53%。這種減少反過來提高了我們擴展解決方案的能力。

Another feature included in this new software release is a new component of our perception system that leverages generative AI-based vision language models to identify and address novel, complex edge case scenarios that are rare in the real world. We believe combining our proprietary multimodal AI perception model, GigaFusionNet, with these new high-level reasoning capabilities sets a new standard for physical AI.

新軟體版本中還包含一項新功能，即感知系統的一個新組件，該組件利用基於生成式 AI 的視覺語言模型來識別和解決現實世界中罕見的新穎、複雜的邊緣案例場景。我們相信，將我們專有的多模態人工智慧感知模型 GigaFusionNet 與這些新的高階推理能力結合，將為物理人工智慧樹立新的標準。

Using this new technology, the Kodiak Driver's AI can now identify scenarios like flooded roads and car fires, rare scenarios that can be a challenge for more traditional perception techniques. This new feature allows us to better handle the long tail of complex edge cases and gives us further confidence as we move down the path towards our Long-Haul driverless deployment.

利用這項新技術，Kodiak Driver 的人工智慧現在可以識別諸如道路被淹和汽車著火之類的場景，這些罕見的場景對於更傳統的感知技術來說是一個挑戰。這項新功能使我們能夠更好地處理大量複雜的極端情況，並讓我們在邁向長途無人駕駛部署的道路上更有信心。

In Q3, we announced that we have integrated NXP's ISO 26262 compliant processors and interfaces into the architecture that powers the Kodiak Driver. The addition of NXP's automotive solutions have improved the Kodiak Driver's reliability and robustness while helping us to improve vehicle uptime.

在第三季度，我們宣布已將 NXP 符合 ISO 26262 標準的處理器和介面整合到 Kodiak 驅動程式的架構中。NXP汽車解決方案的加入提高了Kodiak Driver的可靠性和穩健性，同時也幫助我們提高了車輛的正常運作時間。

Last week, we announced an expanded partnership with global Tier 1 automotive supplier ZF. Through this expanded partnership, we purchased steering systems with redundant components for 100 Kodiak-equipped trucks. These redundant steering components are critical to ensuring our ability to safely scale the Kodiak Driver.

上週，我們宣布擴大與全球一級汽車供應商 ZF 的合作關係。透過此次擴大的合作，我們為 100 輛配備 Kodiak 轉向系統的卡車採購了帶有冗餘組件的轉向系統。這些冗餘的轉向組件對於確保我們能夠安全地擴展 Kodiak Driver 至關重要。

On the safety side, we were proud to announce the results of an evaluation by Nauto, a leader in AI-powered fleet safety technology. Kodiak received the highest VERA safety score among over 1,000 fleets in Nauto's network. In fact, the Kodiak Driver received a perfect score of 100 in three out of four Nauto VERA Score categories and a 95 in the fourth. We believe independent safety evaluations like Nauto's help to validate what we already know: the Kodiak driver is already among the safest drivers on American highways.

在安全方面，我們很自豪地宣布了人工智慧驅動車隊安全技術領域的領導者 Nauto 的評估結果。在 Nauto 網路中的 1000 多個車隊中，Kodiak 獲得了最高的 VERA 安全評分。事實上，Kodiak Driver 在 Nauto VERA 評分的四個類別中有三個類別獲得了滿分 100 分，第四個類別獲得了 95 分。我們相信，像 Nauto 這樣的獨立安全評估有助於驗證我們已經知道的事實：Kodiak 駕駛員已經是美國高速公路上最安全的駕駛員之一。

Lastly, I'd like to address the product pillar. As we've discussed earlier, we continue to execute on the upfitting strategy we first articulated years ago. In Q3, Roush launched a dedicated manufacturing line to upfit trucks with Kodiak's hardware kit.

最後，我想談談產品支柱。正如我們之前討論過的，我們將繼續執行我們多年前首次提出的改裝策略。第三季度，Roush 推出了一條專門的生產線，為卡車加裝 Kodiak 的硬體套件。

With Roush-built trucks already rolling off the line, we believe we have further solidified a leading position in building driverless trucks at scale. We also continue to strengthen our OEM relationships over the course of the quarter and will continue to prioritize building those relationships.

隨著 Roush 製造的卡車已經下線，我們相信我們進一步鞏固了在大規模製造無人駕駛卡車方面的領先地位。本季我們將持續加強與OEM廠商的關係，並將繼續優先發展這些關係。

Additionally, we added the ability to haul two trailers at the same time. Pulling doubles, as it's called in trucking, is difficult for even highly skilled human drivers. In addition to extra length, the second trailer complicates every turn. This makes maneuvering extremely difficult. Pulling doubles is even more difficult in the Permian, which features rugged landscapes with narrow, windy roads, and we achieved this significant technical milestone ahead of schedule.

此外，我們也增加了同時牽引兩輛拖車的功能。在卡車運輸中，牽引雙拖車（也稱為雙拖車）即使對於技術嫻熟的人類駕駛員來說也是一項艱鉅的任務。除了增加長度外，第二個拖車還使每個轉彎變得更加複雜。這使得操控變得極為困難。在二疊紀地形崎嶇、道路狹窄蜿蜒的地區，牽引雙拖車更加困難，而我們提前實現了這項重要的技術里程碑。

We also saw significant regulatory progress in Q3 and the early days of Q4. I'd like to highlight one item in particular. In early October, the US Department of Transportation issued a waiver that allows AV truck operators to use flashing warning beacons as a replacement for reflective warning triangles. We integrated these warning beacons into our very first driverless-ready truck back in 2024. We are thankful for the administration's support and we want to thank them for their leadership on this issue.

我們也看到第三季和第四季初監管方面取得了重大進展。我想特別強調其中一點。10月初，美國交通部發布了一項豁免令，允許自動駕駛卡車營運商使用閃光燈警告燈代替反光警告三角牌。早在 2024 年，我們就將這些警告信標整合到我們的第一輛無人駕駛卡車中。我們感謝政府的支持，並感謝他們在這問題上所扮演的領導角色。

Finally, over the past few months, we made tremendous progress as we prepared Kodiak to operate as a public company. We are incredibly excited for this next chapter and look forward to sharing more updates on our next earnings call. I am proud of what we have accomplished thus far and believe we are well positioned for growth.

最後，在過去的幾個月裡，我們在為 Kodiak 作為一家上市公司營運做準備方面取得了巨大的進展。我們對即將開啟的新篇章感到無比興奮，並期待在下次財報電話會議上與大家分享更多最新進展。我為我們迄今為止所取得的成就感到自豪，並相信我們已經為未來的發展做好了充分準備。

In summary, Q3 showed Kodiak executing across our three pillars: technology, safety, and product; positioning us to deliver meaningful growth and durable value for customers, partners, and shareholders. We are converting our progress into real commercial traction, including delivering additional Kodiak Driver-powered trucks under the world's largest known driverless truck deployment.

總而言之，第三季 Kodiak 在技術、安全和產品這三大支柱方面都取得了成功；這使我們能夠為客戶、合作夥伴和股東帶來有意義的成長和持久的價值。我們正在將取得的進展轉化為真正的商業動力，包括在目前已知的全球最大規模的無人駕駛卡車部署專案中交付更多 Kodiak Driver 動力卡車。

We head into 2026 with strong momentum across the Long-Haul, Industrial, and Defense verticals and are continuing to move toward the launch of driverless Long-Haul operations while scaling our Industrial business. We believe these wins will allow us to grow as we remain capital efficient, providing a path to profitability and positive free cash flow in the future.

進入 2026 年，我們在長途運輸、工業和國防垂直領域都保持著強勁的發展勢頭，我們將繼續推進無人駕駛長途運輸業務的啟動，同時擴大我們的工業業務規模。我們相信，這些勝利將使我們能夠在保持資本效率的同時實現成長，為未來獲利和正自由現金流鋪平道路。

I'll conclude my remarks by extending a huge thanks to all of our Kodiakers. The progress we have made is a reflection of your hard work, and I look forward to accomplishing even more with you in the future.

最後，我要向所有科迪亞克人表達衷心的感謝。我們所取得的進步體現了你的辛勤付出，我期待未來與你一起取得更大的成就。

Surajit, over to you.

蘇拉吉特，該你了。

Thank you, Don, and good afternoon, everyone. I am pleased to share Kodiak's financial results for the third quarter of 2025, our first as a public company. This quarter marks an important milestone for Kodiak as we continue to successfully execute on our mission to accelerate adoption and commercialization of autonomous technology in a safe and reliable way.

謝謝你，唐，大家下午好。我很高興與大家分享 Kodiak 2025 年第三季的財務業績，這是我們作為上市公司的第一個季度。本季對於 Kodiak 而言是一個重要的里程碑，我們將繼續成功地執行我們的使命，以安全可靠的方式加速自動駕駛技術的應用和商業化。

From a financial perspective, we are committed to delivering consistent value and building on the strong foundation already in place. We see potential for significant long-term growth, scale, and operating leverage. We delivered strong performance, demonstrating our ability to scale and grow the business.

從財務角度來看，我們致力於持續創造價值，並在現有堅實的基礎上繼續發展。我們看到了巨大的長期成長、規模擴大和營運槓桿效應的潛力。我們取得了優異的業績，展現了我們擴大和發展業務的能力。

We also continue to focus on deploying capital efficiently, most notably by partnering with leaders in the AV and trucking ecosystems. This allows us to focus on our core competency of developing advanced AI-powered autonomy software.

我們也將繼續專注於高效部署資本，尤其是在自動駕駛汽車和卡車運輸生態系統中與領先企業建立合作關係方面。這使我們能夠專注於開發先進的人工智慧驅動的自主軟體這一核心競爭力。

Revenue for the third quarter was $0.8 million. This represents a 53% growth over the prior quarter, primarily driven by increase in Driver-as-a-Service revenue generated by our 100% quarter-over-quarter growth in customer-owned and operated driverless trucks.

第三季營收為 80 萬美元。這比上一季增長了 53%，主要得益於「司機即服務」收入的增長，而這又得益於客戶擁有和運營的無人駕駛卡車數量環比增長 100%。

Let me take a moment to further explain our DaaS revenue model. Under this model, we charge our customers a single composite license fee to use the Kodiak Driver AV hardware and AI-powered autonomy software. We charge this fee on either a per vehicle or a per mile basis.

讓我花點時間進一步解釋一下我們的DaaS收入模式。在這種模式下，我們向客戶收取一筆綜合許可費，用於使用 Kodiak Driver AV 硬體和 AI 驅動的自動駕駛軟體。我們按車輛數量或里程數收取此費用。

This flexible pricing model is designed to align with our customers' diverse operational models. The DaaS model allows us to build predictable, recurring revenue under multi-year contracts. We have already implemented the DaaS model with Atlas.

這種靈活的定價模式旨在適應我們客戶多樣化的營運模式。DaaS 模式使我們能夠透過多年合約建立可預測的、經常性的收入。我們已經在 Atlas 中實作了 DaaS 模型。

In our Long-Haul operations, our customers currently pay us to deliver freight on Kodiak-owned autonomous trucks. We plan to transition our Long-Haul customers to the DaaS model once we commence our Long-Haul driverless operations. By integrating the Kodiak Driver into customer-owned fleets, we expect to continue to build an asset-light business that scales with our customers' growth while limiting our CapEx outlay.

在我們的長途運輸業務中，我們的客戶目前付費讓我們使用 Kodiak 擁有的自動駕駛卡車運送貨物。一旦我們開始長途無人駕駛運營，我們計劃將長途客戶過渡到 DaaS 模式。透過將 Kodiak Driver 整合到客戶擁有的車隊中，我們希望繼續打造一個輕資產業務，隨著客戶的成長而擴展，同時限制我們的資本支出。

Now, turning back to the financials, GAAP operating loss for the third quarter was $30 million. Non-GAAP operating loss for the quarter, which excludes stock-based compensation, totaled $24.7 million, primarily due to continued investment in R&D and operational support for our Industrial deployment. For a reconciliation of non-GAAP metrics to GAAP, please see our earnings release, which we filed prior to the call.

現在，讓我們回到財務數據，第三季GAAP營業虧損為3000萬美元。非GAAP本季營業虧損（不包括股票選擇權費用）總計 2,470 萬美元，主要原因是持續投資於研發和工業部署的營運支援。有關非 GAAP 指標與 GAAP 指標的調整表，請參閱我們在電話會議之前提交的收益報告。

We also incurred capital expenditures of $6.6 million, primarily to purchase AV components that we deploy on our customer's trucks. Free cash flow for the quarter was negative $40 million. This included high single-digit millions of one-time payments and public company-related costs. We ended the quarter with $146.2 million in cash and cash equivalents. including the proceeds raised as part of the de-SPAC transaction net of fees and expenses.

我們還投入了 660 萬美元的資本支出，主要用於購買我們部署在客戶卡車上的 AV 組件。本季自由現金流為負4000萬美元。這其中包括數百萬美元的一次性付款和上市公司相關費用。本季末，我們持有現金及現金等價物1.462億美元，其中包括從SPAC交易中籌集的資金，扣除費用和支出後。

Turning to guidance of Q4 of fiscal year 2025, we expect to end 2025 with customer-owned and operated driverless trucks in the mid- to high-teens. Q4 FY25 free cash flow is expected to be in the range of negative $36 million to negative $38 million as we continue to invest in R&D and incur capital expenditures to purchase and deploy AV hardware on customer-owned trucks.

展望 2025 財年第四季度，我們預計到 2025 年底，客戶擁有和營運的無人駕駛卡車數量將達到 15% 到 10% 左右。由於我們繼續投資研發並產生資本支出，用於購買和在客戶擁有的卡車上部署自動駕駛汽車硬件，預計 2025 財年第四季度自由現金流將在負 3600 萬美元至負 3800 萬美元之間。

Over the next few quarters, we expect to continue to deploy Kodiak Driver to meet our initial contractual commitment of 100 customer-owned driverless trucks with Atlas. This is expected to drive meaningful increase in quarter-over-quarter revenue.

在接下來的幾個季度裡，我們預計將繼續部署 Kodiak Driver，以履行我們與 Atlas 簽訂的最初合約承諾，即提供 100 輛客戶擁有的無人駕駛卡車。預計這將推動季度環比收入顯著增長。

As we look ahead, we expect our capital needs to be primarily driven by four factors: R&D investments, including safety validation; cost associated with scaling industrial commercialization; strategic initiatives to lower AV unit hardware expenditures; and public company costs. We expect that these capital needs will be partially offset by increases in DaaS revenue as well as improvements in operating leverage from scale and efficiencies.

展望未來，我們預期我們的資本需求主要受以下四個因素驅動：研發投資（包括安全驗證）；與擴大工業商業化規模相關的成本；降低 AV 設備硬體支出的策略性舉措；以及上市公司成本。我們預計，DaaS 收入的成長以及規模和效率的提高將部分抵消這些資本需求，從而改善營運槓桿。

We plan to provide more detailed guidance for fiscal year 2026 as a part of our Q4 FY 2025 earnings call. We'll opportunistically seek additional financing options to strengthen our liquidity and support the next phase of growth, particularly as we build out our customer pipeline and launch driverless commercial long-haul operations in the second half of fiscal 2026.

我們計劃在 2025 財年第四季財報電話會議上提供 2026 財年的更詳細指引。我們將抓住機會尋求額外的融資選擇，以增強我們的流動性並支持下一階段的成長，尤其是在我們拓展客戶管道並在 2026 財年下半年推出無人駕駛長途商業運營之際。

Our financial priorities remain consistent with our strategic goals that Don had laid out earlier. We want to: first, grow Driver-as-a-Service revenue with existing and new Industrial and Long-Haul customers to build a durable, recurring, high-margin business model over time. Second, invest prudently in technology, safety cases, and commercial readiness to launch long-haul driverless operations in the second half of fiscal 2026.

我們的財務重點與唐恩先前製定的策略目標保持一致。我們希望：首先，透過與現有和新的工業及長途運輸客戶合作，增加「司機即服務」的收入，從而隨著時間的推移，建立一個持久的、可重複的、高利潤的商業模式。第二，謹慎投資於技術、安全案例和商業準備，以便在 2026 財年下半年推出長途無人駕駛營運。

Third, implement scale and cost efficiencies into our capital-light model to achieve profitability and positive free cash flow over time. Lastly, maintain a strong balance sheet and enhance liquidity through disciplined capital planning and opportunistic financing.

第三，在我們的輕資本模式中實施規模和成本效益，以隨著時間的推移實現盈利和正自由現金流。最後，透過嚴謹的資本規劃和把握機會的融資，維持穩健的資產負債表並增強流動性。

In summary, Kodiak is entering its next chapter with a strong foundation. Our momentum, technology leadership, and competitive position remain strong, and we are delivering high growth with focus on improving operating leverage. We are executing with fiscal discipline and transparency as we build long-term value for our customers, partners, employees, and shareholders.

總而言之，Kodiak 正以堅實的基礎邁入新的篇章。我們的發展動能、技術領先地位和競爭地位依然強勁，我們正專注於提高營運槓桿，從而實現高速成長。我們秉持財務紀律和透明度，為客戶、合作夥伴、員工和股東創造長期價值。

I want to thank you all for attending our first earnings call and for starting this journey as a public company with us. Operator, can you please open the line for questions? Thank you.

我要感謝各位參加我們的首次財報電話會議，並與我們一起開啟這家上市公司的旅程。接線員，請問可以接通提問線路嗎？謝謝。

(Operator Instructions) Michael Ward, Citigroup.

（操作員說明）邁克爾沃德，花旗集團。

Thanks very much. Good afternoon, everybody. Don, I wonder if you could talk a bit more about the ZF partnership. That seems intriguing. How exactly is that going to work? Is it a supplier relationship, development relationship? How is that going to work?

非常感謝。大家下午好。唐，我想請你再詳細談談與ZF的合作關係。這看起來很有意思。這具體要怎麼操作呢？這是供應商關係，還是開發關係？這要怎麼操作呢？

Thanks, Mike. The ZF relationship is primarily a supplier relationship. ZF, as you know, is one of the leading suppliers of steering columns and automotive components in general to the commercial trucking market. We have a long-standing relationship with them and use their components in our driverless trucks today. And this announcement further solidifies the partnership between Kodiak and ZF as we intend to scale our solution going into 2026.

謝謝你，麥克。ZF 與客戶的關係主要是一種供應商關係。如您所知，ZF 是商用卡車市場轉向柱和汽車零件的主要供應商之一。我們與他們有著長期的合作關係，目前我們的無人駕駛卡車也使用他們的零件。此次公告進一步鞏固了 Kodiak 和 ZF 之間的合作夥伴關係，我們計劃在 2026 年擴大我們的解決方案規模。

Well, that's a great get. It's a great company. Surajit, as you look at the fourth quarter, it seems like you're annualized run rate at year-end is going to be somewhere in that $5 million range, just from the Atlas relationship. Is that about right?

哇，這真是不錯的收穫。這是一家很棒的公司。Surajit，從第四季的情況來看，僅憑與 Atlas 的合作關係，你年底的年化運行率似乎就會達到 500 萬美元左右。這樣差不多嗎？

We expect meaningful growth in revenue. So Q4, as we've guided, we will be into --

我們預計營收將實現顯著成長。所以，正如我們之前所預測的，第四季我們將進入--

Yeah, as you exit. Is that what we're talking about, in that $5 million range for the annualized run rate?

是的，當你離開的時候。我們說的就是這個嗎，年化運作率在 500 萬美元左右？

Yeah, I think that could be close to that number.

是的，我覺得應該要接近這個數字。

Okay, and then from what I can tell, your cash burn was about $35 million. You had some unusuals there in 3Q, so about $35 million a quarter. Is that about right?

好的，據我所知，你們的現金消耗量約為 3500 萬美元。第三季有一些不尋常的交易，所以每季大約有 3500 萬美元的收入。這樣差不多嗎？

In Q3, we had some high single-digit millions of one-time costs and public company-related costs, so we have guided 4Q for free cash flow to be negative $36 million to negative $38 million.

第三季度，我們有一些數千萬美元的一次性成本和上市公司相關成本，因此我們預計第四季度自由現金流為負 3,600 萬美元至負 3,800 萬美元。

Perfect. Okay. And just one last one, if I could, is I think you're on track to get to that 100-unit agreement with Atlas by the end of '26. That's your current target?

完美的。好的。最後，如果可以的話，我想說的是，我認為你們預計在 2026 年底前與 Atlas 達成 100 套的協議。那是你目前的目標嗎？

Yeah, that's our target.

是的，那就是我們的目標。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey. Good afternoon, everyone. Thank you so much for taking our questions, and congrats on all the great progress, and congrats on the first public quarter. Certainly, incredible achievement.

嘿。大家下午好。非常感謝您回答我們的問題，恭喜您取得的巨大進步，也祝賀您成功發布了第一個公開季度報告。這的確是一項了不起的成就。

Don, I wanted to maybe touch on the long-haul operations that you're targeting to launch in the second half of next year. Can you maybe help us understand what is needed between now and then between that, I guess, 78% and 100%? Anything that you can point that we should be focusing on, and how confident are you in that target? Thank you.

唐，我想和你談談你計劃在明年下半年推出的長途航線營運項目。您能否幫助我們了解從現在到達到（我猜是）78% 到 100% 之間需要做些什麼？您認為我們應該重點關注哪些方面？您對實現這目標有多大信心？謝謝。

Thanks, Andres. Yeah, we're excited to finally come out with some tracking metrics around our progress toward long-haul. We've been talking about this for the last several quarters, and we wanted to be able to provide the market with some visibility and transparency into our development process.

謝謝你，安德烈斯。是的，我們很高興終於可以推出一些關於我們在長期發展方面進展的追蹤指標。過去幾季我們一直在討論這個問題，我們希望能夠讓市場對我們的開發過程有一定的了解和透明度。

The ARM is effectively a measure of the material completeness of our safety case, and as you know, we don't launch a driverless product until our safety case is complete. Most of the work from here forward involves a lot of validation and testing of the system; that includes simulation; that includes structured testing and other forms of testing validation as we build up to that launch.

ARM 實際上是衡量我們安全論點的完整性的指標，正如您所知，在我們的安全論點完成之前，我們不會推出無人駕駛產品。接下來的大部分工作都涉及對系統進行大量的驗證和測試；包括模擬；包括結構化測試和其他形式的測試驗證，以便我們最終完成發布。

And so we'll be providing more detail along the way. For now, this is our first data point as we progress, but you should expect to see quarter-over-quarter improvement as we move toward our expected driverless launch in the second half of 2026. And we feel reasonably confident that that is an accurate timeline.

因此，我們將陸續提供更多細節。目前，這是我們取得進展的第一個數據點，但隨著我們朝著預期的 2026 年下半年無人駕駛產品發布目標邁進，您應該會看到季度環比的改善。我們相當有信心，這個時間表是準確的。

Wonderful. That's super helpful. I appreciate all that color. And maybe just as our one follow-up. A question on liquidity. So, with roughly $150 million in cash and equivalents now, how are you thinking about capital needs going forward? I realize you're not guiding cash burn going forward, but how should we think about that liquidity and any potential additional capital needs? Thank you.

精彩的。這太有幫助了。我喜歡這些色彩。或許就作為我們唯一的後續行動。關於流動性的問題。所以，目前公司擁有約 1.5 億美元的現金及等價物，您如何看待未來的資金需求？我知道您目前沒有指導未來的現金消耗，但我們應該如何考慮流動性以及任何潛在的額外資金需求？謝謝。

Thanks for the question. Surajit here. I'll jump in here. If we see as a part of the de-SPAC transaction, which you just concluded, we had the largest capital raise in the history of the company, demonstrating our ability to raise across the capital structure and across several investors. And we feel excited about our momentum and the tremendous progress we are making in deploying our technology and scaling the business.

謝謝你的提問。我是蘇拉吉特。我來插一句。如果我們把您剛完成的去SPAC交易看作是公司歷史上規模最大的融資，這表明我們有能力在整個資本結構中向多個投資者籌集資金。我們對我們的發展勢頭以及在技術部署和業務規模化方面取得的巨大進步感到興奮。

So as we scale this business over both Industrial and Long-Haul, we should be able to also drive significant operating leverage and reduce our bond costs. So we feel confident that as we execute on this strategy, we will be opportunistically seeking additional financings to strengthen our liquidity over the next 12 months, support the next phase of growth, and execute against our roadmap. So we feel confident in raising that additional capital for the next few quarters.

因此，隨著我們在工業和長途運輸領域擴大業務規模，我們也應該能夠實現顯著的營運槓桿效應並降低債券成本。因此，我們有信心，在執行這項策略的過程中，我們將抓住機會尋求額外的融資，以在未來 12 個月內增強我們的流動性，支持下一階段的成長，並執行我們的路線圖。因此，我們有信心在未來幾季籌集所需的額外資金。

Wonderful. That's helpful. Thank you so much. Congrats again. I'll pass it on.

精彩的。那很有幫助。太感謝了。再次恭喜。我會轉達的。

James Mcilree, Chardan Capital Markets.

James Mcilree，Chardan Capital Markets。

Thank you, and good afternoon. When you think about the second-half entry into the long-haul market relative to the ARM measure, do you need to be at 100% for some period of time before you can enter the market? Or can you enter the market with a sub-100%? Again, you have to have it at some period of time; I'm just curious how you're using ARM as a gating factor to the long-haul entry.

謝謝，下午好。當您考慮根據 ARM 指標在下半年進入長途運輸市場時，是否需要達到 100% 的水平一段時間才能進入市場？或者，您可以以低於 100% 的資金進入市場嗎？再說一遍，你遲早都要擁有它；我只是好奇你是如何將 ARM 作為長期進入市場的門檻因素的。

Thanks, Jim, for the question. There's no specified period of time. It's more of a minimum requirement. So yes, we would need to get to 100% on the readiness measure in order to feel comfortable that we have closed out the safety case for launching our driverless product.

謝謝你的提問，吉姆。沒有具體的時間期限。這更像是一個最低要求。所以，是的，我們需要在準備就緒度方面達到 100%，才能確信我們已經完成了推出無人駕駛產品的安全論證。

That being said, there's no specified amount of time between getting to 100% and actually doing the first driverless run, so to speak. And so it's a little bit premature and early to talk about specifics at that fine of a granularity. and so what I would say is we're shooting for the second half of next year and as we get closer to that moment, we should be able to provide additional clarity and more certainty around the timing of when we actually do our first deliveries.

也就是說，從達到 100% 完成度到真正進行第一次無人駕駛運行之間並沒有具體的時間間隔。因此，現在談論如此細緻的具體細節還為時過早。所以我想說的是，我們的目標是明年下半年，隨著時間的臨近，我們應該能夠就首次交付的具體時間提供更清晰、更確定的資訊。

That's very helpful. Thank you. And then as far as customer additions are concerned, is it more likely that you enter the long-haul market before getting another industrial customer or is it the opposite, that it's more likely to get another industrial customer first?

那很有幫助。謝謝。那麼就新增客戶而言，是更有可能先進入長途運輸市場再獲得另一個工業客戶，還是相反，更有可能先獲得另一個工業客戶？

Well, we're dual-tracking that. We're continuing to push to build our Industrial business. As we talked about in our remarks earlier, we feel really good about growing that vertical. We have a great customer in Atlas, and this is really a crawl, walk, run approach to deploying autonomy. This is a safety-critical technology.

嗯，我們正在進行雙軌錄音。我們正持續努力發展工業業務。正如我們之前在發言中提到的，我們對該垂直領域的成長感到非常樂觀。我們在 Atlas 有一位非常棒的客戶，部署自主系統確實需要循序漸進的方法。這是一項關乎安全的關鍵技術。

We want to make sure that it's right-sized for our customers as our customers are learning with us. There's a lot in the product pillar that goes into actually efficiently deploying this product. And you can't just dump hundreds or thousands of vehicles on a customer overnight and expect them to be able to efficiently operate those vehicles to provide a useful benefit.

我們希望確保它適合我們的客戶，因為我們的客戶是和我們一起學習的。產品支柱中有很多因素會影響到該產品的高效部署。你不能一夜之間把成百上千輛車交給客戶，然後指望他們能夠有效率地運作這些車輛，從而帶來實際效益。

And so there's a learning process as we go through this customer development, and that's really where we talked about the flywheel earlier on. And so we are looking to pick up additional Industrial customers, and we'll have more on that as we continue to move through the quarters.

因此，在進行客戶開發的過程中，存在著一個學習過程，而這正是我們之前討論過的飛輪效應。因此，我們正在尋求獲得更多工業客戶，隨著季度的推進，我們將公佈更多相關資訊。

At the same time, the team, especially the R&D team, the systems engineering team, and our validation team are working really hard to get the truck to the appropriate level of safety for deploying driverless. And so I think it's really a dual-track, multi-pronged effort. Those are parallel efforts.

同時，團隊，特別是研發團隊、系統工程團隊和我們的驗證團隊，正在努力使卡車達到部署無人駕駛所需的安全水平。所以我認為這確實是一項雙軌並行、多管齊下的努力。這是並行進行的工作。

I think, the goal would be to announce additional customers in both of those verticals along the way. I can't really say exactly the what, what timing, what timeframe one would come before the other. These are both top issues.

我認為，目標是在此過程中宣佈在這兩個垂直領域中獲得更多客戶。我無法確切地說出具體是什麼、什麼時間、哪個時段會先於另一個發生。這兩個都是頭等大事。

Itay Michaeli, TD Cowen. (Operator Instructions)

Itay Michaeli，TD Cowen。（操作說明）

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

All right. Thanks. Yeah, congrats on the first call here and doubling the units in the quarter. That's great. The -- I think it's pronounced, Nauto Score was very positive. Can you leverage that? Are you leveraging that for marketing purposes after new prospects? Can that be helpful even, I don't know, in keeping insurance costs down?

好的。謝謝。是的，恭喜你們首次接到電話，本季銷量翻了一番。那太棒了。——我想應該是這樣發音的，Nauto評分非常正面。你能利用這一點嗎？您是否在開發新客戶後利用這些資訊進行行銷？我不知道這是否有助於降低保險成本？

Well, when you talk about new technology, especially within the safety, as you know, a safety-critical realm like automotive driving, credibility and trust needs to be built over time. And we feel that the Nauto results really speaks to the safety of our system, especially as it compares to human driving.

嗯，說到新技術，尤其是在安全領域，正如你所知，像汽車駕駛這樣安全至關重要的領域，信譽和信任需要時間慢慢建立起來。我們認為 Nauto 的測試結果真正體現了我們系統的安全性，尤其是在與人類駕駛進行比較時。

And that's one of those big question marks that people have had for many years, even over decades, is how do these vehicles drive relative to existing humans, not just from a crash or accident percentage perspective, but what is the behavior by which they drive? And the exciting thing for us is I think this really demonstrates that not only are these vehicles not getting into accidents, which is like your high-level metric, but they're also driving in a responsible, defensive, and safe way, and that leads to better safety, overall, on our roadways.

多年來，甚至幾十年來，人們一直有一個很大的疑問，那就是這些車輛相對於現有的人類是如何駕駛的，不僅僅是從碰撞或事故百分比的角度來看，而是它們的駕駛行為是怎樣的？令我們興奮的是，我認為這真正表明，這些車輛不僅沒有發生事故（這就像一個高層次的指標），而且它們的駕駛方式也負責任、謹慎和安全，這總體上提高了我們道路的安全。

It also improves traffic and congestion. And so that's something that we think is really important as we deploy this technology more broadly and start to scale it. We want to be good citizens, not only to our customers, but also to the general motoring public. And this result simply speaks to the trustworthiness of the system for folks that don't have direct visibility into the system.

它還能改善交通狀況，緩解擁擠。因此，我們認為，隨著這項技術的更廣泛部署和規模化應用，這一點至關重要。我們不僅想對客戶，也想對廣大駕駛民眾做個好公民。這一結果恰恰說明了對於那些無法直接了解系統運作方式的人來說，該系統是值得信賴的。

Now, how does that help Kodiak? Of course, from a marketing perspective, but it helps from a regulatory perspective. When we talk to regulators, they can get a sense for, hey, I have never seen this in action, and it's far away from where I drive day to day, but I can see that this score comprised over 1,000 fleets. Actually, they are the safest on the road.

那麼，這對科迪亞克有什麼幫助呢？當然，從行銷的角度來看是這樣，但從監管的角度來看也是有幫助的。當我們與監管機構交談時，他們可能會覺得，嘿，我從未見過這種情況，而且它離我每天開車的地方很遠，但我可以看到這個分數包含了超過 1000 個車隊。事實上，它們是路上最安全的車輛。

Same with our customers, right? We can take this data to our customers and show them not just one or two or three trucks, but we can say over the course of our entire operations of our fleet, we're actually behaving as safely and safer than human drivers on the road. And I think that really speaks to the credibility and trustworthiness of the system as a whole.

我們的客戶也是如此，對嗎？我們可以將這些數據展示給客戶，向他們展示的不僅僅是一兩輛或三輛卡車，而是我們整個車隊運營過程中的數據，表明我們的車輛實際上比道路上的人類駕駛員更安全。我認為這充分體現了整個系統的可信度和可靠性。

Yeah. Great. Obviously, a lot of focus on Industrial and Long-Haul. In the government vertical, a ton of focus just across the board on autonomous systems, whether it's in air, around sea, on the ground. Can you give a little more context or color around opportunities you might see in the government vertical?

是的。偉大的。顯然，重點放在工業和長途運輸。在政府領域，各方都非常關注自主系統，無論是在空中、海上或地面。您能否更詳細地介紹一下您在政府領域可能看到的機會？

Yeah, it's been tricky as of late with the government shutdown, as we mentioned in our remarks. We still remain convicted that the Defense vertical is a large opportunity for autonomy. The Secretary of Defense actually just made some remarks emphasizing the importance of contested logistics and actually prioritizing commercial solutions within the Army and other branches' adoption of autonomy.

是的，正如我們在演講中提到的，由於政府停擺，最近情況變得很棘手。我們仍然堅信，國防垂直領域蘊藏著巨大的自主權機會。國防部長剛剛發表了一些講話，強調了競爭性後勤的重要性，並強調在陸軍和其他部門採用自主化的過程中，應優先考慮商業解決方案。

We think this is the right approach, and we think that Kodiak has -- we believe, the most mature, commercially viable autonomy solution that can be applied to defense applications. And of course, as you've seen, we've demonstrated that several times over across multiple vehicles in multiple different environments with our Ford F-150s and the versatility they bring, but also the Textron Systems' RIPSAW platform, which is a fully treaded vehicle.

我們認為這是正確的方法，我們認為 Kodiak 擁有——我們相信——最成熟、最具商業可行性的自主解決方案，可以應用於國防領域。當然，正如您所看到的，我們已經在多種不同環境下，用多輛福特 F-150 皮卡及其多功能性，以及 Textron Systems 的 RIPSAW 平台（一款全履帶車輛）多次證明了這一點。

We really demonstrated the ability to bring that commercial maturity into the defense market, and we believe that that's what the defense market is ultimately looking for as they want to scale and productize this technology. So we remain very bullish in Defense applications. It's an interesting world in the government space right now, but we think 2026 is going to be an exciting year, so I would say stay tuned for more.

我們已經充分證明了將這種商業成熟度帶入國防市場的能力，我們相信，這正是國防市場最終所尋求的，因為他們希望擴大規模並將這項技術產品化。因此，我們依然非常看好國防應用領域。目前政府領域的情況很有趣，但我們認為 2026 年將會是令人興奮的一年，所以敬請期待更多消息。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Hi. This is Nancy Hipp on for Ravi Shankar. It would be helpful to hear a bit about how you're managing adverse weather, extreme environments, or edge case scenarios in your autonomous system and how big a risk those are to scalings? I know you had a GenAI system to identify these novel edge cases, but it would be helpful to hear more on that as you approach the on-highway launch in 2026.

你好。這裡是南希·希普為拉維·香卡主持節目。如果您能了解您是如何應對自主系統中的惡劣天氣、極端環境或極端情況，以及這些情況對系統擴展性構成多大的風險，那就太好了？我知道你們有一個 GenAI 系統來識別這些新的極端情況，但隨著 2026 年公路上發布日期的臨近，如果能聽到更多關於這方面的信息，將會很有幫助。

Sure. Well, I'll use an example. Our industrial launch back in 2024, so we delivered the first two driverless trucks in December of 2024 and very quickly got those trucks to a level where they were capable of operating, firstly, around the clock, so 24/7, which is important to our customer Atlas, which is a 24/7 operation. But also importantly in adverse weather conditions.

當然。我舉個例子。我們的工業化產品於 2024 年推出，因此我們在 2024 年 12 月交付了首批兩輛無人駕駛卡車，並很快使這些卡車達到能夠全天候運行的水平，這對於我們的客戶 Atlas 來說非常重要，因為他們是一家 24/7 全天候運營的公司。但在惡劣天氣條件下也至關重要。

And so this has been something that the Kodiak Driver has already been able to handle for several quarters now in a driverless fashion. And so we expect to be able to bring those capabilities ultimately over to the highway environment when we first launch our driverless product in the second half of next year.

因此，Kodiak Driver 已經能夠以無人駕駛的方式處理這個問題好幾個季度了。因此，我們預計在明年下半年首次推出無人駕駛產品時，最終能夠將這些功能應用到高速公路環境中。

So yeah, the team is definitely working on validating those capabilities for highway. That is all encapsulated in our safety case, which as we said, we're now at 78% on our readiness measure. And so we have already experienced, and importantly, our AI system has experience in adverse weather already.

是的，團隊正在努力驗證這些功能在高速公路上的應用。所有這些都包含在我們的安全方案中，正如我們所說，我們目前的準備已達到 78%。因此，我們已經體驗過，更重要的是，我們的人工智慧系統已經擁有應對惡劣天氣的經驗。

Got it. Thanks. That's very helpful. And then maybe for my second question, it'd be helpful to hear about feedback you're receiving from your current partners after the launch with Atlas and how do you see that decision-making cycle for customers to go from initial discussions to adopting driverless trucks into a pilot to eventually scaling?

知道了。謝謝。那很有幫助。那麼，我的第二個問題是，在與 Atlas 合作推出產品後，您從現有合作夥伴那裡收到了哪些回饋？您如何看待客戶從最初的討論到採用無人駕駛卡車進行試點，最終實現規模化應用的決策週期？

I think it's been an interesting journey and the answer to that question has evolved quite a bit over the last decade, last several years, and to where we are today at the end of 2025. Our sense is that customers and the market, broadly, is excited about driverless deployment. It's more of a when can we get our hands on it as opposed to one of skepticism, which was not always true.

我認為這是一段有趣的旅程，這個問題的答案在過去十年、過去幾年發生了很大的變化，一直延續到 2025 年底。我們的感覺是，客戶和整個市場都對無人駕駛技術的部署感到興奮。現在更多的是「我們什麼時候才能拿到它」的問題，而不是懷疑的態度，而懷疑的態度並非一直如此。

If you go back several years, there was a lot of skeptical perspective, carriers and truckload operators out there. These days, we don't get as much skepticism. I think people realize that autonomy is the future of transportation, broadly. That's true in the commercial market. That's true in the private vehicle market.

回顧幾年前，當時有很多運輸公司和整車運輸業者持懷疑態度。如今，我們很少再遇到質疑了。我認為人們逐漸意識到，從廣義上講，自動駕駛是交通運輸的未來發展方向。在商業市場，情況確實如此。在私家車市場，情況確實如此。

And certainly it's our belief at Kodiak that automation will make all the transportation modalities more efficient and safer over time. And of course, customers want to take advantage of that. They recognize that there's first mover advantage and they want to move quickly. And of course, we want to be able to deliver a safe and efficient solution to them.

Kodiak 堅信，隨著時間的推移，自動化將使所有運輸方式更有效率、更安全。當然，顧客也希望利用這一點。他們意識到先發優勢，所以想迅速行動。當然，我們也希望能夠為他們提供安全且有效率的解決方案。

More importantly, not just a safe solution, but one that they can actually utilize and hopefully utilize out of the gate. And again, this is where that flywheel effect comes in; yes, we have an industrial application launch today which is in a different domain than highway, but the customer interactions are largely the same for what we will bring to our over-the-road highway customers when we do eventually launch that product.

更重要的是，這不僅是一個安全的解決方案，而且是他們能夠實際利用的解決方案，並且希望他們能夠立即加以利用。再次強調，這就是飛輪效應的作用所在；是的，我們今天推出的是一款工業應用產品，它與公路領域不同，但當我們最終推出該產品時，我們將為公路客戶提供的服務與客戶互動的方式基本相同。

And those are learnings that you can't really get other than doing, and we think that this flywheel is going to accelerate our progress as we begin to scale our highway deployment. So I think customers are excited for it. I think they're waiting patiently to get their hands on the first driverless trucks that they can, and we hope to be the leading provider of those solutions for the customers broadly.

這些經驗只有親身實踐才能獲得，我們認為，隨著我們開始擴大高速公路部署規模，這種良性循環將加速我們的進步。所以我覺得顧客們對此感到很興奮。我認為他們都在耐心等待，希望能盡快拿到第一批無人駕駛卡車，而我們希望成為廣大客戶的領先解決方案提供者。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Hey, Don. On those routes in Dallas, as you prove out the safety case -- Aurora, when they were proving out their safety case, I guess, got some pushback from their partner, PACCAR. Just curious if that's a risk scenario where you prove out your safety case, but the partner doesn't want it.

嘿，唐。在達拉斯的那些路線上，當你證明其安全性時——我猜想，奧羅拉在證明其安全性時，受到了合作夥伴 PACCAR 的一些阻力。我只是好奇，這是否屬於一種風險情境：你證明了你的安全措施是可行的，但合作夥伴卻不接受。

And I'm going to extend that. I think you had mentioned JB Hunt there as well. Do they have any say in this? Do they care? I mean, I would assume that if you're just delivering goods from one point to another, they shouldn't care. But who knows? Maybe they don't want the brand subjected to that risk. So if you can just talk about who needs to sign off, if anyone, for you to go drive the route on those trips in from Dallas?

我打算擴大這個範圍。我想你當時也提到了JB Hunt。他們對此有發言權嗎？他們會在乎嗎？我的意思是，如果你只是把貨物從一個地方送到另一個地方，我想他們應該不會在乎。誰知道呢？或許他們不想讓品牌承擔這種風險。所以，您能否談談需要誰簽字同意（如果有的話），才能讓您開車走這條從達拉斯來的路線？

Thanks, Walter. That's a great question. I think there's like the legal sense of the question, who needs to legally sign off? And then from a trustworthiness and good partnership perspective, there's who do you want to bring along?

謝謝你，沃特。這是一個很好的問題。我覺得這個問題還有法律層面的涵義，那就是誰需要依法簽名？從信任和良好合作關係的角度來看，你想帶誰一起合作？

Our philosophy is we've always built our technology to be platform-agnostic. We've shown that we can develop the Kodiak Driver and implement the Kodiak Driver across many different makes, models, and form factors of vehicles. This gives us flexibility.

我們的理念是，我們始終致力於建構與平台無關的技術。我們已經證明，我們可以開發 Kodiak 驅動程序，並將其應用於許多不同品牌、型號和外形尺寸的車輛。這給了我們靈活性。

So we haven't announced the platform that we will be using for our initial highway deployment. I think you asked, is this a risk? Everything's a risk. I would definitely say it's a risk. At the same time, we think building the right relationships and export safety of the technology in the right way, and bringing people along, including them in the process, is the right way to approach business.

因此，我們尚未公佈我們將用於首次高速公路部署的平台。我想你問的是，這是否有風險？凡事皆有風險。我肯定會說這很冒險。同時，我們認為，以正確的方式建立正確的關係，確保科技的出口安全，並讓人們參與其中，才是正確的經商之道。

And so we think we have a path forward to deploy driverless vehicles without a driver and without an observer in the cab, and that's something that we definitely intend to do. But for sure, building trust with our partners is paramount in that process.

因此，我們認為我們已經找到了一條前進的道路，可以部署沒有駕駛員和觀察員的無人駕駛車輛，而這正是我們絕對打算做的事情。但可以肯定的是，在這個過程中，與合作夥伴建立信任至關重要。

And then just sticking with that partnership question, I guess. You've elected to upfit, right? And obviously, you've generated $800,000 of revenue. I think Aurora's revenue is like $1 million, so not even that much difference in the current quarter.

然後，我想，我們還是繼續討論合作關係的問題吧。你選擇進行改裝，對嗎？顯然，你們已經創造了 80 萬美元的收入。我認為 Aurora 的收入大約是 100 萬美元，所以本季的差距並不大。

I'm just curious at what point, if at all, do you -- is it important to be integrated off the line, that type of stuff? I mean, I know it's still early days, not at '26, not at '27. Like, do we just not worry about this or not consider this for some extended period of time? Or are there things in the works that you have planned for, I don't know, '27 or '28?

我只是好奇，在什麼情況下（如果有的話），進行線下整合是否重要，諸如此類的事情？我的意思是，我知道現在還為時過早，不是在 2026 年，也不是在 2027 年。例如，我們是不是就完全不去擔心這件事，或是很長一段時間內不去考慮這件事？或者，您是否有一些正在籌備中的項目，例如計劃在 2027 年或 2028 年開展的項目？

I don't think it's important to draw a line in the sand and pick a date, like a switchover date. I don't think that's the right way to think about it. I think the right way to think about it is in terms of rollout and scale, in a lot of my conversations, there's this sense that thousands or even tens of thousands of autonomous trucks are going to fall from the sky and end up on our roadways. We're going to wake up one Monday morning and tens of thousands of autonomous vehicles are going to be out on the road.

我認為沒必要劃清界限，選定一個日期，例如換班日期。我覺得那樣想都不對。我認為正確的思考方式是從推廣和規模的角度來看，在我的許多對話中，人們都感覺成千上萬輛自動駕駛卡車會從天而降，最終出現在我們的道路上。某個星期一的早晨，我們醒來時會發現成千上萬輛自動駕駛汽車已經在路上行駛了。

And we don't really think that's true. There's a progression to rolling this out, both from a safety, efficiency, and operational perspective. And our current approach, we believe, scales into many, many thousands of trucks which should be sufficient for the foreseeable future short to medium term.

我們並不認為這是真的。從安全、效率和營運角度來看，這項技術的推廣是一個循序漸進的過程。我們相信，我們目前的方法可以擴展到成千上萬輛卡車，這應該足以滿足可預見的短期到中期需求。

And then that also depends on the development cycles for partners, OEMs, and other providers within the autonomy space and we don't control those timelines. And something that I've said for a very long time is that I don't want to be beholden to timelines of other companies. I want to be able to take charge and control our own destiny. I think that's something that Kodiak has really done well and we've executed on.

此外，這也取決於自動駕駛領域合作夥伴、OEM廠商和其他供應商的開發週期，而我們無法控制這些時間表。我一直以來都說過，我不想受制於其他公司的進度安排。我想能夠掌控自己的命運。我認為這是 Kodiak 做得非常好的一點，我們也很好地貫徹了這一點。

We will continue to follow that philosophy over the next several years. We want to make sure that we have a product that we can deliver to customers when we are ready to deliver that product. And ultimately, when the ecosystem matures and when suppliers are ready, I think you're going to see access to broader scale, not just for Kodiak, but for the industry at large.

未來幾年，我們將繼續秉持這個理念。我們希望確保在準備好交付產品時，能夠將產品交付給客戶。最終，當生態系統成熟，供應商準備好時，我認為你會看到更大的規模，這不僅對 Kodiak 而言如此，對整個產業也是如此。

And so I don't really think of it as black or white or a line in the sand or a date on the calendar. It will come. It is a gradual progression. We are working hand-in-hand with suppliers, both on the Tier 1 side and the OEM side. We're tracking progress. They're tracking our progress.

所以我並不認為這件事是非黑即白，也不是一條不可逾越的界限，更不是日曆上的一個日期。總會到來的。這是一個循序漸進的過程。我們與供應商緊密合作，包括一級供應商和OEM廠商。我們正在追蹤進展。他們正在追蹤我們的進展。

And so it's not something that we're losing sleep over. And we feel like the position we're in with the experience we've gained now developing an upfit solution and with our partner, Roush, that we've set ourselves up for success in the next coming years.

所以，我們並不為此失眠。我們覺得，憑藉目前在開發改裝解決方案方面累積的經驗，以及與合作夥伴 Roush 的合作，我們已經為未來幾年的成功奠定了基礎。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Can you hear me?

偉大的。謝謝。你聽得到我嗎？

Yes, sir.

是的，先生。

We can.

我們可以。

Perfect. Sorry about before. Good afternoon and congrats on the first earnings call. So going back to the 78% Long-Haul ARM, Don, I was hoping you could maybe share roughly where that metric was maybe. 3, 6, 12 months ago?

完美的。之前的事我很抱歉。下午好，祝賀你們首次財報電話會議圓滿成功。回到78%的長期持股佔比，Don，希望你能大概分享這個指標在3個月、6個月還是12個月前的狀況？

And then on the OTA that you did that reduced the remote assistance by over 50%, I'm curious if you could talk a bit more about that as well and what are some of the issues that were resolved with that update?

另外，您透過 OTA 更新將遠端協助功能減少了 50% 以上，我很想知道您能否再詳細談談這方面的情況，以及這次更新解決了哪些問題？

Yeah, absolutely. Thanks for the question, Itay. I'm glad we cleared up the mic issue. So we don't have any historical numbers to share, unfortunately. This is our first data point, and of course, we will share updated data points going into the future so you can see the trends.

是的，絕對的。謝謝你的提問，伊泰。很高興我們解決了麥克風問題。很遺憾，我們沒有任何歷史數據可以分享。這是我們的第一個數據點，當然，未來我們會分享更新的數據點，以便您了解趨勢。

So unfortunately, I don't have a number to share on the historical aspect of that. Obviously, over the first several quarters of the year, we were focused very hard on delivering additional driverless trucks to Atlas and really perfecting the operation of those vehicles in that environment. And as we turn our focus to highway and our highway customers over the course of 2026, we'll have a lot more updates for you as we go.

所以很遺憾，我沒有相關的歷史數據可以分享。顯然，在今年前幾個季度，我們非常努力地向 Atlas 交付更多的無人駕駛卡車，並真正完善這些車輛在該環境中的運作。隨著我們在 2026 年將工作重心轉向公路和公路客戶，我們將陸續為您帶來更多最新消息。

In terms of the improvement, this is incredibly exciting because efficiency is ultimately what will drive margins. And while all autonomous vehicles today require a type of remote support in certain circumstances, remote assistance in certain circumstances, it is our job as R&D developers to drive down the moments that any kind of assistance is required.

就改進而言，這令人無比興奮，因為效率最終將決定利潤率。雖然目前所有自動駕駛汽車在某些情況下都需要某種形式的遠端支援或遠端協助，但我們作為研發人員的職責是減少需要任何形式協助的時刻。

So there's no specific instances I can point to or specific cases, but you can imagine that these trucks are very conservative and they often will come to a stop if they see something they're not sure about. There's a lot of potholes that are present in the Permian. And often, our truck will stop and ask human assistance for confirmation that they can continue or should they drive around it or is it safe. And ultimately, we want that conservative behavior in our trucks.

所以，我無法指出具體的例子或案例，但你可以想像，這些卡車司機非常謹慎，如果他們看到不確定的情況，通常會停車。二疊紀地層中有很多坑洞。而且，我們的卡車經常會停下來，請求人工協助確認是否可以繼續行駛，或者是否應該繞行，或者是否安全。最終，我們希望卡車司機們能展現出這種保守的行為。

But as we improve the technology, as our AI improves, as our foundation model work improves, the scene understanding, we gave several examples of these in our deck, our scene understanding improves dramatically. The trucks can start to handle those cases on their own, and they need to call for human support less and less.

但隨著技術的進步，隨著人工智慧的改進，隨著基礎模型工作的改進，場景理解能力（我們在簡報中舉了幾個例子）得到了顯著提高。這些卡車可以開始自行處理這些案件，它們所需的人工支援也會越來越少。

And so we've actually reduced that, as we said, over 50% in the last quarter, and that's a huge, huge win and a sign that the technology is accelerating very, very quickly. And we expect that type of acceleration to continue.

因此，正如我們所說，上個季度我們實際上已經將這一數字降低了 50% 以上，這是一個巨大的勝利，也表明這項技術正在飛速發展。我們預計這種加速成長的趨勢將會持續下去。

That's great and good to see the progress there. Maybe just a quick follow-up on the financials. Of the roughly $6.5 million of CapEx in the quarter, can you share roughly how much of that is for purchase for soon-to-be-delivered trucks versus in-period delivered trucks?

那太好了，很高興看到那裡的進展。或許可以簡單跟進一下財務狀況。在本季約 650 萬美元的資本支出中，您能否大致說明其中有多少是用於購買即將交付的卡車，又有多少是用於購買本季已交付的卡車？

Yeah. Thanks, Itay. Great question. Most of the CapEx is for future deployment as we need some lead time to acquire -- purchase the Cap, purchase the AV hardware components, and then get it assembled. So most of that relates to the future deployment and what I would call it like success-based.

是的。謝謝，伊泰。問得好。大部分資本支出用於未來的部署，因為我們需要一些提前時間來採購——購買電容、購買音視頻硬體組件，然後進行組裝。所以大部分都與未來的部署有關，我稱之為基於成功的部署。

So as we plan out the deployment for each quarter, we tend to make those purchases. But it's not exactly linear as well. Sometimes we may make some bulk purchases if the pricing is attractive or if there are potential tariff situations. So we look at that as well.

因此，我們在製定每個季度的部署計劃時，往往會進行這些採購。但它也不是完全線性的。如果價格優惠或有潛在的關稅問題，我們有時會進行一些大量採購。所以我們也考慮了這一點。

Thank you. And ladies and gentlemen, this concludes Kodiak's third-quarter 2025 earnings conference call. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，Kodiak 2025 年第三季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線了。