Kodiak AI (KDK) investor relations material

Executive summary

• Launch-lane Autonomy Readiness Measure reached 99%, with unsupervised long-haul service targeted by year-end 2026 and final verification still pending.

• DTL Transport signed a binding agreement for 75 customer-owned and operated autonomous trucks under a per-mile DaaS model.

• Q3 revenue was $2.969M, up 286% YoY; cash, cash equivalents and marketable securities were $113.6M, with liquidity expected to fund operations into Q2 2027 and substantial going-concern uncertainty.

Financial highlights

• Q3 revenue was $2.969M vs. $0.770M YoY; nine-month revenue was $8.298M vs. $2.744M.

• Q3 GAAP operating loss was $50.378M vs. $29.969M; adjusted non-GAAP operating loss, excluding stock-based compensation, was $41.552M.

• Q3 net income was $27.414M vs. a $269.935M net loss, primarily reflecting substantial non-cash warrant fair-value gains and other non-operating items.

• Q3 free cash flow was $(38.004)M vs. $(40.002)M YoY; nine-month free cash flow was $(111.087)M.

• Q3 operating expenses were $53.347M, including $8.826M in stock-based compensation; non-GAAP operating expenses were $44.521M.

Outlook and guidance

• Targeting unsupervised autonomous long-haul service by year-end 2026, including regular IKEA freight service on the Dallas–Houston corridor.

• Q4 deployments are expected to reach the mid-40s; Q4 free cash flow is forecast at $(42)M to $(44)M, and FY26 free cash flow guidance is $(153)M to $(155)M.

• Targets include 200 unsupervised trucks exiting 2027 and 5,000 trucks, over $1B annualized run-rate revenue and free cash flow breakeven in 2029.

• Atlas's initial 100-truck deployment is expected by H1 2027; International LT unsupervised deployments are targeted for H2 2027.

• Current liquidity is expected to fund the operating plan into Q2 2027; additional debt or equity financing is expected, with potential dilution or restrictive covenants.