Kodiak AI — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $2.969 million, representing a 286% year-over-year increase compared to $770,000 in Q3 2025.
• Nine months ended September 30, 2026, revenue totaled $8.298 million, up from $2.744 million in the prior year period.
• Q3 2026 GAAP net income was $27.414 million, compared to a net loss of $269.935 million in Q3 2025.
• Nine months ended September 30, 2026, GAAP net income was $66.381 million, compared to a net loss of $511.846 million in the prior year period.
• Q3 2026 loss from operations was $50.378 million, narrowing from a loss of $29.969 million in Q3 2025.
• Nine months ended September 30, 2026, loss from operations was $131.907 million, compared to a loss of $73.915 million in the prior year period.
• Q3 2026 net cash used in operating activities was $35.2 million.
• Q3 2026 Free Cash Flow (Non-GAAP) was negative $38.0 million.
• Nine months ended September 30, 2026, net cash used in operating activities was $98.841 million.
• Nine months ended September 30, 2026, Free Cash Flow (Non-GAAP) was negative $111.087 million.
• Ended Q3 2026 with $113.6 million in Cash and Cash Equivalents and Marketable Securities.
• Total assets were $158.504 million as of September 30, 2026, compared to $159.407 million as of December 31, 2025.
• Total liabilities were $86.690 million as of September 30, 2026, compared to $219.274 million as of December 31, 2025.
• Stockholders' deficit was $151.371 million as of September 30, 2026, improving from a deficit of $283.052 million as of December 31, 2025.
• Debt, current portion, was $666,000 as of September 30, 2026, down from $1.065 million as of December 31, 2025.
• Debt, net of current portion, was $29.410 million as of September 30, 2026, down from $29.878 million as of December 31, 2025.
• Second lien loans were $12.632 million as of September 30, 2026, up from $10.872 million as of December 31, 2025.
• Research and development expenses for Q3 2026 were $25.422 million, compared to $13.452 million in Q3 2025.
• General and administrative expenses for Q3 2026 were $14.532 million, compared to $9.177 million in Q3 2025.
• Truck and freight operations expenses for Q3 2026 were $11.507 million, compared to $6.627 million in Q3 2025.
• Sales and marketing expenses for Q3 2026 were $1.886 million, compared to $1.483 million in Q3 2025.
• Non-GAAP operating expenses for Q3 2026 were $44.521 million, compared to $25.494 million in Q3 2025.
• Non-GAAP loss from operations for Q3 2026 was $41.552 million, compared to $24.724 million in Q3 2025.

Guidance and Future Outlook:

• Targeting a year-end unsupervised autonomous long-haul launch with an Autonomy Readiness Measure of 99%.
• International LT platform engineering integration is underway, with unsupervised autonomous deployments targeted for the second half of 2027.
• Plans to begin regular unsupervised autonomous freight service along the Dallas-to-Houston corridor with IKEA Supply.
• Priorities include growing recurring revenue, reducing the cost of the Kodiak Driver, and improving operating leverage as deployments scale.
• Management expects free cash flow performance to exceed guidance expectations in the near term.

Business Segments and Product Lines:

• Secured a binding definitive agreement with DTL Transport to deploy 75 customer-owned and operated unsupervised autonomous trucks.
• Delivered the first two Kodiak-powered Western Star 49X trucks to Atlas Energy Solutions, bringing their fleet of customer-owned unsupervised autonomous trucks to 37 by quarter-end.
• Selected International LT as the third OEM platform for the Kodiak Driver.
• Named IKEA Supply as the first long-haul launch partner for unsupervised autonomous operations.
• Launched commercial freight operations with Charger Logistics along the Dallas-to-Laredo corridor.
• Completed the West Fraser trial in Alberta, Canada, demonstrating technology adaptability for rugged forestry operations.
• Successfully completed the U.S. Marine Corps ROGUE-Fires demonstration at Fort Hunter Liggett, showcasing autonomous convoy capabilities.
• Received a permit to test autonomous trucks in California and completed the first ever autonomous delivery in the state.
• Brought simulation capabilities fully in-house, including AI-powered BreakPoint technology.
• Surpassed 58,000 cumulative paid driverless hours and nearly 30,000 cumulative loads delivered.
• Transported more than 396,000 tons of freight during Q3, more than double the tons transported in the prior quarter.

Market and Competitive Landscape:

• Building a scalable Driver-as-a-Service business model across Long-haul trucking, Industrial, and Defense sectors.
• Commercial partners and customers include Atlas Energy Solutions, Werner Enterprises, IKEA, Bridgestone, Roehl Transport, General Dynamics Land Systems, and C.R. England.
• Technology is deployed across multiple truck platforms to support a capital-efficient growth strategy.

Risks and Challenges:

• Forward-looking statements regarding operational and product roadmaps, deployment timing, and financial performance are subject to risks and uncertainties.
• Risks include changes in business, market, financial, political, and legal conditions; rapid evolution of autonomous vehicle technology; and potential flaws or errors in solutions.
• Risks related to supply shortages, third-party manufacturer dependencies, and vehicle retrofitting are noted.
• Risks include the potential termination or suspension of contracts, delays in operational roadmaps with key partners, and the ability to raise future capital.

Management Commentary and Tone:

• Don Burnette, Founder and CEO, described the quarter as approaching a "defining moment" with the Autonomy Readiness Measure at 99%.
• Management characterized the DTL Transport agreement as a "landmark binding agreement" demonstrating growing customer confidence.
• Surajit Datta, CFO, stated that Q3 results reflect continued commercial progress toward a more predictable, recurring revenue business.
• Management highlighted that free cash flow performance exceeded guidance expectations.
• The tone emphasizes building toward the next phase of growth with "more trucks, more miles, and more customer contracts."

Other Key Points:

• Management will present at the J.P. Morgan U.S. Opportunities Forum (November 12, 2026), Stephens Annual Investment Conference (November 17, 2026), and Northland Growth Conference (December 16, 2026).
• A live and archived webcast of the conference call is available on the Company's Investor Relations website.
• The Company achieved a historic milestone in 2024 as the first to deploy driverless technology in customer-owned driverless trucks.
• The Kodiak Driver is a vehicle-agnostic autonomous driving system combining advanced AI-powered software with modular hardware.
• The Company's strategy focuses on commercializing technology through Driver-as-a-Service offerings, customer-owned unsupervised autonomous deployments, and strategic partnerships.