K
Kodiak AI, Inc.
KDKRWCIK 0001853138NasdaqAcceleratedEmerging GrowthServices-Computer Integrated Systems DesignDelawareFY ends Dec 31
Period
FY 2025
Revenue
$3.80M
Net Income
$-585.52M
Total Assets
$159.41M
Equity
$-283.05M
Shares Out
182.56M
Op. Cash Flow
$-94.44M
Business
Kodiak AI, Inc. is a blank check company formed to identify and consummate an initial business combination through a merger, share exchange, asset acquisition or similar transaction. It offers investment vehicle services including the issuance and trading of units, Class A ordinary shares and warrants, and the management of a trust account to fund a business combination. The company operates under acquisition and value-creation criteria and a structured Ares-driven investment process, with due diligence, transaction structuring and potential co-investment arrangements. Its activities are conducted in the public markets, with securities listed and traded on the NYSE and shareholder transactions facilitated through proxy or tender offer processes.
Summary from filing dated 2025-03-12
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenues | 4 | 15 | 17 | — | |
| Research and development | 50 | 43 | 39 | — | |
| General and administrative | 37 | 21 | 20 | 3,542 | |
| Truck and freight operations | 25 | 9 | 8 | — | |
| Sales and marketing | 5 | 3 | 3 | — | |
| Total operating expenses | 116 | 77 | 71 | — | |
| Loss from operations | −113 | −62 | −54 | −3,542 | |
| Interest expense | −4 | −5 | −5 | — | |
| Interest income and other, net | −1 | 895,000 | 2 | 0 | |
| Loss on issuance of equity instruments | −211 | 0 | 0 | — | |
| Change in fair value of second lien loans | −24 | 0 | 0 | — | |
| Change in fair value of simple agreements for future equity | −190 | −4 | 0 | — | |
| Total other expenses, net | −473 | −8 | −3 | — | |
| Net loss before income taxes | −586 | −69 | −57 | — | |
| Income taxes | −3,000 | −1,000 | −9,000 | — | |
| Net loss | −586 | −69 | −57 | −3,542 | |
| Unrealized gains (losses) on marketable securities, net of tax | 22,000 | 0 | −10,000 | — | |
| Comprehensive loss | −586 | −69 | −57 | — | |
| Net loss per common share, basic (in dollars per share) | −6.42 | −1.19 | −0.98 | — | |
| Net loss per common share, diluted (in dollars per share) | −6.42 | −1.19 | −0.98 | — | |
| Weighted-average common shares outstanding, basic (in shares) | 91 | 58 | 58 | — | |
| Weighted-average common shares outstanding, diluted (in shares) | 91 | 58 | 58 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 51 | 17 | 28 | 0 | — | |
| Marketable securities | 70 | 0 | — | — | — | |
| Accounts receivable | 900,000 | 1 | — | — | — | |
| Prepaid expenses and other current assets | 4 | 2 | — | — | — | |
| Total current assets | 126 | 20 | 2 | 1,200 | — | |
| Restricted cash | 1 | 1 | — | — | — | |
| Property and equipment, net | 27 | 7 | — | — | — | |
| Operating lease right-of-use assets | 5 | 7 | — | — | — | |
| Other assets | 131,000 | 24,000 | — | — | — | |
| Total assets | 159 | 36 | 525 | 512,595 | — | |
| Accounts payable | 1 | 1 | — | — | — | |
| Accrued expenses and other current liabilities | 11 | 11 | 271,633 | 270,391 | — | |
| Operating lease liabilities, current | 2 | 2 | — | — | — | |
| Debt, current portion | 1 | 17 | — | — | — | |
| Second lien loans | 11 | 0 | — | — | — | |
| Total current liabilities | 27 | 31 | 279,133 | 503,634 | — | |
| Debt, net of current portion | 30 | 18 | 5 | 0 | — | |
| Simple agreements for future equity | 0 | 59 | — | — | — | |
| Operating lease liabilities, noncurrent | 4 | 6 | — | — | — | |
| Warrant liabilities, noncurrent | 158 | 2 | — | — | — | |
| Other liabilities | 804,000 | 313,000 | — | — | — | |
| Total liabilities | 219 | 116 | 23 | 503,634 | — | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Redeemable convertible preferred stock | 223 | 171 | 171 | 171 | — | |
| Common stock, $0.0001 par value; 1,980,000 and 265,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 175,4401 and 58,057 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 17,000 | 6,000 | — | — | — | |
| Additional paid-in capital | 571 | 17 | 0 | 23,750 | — | |
| Accumulated other comprehensive income | 22,000 | 0 | — | — | — | |
| Accumulated deficit | −854 | −268 | −20 | −16,039 | — | |
| Total stockholders deficit | −283 | −251 | −187 | −135 | 12,503 | |
| Total liabilities, redeemable convertible preferred stock and stockholders deficit | 159 | 36 | 525 | 512,595 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 3 | 5 | 4 | — | |
| Stock-based compensation | 19 | 6 | 5 | — | |
| Non-cash lease expense | 2 | 2 | 2 | — | |
| Accretion of discount on marketable securities | −480,000 | 0 | −909,000 | — | |
| Transaction costs allocated to common stock warrants | 3 | 0 | 0 | — | |
| Non-cash interest expense | 795,000 | 402,000 | 788,000 | — | |
| Loss on disposal of property and equipment | 265,000 | 0 | 0 | — | |
| Accounts receivable | 401,000 | −1 | 9,000 | — | |
| Prepaid expenses and other current assets | −2 | 645,000 | −484,000 | — | |
| Other assets | −105,000 | 276,000 | −276,000 | — | |
| Accounts payable | −717,000 | −811,000 | 558,000 | — | |
| Accrued expenses and other current liabilities | −407,000 | 5 | 4 | 0 | |
| Operating lease liabilities | −2 | −2 | −2 | — | |
| Other liabilities | 492,000 | 43,000 | 255,000 | — | |
| Net cash used in operating activities | −94 | −51 | −44 | 0 | |
| Proceeds from maturities of marketable securities | 0 | 0 | 51 | — | |
| Purchases of marketable securities | −69 | 0 | −30 | — | |
| Purchases of property and equipment | −22 | −3 | −3 | — | |
| Payment of deposits | 0 | −20,000 | 0 | — | |
| Net cash (used in) provided by investing activities | −91 | −3 | 17 | 0 | |
| Proceeds from the issuance of debt, net of issuance costs | 30 | 0 | 4 | — | |
| Repayment of debt | −33 | −2 | −2 | — | |
| Proceeds from issuance of second lien loans | 44 | 0 | 0 | — | |
| Proceeds from issuance of simple agreements for future equity | 24 | 45 | 10 | — | |
| Proceeds from issuance of Series A cumulative redeemable convertible preferred stock | 145 | 0 | 0 | — | |
| Proceeds from the reverse recapitalization, net of transaction costs | 26 | 0 | 0 | — | |
| Proceeds from exercise of stock options | 1 | 172,000 | 292,000 | — | |
| Proceeds from exercise of common stock warrants | 77,000 | 0 | 0 | — | |
| Payments for deferred offering costs | −17 | 0 | 0 | — | |
| Net cash provided by financing activities | 220 | 43 | 12 | 0 | |
| Net change in cash and cash equivalents and restricted cash | 34 | −11 | −15 | — | |
| Cash paid for interest | 3 | 5 | 5 | — | |
| Cash paid for income taxes | 0 | 3,000 | 5,000 | — | |
| Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | 1 | 118,000 | 0 | — | |
| Operating lease right-of-use asset obtained in exchange for operating lease liability upon modification of operating lease | 0 | 2 | 2 | — | |
| Operating lease right-of-use asset obtained in exchange for operating lease liability upon new operating lease | 0 | 1 | 0 | — | |
| Proceeds from exercise of stock options included in prepaid and other current assets | 12,000 | 0 | 14,000 | — | |
| Proceeds from exercise of common stock warrants included in prepaid and other current assets | 9,000 | 0 | 0 | — | |
| Conversion of second lien loans into common stock in connection with reverse recapitalization | 67 | 0 | 0 | — | |
| Settlement of transaction costs in common stock in connection with reverse recapitalization | 13 | 0 | 0 | — | |
| Exchange of simple agreements for future equity for second lien loan | 10 | 0 | 0 | — | |
| Net exercise of warrants in connection with reverse recapitalization | 9 | 0 | 0 | — | |
| Issuance of non-redemption common stock in connection with reverse recapitalization | 3 | 0 | 0 | — | |
| Liabilities assumed from reverse recapitalization | 31,000 | 0 | 0 | — | |
| Issuance of common stock in connection with a debt agreement | 499,000 | 0 | 0 | — |
Filings
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