Kodiak AI (KDK) investor relations material

Executive summary

• Achieved first quarter as a public company after a reverse recapitalization merger and Nasdaq listing, raising $171.2M in gross proceeds.

• Doubled the customer-owned driverless truck fleet to 10, surpassing 5,200 paid driverless hours and 3 million autonomous miles, with over 10,000 loads delivered.

• Launched Driver-as-a-Service (DaaS) model in December 2024, with Atlas as the first customer, and expanded commercial deployments across industrial, long-haul, and defense sectors.

• Demonstrated strong quarter-over-quarter growth in paid driverless operations, recurring DaaS revenue, and safety validation, including a top Nauto VERA safety score.

• Focused on scaling DaaS revenue, maintaining a capital-efficient, asset-light model, and strengthening partnerships with major industry players.

Financial highlights

• Q3 2025 revenue reached $770K, up from $400K in Q3 2024; nine-month revenue was $2.74M, up from $1.23M year-over-year.

• Net loss for Q3 2025 was $269.9M, compared to $19.1M in Q3 2024, driven by significant non-cash and one-time charges from stock, warrant, and preferred stock issuances.

• Operating expenses for Q3 2025 were $30.7M, up from $18.6M in Q3 2024, due to increased R&D and operational scaling.

• Free cash flow for the nine months ended September 30, 2025, was $(82.1)M, compared to $(36.98)M in the prior year period.

• Cash and cash equivalents at quarter-end were $146.2M, up from $16.7M at the end of 2024.

Outlook and guidance

• Preparing for driverless long-haul operations in H2 2026, with ongoing validation and readiness measures.

• Plans to deploy 100 driverless trucks to Atlas Energy Solutions and expand DaaS deployments and customer partnerships.

• Expects continued losses and increased expenses as business scales, with additional funding likely required within a year.

• Focused on achieving profitability and positive free cash flow through disciplined investment and operational scaling.