Kodiak AI Reports Third Quarter 2026 Results, Secures Landmark Unsupervised Autonomous Trucking Agreement as Company Nears Long-Haul Launch
Quarterly freight volume exceeded 396,000 tons, more than double the prior quarter, as commercial deployments expanded.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Kodiak AI (Nasdaq: KDK) reported third-quarter results and secured a binding agreement with DTL Transport for 75 customer-owned autonomous trucks.
Revenue reached $2.969 million, versus $770,000 a year earlier. Net income was $27.414 million, versus a $269.935 million loss, while the operating loss widened to $50.378 million from $29.969 million. Results included a $78.213 million gain from changes in common stock warrant values. Operating cash use was $35.2 million, and quarter-end cash and marketable securities totaled $113.6 million.
Kodiak targets an unsupervised autonomous long-haul launch by year-end, with its readiness measure at 99% and IKEA Supply named its first launch partner. Atlas Energy Solutions' customer-owned autonomous fleet reached 37 trucks. Kodiak targets deployments on the International LT platform in the second half of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.DTL Transport agreement commits to deploying Kodiak Driver in 75 customer-owned and operated unsupervised autonomous trucks.
- Moderate pointQ3 revenue rose to $2.969 million from $770,000 a year earlier.
- Moderate pointQ3 net income reached $27.414 million, versus a $269.935 million loss a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.99% Autonomy Readiness Measure accompanies Kodiak's targeted year-end unsupervised autonomous long-haul launch.
- Moderate pointQ3 freight volume exceeded 396,000 tons, more than double the prior quarter.
12 minor points
- Minor pointQ3 diluted earnings per share were $0.09, versus a $3.89 loss a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.IKEA Supply launch partnership includes plans for regular unsupervised autonomous freight service between Dallas and Houston.
- Minor pointAtlas deliveries added the first two Kodiak-powered Western Star trucks, bringing its autonomous fleet to 37 by quarter-end.
- Minor point. Forward-looking: it has not happened yet and may not happen.International LT integration is underway, with Kodiak targeting unsupervised autonomous deployments in the second half of 2027.
- Minor pointPaid driverless operations surpassed 58,000 cumulative hours and nearly 30,000 cumulative loads delivered.
- Minor pointCharger Logistics commercial freight operations launched on the Dallas-to-Laredo corridor.
- Minor pointIn-house simulation capabilities now include BreakPoint; Kodiak says the change reduces costs and accelerates development and validation.
- Minor point. Forward-looking: it has not happened yet and may not happen.West Fraser trial in Alberta was completed, supporting Kodiak's potential expansion into additional industrial applications.
- Minor pointU.S. Marine Corps ROGUE-Fires demonstration was completed, showcasing autonomous convoy capabilities.
- Minor pointCalifornia testing permit was received, and Kodiak completed an autonomous delivery in the state.
- Minor pointNine-month revenue increased to $8.298 million from $2.744 million a year earlier.
- Minor pointNine-month net income reached $66.381 million, versus a $511.846 million loss a year earlier.
Negative
- Major pointQ3 operating loss widened to $50.378 million from $29.969 million a year earlier.
- Moderate pointQ3 operating cash use totaled $35.2 million; non-GAAP free cash flow was negative $38.0 million.
- Minor pointQ3 research and development expense increased to $25.422 million from $13.452 million a year earlier.
- Minor pointQ3 general and administrative expense increased to $14.532 million from $9.177 million a year earlier.
- Minor pointQ3 truck and freight operations expense increased to $11.507 million from $6.627 million a year earlier.
5 minor points
- Minor pointQ3 sales and marketing expense increased to $1.886 million from $1.483 million a year earlier.
- Minor pointNine-month operating cash use increased to $98.841 million from $70.216 million a year earlier.
- Minor pointNine-month operating loss widened to $131.907 million from $73.915 million a year earlier.
- Minor pointNine-month diluted loss per share was $1.03, versus an $8.13 loss a year earlier.
- Minor pointStockholders' deficit stood at $151.371 million on September 30, versus $283.052 million at year-end 2025.
News Explained
During the first nine months of 2026, Kodiak recorded
Details
Market Reaction – KDK
On Nov 5, the day this news came out, the latest delayed price for KDK is 12.50% above the previous close. Argus tracked a peak move of +15.5% during the session. Our momentum scanner has recorded 62 alerts for this stock so far that day. The latest delayed price is $1.07. Relative volume is elevated at 2.0x what this stock usually trades by this time of day.
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Key Figures
- DTL agreement
- 75 trucks
- Customer-owned and operated unsupervised autonomous deployment
- Autonomy Readiness Measure
- 99%
- Q3 2026; targeted year-end long-haul launch
- Revenue
- $2,969 thousand
- Q3 2026
- Revenue growth
- 286%
- Year over year; Q3 2026
- Net cash used in operating activities
- $35.2 million
- Q3 2026
- Free cash flow
- Negative $38.0 million
- Q3 2026; Non-GAAP
- Cash, cash equivalents and marketable securities
- $113.6 million
- At Q3 2026 quarter-end
- Freight transported
- More than 396,000 tons
- Q3 2026; more than double the prior quarter
Previous Earnings,AI Reports
-
Q2 revenue grew 91% quarter-over-quarter as the customer-owned driverless fleet reached 35 trucks.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
free cash flow financial
non-gaap financial
redeemable convertible preferred stock financial
common stock warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Secured a binding definitive agreement with DTL Transport for 75 customer-owned and operated unsupervised autonomous trucks, marking a major commercial milestone for Kodiak's Driver-as-a-Service model.
- Advanced our Autonomy Readiness Measure to
99% , nearing our targeted year-end unsupervised autonomous long-haul launch. - Delivered the first Kodiak-powered Western Star 49X trucks to Atlas Energy Solutions, bringing Atlas's fleet of customer-owned autonomous trucks to 37.
- Selected International LT as Kodiak's third OEM platform, with unsupervised autonomous deployments targeted for the second half of 2027.
- Named IKEA Supply as our first long-haul launch partner for unsupervised autonomous operations, advancing plans for regular commercial freight service.
MOUNTAIN VIEW, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Kodiak AI, Inc. (Nasdaq: KDK), a leading provider of Physical AI-powered autonomous vehicle technology, today announced results for the third quarter ended September 30, 2026.
During the third quarter, Kodiak made significant strides toward its targeted year-end unsupervised autonomous long-haul launch, while laying the groundwork for the next phase of commercial growth. With growing customer commitments and an expanding unsupervised autonomous fleet, the Company is building a scalable, Driver-as-a-Service business with opportunities across Long-haul trucking, Industrial and Defense. Kodiak's ability to deploy its Physical AI-powered technology across multiple truck platforms, combined with its commercial operating experience, supports its strategy to grow deployments and recurring revenue through a capital-efficient model.
“We are approaching a defining moment for Kodiak as we advance toward our targeted year-end unsupervised autonomous long-haul launch, with our Autonomy Readiness Measure now at
Third Quarter Results and Business Highlights:
- Secured a binding definitive agreement with DTL Transport to deploy the Kodiak Driver in 75 customer-owned and operated trucks, marking a landmark commercial commitment under Kodiak's Driver-as-a-Service model and building on its commercial freight operations with DTL.
- Advanced the Autonomy Readiness Measure to
99% , bringing Kodiak closer to its targeted year-end unsupervised autonomous long-haul launch and the start of regular unsupervised autonomous freight service on U.S. highways. - Delivered the first two Kodiak-powered Western Star trucks to Atlas Energy Solutions, bringing Atlas's fleet of customer-owned unsupervised autonomous trucks to 37 by quarter-end.
- International LT selected as Kodiak's third OEM platform, with engineering integration underway and unsupervised autonomous deployments targeted for the second half of 2027.
- Named IKEA Supply as Kodiak's first unsupervised autonomous long-haul launch partner, with plans to begin regular unsupervised autonomous freight service along the Dallas-to-Houston corridor.
- Brought simulation capabilities fully in-house, including Kodiak's AI-powered BreakPoint technology, to accelerate development, testing and validation of the Kodiak Driver while reducing costs.
- Surpassed 58,000 cumulative paid driverless hours and nearly 30,000 cumulative loads delivered, while transporting more than 396,000 tons of freight during Q3, more than double the tons transported in the prior quarter.
- Launched commercial freight operations with Charger Logistics, along the Dallas-to-Laredo corridor, thereby adding another customer and route to Kodiak's long-haul network.
- Completed the West Fraser trial in Alberta, Canada, demonstrating the adaptability of Kodiak's autonomous technology to rugged forestry operations and supporting potential expansion into additional Industrial applications.
- Successfully completed the U.S. Marine Corps ROGUE-Fires demonstration at Fort Hunter Liggett, showcasing new autonomous convoy capabilities using technology derived from Kodiak's commercial platform and highlighting its potential for broader Defense applications.
- Received a permit to test autonomous trucks in California and made the first ever autonomous delivery in the state, establishing a pathway toward future unsupervised autonomous commercial deployment in California.
- Q3 Net Cash used in operating activities of
$35.2 million . - Q3 Free Cash Flow (Non-GAAP) of negative
$38.0 million . - Ended Q3 with
$113.6 million in Cash and Cash Equivalents and Marketable Securities.
“Our third quarter results reflect continued commercial progress as we build a more predictable, recurring revenue business,” said Surajit Datta, Chief Financial Officer of Kodiak. “Revenue grew
Upcoming Conferences
Management will present at the following investor conferences:
- J.P. Morgan U.S. Opportunities Forum on November 12, 2026, in Miami, Florida
- Stephens Annual Investment Conference on November 17, 2026, in Nashville, Tennessee
- Northland Growth Conference on December 16, 2026, virtually
A live and archived webcast of the presentations will be available on Kodiak’s Investor Relations section of the Company’s website, https://kodiak.ai/investors.
Conference Call Information
Management will host a conference call to discuss the third quarter results today at 5:00 p.m. ET (2:00 p.m. PT).
The call may be accessed through a live audio webcast on the Investor Relations section of the Company’s website, https://kodiak.ai/investors. An audio replay will be available at the same location.
About Kodiak AI, Inc.
Kodiak AI, Inc. (Nasdaq: KDK) is a leader in Physical AI, developing unsupervised autonomous technology designed to power any machine that moves.
The core of the company’s solution is the Kodiak Driver, a vehicle-agnostic autonomous driving system that combines advanced AI-powered software with modular hardware. Together, they perceive, think and act in the real world. Kodiak’s technology is currently deployed by customers in active, real-world operations with no one in the cab.
The Kodiak Driver is designed to operate across long-haul trucking, industrial trucking, and defense. Because the same AI system is deployed across multiple applications, experience compounds: progress in one improves Kodiak’s Physical AI solution across all of them.
Kodiak AI commercializes its technology through Driver-as-a-Service offerings, customer-owned unsupervised autonomous deployments, and strategic partnerships. In 2024, Kodiak achieved a historic milestone, becoming the first company to deploy driverless technology in customer-owned driverless trucks. Today, its commercial partners and customers include Atlas Energy Solutions, Werner Enterprises, IKEA, Bridgestone, Roehl Transport, General Dynamics Land Systems, and C.R. England.
For more information about Kodiak, please visit https://kodiak.ai/investors.
Contacts
Kodiak Investor Relations
Steve Philistin
Senior Investor Relations Manager
investors@kodiak.ai
Kodiak Media Relations
Daniel Goff
VP of External Affairs
+1 646-515-3933
dan@kodiak.ai
Additional Media Contact
Stacy Morris
Futurista Communications for Kodiak
+1 310-415-9188
stacy.morris@futuristacommunications.com
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, each as amended, including Kodiak’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,” “forecast,” “intend,” “expect,” “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: Kodiak’s operational and product roadmap, its relationships with partners and suppliers, and its ability to produce and deploy the Kodiak Driver at scale; expectations regarding Kodiak’s expansion plans and opportunities, including following its trial program with West Fraser, its addressable markets, its expectations regarding the geographic expansion of its unsupervised autonomous freight network, and its ability to successfully operate in live commercial service; Kodiak’s expectations regarding the timing of completion of work on its highway launch safety case and the timing of launching unsupervised autonomous trucks for long-haul highways operations; expectations regarding the timing and commercial deployment of International LT trucks; expectations regarding the benefits of Kodiak’s Gen7 system; Kodiak’s expected liquidity; and other expectations regarding Kodiak’s future business and financial performance, such as Kodiak’s approach to operational and financial discipline, Kodiak's expectations regarding financing opportunities and accessing capital markets, its future cash flows, its long-term expectations with respect to fleet deployment, annualized revenue run rate and free cash flow breakeven, and path to profitability and free cash flow. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Kodiak’s management and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Kodiak. 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; risks related to the rollout of Kodiak’s business and the timing of expected business milestones; the effects of competition on Kodiak’s business; 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; the termination or suspension of any of Kodiak’s contracts or the reduction in counterparty spending; delays in Kodiak’s operational roadmap with key partners and customers; and Kodiak’s ability to raise capital in the future. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings by Kodiak with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Kodiak may not presently know or that Kodiak currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Kodiak’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements should not be relied upon as representing Kodiak’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, Kodiak specifically disclaims any obligation to update any forward-looking statements.
Non-GAAP Financial Measures
In addition to our financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we consider certain non-GAAP measures, including the following, which we use to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively with the financial information presented in accordance with GAAP, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.
Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. In addition, the utility of free cash flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
This press release and our earnings call may also include references to forward-looking free cash flow, a non-GAAP financial measure. To the extent that such forward-looking financial measures are provided, they are presented on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.
Non-GAAP Operating Expenses and Non-GAAP Loss from Operations
We define these non-GAAP financial measures as their respective GAAP measures, each excluding stock-based compensation expense. We use these non-GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As a result, management excludes this item from internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure our performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.
Free Cash Flow
We define free cash flow as net cash used in operating activities, which is the most directly comparable measure calculated in accordance with GAAP, less purchases of property and equipment. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors, and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.
| Kodiak AI, Inc. Condensed Consolidated Balance Sheets (In thousands, except par values; unaudited) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 30,883 | $ | 50,761 | |||
| Marketable securities | 82,761 | 69,908 | |||||
| Accounts receivable | 277 | 879 | |||||
| Prepaid expenses and other current assets | 5,788 | 4,464 | |||||
| Total current assets | 119,709 | 126,012 | |||||
| Restricted cash | 950 | 1,450 | |||||
| Property and equipment, net | 32,777 | 26,553 | |||||
| Operating lease right-of-use assets | 4,890 | 5,261 | |||||
| Other assets | 178 | 131 | |||||
| Total assets | $ | 158,504 | $ | 159,407 | |||
| Liabilities, redeemable convertible preferred stock and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 272 | $ | 1,455 | |||
| Accrued expenses and other current liabilities | 18,099 | 11,354 | |||||
| Operating lease liabilities, current | 2,018 | 1,916 | |||||
| Debt, current portion | 666 | 1,065 | |||||
| Second lien loans | 12,632 | 10,872 | |||||
| Total current liabilities | 33,687 | 26,662 | |||||
| Debt, net of current portion | 29,410 | 29,878 | |||||
| Operating lease liabilities, noncurrent | 3,099 | 3,584 | |||||
| Common stock warrants | 19,521 | 158,346 | |||||
| Other liabilities | 973 | 804 | |||||
| Total liabilities | 86,690 | 219,274 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock | |||||||
| Series A cumulative redeemable convertible preferred stock, par value | 223,185 | 223,185 | |||||
| Stockholders’ deficit | |||||||
| Common stock, | 20 | 17 | |||||
| Additional paid-in capital | 636,005 | 570,578 | |||||
| Accumulated other comprehensive (loss) income | (108 | ) | 22 | ||||
| Accumulated deficit | (787,288 | ) | (853,669 | ) | |||
| Total stockholders’ deficit | (151,371 | ) | (283,052 | ) | |||
| Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | $ | 158,504 | $ | 159,407 | |||
| Kodiak AI, Inc. Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (In thousands, except per share amounts; unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | $ | 2,969 | $ | 770 | $ | 8,298 | $ | 2,744 | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 25,422 | 13,452 | 65,674 | 35,804 | |||||||||||
| General and administrative | 14,532 | 9,177 | 39,391 | 21,463 | |||||||||||
| Truck and freight operations | 11,507 | 6,627 | 30,461 | 16,102 | |||||||||||
| Sales and marketing | 1,886 | 1,483 | 4,679 | 3,290 | |||||||||||
| Total operating expenses | 53,347 | 30,739 | 140,205 | 76,659 | |||||||||||
| Loss from operations | (50,378 | ) | (29,969 | ) | (131,907 | ) | (73,915 | ) | |||||||
| Other (expenses) income: | |||||||||||||||
| Interest expense | (922 | ) | (941 | ) | (2,727 | ) | (3,365 | ) | |||||||
| Interest income and other, net | 1,107 | (3,018 | ) | 1,633 | (2,555 | ) | |||||||||
| Loss on issuance of equity instruments | — | (210,722 | ) | — | (210,722 | ) | |||||||||
| Change in fair value of common stock warrants | 78,213 | — | 201,151 | — | |||||||||||
| Change in fair value of second lien loans | (607 | ) | (21,784 | ) | (1,760 | ) | (23,938 | ) | |||||||
| Change in fair value of simple agreements for future equity | — | 2,473 | — | (190,075 | ) | ||||||||||
| Change in fair value of redeemable convertible preferred stock warrant liabilities | — | (5,974 | ) | — | (7,272 | ) | |||||||||
| Total other (expenses) income, net | 77,791 | (239,966 | ) | 198,297 | (437,927 | ) | |||||||||
| Net (loss) income before income taxes | 27,413 | (269,935 | ) | 66,390 | (511,842 | ) | |||||||||
| Income tax benefit (expense) | 1 | — | (9 | ) | (4 | ) | |||||||||
| Net (loss) income | $ | 27,414 | $ | (269,935 | ) | $ | 66,381 | $ | (511,846 | ) | |||||
| Unrealized (losses) gains on marketable securities, net of tax | 10 | — | (130 | ) | — | ||||||||||
| Comprehensive (loss) income | $ | 27,424 | $ | (269,935 | ) | $ | 66,251 | $ | (511,846 | ) | |||||
| Net (loss) income | $ | 27,414 | $ | (269,935 | ) | $ | 66,381 | $ | (511,846 | ) | |||||
| Adjustments to net (loss) income attributable to common stockholders1 | (6,885 | ) | — | (59,014 | ) | — | |||||||||
| Net (loss) income attributable to common stockholders | $ | 20,529 | $ | (269,935 | ) | $ | 7,367 | $ | (511,846 | ) | |||||
| Net loss per common share, basic1 | $ | 0.11 | $ | (3.89 | ) | $ | 0.04 | $ | (8.13 | ) | |||||
| Net loss per common share, diluted1 | $ | 0.09 | $ | (3.89 | ) | $ | (1.03 | ) | $ | (8.13 | ) | ||||
| Weighted-average common shares outstanding, basic | 194,506 | 69,405 | 186,098 | 62,978 | |||||||||||
| Weighted-average common shares outstanding, diluted | 227,558 | 69,405 | 188,085 | 62,978 | |||||||||||
| ___________________________ | |||||||||||||||
| 1Net (loss) income per common share for the three and nine months ended September 30, 2026 reflects total adjustments of | |||||||||||||||
| Kodiak AI, Inc. Condensed Consolidated Statements of Cash Flows (In thousands; unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| Operating activities: | |||||||
| Net (loss) income | $ | 66,381 | $ | (511,846 | ) | ||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||
| Depreciation and amortization | 4,949 | 2,124 | |||||
| Stock-based compensation | 21,229 | 10,136 | |||||
| Non-cash lease expense | 1,588 | 1,372 | |||||
| Accretion of discount on marketable securities | (1,057 | ) | — | ||||
| Transaction costs allocated to common stock warrants | 1,984 | 3,223 | |||||
| Change in fair value of second lien loans | 1,760 | 23,938 | |||||
| Change in fair value of simple agreements for future equity | — | 190,075 | |||||
| Change in fair value of redeemable convertible preferred stock warrant liabilities | — | 7,272 | |||||
| Change in fair value of common stock warrants | (201,151 | ) | — | ||||
| Loss on issuance of equity instruments | — | 210,722 | |||||
| Non-cash interest expense | 346 | 641 | |||||
| (Gain) loss on disposal of property and equipment, net | (88 | ) | 130 | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 602 | 574 | |||||
| Prepaid expenses and other current assets | (195 | ) | (2,596 | ) | |||
| Other assets | (47 | ) | — | ||||
| Accounts payable | (185 | ) | (239 | ) | |||
| Accrued expenses and other current liabilities | 6,440 | (4,589 | ) | ||||
| Operating lease liabilities | (1,566 | ) | (1,369 | ) | |||
| Other liabilities | 169 | 216 | |||||
| Net cash used in operating activities | (98,841 | ) | (70,216 | ) | |||
| Investing activities: | |||||||
| Proceeds from maturities of marketable securities | 92,267 | — | |||||
| Proceeds from sales of property and equipment | 684 | — | |||||
| Purchases of marketable securities | (104,193 | ) | — | ||||
| Purchases of property and equipment | (12,246 | ) | (11,881 | ) | |||
| Net cash used in investing activities | (23,488 | ) | (11,881 | ) | |||
| Financing activities: | |||||||
| Repayment of debt | (1,213 | ) | (11,776 | ) | |||
| Proceeds from issuance of second lien loans | — | 43,865 | |||||
| Proceeds from issuance of simple agreements for future equity | — | 23,660 | |||||
| Proceeds from issuance of Series A cumulative redeemable convertible preferred stock | — | 145,000 | |||||
| Proceeds from the reverse recapitalization, net of transaction costs | — | 26,239 | |||||
| Proceeds from issuance of common stock and warrants in connection with a private placement | 100,000 | — | |||||
| Proceeds from exercise of stock options | 2,035 | 1,221 | |||||
| Proceeds from exercise of common stock warrants | 7,156 | — | |||||
| Payments of offering costs | (5,527 | ) | (16,618 | ) | |||
| Net cash provided by financing activities | 102,451 | 211,591 | |||||
| Net change in cash and cash equivalents and restricted cash | (19,878 | ) | 129,494 | ||||
| Cash and cash equivalents and restricted cash at beginning of period | 52,211 | 18,159 | |||||
| Cash and cash equivalents and restricted cash at end of period | $ | 32,333 | $ | 147,653 | |||
| Kodiak AI, Inc. Reconciliation of GAAP to Non-GAAP Financial Information (In thousands; unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Research and development expense reconciliation: | |||||||||||||||
| GAAP research and development | $ | 25,422 | $ | 13,452 | $ | 65,674 | $ | 35,804 | |||||||
| Stock-based compensation | (3,789 | ) | (2,228 | ) | (8,985 | ) | (5,148 | ) | |||||||
| Non-GAAP research and development | $ | 21,633 | $ | 11,224 | $ | 56,689 | $ | 30,656 | |||||||
| General and administrative expense reconciliation: | |||||||||||||||
| GAAP general and administrative | $ | 14,532 | $ | 9,177 | $ | 39,391 | $ | 21,463 | |||||||
| Stock-based compensation | (4,182 | ) | (2,475 | ) | (10,296 | ) | (3,952 | ) | |||||||
| Non-GAAP general and administrative | $ | 10,350 | $ | 6,702 | $ | 29,095 | $ | 17,511 | |||||||
| Truck and freight operations expense reconciliation: | |||||||||||||||
| GAAP truck and freight operations | $ | 11,507 | $ | 6,627 | $ | 30,461 | $ | 16,102 | |||||||
| Stock-based compensation | (327 | ) | (152 | ) | (687 | ) | (329 | ) | |||||||
| Non-GAAP truck and freight operations | $ | 11,180 | $ | 6,475 | $ | 29,774 | $ | 15,773 | |||||||
| Sales and marketing expense reconciliation: | |||||||||||||||
| GAAP sales and marketing | $ | 1,886 | $ | 1,483 | $ | 4,679 | $ | 3,290 | |||||||
| Stock-based compensation | (528 | ) | (390 | ) | (1,261 | ) | (707 | ) | |||||||
| Non-GAAP sales and marketing | $ | 1,358 | $ | 1,093 | $ | 3,418 | $ | 2,583 | |||||||
| Total operating expenses reconciliation: | |||||||||||||||
| GAAP operating expenses | $ | 53,347 | $ | 30,739 | $ | 140,205 | $ | 76,659 | |||||||
| Stock-based compensation | (8,826 | ) | (5,245 | ) | (21,229 | ) | (10,136 | ) | |||||||
| Non-GAAP operating expenses | $ | 44,521 | $ | 25,494 | $ | 118,976 | $ | 66,523 | |||||||
| Loss from operations reconciliation: | |||||||||||||||
| GAAP loss from operations | $ | (50,378 | ) | $ | (29,969 | ) | $ | (131,907 | ) | $ | (73,915 | ) | |||
| Stock-based compensation | 8,826 | 5,245 | 21,229 | 10,136 | |||||||||||
| Non-GAAP loss from operations | $ | (41,552 | ) | $ | (24,724 | ) | $ | (110,678 | ) | $ | (63,779 | ) | |||
Kodiak AI, Inc.
Selected Cash Flow Information
(In thousands; unaudited)
Reconciliation of cash provided by operating activities to free cash flow
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| GAAP net cash used in operating activities | $ | (35,222 | ) | $ | (33,357 | ) | $ | (98,841 | ) | $ | (70,216 | ) | |||
| Purchases of property and equipment | (2,782 | ) | (6,645 | ) | (12,246 | ) | (11,881 | ) | |||||||
| Free cash flow | $ | (38,004 | ) | $ | (40,002 | ) | $ | (111,087 | ) | $ | (82,097 | ) | |||
FAQ
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