$KDK Kodiak AI – Is the recent weakness mostly technical, or is the market seeing something fundamentally wrong?

I've been looking more closely at Kodiak AI ($KDK), and I'm trying to understand the disconnect between the operational progress and the stock performance.

On the operational side, Kodiak seems to be moving forward:

• Long-haul Autonomy Readiness Measure reached 93% at the end of August.
• The company says it is still targeting unsupervised driverless highway operations on the Dallas–Houston route by the end of 2026.
• It is already completing end-to-end Dallas–Houston deliveries without intervention from the safety observer.
• Kodiak has 35 customer-owned driverless trucks and had surpassed 40,000 paid driverless operating hours as of Q2.
• California autonomous freight operations recently began under the state's new heavy-duty AV testing framework.
• AWS was just announced as Kodiak's primary cloud provider for AI development, simulation and safety validation.

But the bear case is also pretty obvious:

• Q2 revenue was only $3.5M while free cash flow was negative $38.1M.
• Kodiak has already raised additional capital and there is meaningful potential dilution from warrants and other securities.
• The lock-up on a significant group of shares expired September 24, and Form 144 filings appeared shortly afterward indicating intended sales of restricted stock.
• Execution risk remains huge if the driverless highway launch slips.