Kodiak AI — Q2 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue was $3.5 million, representing 91% growth quarter-over-quarter.
• Q2 net cash used in operating activities was $34.1 million.
• Q2 non-GAAP free cash flow was negative $38.1 million.
• Ended Q2 2026 with $151.1 million in cash and cash equivalents and marketable securities.
• Six months ended June 30, 2026, revenue was $5.3 million compared to $2.0 million for the same period in 2025.
• Six months ended June 30, 2026, net cash used in operating activities was $63.6 million.
• Six months ended June 30, 2026, non-GAAP free cash flow was negative $73.1 million.
• Total assets were $194.4 million as of June 30, 2026, compared to $159.4 million as of December 31, 2025.
• Total liabilities were $160.1 million as of June 30, 2026, compared to $219.3 million as of December 31, 2025.
• Stockholders' deficit was $188.9 million as of June 30, 2026, compared to $283.1 million as of December 31, 2025.
• Debt, current portion, was $0.7 million as of June 30, 2026, compared to $1.1 million as of December 31, 2025.
• Debt, net of current portion, was $29.5 million as of June 30, 2026, compared to $29.9 million as of December 31, 2025.
• Second lien loans were $12.0 million as of June 30, 2026, compared to $10.9 million as of December 31, 2025.
• GAAP loss from operations for Q2 2026 was $43.7 million, compared to $25.3 million in Q2 2025.
• GAAP net income for Q2 2026 was $12.5 million, compared to a net loss of $113.7 million in Q2 2025.
• GAAP net loss attributable to common stockholders for Q2 2026 was $37.7 million.
• GAAP net loss per share, diluted, for Q2 2026 was $0.50.

Guidance and Future Outlook

• The company is advancing toward a targeted long-haul driverless launch by the end of 2026.
• Autonomy Readiness Measure reached 91% as of July 2026.
• Management expressed confidence in the long-term growth opportunity and ability to scale customer deployments.

Business Segments and Product Lines

• Deployed seven additional driverless trucks during Q2, bringing the customer-owned fleet to 35 vehicles at quarter-end.
• Surpassed 40,000 cumulative hours of paid driverless operations through Q2, a 71% increase from the end of Q1.
• Delivered more than 300,000 tons of freight in Q2 alone.
• Exceeded 20,000 cumulative loads delivered as of the end of Q2, representing approximately 32% growth from the end of Q1.
• Introduced the seventh-generation (Gen7) Kodiak Driver platform, featuring nearly 50% more compute power than Gen6 and expected operational lifetimes nearly 50% greater than prior generations.
• Gen7 features a more compact design to simplify integration and support lower-cost day cab configurations.
• Expanded driverless truck deployment to cover a second simultaneous load-out point along Atlas's 42-mile Dune Express sand conveyor system.
• Initiated the first international pilot for West Fraser in Canada.
• Selected for Phase II of the Defense Innovation Unit's Robotic Operation for Autonomous Delivery and Sustainment (ROADS) demonstration.
• Accelerated the use of BreakPoint technology, which can now execute over one million simulations per hour.

Market and Competitive Landscape

• Serves customers in the long-haul trucking, industrial trucking, and defense industries.
• Geographic expansion is occurring across the Permian Basin.

Risks and Challenges

• Forward-looking statements include risks related to the rapid evolution of autonomous vehicle technology, potential flaws or errors in solutions, and supply shortages for materials.
• Risks include reliance on third-party manufacturers for key components, risks related to retrofitting vehicles by third parties, and potential termination or suspension of contracts.
• Risks also encompass delays in the operational roadmap with key partners and customers, and the ability to raise capital in the future.

Management Commentary and Tone

• Don Burnette, Founder and CEO, stated the company delivered "commercial validation at scale" and emphasized that every deployment and improvement strengthens the foundation for the next phase of growth.
• Surajit Datta, CFO, noted that results were driven by expanded driverless deployments, growth in the recurring Driver-as-a-Service business, and disciplined financial execution.

Other Key Points

• Proceeds from the issuance of common stock and warrants in connection with a private placement were $100.0 million during the six months ended June 30, 2026.
• Proceeds from the exercise of common stock warrants were $7.2 million during the six months ended June 30, 2026.
• Management will present at the Deutsche Bank 2026 Chicago Industrials Summit (August 11), J.P. Morgan Auto Conference (August 12), and Evercore 9th Annual AI Forum (September 29).
• A conference call to discuss results was scheduled for August 6, 2026, at 5:00 p.m. ET.