Kodiak Ai, Inc. · NASDAQ:KDK
Kodiak Ai — Q4 2025 Earnings Presentation
36 slides from Kodiak Ai's earnings presentation, Mar 10, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings 3.10.2026 ©Kodiak AI 2026 1
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES This presentation and the accompanying oral presentation contain “forward-looking statements” within the meaning of autonomous vehicle technology and flaws or errors in Kodiak’s solutions or flaws in or misuse of autonomous vehicle
Slide 3: Scaling Physical AI in Commercial Operations
Scaling Physical AI in Commercial Operations ©Kodiak AI 2026 01 3
Slide 4: Kodiak delivers AI-powered driving technology for the toughest driving jobs
Kodiak delivers AI-powered driving technology that tackles some of the world’s toughest driving jobs across vehicles and environments. ©Kodiak AI 2026 4
Slide 5: Kodiak is at the Forefront of Physical AI
Kodiak is at the Forefront of Physical AI Kodiak: Redefining Physical AI at the Edge¹ Key Themes Driving the Inflection • Physical AI Stack - compute, perception, High Generative / Adaptive The Reasoning Inflection Point simulation, and world models Physical Solving • AI for edge compute, not data c
Slide 6: Q4 Performance Highlights
Q4 Performance Highlights ©Kodiak AI 2026 02 6
Slide 7: Quarter-over-Quarter Growth in Driverless Operations
Quarter-over-Quarter Growth in Driverless Operations Customer-Owned Hours of Paid Loads Driverless Trucks Driverless Operations Delivered¹ QoQ +100% QoQ +106% QoQ +26% 20 10,700+ 12,600+ 10,000+ 8,200+ 7,500+ 10 5,200+ 5 1,900+ 2 700+ Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘25 Q2
Slide 8: Key Updates
Key Updates Technology • Added triple trailer capability (275,000+ lbs), tripling freight per truck • Expanded deployment of the AI Safety Agent to handle long-tail edge cases (e.g., dust devil detection) Safety • Advanced long-haul Safety Case with Autonomy Readiness Measure¹ at 84% • Continued saf
Slide 9: The Kodiak Driver: Industry Verticals & Pillars for Deployment
The Kodiak Driver: Industry Verticals & Pillars for Deployment ©Kodiak AI 2026 03 9
Slide 10: Deploying Autonomy Across Three Verticals
Deploying Autonomy Across Three Verticals Long-Haul Industrial Defense Autonomous freight operations daily Driverless fleet operated by Atlas Energy Extending the same AI driver to complex across southern US. Progressing to Solutions, operating day and night off-road and mission-critical environment
Slide 11: The Kodiak Driver: One AI Driver for Ground Autonomy
The Kodiak Driver: One AI Driver for Ground Autonomy Unified AI Driver built for highways, off-road and unstructured environments One Common AI Behind Modular Hardware Oversight & Technology the Wheel Built to Scale Integration Tools Shared software and Perceives, plans, and Field-serviceable Sensor
Slide 12: Differentiated Technology Allows Scaled Deployment Across Varied Environments
Differentiated Technology Allows Scaled Deployment Across Varied Environments Highway Surface Streets Day & Night All Weather Off-road All Terrain Platform Agnostic¹ Single AI Driver Modular Hardware Operating Without HD Maps One autonomy stack powering multiple Field-serviceable SensorPods and Real
Slide 13: Successfully Executing Across Three Fundamental Pillars
Successfully Executing Across Three Fundamental Pillars Positioned to deliver meaningful growth & durable value creation Technology Safety Case Product Perception, prediction, planning, and control Evidence-based framework (incl. Probabilistic Risk Unique customer-centric approach, informed engineer
Slide 14: Industry-First 275,000+ lb Triple Trailer Capability
Industry-First 275,000+ lb Triple Trailer Capability Expanded multi-trailer capacity within the existing Kodiak Driver platform, increasing throughput per vehicle without new autonomy architecture Operational Throughput Expansion Enabled driverless operations with triple trailers, which exceed 275,0
Slide 15: Expanded AI Safety Agent for Complex Edge Cases
Expanded AI Safety Agent for Complex Edge Cases Enhanced real-time decision-making to address rare and high-impact operational scenarios Long-Tail Scenario Coverage Expanded AI Safety Agent handles complex edge cases, including low-visibility conditions Strengthens system resilience in dynamic real-
Slide 16: Go-to-Market Execution
Go-to-Market Execution ©Kodiak AI 2026 04 16
Slide 17: Operating the Largest Autonomous Freight Network in the U.S.
Operating the Largest Autonomous Freight Network in the U.S. ~24,000¹ miles of autonomous lanes forming the backbone of Kodiak’s commercial operations Current lane network serves some of the most freight dense lanes in the US² Kodiak Facilities Daily Operations Operational Lanes Announced Customer R
Slide 18: Scaling Manufacturing & Deployment
Scaling Manufacturing & Deployment Ecosystem-first manufacturing model without OEM dependency Truck OEMs Vehicle Upfit Driverless Operations Redundant Platform + Redundant Platform + AV System Integration AV System Integration Customer Purchases Trucks Monitoring Monthly + Revenue Onsite AV Hardware
Slide 19: Strategic Collaboration with Bosch
Strategic Collaboration with Bosch Advancing production-grade autonomy hardware for scalable commercial deployment Industrializing the Platform Partnering with Bosch to develop next-generation redundant autonomy hardware Integrating hardware, firmware, and software interfaces into a production-ready
Slide 20: Commercial Connectivity Agreement with Verizon
Commercial Connectivity Agreement with Verizon Enabling reliable Driver-as-a-Service operations through secure 5G/LTE connectivity Operational Backbone Recently announced commercial connectivity agreement supports continuous driverless operations Enables real-time data transmission, fleet visibility
Slide 21: Awarded U.S. Marine Corps ROGUE-Fires Contract
Awarded U.S. Marine Corps ROGUE-Fires Contract Extending the Kodiak Driver to mission-critical, off-road military environments Defense Deployment Awarded contract to power the Marine Corps ROGUE- Fires carrier platform Applies the same AI driver used in commercial operations to defense use cases Pla
Slide 22: U.S. Military Autonomy Exercises
U.S. Military Autonomy Exercises Selected to participate in xTech Overwatch and Project GI xTech Overwatch U.S. Army technology evaluation program Soldiers interacted directly with Kodiak’s autonomy system during hands-on vehicle trials in Texas Project GI Defense Innovation Unit autonomy experiment
Slide 23: Safety & Validation
Safety & Validation ©Kodiak AI 2026 05 23
Slide 24: Preparing for Driverless Long-Haul Operations in Late 2026
Preparing for Driverless Long-Haul Operations in Late 2026 Simulation and real-world operations in complex environments feed our safety case, accelerating readiness for broader driverless deployment Kodiak Autonomy Readiness Measure (ARM)¹ Industrial ARM Long-Haul ARM Measures the percentage of clai
Slide 25: Advancing Structured Safety Validation
Advancing Structured Safety Validation Expanded controlled testing and proprietary stress analysis to strengthen the Kodiak Driver Expanded Structured Testing Expanded high-speed validation at Michigan test facility Extended structured testing to northern climate conditions Breakpoint Proprietary to
Slide 26: Financial Results
Financial Results ©Kodiak AI 2026 06 26
Slide 27: Key Financial Priorities
Key Financial Priorities 01 Grow and Scale DaaS model 02 Drive cost and productivity across industrial and long-haul efficiencies with increasing through multiple deployments commercialization 03 Implement initiatives to lower AV 04 Invest prudently in technology, unit hardware expenditures safety c
Slide 28: Q4 FY2025 Financial Highlights
Q4 FY2025 Financial Highlights Free cash flow¹ of $(34) million outperforming guidance range of $(36) to $(38) million Revenue of $1.1 million with 37% quarter over quarter growth Ended the quarter with Cash & Cash Equivalents and Marketable Securities of $120.7M Completed $30M upsized debt facility
Slide 29: Q4 2025 Earnings
Q4 2025 Earnings 3.10.2026 ©Kodiak AI 2026 29
Slide 30: Appendix
Appendix ©Kodiak AI 2026 07 30
Slide 31: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In addition to our financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we consider certain non-GAAP measures, including the following, which we use to evaluate our ongoing operations and for internal planning and forecas
Slide 32: Consolidated Balance Sheets
Consolidated Balance Sheets �������,������� (In thousands, except par values; ���N�����OB��������B���BBON unaudited) ����O���N���N��B��B�O���������BN��������OB��� �B�B��B����� ���� ���� ,NNBON 966)28%77)87 %7,%2('%7,)59-:%0)287 %6/)8%&0)7)'96-8-)7 ? ''392876)')-:%&0) 6)4%-()<4)27)7%2(38,)6'966)28%77
Slide 33: Consolidated Statements of Operations & Comprehensive Loss
Consolidated Statements of Operations & Comprehensive Loss .$)!*-# (In thousands, except per share amounts; unaudited) .-1.+)$!2%$2!2%,%-21.&/%0!2).-1!-$.,/0%(%-1)4%.11 -2(.31!-$1%6#%/2/%01(!0%!,.3-213-!3$)2%$ (0%%.-2(1-$%$ %!0-$%$ %#%,"%0 %#%,"%0 %4%-3%1 4)6%8-2+)<4)27)7 )7)%6',%2(():)0341)28 )2)6%
Slide 34: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (In thousands; unaudited) .$)!*-# .-1.+)$!2%$2!2%,%-21.&!1(+.51 -2(.31!-$13-!3$)2%$ %!0-$%$ %#%,"%0 /%0!2)-'!#2)4)2)%1 )80377 (.9781)287836)'32'-0)2)80377832)8'%7,97)(-234)6%8-2+%'8-:-8-)7 )46)'-%8-32%2(%1368->%8-32 !83'/&%7)('314)27%8-32 32'%7,0)%7))<4)27) ''6)
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Information
Reconciliation of GAAP to Non-GAAP Financial Information .$)!*-# %#.-#)+)!2).-.&2..-)-!-#)!+-&.0,!2).- (In thousands; unaudited) -2(.31!-$13-!3$)2%$ (0%%.-2(1-$%$ %!0-$%$ %#%,"%0 %#%,"%0 %1%!0#(!-$$%4%+./,%-2%6/%-1% 0%#.-#)+)!2).- 6)7)%6',%2(():)0341)28 !83'/&%7)('314)27%8-32 326)7)%6',%2(():)0341)2
Slide 36: Selected Cash Flow Information
.$)!*-# %+%#2%$!1(+.5-&.0,!2).- Selected Cash Flow Information -2(.31!-$13-!3$)2%$ (In thousands; unaudited) %#.-#)+)!2).-.&#!1(/0.4)$%$"7./%0!2)-'!#2)4)2)%12.&0%%#!1(&+.5 Reconciliation of cash provided by operating activities to free cash flow (0%%.-2(1-$%$ %!0-$%$ %#%,"%0 %#%,"%0 2)8'%7,97)(-234)