Kodiak AI (KDK) investor relations material

Executive summary

• Expanded the world's largest customer-owned driverless truck fleet to 35 vehicles, surpassing 40,000 paid driverless hours, and delivered over 20,000 loads as of June 30, 2026, with a 71% sequential increase in paid driverless hours.

• Achieved 91% Autonomy Readiness Measure, targeting a long-haul driverless launch by year-end 2026, and introduced the Gen7 platform with improved performance and reliability.

• Expanded operations with Atlas, launched a new international pilot in Canada with West Fraser, and added a second Permian hub.

• Defense vertical progressed with new and ongoing partnerships, including General Dynamics and participation in U.S. military programs.

• Completed a reverse recapitalization merger in September 2025, resulting in $171.2 million in net proceeds and transition to public company status.

Financial highlights

• Q2 2026 revenue reached $3.5 million, up 91% quarter-over-quarter and 596% year-over-year, driven by DaaS growth and a one-time program contribution.

• Net income for Q2 was $12.5 million, compared to a net loss of $113.7 million in Q2 2025, driven by significant non-cash gains on warrants and equity revaluations.

• GAAP operating loss was $43.7 million; non-GAAP operating loss (excluding stock-based compensation) was $37.3 million.

• Free cash flow for Q2 was negative $38 million, outperforming guidance; cash and equivalents at quarter end were $151 million.

• Operating expenses for Q2 were $47.2 million, up 82% year-over-year, mainly due to R&D, G&A, and truck operations.

Outlook and guidance

• Targeting commercial launch of long-haul driverless operations by year-end 2026, with ARM safety case at 91% completion.

• Q3 free cash flow guidance: negative $39M to $41M; full-year 2026 narrowed to negative $155M to $162M.

• Current cash and marketable securities of $151 million expected to fund operations into Q2 2027; additional capital will be required thereafter.

• Plan to deploy a similar number of driverless trucks in H2 2026 as in H1, maintaining trajectory toward 100-truck commitment with Atlas by mid-2027.

• Management expects continued losses and increased expenses as operations scale and R&D investment continues.