Kodiak AI (KDK) investor relations material

Executive summary

• Achieved 74% quarter-over-quarter revenue growth in Q1 2026, driven by expansion of Driver-as-a-Service and customer-owned driverless trucks, with 28 vehicles deployed by quarter-end.

• Announced and closed $100 million PIPE financing from new and existing institutional investors, extending liquidity into Q2 2027 to support growth and driverless deployments.

• Formed strategic partnerships, including with General Dynamics Land Systems for defense and Bosch for manufacturing scale, and launched new commercial pilots in long-haul and industrial trucking.

• Surpassed 23,500 cumulative paid driverless operation hours and delivered over 15,600 loads, with customer base growth across long-haul, industrial, and defense sectors.

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

Financial highlights

• Q1 2026 revenue reached $1.8 million, up 74% quarter-over-quarter and 24% year-over-year, driven by DaaS growth.

• Net income for Q1 2026 was $26.5 million, compared to a net loss of $128.2 million in Q1 2025, primarily due to significant non-cash gains from changes in fair value of financial instruments.

• GAAP operating loss was $37.9 million; non-GAAP operating loss (excluding stock-based compensation) was $31.8 million.

• Free cash flow for Q1 2026 was negative $35.0 million, outperforming expectations.

• Ended Q1 with $90.2 million in cash and equivalents; post-PIPE, pro forma liquidity is approximately $185 million.

Outlook and guidance

• Cash runway, including PIPE proceeds, expected to fund operations into Q2 2027; additional capital will be required thereafter.

• Improved full-year 2026 free cash flow guidance to -$155 million to -$165 million, reflecting revenue growth and lower hardware costs.

• Targeting a long-haul driverless launch for late 2026, with similar truck deployment numbers in both halves of 2026 and acceleration expected in 2027.

• Plans to scale DaaS deployments with Atlas and pursue new customer and international opportunities.

• Ongoing investment in R&D and operational scaling anticipated to drive future losses.