Latest news with #JohnTurner
Yahoo
24-06-2025
- Business
- Yahoo
RF Q1 Deep Dive: Uncertainty Weighs on Loan Growth as Deposits Hold Steady
Regional banking company Regions Financial (NYSE:RF) missed Wall Street's revenue expectations in Q1 CY2025 as sales rose 2.1% year on year to $1.78 billion. Its non-GAAP profit of $0.54 per share was 6.2% above analysts' consensus estimates. Is now the time to buy RF? Find out in our full research report (it's free). Revenue: $1.78 billion vs analyst estimates of $1.82 billion (2.1% year-on-year growth, 2.2% miss) Adjusted EPS: $0.54 vs analyst estimates of $0.51 (6.2% beat) Adjusted Operating Income: $662 million vs analyst estimates of $739.2 million (37.1% margin, 10.4% miss) Market Capitalization: $19.96 billion Regions Financial's first quarter results showed revenue growth but fell short of Wall Street's expectations, while adjusted earnings per share surpassed analyst estimates. Management attributed the mixed performance to customers adopting a wait-and-see approach amid economic uncertainty, especially regarding tariffs and regulatory changes. CEO John Turner explained, 'Clearly, the volatility and uncertainty have customers in sort of a wait-and-see mode.' The company's deposit base grew, supported by seasonal trends and customer preference for liquidity, but loan balances declined due to delayed investment decisions by clients and lower consumer loan production. Looking forward, management expects stable average loans and deposits for the remainder of the year, but acknowledges that the outlook depends heavily on clarity around tariffs and broader economic trends. CFO David Turner highlighted that net interest income could improve as 'fixed-rate loan and securities turnover in the prevailing rate environment and improving deposit cost trends will drive net interest income higher over the remainder of the year.' However, with capital markets activity still subdued and elevated net charge-offs anticipated in the first half of the year, the company is positioning for modest growth and disciplined expense management. Management identified client caution, lower loan demand, and stable deposit growth as key factors influencing Q1 results. Ongoing investments in talent and technology also shaped expense trends. Client investment delays: Commercial clients delayed new investments due to uncertainty about tariffs and regulatory policies, which reduced loan demand and impacted loan growth in priority markets. Deposit growth amid caution: Customer preference for liquidity led to higher average deposits, especially in money market offerings, as clients opted for safety during uncertain times. Capital markets slowdown: Weaker M&A, real estate capital markets, and loan syndication activity dragged on non-interest income, with management expecting this trend to persist until market conditions stabilize. Expense discipline and investments: Expense growth was managed through lower headcount and retirements, offsetting ongoing investments in high-growth markets and technology improvements, as noted by CFO David Turner. Asset quality and charge-offs: Net charge-offs rose, mainly from previously identified portfolios like office and transportation, but management believes reserves are sufficient and expects charge-offs to be front-loaded in the first half of the year before improving. Management's outlook hinges on resolving client uncertainty, improving loan demand, and maintaining expense discipline as key themes for the coming quarters. Loan and deposit stability: Regions expects average loans and deposits to remain stable for the year, contingent on greater clarity around tariffs and macroeconomic trends. Clients' investment decisions will be key to reviving loan growth. Fee revenue and capital markets: Fee revenue growth is likely to be restrained by subdued capital markets activity, particularly in M&A and loan syndications, though treasury and wealth management could offer some offsetting strength. Expense management and capital return: The company aims to maintain flat to modestly higher expenses, balancing continued investment in talent with cost savings from headcount reductions. Management indicated that if loan growth remains muted, capital will be used for share repurchases. In the coming quarters, our team will be monitoring (1) whether client investment activity resumes as macroeconomic clarity improves, (2) signs of a rebound in capital markets revenue, especially M&A and loan syndication, and (3) continued progress in deposit growth and expense control. Developments in tariff policies and regulatory actions will also be critical to watch. Regions Financial currently trades at $22.46, in line with $22.41 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it's free). Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
19-06-2025
- Business
- Yahoo
GMS Q1 Deep Dive: Cost Cuts Cushion Sales Decline Amid Challenging Construction Markets
Building materials distributor GMS (NYSE:GMS) reported Q1 CY2025 results exceeding the market's revenue expectations , but sales fell by 5.6% year on year to $1.33 billion. Its non-GAAP profit of $1.29 per share was 15.9% above analysts' consensus estimates. Is now the time to buy GMS? Find out in our full research report (it's free). Revenue: $1.33 billion vs analyst estimates of $1.30 billion (5.6% year-on-year decline, 2.9% beat) Adjusted EPS: $1.29 vs analyst estimates of $1.11 (15.9% beat) Adjusted EBITDA: $109.8 million vs analyst estimates of $104.5 million (8.2% margin, 5.1% beat) Operating Margin: 4.5%, down from 7.1% in the same quarter last year Organic Revenue fell 9.7% year on year (5.5% in the same quarter last year) Market Capitalization: $2.81 billion GMS delivered better-than-expected results for the first quarter, with revenue and non-GAAP earnings per share surpassing Wall Street estimates despite a year-over-year sales decline. Management attributed the quarter's performance to strong execution on cost reduction initiatives and share gains in the single-family residential segment, partially offsetting broader market headwinds. CEO John Turner emphasized that, 'cash flow generation continues to demonstrate our operational through this down cycle,' highlighting the company's ability to maintain financial flexibility and service levels even as both residential and commercial construction activity remained soft. Looking forward, GMS's outlook is shaped by ongoing macroeconomic uncertainty, high interest rates, and subdued demand across key construction markets. Management expects near-term conditions to remain challenging, especially in multifamily and commercial segments, but is cautiously optimistic about potential stabilization and recovery in single-family housing. Turner stated, 'we are cautiously optimistic that we are nearing the bottom of the cycle,' while noting that cost savings, digital investments, and a streamlined operating structure should position the company to capitalize on future demand recovery. Management pointed to a combination of operational adjustments, successful cost actions, and selective market share gains as key factors behind the quarter's resilience, even as end-market weakness persisted. Cost reductions drive margin stability: GMS implemented $25 million in annualized cost savings during the quarter, mainly through workforce reductions and operational streamlining, bringing its total for the year to $55 million. Management expects these actions to lower operating expenses further in the next quarter. Single-family share gains: The company reported relative strength in the single-family residential segment, gaining share with large homebuilders by leveraging its national scale and service proposition. Turner noted that, 'we picked up some share gain recently… our acquisition track record here has been pretty good too.' Ceilings and complementary products growth: Unlike core wallboard and steel framing, ceilings and complementary products saw volume improvement, supported by recent acquisitions and a focus on higher-value architectural specialties. This diversification helped partially offset declines in other product categories. Delayed pricing actions: Wallboard manufacturer price increases were implemented later than expected, resulting in only modest pricing benefits for the quarter. Management continues to work with customers to realize additional pricing in the coming months, acknowledging ongoing uncertainty around the success of these efforts. Digital and operational efficiency investments: GMS maintained investment in digital platforms, automation, and data standardization, which have contributed to improved efficiency and enabled the company to deliver cost savings without sacrificing service quality. Turner highlighted advancements in the company's customer portal and upcoming AI-enabled order automation as areas of progress. Management expects continued pressure from high interest rates and subdued construction activity, but sees potential for margin improvement as cost savings and digital initiatives take full effect. Macroeconomic headwinds persist: Elevated interest rates and tight lending standards are expected to keep both residential and commercial construction activity muted in the near term. Management noted that homebuyers and developers remain cautious, delaying projects and reducing demand for core building products. Cost actions support future margins: The full benefit of recent cost reductions, including operational streamlining and back-office consolidation, is anticipated to be realized in the next quarter. Management believes this leaner cost structure positions the company to improve margins as volumes recover, with the potential for annual EBITDA margins to return to a 10–12% range over time. Digital and product mix initiatives: Investments in e-commerce, automation, and expansion of complementary products are expected to drive operational efficiency and margin accretion. Management sees growth opportunities in tools, fasteners, insulation, and exterior finishes, aiming for these categories to outpace core product growth. In the coming quarters, the StockStory team will be watching (1) whether GMS can fully realize the cost savings and efficiency gains from its operational streamlining, (2) signs of stabilization or recovery in single-family and multifamily construction activity, and (3) the company's ability to execute on pricing initiatives and expand its complementary products portfolio. The pace of interest rate changes and macroeconomic sentiment will also be critical factors for demand. GMS currently trades at $81.71, up from $73.12 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it's free). Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
19-06-2025
- Business
- Bloomberg
QXO Offers to Buy Building Materials Company GMS for $5 Billion
QXO Inc. said it sent a letter to GMS Inc. proposing to buy the building products distributor for about $5 billion. The offer of $95.20 a share represents a 27% premium to GMS's 60-day volume-weighted average price of $74.82, according to a statement Wednesday that included the letter from QXO Chief Financial Officer Ihsan Essaid to GMS Chief Executive Officer John Turner.
Business Wire
18-06-2025
- Business
- Business Wire
QXO Proposes to Acquire GMS for $95.20 Per Share in Cash
GREENWICH, Conn.--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) today sent a proposal to the President and CEO of GMS Inc. (NYSE: GMS) to acquire all outstanding shares of GMS for $95.20 per share in cash. The proposal implies a total transaction value of approximately $5 billion and reflects a 27% premium over GMS's 60-day volume-weighted average price of $74.82. 'Our all-cash proposal to acquire GMS for $95.20 per share delivers immediate and certain value to GMS shareholders at a meaningful premium,' said Brad Jacobs, Chairman and Chief Executive Officer of QXO. 'We believe this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction.' Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as financial advisors to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. QXO sent the following letter to GMS's President and CEO today outlining the terms and rationale of the proposal: GMS, Inc. 100 Crescent Parkway, Suite 800 Tucker, GA 30084 Attention: John Turner, President and Chief Executive Officer Dear JT, Thank you for taking the time to meet with me in New York last month. I enjoyed our conversation and learning more about GMS, Inc. (' GMS ' or the ' Company '). As you know, we at QXO, Inc. (' QXO ') have been studying GMS for over a year and have developed conviction around our interest in the Company. We are prepared to acquire 100% of GMS in a $95.20 per share all-cash transaction (the ' Transaction '). This letter contains the summary terms of our acquisition proposal (the ' Offer '). Our Offer will deliver immediate cash to GMS shareholders at a compelling valuation. We have no doubt that our Offer will receive widespread support from GMS's shareholders. 1. Investment Thesis and GMS Underperformance Our conviction in acquiring GMS is supported by its attractive positions in wallboard, ceiling tile and steel framing, extensive distribution network and broad exposure to both residential and commercial end markets. Despite the opportunity available to GMS, the Company's financial performance has been underwhelming. The Company's disappointing results have been reflected in your share price performance and public market valuation: GMS's EBITDA declined at a 4.0% annual clip over the last three years, much worse than its peers, 1 which achieved a median annual increase of 4.6% over the same period; GMS's EBITDA margin declined 315 basis points from FY2022-FY2025, to 9.1% from 12.2%, a 26% drop. This compares unfavorably to peers, which reported a median 89 basis points decline in EBITDA margin during this same period; GMS has missed EBITDA, EBIT and EPS estimates for four of the last five quarters, on average missing EBITDA by 7%, EBIT by 25% and EPS by 9% in this period; GMS has underperformed the S&P 500 by nearly 1,900 basis points over the last 12 months; and Sell-side analysts have lost confidence in GMS – the median analyst 12-month price target has been reduced to $80 per share 2 from $105 per share only a year ago. This underperformance has been frustrating for your shareholders. 2. Business Deterioration Since we first met with you in June 2024, GMS's outlook has deteriorated materially. Sell-side analysts expected GMS to deliver EBITDA of $624 million for the 12-month period ending April 2025. Instead, you delivered just $501 million and today sell-side analysts expect you to deliver NTM EBITDA of $496 million. Furthermore, GMS has experienced a sharp decline in performance since then: A 7% reduction in its NTM revenue as a result of soft end-market demand; A 20% reduction in NTM EBITDA as gross margins have contracted across all major product lines; and A 32% reduction in NTM EPS as the overall performance of the business has deteriorated. 3. Compelling Financial Terms of Our Offer Today, we propose to acquire GMS for $95.20 per share in cash. This is a full and compelling offer at the high end of our valuation range. It represents a substantial premium to your intrinsic value. Our Offer is a: 29% premium to the Company's stock price of $73.74 per share as of market close on May 22, 2025, the day you and I met in New York; 27% premium to the Company's 60-day VWAP of $74.82 per share (as of market close on June 18, 2025); 19% premium to the median 12-month sell-side analyst price target of $80.00 per share as of June 18, 2025; and 2.9x premium to GMS's three-year historical average next-twelve-months enterprise value to EBITDA multiple of 7.0x. Notably, we have observed meaningful changes in the volume and trading levels of GMS shares since our announcement to acquire Beacon Roofing Supply, Inc. ('Beacon'), which, in conjunction with what we have heard from public equity investors, indicate to us that GMS's current share price reflects demonstrable takeover speculation. Specifically, GMS's trading volume since the Beacon announcement was more than 50% higher than the average daily trading volume over the twelve months prior. With respect to the takeover speculation in the stock, we also note the steep rise in your share price following our meeting on May 22, 2025, in New York, as well as a research report by Raymond James, which resulted from a non-deal roadshow with you and your CFO, stating that GMS was a likely acquisition target and GMS's management was willing to entertain a sale. Most recently, we have heard from industry participants that J.P. Morgan and Jefferies have been aggressively marketing the Company for sale. Your FQ4 2025 Earnings Release earlier today included an organic revenue decline of 10%, an EBITDA decline of 25% and an EBITDA margin decrease of 220 basis points each compared to the same period last year. GMS also expects FQ1 2026 flat per day volume in single family housing, 25% to 30% declines in multifamily per day volumes and low teen declines in commercial per day volumes. Despite these poor results and macro outlook, you conveniently painted a positive picture that materially moved your stock price, while at the same time you have bankers actively marketing your company. As a result, GMS stock experienced an 11% increase today, its largest single-day dollar increase ever. Even with this rise in the stock price, our Offer represents a 18% premium to today's closing price. 4. High Certainty of Completion Our Offer and our definitive agreement will not have any financing condition or contingency. We have received strong assurances from Goldman Sachs and Morgan Stanley regarding their ability to deliver fully committed financing for the Transaction. We will provide financing commitments in due course. We do not anticipate the Transaction will give rise to any antitrust or other regulatory issues. We believe the Transaction should close in August 2025. 5. Ready to Move Quickly We are prepared to move quickly with two weeks of confirmatory due diligence, including management meetings, while we negotiate definitive transaction documentation. We are prepared to enter into a customary confidentiality agreement so long as it does not contain any standstill provision or 'backdoor' standstill provision that would prevent us from taking the Offer directly to your shareholders, including as a result of us receiving material non-public information. We have retained Goldman Sachs and Morgan Stanley as our financial advisors and Paul, Weiss as our legal counsel. 6. QXO Following the acquisition of Beacon, QXO is now the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. We plan to become the leader in the $800 billion building products distribution industry and generate outsized value for shareholders. We are executing a strategy toward a target of $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. We have the full support of our Board of Directors to pursue the Transaction. Our leadership team is highly experienced and has a proven track record of building businesses, accelerating growth through investment in technology and building scale through accretive M&A and organic growth. We also have the institutional knowledge and transaction experience to consummate the Transaction expeditiously. 7. Conclusion As we've said before, we don't play games – we're straightforward and we move fast. In that spirit we have put forth a highly compelling offer at the high end of our valuation range. We have the financial capacity and deal expertise to close the Transaction swiftly and with a high level of certainty, and we're willing to commit extensive resources to complete due diligence and negotiate definitive agreements on an accelerated timeframe. Our team and our advisors are standing by. We strongly believe that our Offer is in GMS's and its shareholders' best interests, and we also believe that your employees, vendors and customers will benefit from the significant growth opportunity provided by QXO's platform. To that end we propose that we move forward quickly, and we respectfully request that you respond to the Offer by no later than June 24, 2025. If you choose not to engage with us, or choose to engage in an unconstructive manner, we are prepared to take our Offer directly to GMS's shareholders who we're confident will find the Offer attractive. On behalf of QXO, thank you for your consideration. Sincerely, Ihsan Essaid Chief Financial Officer cc: Brad Jacobs, CEO, QXO Inc. John Gavin, Chairman, GMS, Inc. About QXO QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit for more information. Cautionary Statement Regarding Forward-Looking Statements The information herein contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets and goals are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as 'may,' 'will,' 'should,' 'expect,' 'opportunity,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'target,' 'goal,' or 'continue,' or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law. 1 Peer group includes the following One-Step Building Products Distribution companies within the peer group used in GMS's annual proxy statement: Beacon, Core & Main, Pool Corporation, SiteOne Landscape Supply, TopBuild and Watsco. EBITDA and EBITDA margin metrics relate to last three years ending CQ1 2025 for peers 2 As of June 18, 2025 as per Bloomberg
Yahoo
10-06-2025
- Automotive
- Yahoo
Kodiak Announces Delivery of Two Additional Customer-Owned and -Operated Driverless Trucks to Atlas; Launches Driverless Service Up To 24/7
With the delivery of these new trucks, Atlas Energy Solutions now owns and operates a fleet of four driverless trucks equipped with Kodiak's technology, with more expected in 2025 Atlas's fully driverless trucks are now capable of operating up to 24/7 MOUNTAIN VIEW, Calif., June 10, 2025 /PRNewswire/ -- Kodiak Robotics, Inc. ("Kodiak"), a leading provider of AI-powered autonomous vehicle technology, today announced the delivery of two additional driverless trucks to Atlas Energy Solutions Inc. ("Atlas") and the launch of up to 24/7 driverless service, stopping only for things such as maintenance and refueling. Atlas now owns and operates four trucks equipped with the Kodiak Driver, Kodiak's advanced AI-powered autonomous solution. The new Kodiak Driver-powered trucks entered service in late May. The two new Kodiak Driver-powered trucks are part of a 100-truck order placed by Atlas as the company seeks to automate its supply chain. The driverless trucks pick up frac sand from Atlas's Dune Express, a 42-mile conveyor system that carries the sand from Atlas's mine closer to well sites. From there, the driverless trucks transport the sand to Atlas's customer well sites across in the Permian Basin, which spans parts of West Texas and Eastern New Mexico. "Our initial rollout of Kodiak Driver-powered driverless trucks represents a significant operational milestone in our autonomous strategy, creating a clear path to continue scaling our businesses together," said John Turner, President and CEO, Atlas Energy Solutions. "Kodiak's autonomous technology can meaningfully help us address challenges ranging from driver recruitment to demanding operating conditions. We plan to continue adding Kodiak Driver-powered trucks to our fleet helping to strengthen our long-term competitiveness." Since launching commercial operations with driverless trucks in December 2024, Atlas's Kodiak Driver-powered trucks have delivered over 800 loads and conducted over 1,600 hours of driverless service. In April, Kodiak announced that it had received a firm commitment from Atlas to order an initial total of 100 trucks, after Kodiak achieved certain key performance and operational milestones. Kodiak offers its Kodiak Driver-powered trucks under a Driver as a Service model, where customers pay a per-mile or per-vehicle licensing fee that covers driverless operations and ongoing system support, with its trucks delivering day and night in most weather conditions. "We continue to make rapid progress on the Kodiak Driver's core technology, enabling such critical features as night driving, " said Don Burnette, Founder and CEO of Kodiak. "Our work with Atlas demonstrates the Kodiak Driver's ability to provide value to commercial trucking customers. We believe the driverless operational experience we're gaining in the Permian Basin will position us to more efficiently scale our driverless operations across domains, including on-highway." About Kodiak Robotics, Robotics, Inc. was founded in 2018 and is a leading provider of AI-powered autonomous vehicle technology that is designed to help tackle some of the toughest driving jobs. Kodiak's driverless solution can help address the critical problem of safely transporting goods in the face of unprecedented supply chain challenges. Kodiak's vision is to become the trusted world leader in autonomous ground transportation. Kodiak is committed to a safer and more efficient future for all through the commercialization of driverless trucking at scale. To that end, Kodiak developed the Kodiak Driver, a virtual driver that combines advanced AI-powered software with modular and vehicle-agnostic hardware designed to help address Kodiak's customers' needs. The Kodiak Driver is not just an idea—it is operating without a human driver today. Kodiak serves customers in both commercial trucking and the public sector. In 2024, Kodiak believes it achieved a historic milestone by becoming the first company to deploy customer-owned and -operated driverless trucks in commercial service. The Kodiak Driver is also being utilized in the public sector, where Kodiak believes it can support national security initiatives and critical government applications. About Atlas Energy SolutionsAtlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders. FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements relating to Kodiak's and Atlas's expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "project," "seek," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding: the ability of Kodiak and Atlas to scale their businesses together; the ability of Kodiak's to help address certain challenges facing Atlas's business and improve Atlas's competitiveness; and Kodiak's ability to efficiently scale its business. These statements are based on various assumptions and on the current expectations of Kodiak's or Atlas's management, as applicable, and are not predictions of actual performance. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the rapid evolution of autonomous vehicle technology and flaws or errors in Kodiak's solutions or flaws in or misuse of autonomous vehicle technology in general; the effects of competition; supply shortages in the materials necessary for the production of the Kodiak Driver; risks related to working with third-party manufacturers for key components of the Kodiak Driver; risks related to the retrofitting of Kodiak's vehicles by third parties; and the termination or suspension of any of Kodiak's contracts or the reduction in counterparty spending, including with Atlas. View original content to download multimedia: SOURCE Kodiak Robotics Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
