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k kodiak Q2 2026 Earnings 8.6.2026 411 YP36787 k kodiak
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©Kodiak AI 2026 2 Unless the context otherwise provides, “we,” “us,” “our,” “Kodiak,” “the Company” and like terms refer to Kodiak AI, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This Presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, each as amended, including Kodiak’s expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact contained in this presentation are forward- looking statements, including statements concerning: Kodiak’s guidance and outlook, including expectations for the fiscal third quarter and full fiscal year 2026, and the trends and assumptions underlying such guidance and outlook; Kodiak’s operational and product roadmap, its relationships with partners and suppliers, and its ability to produce and deploy the Kodiak Driver at scale; expectations regarding Kodiak’s expansion plans and opportunities, including pilot program with West Fraser, its addressable markets, its ability to successfully operate in live commercial service, and the timing of launching driverless trucks for long-haul highways operations; expectations regarding the benefits of Kodiak’s Gen7 platform; and other expectations regarding Kodiak’s future business and financial performance, such as Kodiak’s approach to operational and financial discipline, its future cash flows, and path to profitability over time or at all. We caution you that the foregoing list does not contain all of the forward-looking statements made in this Presentation. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Kodiak’s management as of the date of this Presentation and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Kodiak. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the rapid evolution of autonomous vehicle technology and flaws or errors in Kodiak’s solutions or flaws in or misuse of autonomous vehicle technology in general; risks related to the rollout of Kodiak’s business and the timing of expected business milestones; the effects of competition on Kodiak’s business; supply shortages in the materials necessary for the production of the Kodiak Driver; risks related to working with third-party manufacturers for key components of the Kodiak Driver; risks related to the retrofitting of Kodiak’s vehicles by third parties; the termination or suspension of any of Kodiak’s contracts or the reduction in counterparty spending; risks related to being able to successfully operate in new domains and convert the West Fraser Pilot program into a Driver-as-a-Service agreement; delays in Kodiak’s operational roadmap with key partners and customers; and Kodiak’s ability to raise capital in the near term and long term. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings by Kodiak with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Kodiak may not presently know or that Kodiak currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Kodiak’s expectations, plans or forecasts of future events and views as of the date of this Presentation. These forward-looking statements should not be relied upon as representing Kodiak’s assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, Kodiak specifically disclaims any obligation to update any forward-looking statements. TRADEMARKS Kodiak may own or have rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This Presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this Presentation is not intended to, and does not, imply a relationship with Kodiak, or an endorsement or sponsorship by or of Kodiak. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Presentation may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate, in any way, that Kodiak will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. USE OF MARKET DATA Industry and market data used in this Presentation have been obtained from third-party industry sources. Kodiak has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy and completeness. All of the market data in the presentation involves a number of assumptions and limitations, and there can be no guarantee as to the reasonableness or reliability of such assumptions. NON-GAAP This presentation and the accompanying oral presentation include certain non-GAAP fina ncial measures. Please see the Appendix attached to this presentation for an explanation of management’s use of these measures and a reconciliation of the most directly comparable GAAP fina ncial measures. Disclaimer
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©Kodiak AI 2026 3 01 Scaling and Deploying Physical AI ©Kodiak AI 2026
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©Kodiak AI 2026 4 Kodiak delivers AI-powered driving technology that tackles some of the world’s toughest driving jobs across vehicles and environments. ©Kodiak AI 2026 4
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©Kodiak AI 2026 5 (1) The Kodiak Driver’s rate of progression in the Role of Intelligence is illustrative and may not reflect our actual progression as we scale. 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, simulation, and world models • AI for edge compute, not data centers • Autonomous mobility and logistics are the first Physical AI applications to scale • Safety, standards, and validation loops critical to safe, productive deployment • Physical AI drives reduced edge-case brittleness • No substitute for real-world commercial experience Role of Intelligence Autonomy Era Low Geofenced / Rulebound High Generative / Adaptive R&D Project Commercialization Scale The Reasoning Inflection Point Physical AI Solving Edge Cases=+ Physical AI era
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©Kodiak AI 2026 6 02 Q2 Performance Highlights ©Kodiak AI 2026
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©Kodiak AI 2026 7 Note: All metrics cumulative as of June 30, 2026. (1) Loads Delivered by Kodiak and customer vehicles, inclusive of autonomous driving with Safety Driver present. Sustained growth across fleet, hours, and loads shows customers relying on driverless every day, at increasing scale Hours of Paid Driverless Operations QoQ +71% QoQ +32%QoQ +25% Loads Delivered¹ Customer-Owned Driverless Vehicles Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 5 10 20 28 35 Q2 ‘25 1,900+ Q3 ‘25 5,200+ Q4 ‘25 10,700+ Q1 ‘26 23,500+ Q2 ‘26 40,200+ Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 8,200+ 10,000+ 12,600+ 15,600+ 20,600+ Six Quarters of Accelerating Driverless Operations
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©Kodiak AI 2026 8 Q2 2026: continued driverless expansion with Atlas, a new truck platform generation, and continued progress towards driverless long-haul in late 2026 Key Updates (1) Represents the percentage of claims and evidence in Kodiak’s safety case for driverless operations on our long-haul launch lane that are materially complete as of July 2026. • Expanded Roehl Transport service to five round trips per week (up from 4x weekly at launch) • Expanded driverless operations to a second Permian hub, enabling Atlas to serve a broader geography • West Fraser international pilot launching in Canada Commercial & Operations Long-Haul Launch • Long-haul ARM up 5 points to 91%¹, targeting 100% and driverless launch by end of 2026 • Applied for California DMV autonomous vehicle testing permit Driving Scale & Capital Efficient • Q2 FY26 Revenue of $3.5M, reflecting continued commercial execution • Q2 FY26 Free Cash Flow of ($38M) outperforming guidance of ($39M)–($41M) • Improved FY26 Free Cash Flow guidance to ($155M)–($162M) from prior outlook of ($155M)–($165M) Technology • Launched Gen7 hardware platform — ~50% faster compute and ~50% greater operational lifetime than prior generations, first generation compact enough for day cabs • Software 3.0 release — Autonomy efficiency up more than 30% vs. prior version
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©Kodiak AI 2026 9 03 The Kodiak Driver: Industry Verticals & Pillars for Deployment ©Kodiak AI 2026
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©Kodiak AI 2026 10 Autonomous freight operations daily across southern US. Progressing to driverless operations in late 2026 Long-Haul Driverless fleet operated by Atlas Energy Solutions, delivering day and night; logging pilot launching with West Fraser Industrial Extending the same AI driver to complex off-road and mission-critical environments for the U.S. Department of War Defense Single AI driver operating daily across long-haul, industrial, and defense Deploying Autonomy Across Three Verticals
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©Kodiak AI 2026 11 AI Behind the Wheel Perceives, plans, and controls in real time across complex environments One Common Technology Shared software and hardware powering every Kodiak application Modular Hardware Built to Scale Field-serviceable SensorPods, compute, and redundant safety systems for scalable deployment Oversight & Integration Tools Fleet-management systems and interfaces designed for customer control and visibility Unified AI Driver built for highways, off-road and unstructured environments The Kodiak Driver: One AI Driver for Ground Autonomy
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©Kodiak AI 2026 12 Platform Agnostic¹ Single AI Driver One autonomy stack powering multiple vehicle types and environments Modular Hardware Field-serviceable SensorPods and redundant systems built for scale Operating Without HD Maps Real-time perception enables dynamic operation without pre-mapped routes (1) Subject to certain minimum specifications. Highway Day & Night Off-road Surface Streets All Weather All Terrain Differentiated Technology Allows Scaled Deployment Across Varied Environments
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©Kodiak AI 2026 13 Positioned to deliver meaningful growth & durable value creation Technology Perception, prediction, planning, and control engineered for driverless operation Safety Case Evidence-based framework (incl. Probabilistic Risk Assessment) that quantifies risk and validates performance vs. human benchmarks Product Unique customer-centric approach, informed by real-world operations, to build a valuable product our customers can utilize efficiently Execution across these pillars enables commercial driverless operations Successfully Executing Across Three Fundamental Pillars
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©Kodiak AI 2026 14 (1) Compute speed vs. Gen6, internal benchmark. (2) Estimated, based on initial vibration testing vs prior generations. Modular, reliable, serviceable, and built for commercial fleets at scale Introducing Gen7: Our Most Advanced Platform Purpose-Built for Deployment Flexibility Compact form factor simplifies integration, enhances reliability, and supports a broader range of vehicle configurations First AV truck platform compact enough for day cabs, lowering total cost of ownership Engineered from Driverless Operations Hardened by 18 months in the Permian, one of trucking's most punishing environments Designed for Commercial Scale Engineered to improve reliability, reduce total cost of ownership, and address real customer needs ~50% Faster Compute than Gen6¹ ~50% Greater Operational Lifespan²
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©Kodiak AI 2026 15 04©Kodiak AI 2026 Go-to-Market Execution
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©Kodiak AI 2026 16 Kodiak Facilities Daily Operations Operational Lanes Announced Customer Relationships³ (1) Miles for Commercial Trucking and Defense routes operated by Kodiak as of June 30, 2026. (2) Network represents miles for Commercial Trucking routes operated by Kodiak. (3) Kodiak also has customer relationships with IKEA, and Maersk and has a number of other relationships with major shippers and carriers. 26,000+ miles of autonomous lanes across the nation's most freight-dense corridors² The Largest Autonomous Freight Network in the U.S.
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©Kodiak AI 2026 17 Ecosystem-first manufacturing Scaling Manufacturing & Deployment Onsite Monitoring + Support Recurring Monthly Revenue Truck OEMs Customer Purchases Trucks AV Hardware Vendors AV Components Purchased Contract Manufacturers AV System Assembly: • SensorPods • Compute • ACE Redundant Platform + AV System Integration Driverless Operations Customer-operated driverless fleet DaaS Operations Vehicle Upfit
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©Kodiak AI 2026 18 A Two-Hub Network Hubs are ~90 minutes apart and service wells spread over three hours apart New fixed order and delivery schedule with Atlas, on track to complete the initial 100-truck order by end of Q2 2027 Mission-Critical Reliability Wellsites served solely by Kodiak trucks; if sand doesn't arrive on time, the site shuts down Software 3.0 Release Efficiency gains drove a new single-day delivery record shortly after release Scaling Driverless Operations in the Permian Second hub, record productivity, and a major software release for Atlas LIVE OPERATIONS. PROVEN SCALE. 2 Permian Hubs, ~90 Min Apart +30% More Efficient vs. Prior Software
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©Kodiak AI 2026 19 From Announcement to Operations Pilot launching in Canada: hauling flatbed trailers for West Fraser Demanding Conditions by Design Canadian logging routes, like the Permian, are among the most punishing environments in trucking Proving Platform Versatility Adaptability across geography, trailer type, and industry becomes use cases the Kodiak Driver serves today (1) Source: Research and Markets, “Wood Products Market Opportunities and Strategies to 2033,” via GlobeNewswire, Sept. 23, 2024. (2) Source: West Fraser 2025 Annual Report, February 11, 2026. International Pilot Launching with West Fraser The Kodiak Driver will be operating in logging, pulling flatbeds, outside the U.S. THE SCALE OF WEST FRASER #2 Global Wood Product Producer1 4 Countries² 50+ Facilities²
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©Kodiak AI 2026 20 05 Safety, Validation & Policy ©Kodiak AI 2026
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©Kodiak AI 2026 21 Kodiak Autonomy Readiness Measure (ARM)¹ Measures the percentage of claims and evidence in Kodiak’s safety case for driverless operations that are materially complete. When Kodiak achieves 100%, we believe the system is safe to launch. Data-Driven Improvement Simulation, structured track testing, and real-world validation closed claims across braking and sensor coverage, driving a 5-point ARM gain in one quarter. Proprietary AI-Powered Breakpoint Our revolutionary Breakpoint technology now runs over one million simulations per hour on a minimal compute budget of ~$.01 per sim, helping to accelerate development and close out the remaining claims in our Safety Case Simulation and real-world operations in complex environments feed our safety case, accelerating readiness for broader driverless deployment Preparing for Driverless Long-Haul Operations in late 2026 (1) Represents the percentage of claims and evidence in Kodiak’s safety case for driverless operations on our launch lane that are materially complete. Long-haul ARM 91% as of July 2026. 100% 91% Long-Haul ARMIndustrial ARM
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©Kodiak AI 2026 22 06 Financial Results ©Kodiak AI 2026
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©Kodiak AI 2026 23 Key Financial Priorities Invest prudently in technology, safety case and commercial readiness 04 Grow and Scale DaaS model across industrial and long-haul through multiple deployments 01 Achieve profitability and positive free cash flow at scale 05 Drive cost and productivity efficiencies with increasing commercialization 02 Strengthen balance sheet & enhance liquidity 06 Implement initiatives to lower AV unit hardware expenditures 03
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©Kodiak AI 2026 24 (1) Free Cash Flow is a non-GAAP measure. For more information, see the Appendix. Q2 FY 2026 Financial Highlights Q2 demonstrated continued commercial momentum through strong revenue growth, disciplined spending, and a strong balance sheet as we advance toward driverless long-haul operations by year-end Revenue of $3.5M, up 91% quarter over quarter, reflecting continued DaaS expansion and a one-time contribution from the DriveOhio autonomous trucking demonstration program Free Cash Flow¹ of ($38M), outperforming guidance of ($39M) to ($41M) Ended the quarter with $151M in cash, cash equivalents and marketable securities
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©Kodiak AI 2026 25 Q2 2026 Earnings 8.6.2026
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©Kodiak AI 2026 26 07 Appendix ©Kodiak AI 2026
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©Kodiak AI 2026 27 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 forecasting purposes. We believe that non-GAAP financial information, when taken collectively with the financial information presented in accordance with GAAP, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. In addition, the utility of free cash flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. This presentation and the accompanying oral presentation include references to forward-looking Free Cash Flow, a non-GAAP financial measure. Such forward-looking financial measures are presented on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. NON-GAAP OPERATING EXPENSES AND NON-GAAP LOSS FROM OPERATIONS We define these non-GAAP financial measures as their respective GAAP measures, each excluding stock-based compensation expense. We use these non-GAAP financial measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As a result, management excludes this item from internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure our performance against the performance of other companies without the variability created by stock-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used. FREE CASH FLOW We define Free Cash Flow as net cash used in operating activities, which is the most directly comparable measure calculated in accordance with GAAP, less purchases of property and equipment. We believe Free Cash Flow is a useful indicator of liquidity that provides our management, board of directors, and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives. NON-GAAP FINANCIAL MEASURES
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©Kodiak AI 2026 28 (In thousands, except par values; unaudited) Condensed Consolidated Balance Sheets Kodiak AI, Inc. Condensed Consolidated Balance Sheets (In thousands, except par values; unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 46,750 $ 50,761 Marketable securities 104,306 69,908 Accounts receivable 512 879 Prepaid expenses and other current assets 4,967 4,464 Total current assets 156,535 126,012 Restricted cash 984 1,450 Property and equipment, net 31,301 26,553 Operating lease right-of-use assets 5,447 5,261 Other assets 117 131 Total assets $ 194,384 $ 159,407 Liabilities, redeemable convertible preferred stock and stockholders’ deficit Current liabilities: Accounts payable $ 1,011 $ 1,455 Accrued expenses and other current liabilities 12,432 11,354 Operating lease liabilities, current 2,153 1,916 Debt, current portion 656 1,065 Second lien loans 12,025 10,872 Total current liabilities 28,277 26,662 Debt, net of current portion 29,460 29,878 Operating lease liabilities, noncurrent 3,509 3,584 Common stock warrants 97,734 158,346 Other liabilities 1,137 804 Total liabilities 160,117 219,274 Commitments and contingencies Redeemable convertible preferred stock Series A cumulative redeemable convertible preferred stock, par value $0.0001 223,185 223,185 Stockholders’ deficit Common stock, $0.0001 par value 19 17 Additional paid-in capital 625,883 570,578 Accumulated other comprehensive (loss) income (118) 22 Accumulated deficit (814,702) (853,669) Total stockholders’ deficit (188,918) (283,052) Total liabilities, redeemable convertible preferred stock and stockholders’ deficit $ 194,384 $ 159,407
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©Kodiak AI 2026 29 (In thousands, except per share amounts; unaudited) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income Kodiak AI, Inc. Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (In thousands, except per share amounts; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 3,499 $ 503 $ 5,329 $ 1,974 Operating expenses: Research and development 22,702 12,218 40,252 22,352 General and administrative 12,439 7,161 24,859 12,286 Truck and freight operations 10,649 5,470 18,954 9,475 Sales and marketing 1,386 1,001 2,792 1,807 Total operating expenses 47,176 25,850 86,857 45,920 Loss from operations (43,677) (25,347) (81,528) (43,946) Other income (expenses): Interest expense (909) (1,160) (1,805) (2,424) Interest income and other, net (524) 294 525 463 Change in fair value of common stock warrants 58,280 — 122,938 — Change in fair value of second lien loans (679) (2,154) (1,153) (2,154) Change in fair value of simple agreements for future equity — (84,173) — (192,548) Change in fair value of redeemable convertible preferred stock warrant liabilities — (1,183) — (1,298) Total other income (expenses), net 56,168 (88,376) 120,505 (197,961) Net (loss) income before income taxes 12,491 (113,723) 38,977 (241,907) Income tax expense (14) (3) (10) (4) Net (loss) income $ 12,477 $ (113,726) $ 38,967 $ (241,911) Unrealized losses on marketable securities, net of tax (116) — (140) — Comprehensive (loss) income $ 12,361 $ (113,726) $ 38,827 $ (241,911) Net (loss) income $ 12,477 $ (113,726) $ 38,967 $ (241,911) Adjustments to net (loss) income attributable to common stockholders1 (50,152) — (54,433) — Net loss attributable to common stockholders $ (37,675) $ (113,726) $ (15,466) $ (241,911) Net loss per common share, basic1 $ (0.20) $ (1.89) $ (0.09) $ (4.05) Net loss per common share, diluted1 $ (0.50) $ (1.89) $ (0.73) $ (4.05) Weighted-average common shares outstanding, basic 187,241 60,197 181,825 59,720 Weighted-average common shares outstanding, diluted 193,203 60,197 188,886 59,720 ___________________________ 1 Net loss per common share for the three and six months ended June 30, 2026 reflects the deduction of cumulative dividends and a $46.1 million non-cash deemed dividend associated with the Series A cumulative redeemable convertible preferred stock. The deemed dividend resulted from a conversion price adjustment in May 2026. Net loss attributable to common stockholders used in calculating basic net loss per share was $37.7 million and $15.5 million for the three and six months ended June 30, 2026, respectively. Net loss attributable to common stockholders used in calculating diluted net loss per share reflects the additional deduction of $58.3 million and $122.9 million in fair value gains on liability-classified warrants, resulting in a net loss of $96.0 million and $138.4 million for the three and six months ended June 30, 2026, respectively.
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©Kodiak AI 2026 30 (In thousands; unaudited) Condensed Consolidated Statements of Cash FlowsKodiak AI, Inc. Condensed Consolidated Statements of Cash Flows (In thousands; unaudited) Six Months Ended June 30, 2026 2025 Operating activities: Net income (loss) $ 38,967 $ (241,911) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 3,058 1,247 Stock-based compensation 12,403 4,891 Non-cash lease expense 1,031 904 Accretion of discount on marketable securities (612) — Transaction costs allocated to common stock warrants 1,984 — Change in fair value of second lien loans 1,153 2,154 Change in fair value of simple agreements for future equity — 192,548 Change in fair value of redeemable convertible preferred stock warrant liabilities — 1,298 Change in fair value of common stock warrants (122,938) — Non-cash interest expense 225 460 (Gain) loss on disposal of property and equipment, net (221) 130 Changes in operating assets and liabilities: Accounts receivable 367 744 Prepaid expenses and other current assets (38) 206 Other assets 14 — Accounts payable 345 3,078 Accrued expenses and other current liabilities 1,331 (1,790) Operating lease liabilities (1,021) (898) Other liabilities 333 77 Net cash used in operating activities (63,619) (36,862) Investing activities: Proceeds from maturities of marketable securities 70,267 — Proceeds from sales of property and equipment 684 — Purchases of marketable securities (104,193) — Purchases of property and equipment (9,464) (5,236) Net cash used in investing activities (42,706) (5,236) Financing activities: Repayment of debt (1,052) (6,174) Proceeds from issuance of second lien loans — 29,740 Proceeds from issuance of simple agreements for future equity — 23,660 Proceeds from issuance of common stock and warrants in connection with a private placement 100,000 — Proceeds from exercise of stock options 1,454 886 Proceeds from exercise of common stock warrants 7,156 — Payments of offering costs (5,210) (2,474) Net cash provided by financing activities 102,348 45,638 Net change in cash and cash equivalents and restricted cash (3,977) 3,540 Cash and cash equivalents and restricted cash at beginning of period 52,211 18,159 Cash and cash equivalents and restricted cash at end of period $ 48,234 $ 21,699
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©Kodiak AI 2026 31 (In thousands; unaudited) Reconciliation of GAAP to Non-GAAP Financial Information Kodiak AI, Inc. Reconciliation of GAAP to Non-GAAP Financial Information (In thousands; unaudited) 2026 2025 2026 2025 Research and development expense reconciliation: GAAP research and development $ 22,702 $ 12,218 $ 40,252 $ 22,352 Stock-based compensation (2,754) (1,735) (5,196) (2,920) Non-GAAP research and development $ 19,948 $ 10,483 $ 35,056 $ 19,432 General and administrative expense reconciliation: GAAP general and administrative $ 12,439 $ 7,161 $ 24,859 $ 12,286 Stock-based compensation (3,075) (995) (6,114) (1,477) Non-GAAP general and administrative $ 9,364 $ 6,166 $ 18,745 $ 10,809 Truck and freight operations expense reconciliation: GAAP truck and freight operations $ 10,649 $ 5,470 $ 18,954 $ 9,475 Stock-based compensation (192) (109) (360) (177) Non-GAAP truck and freight operations $ 10,457 $ 5,361 $ 18,594 $ 9,298 Sales and marketing expense reconciliation: GAAP sales and marketing $ 1,386 $ 1,001 $ 2,792 $ 1,807 Stock-based compensation (358) (174) (733) (317) Non-GAAP sales and marketing $ 1,028 $ 827 $ 2,059 $ 1,490 Total operating expenses reconciliation: GAAP operating expenses $ 47,176 $ 25,850 $ 86,857 $ 45,920 Stock-based compensation (6,379) (3,013) (12,403) (4,891) Non-GAAP operating expenses $ 40,797 $ 22,837 $ 74,454 $ 41,029 Loss from operations reconciliation: GAAP loss from operations $ (43,677) $ (25,347) $ (81,528) $ (43,946) Stock-based compensation 6,379 3,013 12,403 4,891 Non-GAAP loss from operations $ (37,298) $ (22,334) $ (69,125) $ (39,055) Three Months Ended June 30, Six Months Ended June 30,
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©Kodiak AI 2026 32 (In thousands; unaudited) Selected Cash Flow Information Reconciliation of cash provided by operating activities to free cash flow Kodiak AI, Inc. Selected Cash Flow Information (In thousands; unaudited) Reconciliation of cash provided by operating activities to free cash flow Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net cash used in operating activities $ (34,125) $ (20,356) $ (63,619) $ (36,862) Purchases of property and equipment (3,933) (2,916) (9,464) (5,236) Free cash flow $ (38,058) $ (23,272) $ (73,083) $ (42,098)