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  4. [8-K] Kodiak AI, Inc. Reports Material Event

Kodiak AI posts $27.4M Q3 profit as revenue jumps 286%

Customer commitments include a 75-truck DTL agreement, an IKEA launch partnership and an Atlas fleet of 37 autonomous trucks.

Available on EDGAR Accepted by SEC EDGAR
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Form Type
8-K

Rhea-AI Filing Summary

Kodiak AI, Inc. reported third-quarter 2026 revenue of $2.969 million, up 286% year over year, and consolidated net income of $27.414 million versus a $269.935 million net loss a year earlier. GAAP loss from operations was $50.378 million, compared with $29.969 million. The quarter included a $78.213 million gain from a change in fair value of common stock warrants.

Commercially, Kodiak secured a binding definitive agreement with DTL Transport for 75 customer-owned and operated unsupervised autonomous trucks. Its Autonomy Readiness Measure reached 99%, nearing its targeted year-end unsupervised long-haul launch. Atlas Energy Solutions' customer-owned autonomous fleet reached 37 trucks by quarter-end, and IKEA Supply was named Kodiak's first long-haul launch partner, with planned regular service on the Dallas-to-Houston corridor.

Net cash used in operating activities was $35.222 million and free cash flow was negative $38.004 million for Q3, compared with $33.357 million and negative $40.002 million, respectively, a year earlier. Cash and cash equivalents and marketable securities totaled $113.6 million as of September 30, 2026. Kodiak also launched commercial freight operations with Charger Logistics on the Dallas-to-Laredo corridor.

2 points · 1 major

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0 major · 2 points

How the balance works

Positive

  • Major pointNet income was $27.414 million, versus a $269.935 million net loss a year earlier.
  • Moderate pointRevenue grew 286% year over year to $2.969 million.

Negative

  • Moderate pointOperating loss widened to $50.378 million from $29.969 million year over year.
  • Minor pointOperating cash use increased to $35.222 million from $33.357 million year over year.

Filing Explained

The cash-flow statement records proceeds of $100,000 thousand from issuing common stock and warrants in a private placement during the nine months ended September 30, 2026. Issuing shares increases the share count and reduces existing holders’ percentage ownership, but the filing gives no share count, so the amount of dilution cannot be sized.

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, or exhibit attachments filed with this report.
Revenue $2.969 million; up 286% year over year Three months ended September 30, 2026; revenue was $0.770 million for the same period in 2025
Consolidated net income $27.414 million Three months ended September 30, 2026; net loss was $269.935 million for the same period in 2025
GAAP loss from operations $50.378 million Three months ended September 30, 2026; $29.969 million in the same period in 2025
Net cash used in operating activities $35.222 million Three months ended September 30, 2026; $33.357 million in the same period in 2025
Free cash flow (Non-GAAP) Negative $38.004 million Three months ended September 30, 2026; negative $40.002 million in the same period in 2025
Cash, cash equivalents and marketable securities $113.6 million As of September 30, 2026
Autonomy Readiness Measure 99% Reported for the third quarter of 2026
DTL Transport agreement 75 trucks Customer-owned and operated unsupervised autonomous trucks
Driver-as-a-Service technical
"under Kodiak's Driver-as-a-Service model"
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.
Autonomy Readiness Measure technical
"Autonomy Readiness Measure now at 99%"
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.
Free Cash Flow financial
"Q3 Free Cash Flow (Non-GAAP) of negative $38.0 million"
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.
fair value financial
"Change in fair value of common stock warrants"
Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.
Revenue $2.969 million Up 286% year over year
GAAP consolidated net income $27.414 million Compared with a net loss of $269.935 million in the same period in 2025
GAAP loss from operations $50.378 million Compared with $29.969 million in the same period in 2025
Net cash used in operating activities $35.222 million Compared with $33.357 million in the same period in 2025
Free cash flow (Non-GAAP) Negative $38.004 million Compared with negative $40.002 million in the same period in 2025
Guidance

Free cash flow performance exceeded guidance expectations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was KDK's revenue in the third quarter of 2026?
Kodiak AI reported third-quarter 2026 revenue of $2.969 million, up 286% year over year from $0.770 million in Q3 2025. The company attributed revenue growth primarily to expanding Driver-as-a-Service operations and a one-time Defense contribution.

How many trucks are covered by Kodiak's DTL Transport agreement?
Kodiak secured a binding definitive agreement with DTL Transport to deploy the Kodiak Driver in 75 customer-owned and operated unsupervised autonomous trucks. The company described the agreement as a commercial commitment under its Driver-as-a-Service model that builds on existing freight operations with DTL.

What route is planned with IKEA Supply?
Kodiak named IKEA Supply its first unsupervised autonomous long-haul launch partner, with plans to begin regular unsupervised autonomous freight service along the Dallas-to-Houston corridor.

How large was Atlas Energy Solutions' autonomous truck fleet?
Atlas Energy Solutions' customer-owned unsupervised autonomous fleet stood at 37 trucks by quarter-end. Kodiak delivered the first two Kodiak-powered Western Star 49X trucks during the quarter.

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

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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): November 5, 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 November 5, 2026, the Company issued a press release announcing financial results for the period ended September 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 November 5, 2026, announcing Kodiak AI, Inc.'s financial results for the period ended September 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: November 5, 2026


image.jpg

Kodiak AI Reports Third Quarter 2026 Results, Secures Landmark Unsupervised Autonomous Trucking Agreement as Company Nears Long-Haul Launch

•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. (November 5, 2026) - 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 99%,” said Don Burnette, Founder and Chief Executive Officer of Kodiak. “Our landmark binding agreement with DTL Transport to deploy the Kodiak


Driver in 75 customer-owned and operated unsupervised autonomous trucks represents a significant commercial commitment to our Driver-as-a-Service model and demonstrates growing customer confidence in Kodiak's technology and commercial capabilities. With years of real-world commercial operating experience behind us, we're building toward the next phase of growth: more trucks, more miles, and more customer contracts.”
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 286% year-over-year, driven primarily by expanding Driver-as-a-Service operations and a one-time Defense contribution, while free cash flow performance exceeded our guidance expectations. As we prepare for the next phase of commercial growth, our priorities remain clear: grow recurring revenue, reduce the cost of the Kodiak Driver, and improve operating leverage as deployments scale.”


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 securities82,761 69,908 
Accounts receivable277 879 
Prepaid expenses and other current assets5,788 4,464 
Total current assets119,709 126,012 
Restricted cash950 1,450 
Property and equipment, net32,777 26,553 
Operating lease right-of-use assets4,890 5,261 
Other assets178 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 liabilities18,099 11,354 
Operating lease liabilities, current2,018 1,916 
Debt, current portion666 1,065 
Second lien loans12,632 10,872 
Total current liabilities33,687 26,662 
Debt, net of current portion29,410 29,878 
Operating lease liabilities, noncurrent3,099 3,584 
Common stock warrants19,521 158,346 
Other liabilities973 804 
Total liabilities86,690 219,274 
Commitments and contingencies
Redeemable convertible preferred stock
Series A cumulative redeemable convertible preferred stock, $0.0001 par value223,185 223,185 
Stockholders’ deficit
Common stock, $0.0001 par value20 17 
Additional paid-in capital636,005 570,578 
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,
2026202520262025
Revenues$2,969 $770 $8,298 $2,744 
Operating expenses:
Research and development25,422 13,452 65,674 35,804 
General and administrative14,532 9,177 39,391 21,463 
Truck and freight operations11,507 6,627 30,461 16,102 
Sales and marketing1,886 1,483 4,679 3,290 
Total operating expenses53,347 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, net1,107 (3,018)1,633 (2,555)
Loss on issuance of equity instruments— (210,722)— (210,722)
Change in fair value of common stock warrants78,213 — 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 taxes27,413 (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 tax10 — (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, basic194,506 69,405 186,098 62,978 
Weighted-average common shares outstanding, diluted
227,558 69,405 188,085 62,978 
___________________________
1 Net (loss) income per common share for the three and nine months ended September 30, 2026 reflects total adjustments of $6.9 million and $13.0 million, respectively, consisting of cumulative preferred dividends, undistributed earnings to participating securities, and, for the nine months ended September 30, 2026, a $46.1 million non-cash deemed dividend from a conversion price adjustment. Net income attributable to common stockholders used in calculating basic net income per share was $20.5 million and $7.4 million for the three and nine months ended September 30, 2026, respectively. Net (loss) income attributable to common stockholders used in calculating diluted net (loss) income per share was $20.9 million for the three months ended September 30, 2026, and a net loss of $192.9 million for the nine months ended September 30, 2026, which reflects the deduction of $201.2 million in fair value gains on common stock warrants.


Kodiak AI, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands; unaudited)
Nine Months Ended September 30,
20262025
Operating activities:
Net (loss) income$66,381 $(511,846)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization4,949 2,124 
Stock-based compensation21,229 10,136 
Non-cash lease expense1,588 1,372 
Accretion of discount on marketable securities(1,057)— 
Transaction costs allocated to common stock warrants1,984 3,223 
Change in fair value of second lien loans1,760 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 expense346 641 
(Gain) loss on disposal of property and equipment, net(88)130 
Changes in operating assets and liabilities:
Accounts receivable602 574 
Prepaid expenses and other current assets(195)(2,596)
Other assets(47)— 
Accounts payable(185)(239)
Accrued expenses and other current liabilities6,440 (4,589)
Operating lease liabilities(1,566)(1,369)
Other liabilities169 216 
Net cash used in operating activities(98,841)(70,216)
Investing activities:
Proceeds from maturities of marketable securities92,267 — 
Proceeds from sales of property and equipment684 — 
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 placement100,000 — 
Proceeds from exercise of stock options2,035 1,221 
Proceeds from exercise of common stock warrants7,156 — 
Payments of offering costs(5,527)(16,618)
Net cash provided by financing activities102,451 211,591 
Net change in cash and cash equivalents and restricted cash(19,878)129,494 
Cash and cash equivalents and restricted cash at beginning of period52,211 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,
2026202520262025
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)$(73,915)
Stock-based compensation8,826 5,245 21,229 10,136 
Non-GAAP loss from operations$(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,
2026202520262025
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)

Source: View Original Filing on SEC EDGAR

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