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Kodiak AI (Nasdaq: KDK) Q2 revenue jumps 91% as driverless hours surge

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Kodiak AI, Inc. reported Q2 2026 revenue of $3.5 million, representing 91% quarter-over-quarter growth, driven by expanded driverless deployments and its Driver-as-a-Service model. GAAP loss from operations was $43.7 million, while non-GAAP loss from operations was $37.3 million after excluding stock-based compensation.

GAAP net income was $12.5 million, largely reflecting a $58.3 million gain from the change in fair value of common stock warrants, but net loss attributable to common stockholders was $37.7 million due to cumulative and deemed dividends on Series A preferred stock. Net cash used in operating activities was $34.1 million, and free cash flow was negative $38.1 million. Kodiak ended Q2 with $151.1 million in cash, cash equivalents and marketable securities and a stockholders’ deficit of $188.9 million.

Operationally, Kodiak deployed seven additional driverless trucks, bringing customer-owned driverless vehicles to 35, surpassed 40,000 Cumulative Hours of Paid Driverless Operations (up 71% from Q1), and exceeded 20,000 cumulative loads delivered (about 32% sequential growth). The new Gen7 Kodiak Driver platform offers nearly 50% more compute power and about 50% longer SensorPod lifetimes, while its BreakPoint AI system can run over one million simulations per hour. Kodiak reports an Autonomy Readiness Measure of 91% as of July as it targets a long-haul driverless launch by year-end.

Positive

  • Q2 revenue grew 91% quarter-over-quarter to $3.5 million, supported by expanded driverless deployments, more than 300,000 tons of freight delivered in the quarter, and growth in recurring Driver-as-a-Service arrangements.

Negative

  • Cash burn remains significant, with Q2 net cash used in operating activities of $34.1 million and free cash flow of negative $38.1 million, alongside a GAAP loss from operations of $43.7 million and a stockholders’ deficit of $188.9 million.

Filing Explained

The completed stock-and-warrant financing increases common shares, while the filing lacks terms needed to size dilution.

The company reports proceeds from issuing common stock and warrants in a completed private placement; the common-stock portion increases total shares and reduces existing holders’ percentage ownership absent offsetting changes.

A private placement is a sale of securities to selected investors outside a public offering. The filing does not state the number of common shares or warrants issued, the warrants’ terms, or the use of proceeds, so exact dilution and allocation sizing are not available.

The unresolved holder-impact item is the financing line’s missing share count and warrant terms; a subsequent filing or exhibit providing them would permit exact dilution sizing.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $3.5 million Q2 2026 revenue, representing 91% growth quarter-over-quarter
Q2 2026 GAAP Loss from Operations $(43.7) million Loss from operations for the quarter ended June 30, 2026
Q2 2026 GAAP Net Income $12.5 million Net income for the quarter ended June 30, 2026
Net Loss Attributable to Common Stockholders, Q2 2026 $(37.7) million Net loss attributable to common stockholders in Q2 2026
Q2 2026 Net Cash Used in Operating Activities $34.1 million GAAP net cash used in operating activities in Q2 2026
Q2 2026 Free Cash Flow $(38.1) million Free cash flow (non-GAAP) for the quarter ended June 30, 2026
Cash, Cash Equivalents and Marketable Securities $151.1 million Balance of cash, cash equivalents and marketable securities as of June 30, 2026
Cumulative Hours of Paid Driverless Operations 40,000 hours Cumulative Hours of Paid Driverless Operations through Q2 2026, up 71% from Q1
free cash flow financial
"Reconciliation of cash provided by operating activities to free cash flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Non-GAAP operating expenses financial
"Total operating expenses reconciliation: GAAP operating expenses and Non-GAAP operating expenses"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
simple agreements for future equity financial
"Change in fair value of simple agreements for future equity"
A simple agreement for future equity is a lightweight contract where an investor gives money now in exchange for the right to receive company shares at a later financing event, rather than buying shares immediately. Think of it as a voucher or IOU that converts into stock when the company raises a priced round; it matters to investors because it determines when they become owners, how much of the company they ultimately own, and how early risk and future dilution are shared.
cumulative redeemable convertible preferred stock financial
"Series A cumulative redeemable convertible preferred stock, par value $0.0001"
Autonomy Readiness Measure technical
"increasing Autonomy Readiness Measure to 91% as of July"
A measure that evaluates how ready a product, system or technology is to operate safely and effectively without human intervention, taking into account technical maturity, testing history, regulatory compliance and real‑world validation. Investors use it like a pre‑launch checklist—higher readiness suggests faster commercialization, lower regulatory and safety risk, and more predictable costs and revenue timing, while lower readiness signals longer development time and greater uncertainty.
Driver-as-a-Service technical
"growth in our recurring Driver-as-a-Service business, and disciplined financial execution"
A driver-as-a-service model supplies trained human drivers or on-demand driving labor to fleets, delivery operations, or ride platforms under a subscription or contract arrangement, rather than the fleet owning or hiring drivers directly. For investors, it matters because it turns a fixed labor cost into a scalable, repeatable revenue stream for the service provider and can speed growth or lower operating risk for vehicle owners—think of it like leasing staff the same way a company might lease equipment.
Revenue $3.5 million for Q2 2026 up from $0.5 million in Q2 2025 (revenue of $503 thousand)
GAAP Loss from Operations $(43.7) million for Q2 2026 larger than $(25.3) million loss from operations in Q2 2025
GAAP Net Income (Loss) $12.5 million net income in Q2 2026 compared with $(113.7) million net loss in Q2 2025
Non-GAAP Loss from Operations $(37.3) million for Q2 2026 compared with $(22.3) million in Q2 2025
Net Cash Used in Operating Activities $34.1 million in Q2 2026 higher than $20.4 million in Q2 2025 (net cash used in operating activities of $20,356 thousand)

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Kodiak AI (KDK) perform financially in Q2 2026?
Kodiak AI generated $3.5 million in Q2 2026 revenue and a GAAP loss from operations of $43.7 million. GAAP net income was $12.5 million, driven mainly by warrant fair value gains, while common shareholders recorded a $37.7 million net loss.

What were Kodiak AI (KDK)’s key cash flow and liquidity figures for Q2 2026?
Kodiak AI reported $34.1 million net cash used in operating activities and negative $38.1 million free cash flow in Q2 2026. The company ended the quarter with $151.1 million in cash, cash equivalents and marketable securities on its balance sheet.

How fast is Kodiak AI (KDK)’s driverless operations business growing?
Kodiak’s driverless operations surpassed 40,000 Cumulative Hours of Paid Driverless Operations through Q2 2026, a 71% increase from Q1. Cumulative loads delivered exceeded 20,000, approximately 32% sequential growth, and customer-owned driverless trucks reached 35 vehicles.

What technology milestones did Kodiak AI (KDK) achieve with its Gen7 platform?
Kodiak introduced its seventh-generation (Gen7) Kodiak Driver with nearly 50% more compute power than Gen6 and SensorPods expected to last about 50% longer. The more compact, modular design targets better reliability and integration across commercial fleet configurations.

What is Kodiak AI (KDK)’s progress toward long-haul driverless launch?
Kodiak reported an Autonomy Readiness Measure of 91% as of July 2026 and continued preparations for a targeted long-haul driverless launch by year-end. It expanded deployments, initiated an international pilot in Canada, and advanced a U.S. defense logistics demonstration.

How did non-GAAP results for Kodiak AI (KDK) compare in Q2 2026?
Non-GAAP loss from operations was $37.3 million in Q2 2026, compared with $22.3 million a year earlier, after excluding $6.4 million of stock-based compensation. Non-GAAP operating expenses totaled $40.8 million versus $22.8 million in the prior-year quarter.
false000185313800018531382026-08-062026-08-060001853138us-gaap:CommonClassAMember2026-08-062026-08-060001853138us-gaap:WarrantMember2026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 6, 2026
Kodiak AI, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware001-4169198-1592112
(State or other jurisdiction of
incorporation or organization)		(Commission File Number)(I.R.S. Employer
Identification Number)
1049 Terra Bella Avenue, Mountain View, California
94043
(Address of principal executive offices)(Zip Code)
(650) 209-8005
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each
exchange on which registered
Common stock, par value $0.0001 per shareKDKThe Nasdaq Stock Market LLC
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $9.28KDKRWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2026, the Company issued a press release announcing financial results for the second quarter ended June 30, 2026.


A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information above, including Exhibit 99.1, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
Exhibit No.Description
99.1
Press release dated August 6, 2026, announcing Kodiak AI, Inc.'s financial results for the period ended June 30, 2026.
104Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KODIAK AI, INC.
By:/s/ Surajit Datta
Name:Surajit Datta
Title:Chief Financial Officer
Date: August 6, 2026


imagea.jpg

Kodiak AI Reports Second Quarter 2026 Results and Advances Toward Long-Haul Driverless Launch
•Kodiak deployed seven additional driverless trucks during Q2, bringing the customer-owned fleet to 35 vehicles at quarter-end
•Kodiak Driver-powered trucks surpassed 40,000 Cumulative Hours of Paid Driverless Operations through Q2
•Kodiak introduced its seventh-generation autonomous truck platform, enhancing the performance and reliability of the Kodiak Driver

MOUNTAIN VIEW, Calif. (August 6, 2026) — Kodiak AI, Inc. (Nasdaq: KDK), a leading provider of Physical AI-powered autonomous vehicle technology, today announced results for the second quarter, which ended June 30, 2026.

During the quarter, Kodiak delivered strong operating and financial results while achieving significant commercial, technology, and partnership milestones. The Company announced the seventh-generation (Gen7) Kodiak Driver, the latest iteration of its AI-powered autonomous driving technology, and continued advancing toward driverless long-haul operations by year-end.

“In the second quarter, we delivered on what matters most: commercial validation at scale,” said Don Burnette, Founder and Chief Executive Officer of Kodiak. “We launched our seventh-generation autonomous platform and continued our march toward driverless long-haul operations by year-end. Every deployment, every driverless mile, and every product improvement strengthens the foundation for Kodiak's next phase of growth.”
Kodiak’s Seventh Generation Driverless Platform
Kodiak’s Gen7 system is built to achieve higher efficiency, modularity, reliability, serviceability, and practicality for commercial fleets. The technology highlights include:




•A more compact design that simplifies integration, enhances reliability, and supports a broader range of vehicle configurations, including lower-cost day cab configurations
•Nearly 50% more compute power than Gen6, providing more power to support ongoing software advancements
•Greater reliability, with stress testing indicating that Gen7 SensorPods and compute enclosures are expected to have nearly 50% greater operational lifetimes than those of prior generations
These improvements reflect Kodiak’s continued focus on building technology that maximizes reliability and addresses real customer needs.
Second Quarter Results and Business Highlights:
•Deployed seven additional driverless trucks, for a total of 35 Customer-Owned Driverless Vehicles as of the end of Q2
•Surpassed 40,000 Cumulative Hours of Paid Driverless Operations through Q2, representing a 71% increase from the end of Q1
•Delivered more than 300,000 tons of freight in Q2 alone
•Exceeded 20,000 Cumulative Loads Delivered as of the end of Q2, representing approximately 32% growth from the end of Q1
•Made significant progress toward targeted long-haul driverless launch by the end of the year, increasing Autonomy Readiness Measure to 91% as of July
•Accelerated the use of Kodiak’s revolutionary AI-powered BreakPoint technology, which can now execute over one million simulations per hour, running on a minimal compute budget of around a tenth of a penny per simulation
•Expanded driverless truck deployment to cover a second simultaneous load-out point along Atlas's 42-mile Dune Express sand conveyor system, supporting geographic expansion across the Permian Basin
•Kicking off first international pilot for West Fraser in Canada, one of the world’s largest wood products companies
•Selected for Phase II of the Defense Innovation Unit’s Robotic Operation for Autonomous Delivery and Sustainment (ROADS) demonstration
•Q2 Revenue of $3.5 million, representing 91% growth quarter-over-quarter
•Q2 Net Cash used in operating activities of $34.1 million


•Q2 Free Cash Flow (Non-GAAP) of negative $38.1 million
•Ended Q2 with $151.1 million in Cash and Cash Equivalents and Marketable Securities
“We delivered another strong quarter of revenue, driven by expanded driverless deployments, growth in our recurring Driver-as-a-Service business, and disciplined financial execution,” said Surajit Datta, Chief Financial Officer of Kodiak. “Our results reflect continued momentum in commercializing the Kodiak Driver and reinforce our confidence in our long-term growth opportunity, our ability to scale customer deployments, and our disciplined approach to executing our strategy.”


Upcoming Conferences
Management will present at the following investor conferences:
•Deutsche Bank 2026 Chicago Industrials Summit on August 11, 2026 at 2 p.m. CT (12 p.m. PT)
•J.P. Morgan Auto Conference on August 12, 2026 at 1:40 p.m. ET (10:40 a.m. PT)
•Evercore 9th Annual AI Forum on September 29, 2026 at 9:40 a.m. ET (12:40 p.m. PT)
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 second 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. 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 commercially operating without anyone in the cab today. Kodiak serves customers in the long-haul trucking, industrial trucking, and defense industries. 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.
For more information about Kodiak, please visit https://kodiak.ai/investors.


Contacts
Kodiak Media Relations
Daniel Goff
VP of External Affairs
+1 646-515-3933
dan@kodiak.ai
Stacy Morris
Futurista Communications for Kodiak
+1 310-415-9188
stacy.morris@futuristacommunications.com
Kodiak Investor Relations
Steve Philistin
Senior Investor Relations Manager
investors@kodiak.ai



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 its addressable markets and the timing of launching driverless trucks for long-haul highways operations; expectations regarding the benefits of Kodiak’s Gen7 platform; 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, its future cash flows, 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) 
June 30,
2026		December 31,
2025
Assets
Current assets:
Cash and cash equivalents$46,750 $50,761 
Marketable securities104,306 69,908 
Accounts receivable512 879 
Prepaid expenses and other current assets4,967 4,464 
Total current assets156,535 126,012 
Restricted cash984 1,450 
Property and equipment, net31,301 26,553 
Operating lease right-of-use assets5,447 5,261 
Other assets117 131 
Total assets$194,384 $159,407 
Liabilities, redeemable convertible preferred stock and stockholders’ deficit
Current liabilities:
Accounts payable$1,011 $1,455 
Accrued expenses and other current liabilities12,432 11,354 
Operating lease liabilities, current2,153 1,916 
Debt, current portion656 1,065 
Second lien loans12,025 10,872 
Total current liabilities28,277 26,662 
Debt, net of current portion29,460 29,878 
Operating lease liabilities, noncurrent3,509 3,584 
Common stock warrants97,734 158,346 
Other liabilities1,137 804 
Total liabilities160,117 219,274 
Commitments and contingencies
Redeemable convertible preferred stock
Series A cumulative redeemable convertible preferred stock, par value $0.0001223,185 223,185 
Stockholders’ deficit
Common stock, $0.0001 par value19 17 
Additional paid-in capital625,883 570,578 
Accumulated other comprehensive (loss) income(118)22 
Accumulated deficit(814,702)(853,669)
Total stockholders’ deficit(188,918)(283,052)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit$194,384 $159,407 



Kodiak AI, Inc.
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(In thousands, except per share amounts; unaudited) 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$3,499 $503 $5,329 $1,974 
Operating expenses:
Research and development22,702 12,218 40,252 22,352 
General and administrative12,439 7,161 24,859 12,286 
Truck and freight operations10,649 5,470 18,954 9,475 
Sales and marketing1,386 1,001 2,792 1,807 
Total operating expenses47,176 25,850 86,857 45,920 
Loss from operations(43,677)(25,347)(81,528)(43,946)
Other income (expenses):
Interest expense(909)(1,160)(1,805)(2,424)
Interest income and other, net(524)294 525 463 
Change in fair value of common stock warrants58,280 — 122,938 — 
Change in fair value of second lien loans(679)(2,154)(1,153)(2,154)
Change in fair value of simple agreements for future equity— (84,173)— (192,548)
Change in fair value of redeemable convertible preferred stock warrant liabilities— (1,183)— (1,298)
Total other income (expenses), net
56,168 (88,376)120,505 (197,961)
Net (loss) income before income taxes12,491 (113,723)38,977 (241,907)
Income tax expense(14)(3)(10)(4)
Net (loss) income
$12,477 $(113,726)$38,967 $(241,911)
Unrealized losses on marketable securities, net of tax(116)— (140)— 
Comprehensive (loss) income $12,361 $(113,726)$38,827 $(241,911)
Net (loss) income$12,477 $(113,726)$38,967 $(241,911)
Adjustments to net (loss) income attributable to common stockholders1
(50,152)— (54,433)— 
Net loss attributable to common stockholders$(37,675)$(113,726)$(15,466)$(241,911)
Net loss per common share, basic1
$(0.20)$(1.89)$(0.09)$(4.05)
Net loss per common share, diluted1
$(0.50)$(1.89)$(0.73)$(4.05)
Weighted-average common shares outstanding, basic187,241 60,197 181,825 59,720 
Weighted-average common shares outstanding, diluted
193,203 60,197 188,886 59,720 
___________________________
1 Net loss per common share for the three and six months ended June 30, 2026 reflects the deduction of cumulative dividends and a $46.1 million non-cash deemed dividend associated with the Series A cumulative redeemable convertible preferred stock. The deemed dividend resulted from a conversion price adjustment in May 2026. Net loss attributable to common stockholders used in calculating basic net loss per share was $37.7 million and $15.5 million for the three and six months ended June 30, 2026, respectively. Net loss attributable to common stockholders used in calculating diluted net loss per share reflects the additional deduction of $58.3 million and $122.9 million in fair value gains on liability-classified warrants, resulting in a net loss of $96.0 million and $138.4 million for the three and six months ended June 30, 2026, respectively.


Kodiak AI, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands; unaudited)
Six Months Ended June 30,
20262025
Operating activities:
Net income (loss)$38,967 $(241,911)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization3,058 1,247 
Stock-based compensation12,403 4,891 
Non-cash lease expense1,031 904 
Accretion of discount on marketable securities(612)— 
Transaction costs allocated to common stock warrants1,984 — 
Change in fair value of second lien loans1,153 2,154 
Change in fair value of simple agreements for future equity— 192,548 
Change in fair value of redeemable convertible preferred stock warrant liabilities— 1,298 
Change in fair value of common stock warrants(122,938)— 
Non-cash interest expense225 460 
(Gain) loss on disposal of property and equipment, net(221)130 
Changes in operating assets and liabilities:
Accounts receivable367 744 
Prepaid expenses and other current assets(38)206 
Other assets14 — 
Accounts payable345 3,078 
Accrued expenses and other current liabilities1,331 (1,790)
Operating lease liabilities(1,021)(898)
Other liabilities333 77 
Net cash used in operating activities(63,619)(36,862)
Investing activities:
Proceeds from maturities of marketable securities70,267 — 
Proceeds from sales of property and equipment684 — 
Purchases of marketable securities(104,193)— 
Purchases of property and equipment(9,464)(5,236)
Net cash used in investing activities(42,706)(5,236)
Financing activities:
Repayment of debt(1,052)(6,174)
Proceeds from issuance of second lien loans— 29,740 
Proceeds from issuance of simple agreements for future equity— 23,660 
Proceeds from issuance of common stock and warrants in connection with a private placement100,000 — 
Proceeds from exercise of stock options1,454 886 
Proceeds from exercise of common stock warrants7,156 — 
Payments of offering costs(5,210)(2,474)
Net cash provided by financing activities102,348 45,638 
Net change in cash and cash equivalents and restricted cash(3,977)3,540 
Cash and cash equivalents and restricted cash at beginning of period52,211 18,159 
Cash and cash equivalents and restricted cash at end of period$48,234 $21,699 


Kodiak AI, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(In thousands; unaudited) 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development expense reconciliation:
GAAP research and development $22,702 $12,218 $40,252 $22,352 
Stock-based compensation(2,754)(1,735)(5,196)(2,920)
Non-GAAP research and development $19,948 $10,483 $35,056 $19,432 
General and administrative expense reconciliation:
GAAP general and administrative $12,439 $7,161 $24,859 $12,286 
Stock-based compensation(3,075)(995)(6,114)(1,477)
Non-GAAP general and administrative $9,364 $6,166 $18,745 $10,809 
Truck and freight operations expense reconciliation:
GAAP truck and freight operations $10,649 $5,470 $18,954 $9,475 
Stock-based compensation(192)(109)(360)(177)
Non-GAAP truck and freight operations $10,457 $5,361 $18,594 $9,298 
Sales and marketing expense reconciliation:
GAAP sales and marketing $1,386 $1,001 $2,792 $1,807 
Stock-based compensation(358)(174)(733)(317)
Non-GAAP sales and marketing $1,028 $827 $2,059 $1,490 
Total operating expenses reconciliation:
GAAP operating expenses$47,176 $25,850 $86,857 $45,920 
Stock-based compensation(6,379)(3,013)(12,403)(4,891)
Non-GAAP operating expenses$40,797 $22,837 $74,454 $41,029 
Loss from operations reconciliation:
GAAP loss from operations$(43,677)$(25,347)$(81,528)$(43,946)
Stock-based compensation6,379 3,013 12,403 4,891 
Non-GAAP loss from operations$(37,298)$(22,334)$(69,125)$(39,055)


Kodiak AI, Inc.
Selected Cash Flow Information
(In thousands; unaudited) 
Reconciliation of cash provided by operating activities to free cash flow
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP net cash used in operating activities$(34,125)$(20,356)$(63,619)$(36,862)
Purchases of property and equipment(3,933)(2,916)(9,464)(5,236)
Free cash flow$(38,058)$(23,272)$(73,083)$(42,098)

Source: View Original Filing on SEC EDGAR

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