Kodiak AI (KDK) investor relations material

Executive summary

• Achieved the world's largest customer-owned driverless trucking deployment, scaling from 2 to 20 trucks by year-end 2025, doubling quarter-over-quarter and marking a 100% increase over Q3.

• Expanded commercial and defense partnerships, including contracts and collaborations with Bosch, Verizon, and the U.S. Marine Corps, and launched new pilots with major logistics companies and private fleets.

• Advanced technology with industry-first triple trailer capability and enhanced AI Safety Agent for complex edge cases.

• Demonstrated strong operational reliability, safety advancements, and capital-efficient execution, positioning for profitability and free cash flow as scale increases.

• Entered 2026 with momentum, a robust customer pipeline, and a clear roadmap to launch long-haul driverless operations in late 2026.

Financial highlights

• Q4 2025 revenue reached $1.1 million, up 37% quarter-over-quarter, driven by growth in driver-as-a-service (DaaS) revenue.

• Q4 free cash flow was negative $34 million, outperforming guidance, with year-end cash and equivalents at $120.7 million after a $30 million debt refinancing.

• GAAP operating loss for Q4 was $39 million; non-GAAP operating loss (excluding stock-based compensation) was $29.8 million.

• Year-end net loss was $585.5 million, with a net loss per share of $(6.42) and free cash flow for the year at negative $116.5 million.

• Ended Q4 with $120.7 million in liquidity and completed $30 million debt refinancing, lowering interest rates and extending maturity to 2030.

Outlook and guidance

• Targeting launch of long-haul driverless operations in late 2026, with autonomy readiness at 84% as of February 2026.

• Fiscal 2026 free cash flow expected between negative $160 million and negative $170 million, driven by AV hardware CapEx and R&D.

• Q1 2026 free cash flow projected at negative $36 million to negative $38 million, with driverless trucks expected in the high 20s by quarter-end.

• Liquidity expected to last into Q4 2026, with ongoing focus on disciplined capital allocation and opportunistic financing.

• Focused on scaling DaaS model, reducing AV hardware costs, and achieving profitability and positive free cash flow at scale.