Kodiak Ai, Inc. · NASDAQ:KDK
Kodiak Ai — Ares Acquisition Corp II — SPAC Merger (April 2025)
60 slides from Kodiak Ai's SPAC merger presentation, Apr 14, 2025
Slide 1: Exhibit 99.2 April 14, 2025
Exhibit 99.2 APRIL 14, 2025
Slide 2: Disclaimer
Disclaimer Kodiak Robotics, Inc. (“Kodiak” or the “Company”) and Ares Acquisition Corporation II (“AACT”) are providing this presentation and the accompanying oral remarks (collectively, the “Presentation”) to assist interested parties in making their own evaluation with respect to a potential busin
Slide 3: Disclaimer (continued)
Disclaimer (continued) In addition, forward-looking statements reflect Kodiak’s and AACT’s expectations, plans or forecasts of future events and views as of the date of this Presentation. Kodiak and AACT anticipate that subsequent events and developments will cause Kodiak’s and AACT’s assessments to
Slide 4: Today's Presenters
Today’s Presenters Don Burnette Eric Chow Michael Wiesinger Allyson Satin Founder and CEO CFO COO COO, AACT Proprietary & Confidential | 4
Slide 5: Kodiak to Go Public in Partnership with Ares Acquisition Corp. II
Kodiak to Go Public in Partnership with Ares Acquisition Corp. II (3) Ares Platform Expertise Ares’ Sponsorship & Deep Investing Experience ● Ares Management Corporation (“Ares” | NYSE:ARES) is a (4) (5) (1) global alternative asset manager with $525b+ of AUM $90b+ invested 10+ IPOs ● Ares Acquisiti
Slide 6: Value Creation Through Kodiak & AACT Partnership
Value Creation Through Kodiak & AACT Partnership Significant Total Addressable Market Opportunity (1) $4+ trillion TAM across commercial trucking and public sector opportunities - Kodiak’s target applications Compelling Tailwinds in Autonomous Trucking Autonomy helps solve industry pain points, inclu
Slide 7: Kodiak Overview
Kodiak Overview a Proprietary and Confidential 2025 01
Slide 8: Kodiak delivers AI-powered autonomy for tough driving jobs
Kodiak delivers AI-powered autonomy that tackles some of the tough driving jobs that help keep the world moving. a Proprietary and Confidential 2025 8
Slide 9: Transportation Faces Growing Challenges
Transportation Faces Growing Challenges Trucking is demanding and unforgiving—we believe rising costs, safety risks, and workforce shortages are straining the industry. Labor Shortages & Safety Workforce Challenges Risks Long hours, time away from home, and Fatigue, distraction, and extreme dangerou
Slide 10: Autonomy is the Solution—Kodiak's AI Driver is Operating Today
Autonomy is the Solution—Kodiak’s AI Driver is Operating Today The Kodiak Driver is an AI-powered autonomous system built to handle some of the world’s toughest trucking jobs—delivering driverless technology that is safe, scalable, and commercially deployed today. Kodiak Driverless Revenue-Generatin
Slide 11: Delivering in a $4t+ Market that Keeps the World Moving
Delivering in a $4t+ Market that Keeps the World Moving Commercial Trucking Opportunity Kodiak Trucking Applications $4t+ ~$1t Global Commercial US Commercial (1) (2) Commercial Trucking Public Sector Trucking Market Trucking Market (1) Verified Market Research, Road Freight Transportation Market Siz
Slide 12: A Business Model Tailored to Customer Operations
A Business Model Tailored to Customer Operations Commercial Trucking Public Sector Kodiak Driver-as-a-Service Overview Integrating the Kodiak Driver into customer fleets Per Mile License Fee R&D Funding & Revenue or Fee Per Vehicle Per Vehicle License Fee Services Operation and System Support Sustain
Slide 13: Kodiak's AI-Driven Approach to Ground Autonomy
Kodiak’s AI-Driven Approach to Ground Autonomy—The Kodiak Driver AI-Driven Autonomy; Common Modular Single AI Driver Independent of HD Maps Technology Platform Hardware Highway Surface Streets Dirt Roads Off-Road (1) A unified virtual driver powered by Free from HD map constraints, A vehicle-agnostic
Slide 14: History of Reaching Major Milestones
History of Reaching Major Milestones 2018 - 2021 2022 2023 2024 2025 APR ‘18 JUL ’19 JUN ‘22 OCT ‘22 MAR ‘23 DEC ‘23 JAN ‘24 MAY ‘24 JUL ‘24 SEP ‘24 MAR ‘25 Kodiak First SensorPods Awarded U.S. 24/6 Ford F-150 Launch of Gen6 Partnership MSA signed Driverless Surpassed 750 founded autonomous introduc
Slide 15: Real-World Impact and Demonstrated Market Leadership
Real-World Impact and Demonstrated Market Leadership Autonomous (1) (1) Loads Delivered Miles Driven 7,000+ 2.6m+ Hours of Paid (2) (3) Network Size Driverless Operations 20k miles 750+ (1) Data as of February 28, 2025, by Kodiak and customer vehicles, inclusive of autonomous driving with Safety Dri
Slide 16: Outpacing the Competition
Outpacing the Competition (1) (2) Autonomous 2.6m+ 2.6m+ Miles Driven Customer-Owned Driverless Trucks 2 0 (3) Hours of Paid Driverless Operations 750+ 0 Quarterly (4) Cash Burn ~$20m ~$150m (1) Data as of February 28, 2025 by Kodiak and customer vehicles, inclusive of autonomous driving with Safety
Slide 17: Efficient Use of Partnerships to Manage Time and Costs
Kodiak is Focused on Efficient Use of Partnerships to Manage Time and Costs No HD maps. Designed to see the road, analyze ● HD maps offer rich detail, but are expensive surroundings, and drive based on real-time to build and maintain, and require frequent Navigation perception updates Critical for of
Slide 18: Kodiak's Core Value: Safety First, and Always
Kodiak’s Core Value: Safety First, and Always Kodiak’s Safety Case Framework Safety is the foundation of everything we build. It’s not an afterthought—it’s the driving force behind what we do and why we do it. Safety Culture Engineered Manufacturing & SMS to Drive Safely and Quality Kodiak’s Safety
Slide 19: Experience That Drives Innovation
Experience That Drives Innovation Don Burnette Andreas Wendel Michael Wiesinger Eric Chow Jordan Coleman CEO/Founder CTO COO CFO Chief Legal & Policy Officer Gerhard Eschelbeck Jamie Hoffacker Zsuzsanna Major Tyler Rosengren CISO VP of Hardware VP of People VP of Marketing Proprietary & Confidential |
Slide 20: Guided by Industry Leaders
Guided by Industry Leaders Kodiak’s Industry Advisory Council brings together trucking experts to advise on Kodiak's approach to autonomy, safety case development, commercial deployment, and regulatory challenges. Chad Dittberner Anne Ferro William Kruger SVP, Dry & Expedited Former Administrator, V
Slide 21: The Kodiak Driver at Work
The Kodiak Driver at Work z Proprietary and Confidential 2025 02
Slide 22: Coast-to-Coast Commercial Network
Coast-to-Coast Commercial Network Current lane network serves some of the most freight (1) dense lanes in the US Kodiak Facilities Daily Operations Operational Ready Announced customer relationships with some of (2) the country’s largest transportation providers (1) Network represents miles for comm
Slide 23: Building the Roadmap for Autonomous Trucking—Together
Building the Roadmap for Autonomous Trucking—Together Kodiak collaborates with fleet partners to integrate the Kodiak Driver into their operations through its Partner Deployment Program. This structured, multi-step framework provides a clear, strategic path for incorporating autonomous trucks into fle
Slide 24: Scaling Driverless with Atlas Energy Solutions
Scaling Driverless First Known Publicly Announced Driverless Trucks with Atlas Trucks in Commercial Operations Energy Solutions ● Solving operational challenges – Kodiak’s driverless technology helps Atlas address challenges with driver recruitment, high labor costs, and demanding operating conditio
Slide 25: Kodiak and J.B. Hunt Move Freight Autonomously
Kodiak and J.B. Hunt ● Long-haul autonomy in operation – The Kodiak Driver Move Freight moves freight between Dallas and Atlanta, running beyond a single driver’s 11 hours of service limit, enabling Autonomously faster delivery. ● Integrated with J.B. Hunt’s network – J.B. Hunt handles Between Dalla
Slide 26: Integrating Autonomy Into Werner Freight Operations
Integrating ● Operational since 2022 – Currently running 24-hour Autonomy Into autonomous trucking operations, four days a week. ● Integrated partnership – Werner is part of Kodiak’s Freight Operations Partner Deployment Program and Industry Advisory Council, helping shape the future of autonomous l
Slide 27: Delivering Military Ground Autonomy with Proven AI
Delivering Military Robotic Combat Vehicle (RCV) Program Ground Autonomy with Proven AI Kodiak was competitively selected and entered into a contract with the U.S. Army in October 2022 to deliver an end-to-end autonomous solution for the U.S. Army Robotic Combat Vehicle Program. ● Received ~$30m for
Slide 28: Strategic Relationship Supporting the U.S. Army's RCV Program
Strategic Relationship Supporting the U.S. Army’s RCV Program ● Strategic Collaboration with RCV Vehicle Competitor - Textron Systems is in active competition for the U.S. Army’s Robotic Combat Vehicle program. ● Uncrewed Vehicle Operations - Integration with RIPSAW® M3, which has no room for a driv
Slide 29: Technology
Technology Proprietary and Confidential 2025 03
Slide 30: Single Technology Platform
Single Technology Platform Kodiak’s integrated platform combines advanced software with modular hardware. AI Behind Modular Hardware Oversight and One Common the Wheel Built to Scale Integration Tools Technology Perception, planning, and SensorPods, compute, and Offboard systems for control for auto
Slide 31: AI That Sees, Thinks, and Drives
AI That Sees, Thinks, and Drives Advanced AI designed to drive in a wide range of environments - A single AI-powered driver operates across commercial trucking and public sector applications without retraining. Multi-Sensor Perception Scalable, Adaptable AI Iterative Development Kodiak AI treats all
Slide 32: Modular Hardware Powering Driverless Operations
Modular Hardware Powering Driverless Operations SensorPods SensorPods Self-contained modules with LiDAR, radar, and Perception Sensors cameras for perception. Patent-pending quick-disconnect attachment enables fast field swaps without specialized training, and is designed to maximize uptime and utili
Slide 33: Versatile Autonomy Built For Scale
Versatile Autonomy Built For Scale Platform Integrations Freight Hauling Efficient Integration Modular design and custom calibration streamline upfit with minimal touch. Kenworth Container T680 (2018) Freight Proven Across Platforms Integrated on four vehicle types, with the capability to retrofit new
Slide 34: Kodiak Services: Connecting Autonomy with Customer Operations
Kodiak Services: Connecting Autonomy with Customer Operations Customer-Centric Approach - Built in collaboration with partners, Kodiak’s services complement customers’ existing operations rather than reinventing them—delivering maintainable, flexible, and scalable autonomy solutions tailored to custo
Slide 35: Roadmap
Roadmap Proprietary and Confidential 2025 04
Slide 36: Commercial and Product Roadmap
Commercial and Product Roadmap 2024 2025 2026 2027+ Commercial Commercial Launch Path to Gross Profit Path to Scale & Self Funding 1,000’s of Trucks Delivered 10’s of Trucks Delivered 100’s of Trucks Delivered Product Few Lanes Off-Highway +Many Lanes Off-Highway +Few Lanes on Highway +Many Lanes on
Slide 37: Current Legal and Regulatory Structure Supports Deployment
Current Legal and Regulatory Structure Supports Deployment Regulatory approval in 24 states for driverless operations. Deployment Testing Allowed Silent Human Must Be Present Commercial AVs Only Under 10k lb Driverless Only Kodiak Operational Ready Lanes Proprietary & Confidential | 37
Slide 38: Business Model Overview
Business Model Overview z Proprietary and Confidential 2025 05
Slide 39: Business Model
Business Model Commercial Trucking Public Sector Kodiak Driver-as-a-Service Overview Integrating the Kodiak Driver into customer fleets Per Mile License Fee R&D Funding & Revenue or Fee Per Vehicle Per Vehicle License Fee Services Operation and System Support Sustainment Services Expected Contract 4+
Slide 40: Transforming Partner Economics
Transforming Partner Economics We believe Kodiak’s autonomous solution can provide meaningful total cost of ownership benefits to end customers. The Problem The Kodiak Driver Solution Limited Driver Hours per day At least 2x as productive as a solo (1) human driver 11-hour behind the wheel maximum Ri
Slide 41: Business Model Economics
Business Model Economics Per Mile License Fee Monthly / Annual License Fee per Vehicle Description Customers pay a license fee for the software Customers pay a monthly or annual license fee and supporting services on a per mile driven for the software and supporting services on a basis per vehicle b
Slide 42: Potential Annual Recurring Revenue per Truck
Potential Annual Recurring Revenue per Truck 275 18 45 ~225k Annual Operating MPH Avg. Miles Operating Days Hours per Day Speed per Year Per Mile (1) License Fees Driver Management/ $0.97 225k 15-35% $150k-$190k Overhead, Fuel, and Less Insurance Costs Current driver Miles Run-rate Recurring Revenue
Slide 43: Kodiak Market Opportunity and Adoption Curve
Kodiak Market Opportunity and Adoption Curve Potential Near-Term Adoption Curve for Kodiak Solutions Total number of Class 8 commercial trucks (including Class 8 (1) tractors and straight trucks) in the U.S. = ~4m % of TAM < 0.1% >1,000’s of Trucks < 0.01% 100’s of Trucks < 0.001% 0.0001% 10’s of Tr
Slide 44: Transaction Overview
Transaction Overview Proprietary and Confidential 2025 06
Slide 45: Peer Valuations in Autonomous Vehicle Industry
Peer Valuations in Autonomous Vehicle Industry Valuation ($b) Oct-24: Post-money valuation after $5.6b funding round (1) $45.0 Trailing 6 month avg. market cap (2) $11.6 (3) $2.5 (1) As reported by Bloomberg, Alphabet’s Waymo Valued Above $45 Billion After Funding, October 31, 2024. (2) Aurora avera
Slide 46: Transaction Summary
Transaction Summary Kodiak is valued at a $2.5b pre-money equity value (1) ● $551m of cash-in-trust plus $100m PIPE used to pay down $33m of existing debt and $40m of estimated transaction (2) expenses and provide $578m of cash to the balance sheet (3)(4) ● Existing shareholders roll 100% of interes
Slide 47: Transaction Summary: Estimated Sources & Uses
Transaction Summary Estimated Sources & Uses (1,2,3) (1,2,3) Sources ($m) Uses ($m) Net Cash to Balance Sheet $578 AACT Cash in Trust $551 Cash to Debt Paydown 33 Equity Rollover 2,500 AACT Sponsor 69 Estimated Transaction Expenses 40 (4) PIPE 100 Equity Rollover 2,500 AACT Sponsor 69 Total Sources
Slide 48: Summary
Summary Proprietary and Confidential 2025 07
Slide 49: Why Kodiak
Why Kodiak Kodiak is the only autonomous trucking company to deploy driverless units into customer fleets. Autonomous Revenue (1) $4t+ TAM Tailwinds Generating 01 02 03 Significant TAM in target industries ripe Solving major challenges faced by Trucks making autonomous deliveries for innovation custom
Slide 50: Appendix
Appendix z Proprietary and Confidential 2025 08
Slide 51: Safety
Safety Proprietary and Confidential 2025 09
Slide 52: Quantifying Safety with Probabilistic Risk Assessment
Quantifying Safety with Probabilistic Risk Assessment Traditional automotive safety standards are powerful Our PRA uses Bayesian probabilistic modeling to tools for managing the risks of traditional automotive estimate the expected per-mile incident rate for components, but are an imperfect fit for i
Slide 53: Mapping Risk: Kodiak's PRA Model
Mapping Risk: Kodiak’s PRA Model Kodiak’s PRA model breaks down risks into testable and Oncoming measurable scenarios, starting broad and progressively Vehicle narrowing into specific, quantifiable events like pedestrian-in-lane exposures per mile. Overtaking Vehicle This structured risk taxonomy subs
Slide 54: A Continuous Learning Flywheel
Prioritize the risks A Continuous Learning Flywheel Risk-informed engineering starts with uncertainty and Test & analyze assumptions. Using PRA, we identify and prioritize risks, the system guiding engineering efforts to mitigate them. Once improvements are made—through software, hardware, or risk m
Slide 55: Risk Factors
Risk Factors Proprietary and Confidential 2025 10
Slide 56: Risk Factors
Risk Factors RISKS RELATED TO KODIAK’S BUSINESS● Any failure to commercialize our strategic plans at scale may adversely affect ● Autonomous driving is an emerging and rapidly evolving technology and our business, financial condition and results of operations. involves significant risks and uncertaint
Slide 57: Risk Factors (continued)
Risk Factors (continued) ● Unauthorized control or manipulation of systems in autonomous vehicles may ● We are subject to anti-corruption, anti-bribery, anti-money laundering, and cause them to operate improperly or not at all, or compromise their safety and similar laws, and non-compliance with suc
Slide 58: Risk Factors (continued)
Risk Factors (continued) RISKS RELATED TO GOVERNMENT CONTRACTS● Our credit facilities contain restrictive covenants and other terms that may ● A significant portion of our historical revenue has depended on sales to the limit our operating flexibility, which may adversely affect our business, financial
Slide 59: Risk Factors (continued)
Risk Factors (continued) ● The ability of AACT’s shareholders to exercise redemption rights with respect to a large number of outstanding Class A ordinary shares may prevent AACT from completing the Proposed Business Combination or optimizing its capital structure. ● The benefits of the Proposed Busi
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