Kodiak AI Inc (KDK) 2026 Q2 法說會逐字稿

Good day and welcome to the Kodiak second quarter 2026 earnings conference call.

大家好，歡迎參加 Kodiak 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to turn the conference over to Mr. Steve Philistin, Senior Manager, Investor Relations.

現在我想把會議交給投資人關係資深經理 Steve Philistin 先生。

Good afternoon and thank you for joining Kodiak second quarter 2026 earnings call.

各位下午好，感謝各位參加 Kodiak 2026 年第二季財報電話會議。

I am Steve Philistin, Senior Manager, Investor Relations. Joining me today are Don Burnette, Founder and Chief Executive Officer, and Surajit Datta, Chief Financial Officer.

我是 Steve Philistin，投資人關係資深經理。今天與我一同出席的有創辦人兼執行長 Don Burnette，以及財務長 Surajit Datta。

Earlier today, we issued our earnings release and posted our earnings presentation, both of which are available on the Investor Relations section of our website.

今天稍早，我們已發布財報新聞稿並上傳財報簡報，兩者皆可於我們網站的投資人關係專區取得。

Before we begin, please note that today's discussion will contain forward-looking statements regarding our business, financial performance, outlook, and future operating plans. Actual results may differ materially from those discussed today. Please refer to our earnings materials and SEC filings for a discussion of factors that could cause actual results to differ.

在開始之前，請注意今天的討論將包含有關我們業務、財務表現、展望及未來營運計畫的前瞻性陳述。實際結果可能與今日討論內容有重大差異。請參閱我們的財報資料與向 SEC 提交的文件，以了解可能導致實際結果不同的因素。

Any forward-looking statements that we make on this call speak only as of the date of this call, and we disclaim any obligation to update any forward-looking statements except as required by law.

我們在本次電話會議中所作的任何前瞻性陳述僅以本次會議日期為準；除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

We will also discuss certain non-GAAP financial measures, information regarding our non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures, can be filed in our earnings release and supplemental materials available on our Investor Relations website.

我們也將討論若干非 GAAP 財務衡量指標；關於非 GAAP 財務衡量指標的資訊（包括與最直接可比的 GAAP 指標之調節表），可見於我們的財報新聞稿及投資人關係網站上的補充資料。

With that, I'll turn the call over to Don.

接下來，我把電話交給 Don。

Good afternoon, and thank you for joining us.

各位下午好，感謝各位加入我們。

Q2 was a quarter of significant commercial validation and increasing scale for Kodiak as we achieved important milestones that further strengthen our leadership position in commercial driverless trucking.

第二季對 Kodiak 而言，是商業驗證顯著、規模持續擴大的季度；我們達成多項重要里程碑，進一步鞏固我們在商用無人駕駛卡車領域的領導地位。

We expanded the world's largest customer-owned driverless truck fleet to 35 trucks. Operating with no human in the cab, we made significant progress toward our targeted long-haul driverless launch by the end of the year, increasing our autonomy readiness measure from 91% as of July.

我們將全球最大、由客戶自有的無人駕駛卡車車隊擴增至 35 輛。在駕駛室內無人情況下營運，我們朝向年底前的長途無人駕駛上線目標取得重大進展，截至 7 月，我們的自動駕駛就緒度指標由此提升至 91%。

We also introduced our 7th generation platform, further improving the performance and reliability of the Kodiak driver. Together, these accomplishments strengthen the foundation of our next phase of disciplined growth as we continue deploying physical AI driverless solutions at commercial scale.

我們也推出第七代平台，進一步提升 Kodiak Driver 的效能與可靠性。這些成果共同強化了我們下一階段有紀律成長的基礎，讓我們能持續以商業規模部署實體 AI 的無人駕駛解決方案。

Turning to our second quarter results, we deployed 7 additional driverless trucks, bringing our total driverless deployment to 35 and further growing the largest customer-owned driverless truck fleet in the world.

回到第二季業績，我們額外部署了 7 輛無人駕駛卡車，使無人駕駛部署總數達到 35 輛，並進一步擴大全球最大、由客戶自有的無人駕駛卡車車隊。

As of quarter end, those trucks have driven more than 40,000 paid driverless hours, an increase of 71% from the end of the first quarter and up more than 20 times year-on-year.

截至季末，這些卡車已累計超過 40,000 小時的付費無人駕駛運行時間，較第一季末增加 71%，年增更超過 20 倍。

Over the same period, we delivered over 300,000 tons of freight, bringing cumulative loads delivered to more than 20,000, representing 32% growth from the end of the first quarter and 150% year-over-year.

同一期間，我們運送超過 300,000 噸貨物，使累計交付載次超過 20,000 次；較第一季末成長 32%，年增 150%。

Together, these results demonstrate that the Kodiak driver continues to deliver increasing value to our customers while advancing commercial deployment.

綜合而言，這些結果顯示 Kodiak Driver 持續為客戶創造更高價值，同時推進商業化部署。

We are also moving at high velocity toward our targeted driverless long-haul launch by year-end. As of July, our long-haul autonomous readiness measure, which measures the percentage of safety case claims we've completed for our targeted long-haul launch, surged to 91%, a 5 point improvement in just three months.

我們也正以高速推進，朝向年底前的長途無人駕駛上線目標邁進。截至 7 月，我們的長途自動駕駛就緒度指標（衡量為達成長途上線目標而完成的安全案例主張之比例）躍升至 91%，僅三個月就提升 5 個百分點。

At 91%, we have now successfully closed out the vast majority of our long haul safety claims, including several of the most technically challenging claims that historically require the longest validation cycles. These include significant progress across our safety-critical vehicle control architecture, including enhancements to our throttle, brake, and steering control systems, and continued advancement of our redundant steering capabilities to improve system fault tolerance.

在 91% 的水準下，我們已成功結案絕大多數長途安全主張，其中包括數項技術上最具挑戰、且歷來需要最長驗證週期的主張。這些進展涵蓋我們的安全關鍵車輛控制架構，包括對油門、煞車與轉向控制系統的強化，以及持續推進冗餘轉向能力，以提升系統容錯性。

We've also made meaningful progress in our probabilistic risk assessment framework, strengthening how we model, analyze, and quantify safety risk across real-world operating scenarios, which are essential for highway driving.

我們在機率式風險評估（PRA）框架方面也取得實質進展，強化我們在真實世界營運情境下對安全風險的建模、分析與量化能力，而這些對高速公路行駛至關重要。

This progress reflects the investments we've made over the past several quarters in expanding our systems engineering organization, enhancing our AI-enabled development and validation tools, growing our fleet of dedicated development trucks, and increasing the scale of our structured track testing program.

這些進展反映了過去數季我們所做的投資：擴充系統工程組織、強化 AI 賦能的開發與驗證工具、擴大專用開發卡車車隊，以及提升結構化封閉場地測試計畫的規模。

These investments are now translating into measurable results. One example of this improved tooling is our revolutionary AI-powered Breakpoint technology, which allows our engineers to actively seek out rare and challenging scenarios, accelerate development, and close the limited remaining claims in our safety case.

這些投資如今正轉化為可衡量的成果。其中一個改良工具的例子，是我們革命性的 AI 驅動 Breakpoint 技術，可讓工程師主動尋找罕見且具挑戰的情境、加速開發，並完成安全案例中剩餘不多的主張結案。

Breakpoint can now execute over one million simulations per hour and runs on a minimal compute budget of around a $0.1 per sim, another example of Kodiak's capital-efficient approach in action.

Breakpoint 現在每小時可執行超過一百萬次模擬，且每次模擬僅需約 0.1 美元的最低運算預算，這也是 Kodiak 資本效率導向策略的另一個實例。

We combine this large-scale simulation with targeted closed-course testing and real-world validation, thereby generating data more efficiently, validating safety performance faster, and systematically closing out safety claims with a high degree of confidence and speed.

我們將這種大規模模擬與針對性的封閉場地測試及真實世界驗證相結合，從而更有效率地產生資料、更快驗證安全表現，並以高度信心與速度系統性地完成安全主張結案。

Based on the momentum we are seeing today, we expect to continue making meaningful progress throughout the third quarter and continue to target driverless long-haul launch by year end.

基於我們目前看到的動能，我們預期在第三季將持續取得實質進展，並仍以年底前長途無人駕駛上線為目標。

We also continue to refine our operational readiness for long-haul deployment. After successfully launching service with rail transport in the first quarter, we recently expanded operations to five round trips per week. This expansion reflects the confidence our customers gain as they integrate the Kodiak driver into their operations.

我們也持續精進長途部署的營運就緒度。在第一季成功推出鐵路運輸服務後，我們近期將營運擴大至每週五個來回班次。此一擴張反映出客戶在將 Kodiak Driver 整合進其營運流程時所建立的信心。

Our progress towards our long-haul launch is happening at an opportune moment where a number of broad industry trends are reinforcing the long-term trucking opportunity. Most notably, freight rates are rapidly recovering as the trucking industry faces new driver capacity constraints due to economic and regulatory changes, including a regulatory crackdown on non-domicile drivers.

我們朝向長途上線的進展，正逢其時，因為多項廣泛的產業趨勢正在強化長期卡車運輸的機會。最值得注意的是，隨著卡車運輸業因經濟與法規變化而面臨新的駕駛供給/運能限制（包括對非本地居住駕駛的監管打擊），運價正快速回升。

We believe these trends further reinforce and even grow the long-term opportunity for the Kodiak driver.

我們相信，這些趨勢將進一步強化，甚至擴大 Kodiak Driver 的長期機會。

We had another strong quarter in our industrial vertical, increasing Atlas' fleet of Kodiak-equipped trucks to 35. Atlas has selected Daimler Truck North America's Western Star platform as it continues to expand its Kodiak-powered fleet.

我們在工業垂直領域也再度交出強勁季度表現，將 Atlas 的 Kodiak 配備卡車車隊擴增至 35 輛。隨著 Atlas 持續擴大其由 Kodiak 驅動的車隊，Atlas 已選定戴姆勒卡車北美（Daimler Truck North America）的 Western Star 平台。

Our upfit partner, Roush, has already begun producing these vehicles, which integrate our seventh generation autonomous platform onto the Western Star 49X for our growing deployment with Atlas.

我們的改裝合作夥伴 Roush 已開始生產這些車輛，將我們第七代自動駕駛平台整合至 Western Star 49X，以支援我們與 Atlas 持續擴大的部署。

By the end of the quarter, we expect Atlas to be operating high 30s number of driverless trucks.

到本季末，我們預期 Atlas 將營運約 30 多輛（接近 40 輛）的無人駕駛卡車。

As previously stated, as we move through the remainder of the year, we expect to ramp production and deploy a similar number of driverless trucks in the second half of 2026 as we did in the first half. This transition positioned Atlas to become the first customer in the world to operate a driverless fleet across multiple truck OEM platforms. We believe the experience gained through this deployment will be invaluable as virtually every large trucking fleet operates vehicles from more than one OEM.

如先前所述，隨著我們進入今年剩餘期間，我們預期將提升產能，並在 2026 年下半年部署與上半年相近數量的無人駕駛卡車。此一轉換使 Atlas 有望成為全球首位在多個卡車 OEM 平台上營運無人駕駛車隊的客戶。我們相信，透過此部署所累積的經驗將極具價值，因為幾乎每一家大型卡車車隊都會營運來自不只一家 OEM 的車輛。

We also recently agreed to a firm delivery timetable with Atlas that will allow us to establish a more coordinated production and delivery schedule.

我們近期也與 Atlas 達成具約束力的交付時程表，將使我們能建立更協調一致的生產與交付排程。

This new delivery timetable will better align our deployment with Atlas's growing customer demand while supporting expansion into a broader geographic footprint across the Permian Basin. The updated agreement further strengthens our partnership, improves planning and execution for both companies, and reinforces our shared commitment to successfully scaling driverless operations. We continue to expect to complete the initial 100 truck commitment by the end of the first half of 2027.

這份新的交付時程表將使我們的部署更能貼合 Atlas 不斷成長的客戶需求，同時支持我們在二疊紀盆地擴展至更廣泛的地理覆蓋範圍。更新後的協議進一步強化我們的合作夥伴關係，改善兩家公司在規劃與執行上的效率，並重申我們共同致力於成功擴大無人駕駛營運規模的承諾。我們仍預期在 2027 年上半年結束前完成最初承諾的 100 輛卡車。

We recently expanded our driverless truck deployment with Atlas to service two of Atlas' major Dune Express loadout facilities simultaneously. These two depots are an approximate 90-minute drive apart and service wells spread over three hours apart, allowing Atlas to efficiently serve a broader range of customers over a much wider geographic area in Texas and New Mexico.

我們近期擴大與 Atlas 的無人駕駛卡車部署，同時為 Atlas 兩座主要的 Dune Express 裝載設施提供服務。這兩個場站相距約 90 分鐘車程，所服務的井場彼此最遠可相隔三小時車程，使 Atlas 能在德州與新墨西哥州更廣闊的地理範圍內，更有效率地服務更廣泛的客戶群。

In addition, Atlas now successfully serves customer well sites solely with Kodiak trucks, which requires a high level of reliability and assurance. If a well site doesn't get sand on time, it shuts down, making these deployments increasingly mission critical.

此外，Atlas 現在已成功僅以 Kodiak 卡車服務客戶井場，這需要高度的可靠性與確定性。若井場無法準時取得砂料，就會停工，使這些部署日益成為關鍵任務。

Lastly, our first international pilot kicks off in a few weeks in Canada with West Fraser, one of the world's largest wood products companies. We will haul flatbed trailers to demonstrate the Kodiak Driver's capabilities in logging operations, another of trucking's most demanding environments.

最後，我們的首個國際試點將在幾週後於加拿大與 West Fraser 展開；West Fraser 是全球最大的木製品公司之一。我們將拖運平板拖車，以展示 Kodiak Driver 在伐木作業中的能力——這也是卡車運輸最嚴苛的環境之一。

We are excited to demonstrate the versatility of our system and expand the industrial use cases where the Kodiak driver delivers value to customers today.

我們很期待展示系統的多樣性，並擴展 Kodiak Driver 目前能為客戶創造價值的工業應用情境。

Our defense vertical continues to build momentum. We have a growing roster of world-class defense partnerships, including our strategic collaboration with General Dynamics Land Systems, who we continue to work closely with on new opportunities. Collaborating with companies like General Dynamics puts Kodiak in a much stronger position to compete for future autonomous ground vehicle contracts that we believe could make a significant positive impact on revenue in the coming years.

我們的國防垂直領域持續累積動能。我們與多家世界級國防夥伴建立日益擴大的合作陣容，其中包括與 General Dynamics Land Systems 的策略性合作；我們仍持續就新機會與其密切合作。與 General Dynamics 這類公司合作，使 Kodiak 在競逐未來自動化地面車輛合約方面處於更有利的位置；我們相信這些合約在未來幾年可能對營收帶來顯著的正面影響。

We were also selected for Phase 2 of the Defense Innovation Unit's Robotic Operation for Autonomous Delivery and Sustainment, or ROADS program. We participated in the ROADS demo in July.

我們也獲選進入國防創新單位（Defense Innovation Unit）「自主交付與補給之機器人作業」（Robotic Operation for Autonomous Delivery and Sustainment，ROADS）計畫的第二階段。我們於 7 月參與了 ROADS 的示範展示。

ROADS aims to leverage customer-proven autonomous vehicle technologies like Kodiak for the department's non-tactical vehicle fleet. Given our proven technology, we believe we are well-suited to address this opportunity, which reflects the Department of War's ramping investment in autonomous and dual-use technologies.

ROADS 旨在為該部門的非戰術車隊導入像 Kodiak 這類已獲客戶驗證的自動駕駛車輛技術。鑑於我們已被證實的技術能力，我們認為自己非常適合把握此一機會；這也反映出國防部對自動化與軍民兩用技術的投資正在加速。

The depth of our defense portfolio also continues to expand. Our team is continuing to execute on the Rogue Fires program with the U.S. Marine Corps. This work builds directly on Kodiak's prior work in military autonomy, including our earlier robotic combat vehicle engagement with the U.S. Army and participation in high-profile Pentagon demonstrations such as the Defense Innovation Unit's Project GI and the Army X-Tech Overwatch program.

我們的國防產品組合深度也持續擴展。我們團隊持續推進與美國海軍陸戰隊合作的 Rogue Fires 計畫。這項工作直接建立在 Kodiak 先前於軍用自主化領域的成果之上，包括我們早期與美國陸軍的機器人戰鬥車輛合作，以及參與五角大廈的高能見度示範活動，例如國防創新單位的 Project GI 與陸軍 X-Tech Overwatch 計畫。

Moving to technology, I'm excited to announce that Kodiak's Gen7 platform is debuting on the Western Star 49X. Gen7 reflects the same product philosophy that has guided Kodiak from the beginning while incorporating everything we've learned for over 18 months of driverless operations in one of the world's most punishing driving environments.

談到技術方面，我很高興宣布 Kodiak 的 Gen7 平台將在 Western Star 49X 上首次亮相。Gen7 延續自 Kodiak 創立以來所秉持的產品理念，同時整合我們在全球最嚴苛的駕駛環境之一、超過 18 個月無人駕駛營運所累積的一切經驗。

The result is a product that is more efficient, modular, reliable, serviceable, and practical for commercial fleets. These improvements reflect our continued focus on building technology that addresses real customer needs.

其成果是一款對商用車隊而言更高效率、更模組化、更可靠、更易維修且更實用的產品。這些改進反映我們持續專注於打造能滿足真實客戶需求的技術。

Gen7 has nearly 50% more compute power than the previous generation and features a more compact form factor that simplifies integration, enhances reliability and supports a broader range of vehicle configurations. In fact, Gen7 is the AV trucking industry's first platform compact enough to integrate into lower cost day cab configurations, which we believe are the vehicles many of our current and target customers want to deploy.

Gen7 的運算能力較前一代提升近 50%，並採用更緊湊的外形設計，可簡化整合、提升可靠性，並支援更廣泛的車輛配置。事實上，Gen7 是自動駕駛卡車產業中首個小巧到足以整合進較低成本日間駕駛室（day cab）配置的平台；我們相信這類車輛正是許多現有與目標客戶希望部署的車型。

Gen7 also builds on our operational experience to increase the overall reliability of the Kodiak driver. Initial mechanical stress testing indicates that our Gen7 sensor pods and compute enclosures will have a nearly 50% greater operational lifetime than prior models.

Gen7 也基於我們的營運經驗，提升 Kodiak Driver 的整體可靠性。初步的機械應力測試顯示，我們的 Gen7 感測器艙與運算機箱的可運作壽命將較先前型號提升近 50%。

We've paired the Gen7 hardware with the latest release of our driverless software, which includes significant improvements over the prior version and is already increasing our customers' productivity. This latest version includes new AI perception models, better handling around obstacles and debris, and improved vehicle controls. Our driving in the Permian has become more confident, with overall efficiency increasing more than 30% from the prior software release.

我們將 Gen7 硬體與最新版本的無人駕駛軟體搭配使用；該版本相較前一版有顯著改進，並已在提升客戶生產力。此最新版本包含新的 AI 感知模型、更佳的障礙物與碎屑處理能力，以及改良的車輛控制。我們在二疊紀盆地的行駛表現更為自信，整體效率較前一版軟體提升超過 30%。

The second quarter saw significant regulatory progress for autonomous trucking.

第二季在自動駕駛卡車的監管方面取得重大進展。

At a state level, California's Department of Motor Vehicles finalized new regulations that, for the first time, extend its autonomous vehicle permitting program to include heavy-duty trucks.

在州層級方面，加州車輛管理局（DMV）敲定了新規定，首次將其自動駕駛車輛許可計畫擴及重型卡車。

This regulatory structure creates a clear path to commercial driverless deployment in California for both intrastate and interstate operations, and will ultimately enable us to offer coast-to-coast driverless service. We moved quickly to apply for a permit and anticipate receiving one in the coming weeks.

此監管架構為在加州進行州內與州際的商業化無人駕駛部署建立了清晰路徑，並最終使我們能提供橫跨全美的無人駕駛服務。我們已迅速提出許可申請，並預期在未來幾週內取得許可。

Additionally, we continue to see significant progress at the federal level. In May, the House Transportation and Infrastructure Committee advanced the Build America 250 Act, the latest federal surface transportation bill.

此外，我們也持續看到聯邦層級的顯著進展。5 月，眾議院運輸與基礎建設委員會推進了《Build America 250 Act》，這是最新的聯邦地面運輸法案。

Excitingly, this bill includes bipartisan language supported by the AV industry, labor, and other key stakeholders that would establish a comprehensive federal policy framework specifically to regulate the safe deployment of autonomous trucks nationwide. The bill would also permanently solve the warning triangle issue without the need for an exemption from US DOT.

令人振奮的是，該法案納入了由自動駕駛產業、勞工團體及其他關鍵利害關係人支持的兩黨措辭，將建立一套全面的聯邦政策框架，專門用於規範全國範圍內自動駕駛卡車的安全部署。該法案也將在無需向美國交通部（US DOT）申請豁免的情況下，永久解決警示三角架的問題。

While there's still work to do for the Build America 250 becoming law, the bipartisan AV trucking language lays down a clear marker for the future of federal AV truck regulation. We are therefore increasingly confident that autonomous trucking will be included in the final surface transportation legislative package when it becomes law.

雖然《Build America 250》要成為法律仍有工作要做，但其中兩黨支持的自動駕駛卡車相關措辭，已為未來聯邦自動駕駛卡車監管方向立下明確標記。因此，我們愈發有信心，自動駕駛卡車將在該地面運輸立法方案最終成為法律時，被納入最終版本。

Our growing driverless deployment, progress toward our long-haul driverless launch, and ability to integrate onto multiple leading OEM platforms demonstrates that Kodiak is prepared to scale.

我們不斷擴大的無人駕駛部署、朝長途無人駕駛上線的進展，以及能整合至多個領先 OEM 平台的能力，顯示 Kodiak 已準備好擴大規模。

Across our long-haul, industrial, and defense verticals, we continued to strengthen the Kodiak driver, expanded customer deployments, and built the operational experience needed to scale efficiently. Every deployment, driverless hour, and product improvement strengthens the Kodiak driver across all verticals.

在長途運輸、工業與國防等垂直領域，我們持續強化 Kodiak Driver、擴大客戶部署，並累積有效率擴張所需的營運經驗。每一次部署、每一小時的無人駕駛運行，以及每一項產品改進，都在所有垂直領域強化 Kodiak Driver。

With more than 18 months of commercial driverless operation under our belt and a growing ecosystem of customers and strategic partners, we believe Kodiak is well-positioned for our next phase of growth as we prepare to launch long-haul driverless by the end of 2026.

憑藉超過 18 個月的商業化無人駕駛營運經驗，以及日益成長的客戶與策略夥伴生態系，我們相信 Kodiak 已為下一階段成長做好準備，並正朝在 2026 年底前推出長途無人駕駛服務邁進。

I want to thank the Kodiak team, our customers and partners, for their continued execution and trust.

我要感謝 Kodiak 團隊、我們的客戶與合作夥伴，持續的執行力與信任。

Now, over to you, Surajit.

接下來交給你，Surajit。

Thank you, Don, and good afternoon, everyone. I'm pleased to share Kodiak's financial results for the second quarter of fiscal year 2026.

謝謝你，Don，各位下午好。我很高興分享 Kodiak 2026 會計年度第二季的財務結果。

We delivered another strong quarter of both operational and financial performance, successfully executing against our strategic priorities while expanding driverless deployments, growing recurring revenue, and maintaining disciplined spending.

我們再度交出營運與財務表現皆強勁的一季，在擴大無人駕駛部署、提升經常性收入並維持嚴謹支出紀律的同時，也成功落實我們的策略優先事項。

We ended Q2 FY2026 with 35 driverless trucks in line with our expectations and up from 28 in the prior quarter as we continue to expand deployments with Atlas. These trucks continue to operate commercially without anyone in the cab and are fully integrated into our customers day-to-day fleet operations.

我們在 FY2026 第二季結束時共有 35 輛無人駕駛卡車，符合我們的預期，且較上一季的 28 輛增加，因為我們持續與 Atlas 擴大部署。這些卡車持續在沒有任何人員在駕駛室內的情況下進行商業營運，並已完全整合進客戶日常的車隊營運中。

Revenue for the quarter was $3.5 million, representing 91% quarter over quarter growth.

本季營收為 350 萬美元，季增 91%。

The revenue increase was primarily driven by continued expansion of Driver-as-a-Service revenue and also benefited from a one-time revenue contribution of slightly over $1 million from our autonomous trucking demonstration program with DriveOhio.

營收增加主要由 Driver-as-a-Service（駕駛即服務）營收持續擴張所帶動，並且也受惠於我們與 DriveOhio 的自動駕駛卡車示範計畫帶來一次性、略高於 100 萬美元的營收貢獻。

Excluding this demonstration revenue, our underlying Driver-as-a-Service business continued to deliver strong sequential growth driven by growing commercial deployments.

排除這筆示範營收後，我們的核心 Driver-as-a-Service 業務在商業部署增加的帶動下，仍持續繳出強勁的連續成長。

GAAP operating loss for the second quarter was $43.7 million.

第二季 GAAP 營業虧損為 4,370 萬美元。

Non-GAAP operating loss, which excludes stock-based compensation was $37.3 million, primarily reflecting continued investment in research and development and operational support as we scale our deployments and long-haul readiness.

Non-GAAP營業虧損（排除以股份為基礎之薪酬）為 3,730 萬美元，主要反映我們在擴大部署與長途（long-haul）就緒能力的同時，持續投入研發與營運支援。

We incurred capital expenditures of approximately $3.9 million, primarily related to AV hardware commitments, long-haul development, and continued commercial deployments.

我們的資本支出約為 390 萬美元，主要與 AV 硬體承諾、長途開發，以及持續的商業部署相關。

Turning to cash flow, Q2 free cash flow was negative $38 million, outperforming the low end of our guidance range.

轉到現金流，第二季自由現金流為負 3,800 萬美元，優於我們指引區間的低端。

Our spending during the quarter primarily reflected continued investment in commercialization expansion. Initiatives designed to reduce the cost of Kodiak driver over time and further the development of our long-haul driverless capabilities, partially offset by continued increase in revenue.

本季支出主要反映我們持續投資於商業化擴張。包括旨在隨時間降低 Kodiak driver 成本的各項計畫，以及推進我們長途無人駕駛能力的開發，部分由營收持續增加所抵銷。

We ended Q2 with cash equivalents, and marketable securities of $151 million, providing us with the financial flexibility to continue executing our commercialization strategy while maintaining a disciplined approach to capital allocation.

第二季結束時，我們的現金約當物與有價證券為 1.51 億美元，讓我們在維持嚴謹資本配置的同時，具備持續執行商業化策略的財務彈性。

Turning to guidance.

接著談指引。

For the third quarter of fiscal 2026, we expect driverless truck deployments to increase to high 30s.

對於 FY2026 第三季，我們預期無人駕駛卡車部署將增加至接近 40 輛（high 30s）。

During the quarter, we will begin transitioning the Atlas driverless build to the new OEM truck platform, consistent with our customers' fleet strategy. The transition further demonstrates the flexibility of the Kodiak driver to operate seamlessly across OEM platforms and expands our opportunity to scale future customer deployments and increases the breadth of our customer base.

本季期間，我們將開始把 Atlas 的無人駕駛建置轉移到新的 OEM 卡車平台，與客戶的車隊策略一致。此一轉換進一步展現 Kodiak driver 能在不同 OEM 平台間無縫運作的彈性，並擴大我們未來擴張客戶部署的機會，同時提升客戶基礎的廣度。

As we initiate this transition, we expect more modest driverless truck additions during the third quarter while we integrate the new truck platform into commercial service with the customer. The deployments are expected to accelerate in the fourth quarter as we continue scaling deliveries.

在啟動此一轉換之際，當我們將新卡車平台整合進客戶的商業服務中時，預期第三季新增的無人駕駛卡車數量將較為溫和。隨著我們持續擴大交付，部署預期將在第四季加速。

We expect third quarter free cash flow of negative $39 million to negative $41 million, primarily driven by continued investment in long-haul driverless testing and development and growing commercial deployment activities.

我們預期第三季自由現金流為負 3,900 萬至負 4,100 萬美元，主要由持續投資長途無人駕駛測試與開發，以及增加的商業部署活動所驅動。

In addition, we are narrowing our full year 2026 free cash flow guidance to negative $155 million to negative $162 million, compared with our previous range of negative $155 million to negative $165 million.

此外，我們將 2026 全年自由現金流指引收斂至負 1.55 億至負 1.62 億美元，相較先前區間為負 1.55 億至負 1.65 億美元。

This updated guidance reflects our strong first half execution and our continued focus on disciplined capital allocation. We believe our continued commercial deployments, progress toward our long-haul launch, and disciplined financial execution position Kodiak well for its next phase of growth.

此更新指引反映我們上半年強勁的執行成果，以及我們持續聚焦於嚴謹的資本配置。我們相信，持續的商業部署、朝向長途上市（launch）的進展，以及嚴謹的財務執行，使 Kodiak 在下一階段成長中具備良好定位。

Operator, we are now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations on the quarter and all the great progress.

恭喜本季表現以及所有重大進展。

Don, I just wanted to maybe touch on the cadence for Atlas. So I think in the prepared remarks, you gave us a sense of kind of Q3 deployment. You gave us a sense that, sorry, you reaffirmed that you're on track for the entire deployment by middle of next year.

Don，我想稍微談一下 Atlas 的部署節奏。我想在事先準備的講稿中，你們讓我們對第三季的部署有一些概念。你也提到，抱歉，你重申你們仍按計畫在明年年中前完成整體部署。

Just trying to break that out a little bit further. Any more cadence for granularity you can give us, how should we think about Q4 and then the cadence for next year? Thank you.

我只是想再把這部分拆得更細一些。你能否提供更多節奏上的細節，我們應該如何看待第四季，以及明年的部署節奏？謝謝。

Thanks, Andres.

謝謝你，Andres。

Yeah, I think we said it in the remarks, right? We're steadily ramping up the new platform. There's obviously a lot of work and validation that goes into bringing a new platform up to driverless level quality, and this is something that we've been working on for the last little while, and we're excited to finally be deploying that new platform here in Q3.

是的，我想我們在講稿裡已經提到了，對吧？我們正在穩步拉升新平台。顯然，要把一個新平台提升到無人駕駛等級的品質，需要投入大量工作與驗證；這也是我們過去一段時間一直在做的事情，我們也很興奮終於能在第三季開始部署這個新平台。

So as we said before, we're going to start small with a Q3 deployment on the new platform, and then we're going to quickly start to ramp up through Q4, Q1, and Q2 as we get to the final 100.

因此如同我們先前所說，我們會先以新平台在第三季小規模部署，接著會在第四季、第一季與第二季快速拉升，直到達到最終的 100 輛。

I don't have anything more to add other than we plan to deploy similar number in the second half of the year as we did in the first half of the year.

除此之外我沒有更多補充，只能說我們計畫在下半年部署的數量，與上半年大致相當。

That's very helpful. Appreciate it. And maybe just a quick follow-up, maybe a two-part question.

這非常有幫助。感謝。另外再快速追問一下，可能是兩個部分的問題。

With the launch of the Gen7 hardware, I guess, what does that do to the scale? Any opportunities to accelerate that? How are you then thinking about your fleet? Are you going to perhaps discontinue some of the previous hardwares and just move over to the Gen7? Just trying to understand how you're thinking about that.

隨著 Gen7 硬體的推出，我想問這對規模化有什麼影響？是否有機會加速？你們接著如何思考你們的車隊？你們是否可能停用部分先前的硬體，並全面轉向 Gen7？我想了解你們的思考方式。

And then the last one real quick is I see that you applied for the California autonomous permit. So how are you thinking about opportunities in California as well? Thank you.

然後最後一個很快的問題是，我看到你們申請了加州自動駕駛許可。那你們如何看待加州的機會？謝謝。

So we don't have any plans to discontinue the usage of our previous generation platform, it's out there working day in, day out 24/7 for our customer today and we built that system to be incredibly reliable and it's really been showing the quality that we put into it, that was a program that we developed over several years and it's still going plenty strong and we will continue to support that platform for the coming years and ultimately the lifetime of those trucks.

我們沒有計畫停止使用先前世代的平台；它目前每天、全天候 24/7 為客戶運作。我們打造該系統時就以極高可靠性為目標，而它也確實展現了我們投入的品質。那是一個我們花了數年開發的計畫，至今仍非常強勁；我們將在未來數年持續支援該平台，並最終在那些卡車的整個使用壽命期間提供支援。

So, we don't plan to go back and retrofit, so to speak, the Gen7 on previous platforms, but all new trucks that we deliver starting in Q3 will have the new Gen7 platform with all of the upgrades and improvements in efficiency, horsepower, compute power, space savings, reliability, etc that we had mentioned before.

因此，我們不打算回頭把 Gen7 以所謂改裝（retrofit）的方式裝到先前平台上；但從第三季開始交付的所有新卡車，都將搭載新的 Gen7 平台，包含我們先前提到的所有升級與效率、馬力、運算能力、空間節省、可靠性等方面的改善。

And then in terms of California, we're really excited about where California stands. We await the permit, as we said in the remarks over coming soon.

至於加州方面，我們對加州目前的進展感到非常振奮。我們正在等待許可，如同我們在講稿中所說，應該很快就會有結果。

We're excited that that opens up coast to coast potential operations for our long haul release. We are focused on the Texas area for the next several quarters. But ultimately, we do believe that the longest of long-haul routes are the ones that are the most impactful for our customers. And of course, we're already talking to many customers in California who are excited to take advantage of the safety benefits that the Kodiak driver offers.

我們很期待這能為我們的長途版本釋出（release）開啟從東岸到西岸的潛在營運。未來幾季我們仍將聚焦在德州地區。但最終我們確實相信，最長距離的長途路線，對客戶的影響最大。當然，我們也已在與加州許多客戶洽談，他們很期待能利用 Kodiak driver 所帶來的安全效益。

And just to add to what Don mentioned about the Gen7. In earlier conversations we have in our earlier earnings calls, we have mentioned we are taking steps to enhance the efficiencies of the AV hardware stack. This is one of those steps in that direction as we try to drive down our AV hardware costs by increasing efficiencies and productivity. So this is one of the steps in that direction as we will continue to drive down the AV hardware costs.

再補充一下 Don 剛才提到的 Gen7。在先前的對話以及我們之前的財報電話會議中，我們提到正在採取措施，以提升自動駕駛（AV）硬體堆疊的效率。這就是朝那個方向邁進的其中一步，我們希望透過提升效率與生產力來降低 AV 硬體成本。因此，這是我們持續推動降低 AV 硬體成本的其中一項措施。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

First, Don, maybe just to go back to the defense opportunities you talked about in the prepared remarks. Just curious, one, what kind of milestones should we be expecting in the next maybe 6 to 12 months?

首先，Don，想回到你在事先準備的發言中提到的國防機會。我想請教兩點：第一，在接下來大概 6 到 12 個月，我們應該期待看到哪些里程碑？

And second, how to size the opportunity for Kodiak over the next few years?

第二，未來幾年 Kodiak 的機會規模該如何衡量？

Our bullishness on defense continues to be really strong as it has been in the previous quarters. That being said, visibility into the sizing of these programs, the availability, and when they ultimately come is very difficult to predict and so we continue to be fairly cautious in giving any suggestive guidance around what the sizing of these programs look like.

我們對國防領域的看多態度依然非常強烈，和前幾季一樣。不過，這些專案的規模、可取得性，以及最終何時落地，都很難預測；因此，我們在提供任何帶有暗示性的指引（例如專案規模）方面，仍會相當謹慎。

I think from our perspective, we see defense as a long-term strategy for the company and we're excited to partake in programs that are available to us the ever evolving landscape of ground based autonomy for military purposes.

從我們的角度來看，國防是公司的一項長期策略；我們也很期待能參與我們可取得的各項專案，並投入軍事用途的地面自主化這個持續演進的領域。

We're making great progress on the programs that we are a part of and as I said in the remarks with our partner, General Dynamics Land Systems, and others we're looking forward to applying to additional programs as they come down the line. But I can't give any specifics on kind of the scoping or size or expectation in terms of timing of when those will land or when those revenues will come in.

我們在所參與的專案上進展良好；正如我在發言中提到的，我們與合作夥伴 General Dynamics Land Systems 等一起，也期待在後續有更多專案推出時，申請參與。但我無法就範疇、規模或時程（何時落地、何時認列營收）提供任何具體細節。

We kind of look at that as purely additive to our core business in deploying our industrial and ultimately long-haul vehicles starting in 2027. And so we don't have anything more specific to add to that.

我們把這些視為對核心業務的純增量貢獻；核心業務是在 2027 年起部署我們的工業用車輛，並最終部署長途運輸車輛。因此，沒有更多更具體的補充。

As a follow-up going back to Gen7, one, any way to quantify the impact from cost or unit economics as you scale the new platform? And does this incorporate any of the benefits from the Bosch development that was announced earlier in the year?

追問一下回到 Gen7：第一，有沒有辦法量化在新平台擴大規模時，對成本或單位經濟效益的影響？另外，這是否包含今年稍早宣布與 Bosch 開發合作所帶來的任何效益？

(inaudible) So, the Gen7 platform is part of all our initial initiatives in engineering to enhance design enhancements. And while you can't get into specifics, but we can say we're starting to cross into double-digits of benefits from these pieces of the hardware as we go along and we are continuing to making those investments, right?

（聽不清）所以，Gen7 平台是我們在工程端推動設計改良、提升效率的初期措施之一。雖然我們無法談到具體細節，但可以說，隨著推進，我們開始看到這些硬體項目帶來的效益已跨入雙位數百分比；而且我們會持續投入這些投資，對吧？

If you think about our overall, how to drive the AV hardware stack strategy, the three drivers. One is this obviously the engineering enhancements, including Gen7 platform, and there are a few other things we are working on.

如果你從整體 AV 硬體堆疊策略來看，我們有三個驅動因素。第一個顯然是工程改良，包括 Gen7 平台，另外還有幾項我們正在進行的工作。

The second is how we create greater efficiencies through a global supply chain organization. That's a part of the Bosch you are referring to. That's still nascent. We have started developing prototypes with them, and we'll start seeing more of those benefits into 2027 and beyond.

第二個是透過全球供應鏈組織來創造更高的效率。這就是你提到的 Bosch 那部分。目前仍在起步階段。我們已經開始與他們開發原型，預期在 2027 年及之後會看到更多效益。

And the last piece will be just the scale of production, which will drive more cost optimization.

最後一塊就是生產規模，這將帶來更多成本最佳化。

And just going back to defense, also, we wanted to remind, we had talked about it in the last earnings call, the Pentagon budget for the Defense Autonomous Warfare Group, I think the preliminary numbers were being talked about is $50 billion for 2027 compared to $225 million for 2026. So we believe this will benefit all players like us as we ramp into 2027 and beyond as this contract gets allocated out.

另外再回到國防，我們也想提醒一下：我們在上一通財報電話會議提過，五角大廈針對「國防自主作戰小組」（Defense Autonomous Warfare Group）的預算，我記得當時討論的初步數字是 2027 年 500 億美元，相較於 2026 年的 2.25 億美元。因此，我們相信當這份合約在 2027 年及之後逐步分配出去時，像我們這樣的所有參與者都會受益。

Jim McIlrey with Chardon. Please go ahead.

Chardon 的 Jim McIlrey。請發問。

Atlas on their call when they talked about the deployment of the 100 trucks, it kind of sounded like some of these trucks were going to be on the road or that it seemed like they were assuming that the long haul case would be the safety case would be complete and that's where some of the trucks would be deployed. Is that correct? Are some of these trucks in this 100 truck order contemplated to be used on road?

Atlas 在他們的電話會議上談到部署 100 輛卡車時，聽起來有點像其中一些卡車會上路，或者他們似乎假設長途運輸的安全案例會完成，然後其中一些卡車會在那個情境下部署。這樣理解正確嗎？這 100 輛訂單中，有些卡車是否規劃用於道路行駛？

I think the important thing to remember about Atlas is that they own and control these trucks. So ultimately, how and where they operate the trucks, which zones of in which regions of the Permian out of what loadout zones and what well sites to deliver to is ultimately their decision.

我認為關於 Atlas 需要記住的一點是，他們擁有並控制這些卡車。因此，最終他們如何以及在哪裡營運卡車、在 Permian 的哪些區域、從哪些裝載區（loadout zones）到哪些井場（well sites）進行運送，最終都是他們的決定。

We are working to close out our safety case for highway or long-haul operations by the end of this year, at which point then once we've kind of approved given operational domain for driverless operations, then, of course, it's our customers' discretion as to whether or not they want to use the trucks in that mode or otherwise.

我們正努力在今年底前完成高速公路或長途運輸作業的安全案例（safety case）結案；屆時，一旦我們核准某個營運設計域（ODD）可進行無人駕駛作業，當然，客戶是否要以該模式使用卡車或採其他方式，就由客戶自行決定。

And so, we are working with them on geographic expansion. I think they talked about that. We're excited to continue geographic expansion. We've already begun expanding broadly throughout the Permian. That includes, additional types of types of roads. But this is ultimately their decision as to how they operate the trucks and where they want to utilize them.

因此，我們正與他們合作進行地理範圍擴張。我想他們也提到過。我們很期待持續擴大地理範圍。我們已經開始在整個 Permian 更廣泛地擴張。這也包含更多不同類型的道路。但最終仍由他們決定如何營運卡車，以及想在哪裡使用。

And on West Fraser, can you remind us again how long you think that demo or test might last and then the timeframe to a decision after the demo is complete?

另外關於 West Fraser，你能再提醒我們一次，你認為那個展示或測試大概會持續多久？以及展示完成後到做出決策的時間框架？

Yeah, Jim, yes. So we expect the pilot to start in the next few weeks, and it will last for a few weeks in Q3. And that could set up a decision and discussions with West Fraser on a potential contractual agreement over the next few months.

好的，Jim，是的。我們預期試點（pilot）會在接下來幾週內開始，並在第三季持續幾週。之後，可能在接下來幾個月內，與 West Fraser 展開關於潛在合約協議的決策與討論。

Ryan Sigdahl, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Ryan Sigdahl。

In the Gen7 hardware platform, you see 50% greater operational lifetime versus prior generations. Are you willing to quantify what the previous generation was before? And then I guess what this one implies?

在 Gen7 硬體平台上，你們提到相較前一代，作業壽命提升 50%。你們願意量化前一代原本是多少嗎？以及這一代代表什麼含意？

And then secondly on the Gen7, Surajit, you said crossing the double-digits of benefits just now. I'm not sure what you're referring to there, so some clarification would be helpful.

第二個問題也關於 Gen7：Surajit，你剛才提到「跨入雙位數的效益」。我不太確定你指的是什麼，所以希望你能再釐清一下。

I'll take the first part, which, yeah, so we intend the platform to outlast the useful lifetime of the truck. A typical lifetime of the truck in the Permian is around four years of operation, and we expect our Gen7 platform to be able to exceed the lifetime of those trucks.

我先回答第一部分。是的，我們的目標是讓這個平台的壽命超過卡車的可用年限。在 Permian，一輛卡車的典型使用年限大約是四年的營運時間，而我們預期 Gen7 平台能夠超過這些卡車的使用年限。

Ryan, what meant by the double-digit reduction means we're talking of our AV hardware stack, how much that costs on the truck. Obviously, we are still subscale and we are still building out a handful of trucks. But overall Gen7, including compute redundant system, all those benefits, we expect that would result in double-digit reduction, low double-digit reduction in AV hardware costs from the baseline cost.

Ryan，所謂「雙位數的降低」是指我們在卡車上的 AV 硬體堆疊成本能降低多少。顯然我們目前規模仍小，還在打造少量卡車。但整體而言，Gen7（包含運算、備援系統等）帶來的各項效益，我們預期可使 AV 硬體成本相較基準成本出現雙位數下降，也就是低雙位數百分比的下降。

Maybe just a follow-up, Don, on that. So I guess, does that imply that the 35 Atlas trucks now only have something like a two year useful life half of what they kind of need?

也許就此再追問一下，Don。所以我想，這是否意味著那 35 輛 Atlas 卡車現在的有效使用年限大概只有兩年，只有它們原本需要的一半左右？

No, we actually believe that those trucks are built for nearly, if not exceeding the lifetime of those trucks, it's just Gen7 is kind of solidly on the other side of that. We do a lot of accelerated life testing with our systems, but ultimately the Permian is a very rugged environment. It's one of the most rugged environments you can find in the United States.

不，我們其實相信那些卡車的設計壽命幾乎等同於、甚至可能超過卡車本身的使用年限；只是 Gen7 基本上已經明顯是更上一個世代了。我們對系統做了大量加速壽命測試，但最終二疊紀盆地（Permian）是一個非常嚴苛的環境。這是你在美國能找到的最嚴苛環境之一。

And so, measuring and quantifying the lifetime and reliability of the systems is quite difficult. But we have dramatically improved those capabilities, at least in bench testing and in chamber testing versus the previous Gen.

因此，要衡量並量化系統的壽命與可靠度相當困難。但相較於上一代，我們至少在台架測試與環境艙測試方面，已大幅提升這些能力。

And so far we've seen incredible reliability with our AV system in the permeate over the last 18 months, and those systems are going strong. We expect that to continue, but we do expect Gen7 to be even more reliable.

到目前為止，過去 18 個月我們在二疊紀盆地的 AV 系統展現了極高的可靠度，這些系統運作狀況非常好。我們預期這會持續，但也預期 Gen7 會更可靠。

Helpful. Switching over as I look at the truck platform with Daimler, I guess nobody seems to be able to get access to Daimler for autonomous trucking given their torque relationship. Anything you can share on kind of what this engagement relationship, if there is one, what it could mean for Kodiak?

了解，謝謝。我把話題轉到與戴姆勒（Daimler）的卡車平台來看，我想似乎沒有人能在自動駕駛卡車方面取得戴姆勒的合作，考量到他們的扭矩（torque）關係。你能否分享一下這種合作互動關係（如果有的話）是什麼樣子，以及它可能對 Kodiak 代表什麼？

I can't comment on the relationship at this time, but what I can say is that the Western Star and Daimler team are aware of the selection by Atlas to use their platform and we've coordinated with them on the deployment of the Kodiak driver system on the Western Star platform for the purposes of deploying with Atlas.

我目前無法評論這段關係，但我可以說的是，Western Star 與戴姆勒團隊已知悉 Atlas 選擇使用他們的平台，我們也已與他們協調，將 Kodiak Driver 系統部署在 Western Star 平台上，以便與 Atlas 的部署目的相符。

Yeah, and just to add to what Don mentioned, we are really excited about the integration on another leading OEM platform. This also allows us to adopt our autonomous solution to a more economical day cab, which as Don mentioned in the prepared remarks, we believe would be one of the leading configuration across all verticals.

對，補充 Don 剛才提到的，我們對於能在另一個領先的 OEM 平台上完成整合感到非常興奮。這也讓我們能把自動駕駛解決方案導入更具成本效益的日間駕駛室（day cab）；如 Don 在事先準備的發言中提到的，我們相信這會是跨各垂直領域的主流配置之一。

And this also validates our case of platform agnostic, our architecture allows us to transition quickly and efficiently across different platforms and that allows us to be fast into the go-to-market opportunities.

這也驗證了我們「平台無關（platform agnostic）」的論點；我們的架構讓我們能在不同平台之間快速且有效率地轉移，進而讓我們能更快切入市場導入（go-to-market）的機會。

Quick follow-up, does coordinate with them and them aware, I guess, does that mean they approved, assuming you put the technology on there, is that a reasonable inference?

快速追問一下，你說「與他們協調」以及「他們知悉」，我想這是否表示他們已經核准了——假設你們把技術裝上去——這樣推論合理嗎？

Yes, they have approved, yes.

是的，他們已經核准了，是的。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利（Morgan Stanley）。

Hi, this is Nancy on for Ravi.

嗨，我是 Nancy，代 Ravi 發問。

I saw that your autonomous readiness measure was at 91%. It would be helpful if you could walk us through specifically which safety cases claims remain open or any gating factors before you can declare 100% and commence driverless operations on highway.

我看到你們的自動駕駛就緒度（autonomous readiness）指標是 91%。如果你們能具體說明目前仍未結案的安全案例（safety case）主張有哪些，或是在你們能宣告 100% 並開始高速公路無人駕駛營運之前，還有哪些關卡因素（gating factors），會很有幫助。

Well, as a reminder, our safety case process consists of a series of claims. There's many claims in the tree that we have to provide a sufficient amount of evidence to declare that the system is adequately performant and the risk is sufficiently low.

好的，提醒一下，我們的安全案例流程由一系列主張（claims）所構成。在這棵樹狀結構裡有很多主張，我們必須提供足夠的證據，才能宣告系統表現足夠、且風險已降到足夠低。

It's beyond the scope of the call to kind of walk through all of the different claims within the framework. What we can say and I'll just reiterate from the remarks is that some of the longest lead time items have now been closed out. Most of the most technical challenging claims have been closed out. And so we do expect this number to accelerate towards 100% as we march towards the end of the year, and we are very confident that we can close the case and deploy our launched vehicle by the end of December.

在這通電話中逐一走過該框架內所有不同主張，超出本次會議的範圍。我們能說的是——也再次重申我們在發言中提到的——一些前置期最長的項目現在已經結案。多數技術上最具挑戰性的主張也已結案。因此，隨著我們邁向年底，我們預期這個數字會加速朝 100% 前進；我們也非常有信心能在 12 月底前結案並部署我們已發佈的車輛。

And then I guess going off of that, with the breakpoint technology, how does that differentiate you from competitors? How do you balance simulation testing with on-highway operations? And does that help you close the safety case a bit faster, perhaps expand a bit more when you're looking at lanes on the other end of this driverless launch?

接著延伸這點，關於 Breakpoint 技術，它如何讓你們與競爭對手有所區隔？你們如何在模擬測試與高速公路實際運行之間取得平衡？它是否能幫助你們更快結案安全案例，或是在這次無人化上線之後，當你們評估車道（lanes）擴張時，能更進一步擴展？

Yeah, well, I can't speak about other technologies, but what I can say about Breakpoint is that it is truly a game changer or a step function in terms of the way we think about simulating for rare events and edge cases. So, if you think about the distribution of all the things that can happen, the classic/naive way is to simulate every scenario across every variable, and that can be very expensive.

是的，我無法評論其他技術，但我可以說 Breakpoint 確實是改變遊戲規則的工具，或說在我們思考如何針對罕見事件與邊緣案例進行模擬方面，是一個「躍升式」的進步。如果你把所有可能發生的事情視為一個分布，傳統／直覺但較天真的方式，是在每個變數上把每個情境都模擬一遍，成本會非常高。

And also, the majority of simulations you run are going to be very mundane and, eventless, so to speak, right? Very easy to close. What Breakpoint allows us to do is it allows us to search around the edges where there's close calls, near misses, or potential collisions, and it allows us to explore the space of simulation right along those edges where it's the most difficult for the truck. So we can focus the effort, so to speak, on the hardest cases. And Breakpoint is just a tool that allows us to intelligently and in a very sophisticated way search for those edge cases in a very extremely high dimensional space.

而且你跑的大多數模擬其實都很平淡、可以說沒有事件發生，對吧？很容易就能結案。Breakpoint 讓我們能在邊界附近搜尋——也就是那些擦身而過、差點出事或可能碰撞的地方——並讓我們沿著這些邊界去探索模擬空間，因為那正是卡車最難應對的區域。因此我們可以把力氣集中在最困難的案例上。Breakpoint 就是一個工具，讓我們能以智慧且非常精密的方式，在極高維度的空間中搜尋那些邊緣案例。

And by doing that, we can, of course, test all of the mundane stuff, but we can really focus a lot of our brainpower, our resources on the hard, specific edge cases that we ultimately need to find to close. And it allows us to kind of skip over a lot of the easy things that we don't want to spend resources because we know the system already handles.

透過這樣做，我們當然也能測試所有那些平常的情境，但我們可以把更多心力與資源集中在那些困難、特定的邊緣案例上——而那些正是我們最終需要找出並完成結案的。它也讓我們能某種程度上跳過許多簡單項目，不必花資源在我們已知系統能處理的事情上。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Don, I'm taking a look at this Western Star truck. Looks pretty good.

Don，我正在看這台 Western Star 卡車。看起來相當不錯。

So in terms of why you can use this day cab, is it just that that large compute box that would normally sit in the second row of the larger cab has been reduced? Or is it moved up into the passenger seat? Is it in that little cap thing above the windshield? Can you give us a little bit more color on how you've achieved that and while at the same time obviously getting, I think you said 50% more compute, faster compute?

所以就你們為何能使用這種日間駕駛室（day cab）而言，是不是因為原本通常會放在較大駕駛室第二排座位位置的那個大型運算箱，已經縮小了？還是它被移到副駕駛座的位置？或是放在擋風玻璃上方那個小帽狀結構裡？你能否多提供一些細節，說明你們如何做到這點，同時又能——我記得你說——運算能力提升 50%，而且運算更快？

Thanks, Walt. Very astute observations. So thanks for the compliment on the looks. We agree. We think it's a beautiful looking truck and we're excited to deploy it this quarter to customers in a driverless fashion with nobody in the cab.

謝謝你，Walt。觀察得非常敏銳。也謝謝你稱讚外觀。我們同意。我們認為這是一台外型很漂亮的卡車，我們也很期待在本季以無人駕駛的方式把它部署給客戶，駕駛室內完全不會有人。

So kind of exactly as you said, a little bit of all of the above. We've moved the compute from the rear of the cab where most companies would naturally deploy it into the front area where the passenger seat would go. We've, of course, had to improve the form factor for that. But with improved form factor, reduced form factor, comes additional space challenges, but also heating, cooling, power challenges as well. So we've had to address all of those additional challenges to bring everything into kind of a smaller footprint for the day cab configuration.

所以就如你所說，以上幾點都有一些。我們把運算設備從駕駛室後方——多數公司自然會把它部署在那裡——移到前方，也就是原本副駕駛座會在的位置。當然，我們必須改善其外形尺寸（form factor）。但外形尺寸改善、體積縮小之後，會帶來額外的空間挑戰，同時也會有加熱、散熱與供電方面的挑戰。因此我們必須解決所有這些額外挑戰，才能把所有東西整合到更小的占用空間中，以符合日間駕駛室配置。

Ultimately, if you look out in the Permian in particular, all of the trucks are day cabs, right? You don't get a lot of sleeper cabs out there. And so, it's important to our customer, but also important for our development to be able to kind of prove that the Kodiak technology is agnostic, like we say it is, to all different form factors.

最終，如果你特別看二疊紀盆地（Permian），所有卡車都是日間駕駛室（day cab），對吧？那裡不太會有很多臥鋪駕駛室（sleeper cab）。因此，這對我們的客戶很重要，但對我們的研發也很重要，因為我們需要某種程度上證明 Kodiak 技術如同我們所說，對各種不同的車體形式（form factors）都是不可知／通用的。

And so, yeah, it's kind of all of the above. We had to really think about the engineering of the actual footprint of the compute system. We had to think about the thermal considerations of having a reduced airspace, how do we keep it cool, and how do we kind of improve all the systems for the new form factors. So it was quite a heavy lift on the team, and I'm super proud of how it ended up.

所以，是的，算是以上皆是。我們必須非常仔細地思考運算系統實際占用空間（footprint）的工程設計。我們也必須考量在空間縮小、氣流空間減少的情況下的散熱問題：要如何保持冷卻，以及如何針對新的車體形式去改進所有系統。所以這對團隊來說是相當艱鉅的任務，而我也為最後的成果感到非常自豪。

Does the customer capture all of the economic benefit or are you able to increase your per mile per hour, however you charge, for the driver since they're going to be saving that much more on a smaller cab truck versus the sleeper cab?

客戶會拿走全部的經濟效益嗎？還是你們能夠提高你們按英里、按小時（不管你們怎麼計費）向客戶收取的費用，因為相較於臥鋪駕駛室，小駕駛室卡車能省下更多成本？

Yeah, this is primarily over ROI that's passed on to the customer. So, exactly as you said, one of the benefits of running a day cab is that it's actually cheaper. If you don't care about the aerodynamics, meaning you're not going to operate in very high speed environments, then a day cab is definitely a cheaper option. And of course, because the customer in our case, in our DAS model, they purchase, they own the trucks, this is obviously savings that is direct to their bottom line.

是的，這主要是把投資報酬率（ROI）讓利給客戶。所以，正如你所說，使用日間駕駛室的一個好處是它其實更便宜。如果你不在意空氣動力學，也就是說你不會在非常高速的環境中運行，那日間駕駛室絕對是更便宜的選擇。當然，因為在我們的情況下、在我們的 DAS 模式中，客戶購買並擁有這些卡車，這顯然是直接反映在他們損益底線上的節省。

Got it. I was just looking at the, I don't know if you gave the full number, but the hours of paid driverless ops, and I looked at it basically on per truck per day, which you were, it looks like based on simple math. Maybe last year you were in kind of like an 8 hours a day and now it's like 14. I don't know if that math tracks, but is it your trucks are just running more per day or is it just kind of a rounding hour based on the timing of when those incremental trucks came on?

了解。我剛剛在看你們的——我不確定你是否給了完整數字——付費的無人駕駛營運時數（paid driverless ops），我基本上把它換算成每台車每天的數字，用簡單數學看起來是這樣。也許去年大概是每天 8 小時，現在大概是 14 小時。我不確定這樣算對不對，但這是因為你們的卡車每天跑得更多，還是只是因為新增車輛上線時間點不同、導致四捨五入後的時數差異？

No, I think you're on to the fact that our efficiency has been improving ever since the beginning of our deployment 18 months ago in December of 2024. So, those numbers are not the ones that we provide, but you're absolutely correct in that the trucks are more efficiently run. This comes from a number of factors, both the uptime of the trucks is higher today, the operational capabilities of the customer are higher, meaning the people who are actually utilizing these trucks for pickup, drop-off, and deployment are actually more efficient.

不，我覺得你抓到重點了：自從我們在 2024 年 12 月、也就是 18 個月前開始部署以來，我們的效率一直在提升。所以，那些不是我們對外提供的數字，但你說得完全正確：卡車的運行效率確實更高了。這來自多個因素：一方面，卡車的可用率（uptime）如今更高；另一方面，客戶的營運能力也更強——也就是實際使用這些卡車進行提貨、卸貨與部署的人員，效率也更高。

The startup procedures have improved. So, the trucks are available when they want to be used. There's no downtime. They don't have to spend time, calibrating them or recalibrating them or kind of initiating them. So, startup time has improved.

啟動流程也改善了。因此，卡車在他們想用的時候就能用。沒有停機時間。他們不需要花時間去校準、重新校準，或是做各種啟動／初始化。所以，啟動時間已經改善。

Overall transit time is being reduced and well time at the well sites is also improving with operational efficiencies. Now, some of that is due to Kodiak improvements and some of that is due to customer improvements that we've assisted and helped along the way and kind of all coming together to a much more overall efficient fleet.

整體運輸時間正在縮短，而在井場（well sites）的停留時間也因營運效率提升而改善。其中一部分來自 Kodiak 的改進，另一部分來自客戶端的改進——我們一路協助與推動——最後共同促成整體車隊效率大幅提升。

Just one last one, if you don't mind. You were talking about this high 30s, right, because you're transitioning to these new trucks, Gen7. I think that implies that basically the Paccar trucks are getting taken out of service. I'm just curious, like, what is the customer in that situation do with those trucks? Are they, is there any residual value do they operate anywhere else or what happens to those trucks as they're taken out of service and you're, if that's even correct, and you're replacing with these Daimler trucks?

如果你不介意，我最後再問一個。你剛剛提到「30 多台的高段」（high 30s），對吧，因為你們正在轉換到這些新卡車 Gen7。我想這意味著基本上 Paccar 的卡車會被退役。我只是好奇，在那種情況下客戶會怎麼處理那些卡車？它們是否還有任何殘值？會在其他地方繼續營運嗎？或是當它們被退役、而你們（如果我理解正確）用這些 Daimler 卡車替換時，那些卡車會發生什麼事？

I won't speak for the customer, but I don't believe any of the former trucks that they're currently operating are being taken out of service.

我不代表客戶發言，但我不認為他們目前在營運的任何舊款卡車會被退役。

What the high 30s number we're guiding is cumulative number. So, we added 15 driverless trucks in first half of 2026. And we expect, as Don mentioned earlier, numbers similar to those additions in the second half of FY2026.

我們所指引的「30 多台高段」是累計數字。因此，我們在 2026 年上半年新增了 15 台無人駕駛卡車。而且我們預期，如 Don 先前提到的，在 2026 財年下半年也會有與此類似的新增數量。

Right, I think I was just asking about Q3 because I think you mentioned 38 cumulative in Q3, which implies adding about 3 or 4, which is a lower pace than you've done in the last three quarters. I assume that was for some transition, but so they're staying in service, you're just adding fewer and then just really cranking them out in the fourth quarter?

對，我想我是在問第三季（Q3），因為我記得你提到第三季累計 38 台，這意味著大概只新增 3 或 4 台，速度比你們過去三個季度都慢。我猜那是因為某種轉換期，但所以它們仍在服役，你們只是這一季新增較少，然後在第四季再大幅加速？

Yeah, we're definitely ramping up production in the fourth quarter. And as the new platform is moving online, there will be fewer deployed this quarter. So, it is a temporary slowdown, but it is not due to kind of any kind of manufacturing deficiency or supply chain issues. It's just a matter of making sure that these new trucks on the new platform are fully validated and ready to go at the quality that the customer expects.

是的，我們確實會在第四季加速提升產量。而隨著新平台逐步上線，本季部署的數量會較少。所以這是暫時性的放緩，但並不是因為任何製造缺陷或供應鏈問題。這只是為了確保這些採用新平台的新卡車已經完成充分驗證，並以客戶所期待的品質水準準備就緒。

And so there's a very high bar to meet there. We want to make sure that we've gotten everything right before we hand these over to the customer to make sure that their operational efficiency is highest expectation. And so, yeah, we're going to have a fewer less this quarter, but we do intend to ramp up significantly in Q4, Q1, and Q2.

因此，那裡有非常高的門檻需要達成。我們希望在把車交付給客戶之前，確保所有事情都做對，讓他們的營運效率達到最高期望。所以，是的，本季會少一些，但我們確實打算在第四季、第一季與第二季大幅拉升。

And this will conclude our question-and-answer session as well as our conference call for today.

以上結束我們的問答環節，也結束今天的電話會議。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。