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Kodiak AI, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

  • Autonomy readiness measure reached 99%: The Autonomy Readiness Measure was 99% at quarter-end, up from 91% as of July in the prior release. Management tied it to the targeted year-end unsupervised long-haul launch. Source
  • DTL Transport binding agreement for 75 trucks: A binding definitive agreement with DTL Transport covers the Kodiak Driver in 75 customer-owned and operated trucks. Management described it as a commitment under the Driver-as-a-Service model. Source
  • Quarterly revenue up 286% year over year: Third quarter revenue was $2,969 thousand, against $770 thousand a year earlier and $3,499 thousand in Q2. Management attributed growth mainly to Driver-as-a-Service operations and a one-time Defense contribution. Source
  • Net income driven by warrant gain: Net income was $27,414 thousand, against a net loss of $269,935 thousand a year earlier. A $78,213 thousand change in fair value of common stock warrants was the main item in other income. Source
  • Free cash flow was negative $38.0 million: Free cash flow was $(38,004) thousand for the quarter, against $(40,002) thousand a year earlier. Nine-month free cash flow was $(111,087) thousand, against $(82,097) thousand. Source
  • Cash and securities at $113.6 million: Cash, cash equivalents and marketable securities were $113.6 million at quarter-end, against $151.1 million at the end of Q2. Cash and equivalents were $30,883 thousand; marketable securities were $82,761 thousand. Source
  • Cumulative driverless hours passed 58,000: Cumulative paid driverless hours passed 58,000 and cumulative loads delivered reached nearly 30,000. The prior release gave more than 40,000 hours and more than 20,000 loads through Q2. Source
  • International LT added as third OEM: International LT was selected as the third OEM platform, with engineering integration underway. Unsupervised autonomous deployments are targeted for the second half of 2027. Source

“We are approaching a defining moment for Kodiak as we advance toward our targeted year-end unsupervised autonomous long-haul launch, with our Autonomy Readiness Measure now at 99%,”

Don Burnette, Founder and Chief Executive Officer of Kodiak

Guidance

AreaPeriodFigureAgainst last quarter
International LT unsupervised autonomous deployments Sourcesecond half of 2027second half of 2027New

What changed from last quarter

  • New: Binding definitive agreement with DTL Transport for 75 customer-owned and operated trucks. Source
  • New: International LT named as third OEM platform, with unsupervised deployments targeted for 2027. Source
  • New: IKEA Supply named as first unsupervised long-haul launch partner. Source
  • New: Commercial freight operations launched with Charger Logistics on the Dallas-to-Laredo corridor. Source
  • New: Simulation capabilities brought fully in-house, including BreakPoint technology. Source
  • New: California permit to test autonomous trucks received, and first autonomous delivery in the state made. Source
  • Guidance kept: Year-end unsupervised long-haul launch target carried over from the prior release. Source

Long-haul launch and commercial agreements

  • Autonomy readiness measure reached 99%: The Autonomy Readiness Measure was 99% at quarter-end, up from 91% as of July in the prior release. Management tied it to the targeted year-end unsupervised long-haul launch. Source
  • DTL Transport binding agreement for 75 trucks: A binding definitive agreement with DTL Transport covers the Kodiak Driver in 75 customer-owned and operated trucks. Management described it as a commitment under the Driver-as-a-Service model. Source
  • IKEA Supply named first launch partner: IKEA Supply was named the first partner for unsupervised autonomous long-haul launch, with plans for regular freight service. The named corridor is Dallas-to-Houston. Source
  • Charger Logistics freight operations launched: Commercial freight operations began with Charger Logistics on the Dallas-to-Laredo corridor, adding a customer and route to the long-haul network. Source

Revenue and profit measures

  • Quarterly revenue up 286% year over year: Third quarter revenue was $2,969 thousand, against $770 thousand a year earlier and $3,499 thousand in Q2. Management attributed growth mainly to Driver-as-a-Service operations and a one-time Defense contribution. Source
  • Nine-month revenue of $8.3 million: Nine-month revenue was $8,298 thousand, against $2,744 thousand in the same period of 2025. Source
  • Net income driven by warrant gain: Net income was $27,414 thousand, against a net loss of $269,935 thousand a year earlier. A $78,213 thousand change in fair value of common stock warrants was the main item in other income. Source
  • Diluted per-share figure of $0.09: The statement reports diluted net loss per common share of $0.09 for the quarter, against $(3.89) a year earlier, and $(1.03) for nine months. Basic was $0.11. Source
  • Operating loss widened to $50.4 million: Loss from operations was $50,378 thousand, against $29,969 thousand a year earlier. Excluding stock-based compensation, non-GAAP loss from operations was $41,552 thousand, against $24,724 thousand. Source

“Our landmark binding agreement with DTL Transport to deploy the Kodiak Driver in 75 customer-owned and operated unsupervised autonomous trucks represents a significant commercial commitment to our Driver-as-a-Service model”

Don Burnette, Founder and Chief Executive Officer of Kodiak

Operating expense lines

  • R&D expense rose to $25.4 million: Research and development expense was $25,422 thousand, against $13,452 thousand a year earlier, and $65,674 thousand for nine months. Source
  • Stock-based compensation rose to $8.8 million: Stock-based compensation within operating expenses was $8,826 thousand in the quarter, against $5,245 thousand. For nine months it was $21,229 thousand, against $10,136 thousand. Source
  • Truck and freight costs grew: Truck and freight operations expense was $11,507 thousand, against $6,627 thousand. General and administrative expense was $14,532 thousand, against $9,177 thousand. Source

Cash flow and liquidity

  • Free cash flow was negative $38.0 million: Free cash flow was $(38,004) thousand for the quarter, against $(40,002) thousand a year earlier. Nine-month free cash flow was $(111,087) thousand, against $(82,097) thousand. Source
  • Operating cash outflow of $35.2 million: Net cash used in operating activities was $35,222 thousand in the quarter, against $33,357 thousand. Purchases of property and equipment were $2,782 thousand, against $6,645 thousand. Source
  • Cash and securities at $113.6 million: Cash, cash equivalents and marketable securities were $113.6 million at quarter-end, against $151.1 million at the end of Q2. Cash and equivalents were $30,883 thousand; marketable securities were $82,761 thousand. Source

“Revenue grew 286% year-over-year, driven primarily by expanding Driver-as-a-Service operations and a one-time Defense contribution, while free cash flow performance exceeded our guidance expectations”

Surajit Datta, Chief Financial Officer of Kodiak

Fleet, freight and customers

  • Atlas customer-owned fleet at 37 trucks: Two Kodiak-powered Western Star trucks were delivered to Atlas Energy Solutions, bringing Atlas's customer-owned fleet to 37 by quarter-end. The prior release counted 35 customer-owned driverless vehicles at end of Q2. Source
  • Cumulative driverless hours passed 58,000: Cumulative paid driverless hours passed 58,000 and cumulative loads delivered reached nearly 30,000. The prior release gave more than 40,000 hours and more than 20,000 loads through Q2. Source
  • Q3 freight tonnage above 396,000 tons: More than 396,000 tons of freight were transported in Q3, which management described as more than double the prior quarter. The prior release gave more than 300,000 tons for Q2. Source
  • Named commercial partners and customers: The company lists its commercial partners and customers as Atlas Energy Solutions, Werner Enterprises, IKEA, Bridgestone, Roehl Transport, General Dynamics Land Systems and C.R. England. Source

OEM, industrial and defense segments

  • International LT added as third OEM: International LT was selected as the third OEM platform, with engineering integration underway. Unsupervised autonomous deployments are targeted for the second half of 2027. Source
  • Marine Corps convoy demonstration completed: The company reported completing the U.S. Marine Corps ROGUE-Fires demonstration at Fort Hunter Liggett. It showed autonomous convoy capabilities using technology derived from the commercial platform. Source
  • West Fraser trial completed in Alberta: The West Fraser trial in Alberta, Canada, was completed. Management said it showed adaptability to forestry operations and supports potential expansion into additional Industrial applications. Source

Technology, simulation and permits

  • Simulation brought in-house: Simulation capabilities were brought fully in-house, including BreakPoint technology, to speed development, testing and validation of the Kodiak Driver while reducing costs. Source
  • California test permit and first delivery: Kodiak received a permit to test autonomous trucks in California and made the first autonomous delivery in the state. Management said this sets a path toward future deployment there. Source

Balance sheet and share count

  • Warrant liability fell to $19.5 million: Common stock warrants were $19,521 thousand at September 30, 2026, against $97,734 thousand at June 30, 2026 and $158,346 thousand at December 31, 2025. Source
  • Stockholders' deficit narrowed: Total stockholders' deficit was $(151,371) thousand, against $(188,918) thousand at June 30, 2026. Series A redeemable convertible preferred stock was carried at $223,185 thousand. Source
  • Diluted weighted shares of 227.6 million: Weighted-average diluted shares were 227,558 thousand in Q3, against 194,506 thousand basic. Net income attributable to common stockholders was $20,529 thousand after $6,885 thousand of adjustments. Source
  • $46.1 million deemed dividend in nine months: A $46.1 million non-cash deemed dividend from a May 2026 conversion price adjustment is included in the nine-month per-share figures. Source

Coming up, as management said on 5 November 2026

  • Year-end unsupervised long-haul launch: Management said the Autonomy Readiness Measure brings the company closer to the targeted year-end launch. No specific date within the year is given. Source
  • IKEA Supply Dallas-to-Houston service: Regular unsupervised autonomous freight service is planned along the Dallas-to-Houston corridor with IKEA Supply. Source
  • International LT deployments in 2027: Unsupervised autonomous deployments on International LT are targeted for the second half of 2027. Source
  • California path to unsupervised service: The California test permit is described as establishing a pathway toward future unsupervised autonomous commercial deployment in California. Source
  • Stephens conference on November 17: Management will present at the Stephens Annual Investment Conference in Nashville, Tennessee. Source
  • Northland conference on December 16: Management will present virtually at the Northland Growth Conference. Source

Earlier plans management reported on

  • Ahead: Management said free cash flow for the quarter exceeded its guidance expectations. The release gives no guidance figure for free cash flow. Source
  • Not stated: The year-end target for the unsupervised long-haul launch is restated. Management did not describe progress against it beyond the readiness measure. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.