Kodiak AI, Inc. Common Stock Q4 FY2025 earnings call

Don discussed the long - term opportunity of physical AI with self - driving leading the transformation. 2025 was a monumental year with Q4 being the first full quarter as a public company and exceeding expectations. Progress in product, commercialization, and partnerships. Technical progress including use of AI coding tools, progress on hauling non - standard trailer types. Safety progress with autonomy readiness measure rising to 84% and work on safety case. Product pillar progress with real - world driverless operations with Atlas. Commercial pipeline progress in long - haul, defense, and industrial trucking verticals.

Q4 revenue was $1.1 million, representing 37% quarter - over - quarter growth. This was primarily driven by an increase in driver - as - a - service revenue generated by 100% quarter - over - quarter growth in customer - owned driverless trucks.

For fiscal 2026, free cash flow is expected to be in the range of negative $160 to negative $170 million. For the first quarter of fiscal 2026, free cash flow is expected to be in the range of $-36 million to $-38 million.

Actual events or results could differ materially from forward - looking statements. Refer to SEC filings for important risks and other factors that may cause actual results to differ.

Q: What's the pathway towards long - haul launch this year and milestones related to autonomy readiness measure?

A: The safety case framework involves testing in simulation, real world, and test tracks to close claims. It's a process to close remaining claims in the safety case.

Q: Talk about near - term opportunities with Army or DOD regarding the rogue fires contract.

A: Excited about defense opportunities, relationships and opportunities expected to accelerate in 2026.

Q: Timeframe between getting to 100% and commercial launch for long - haul.

A: Getting to 100% means definitively ready to launch and can happen in parallel.

Q: Exit ARR rate on 20 live vehicles.

A: Exiting 2025 with approximately mid - single - digit millions of annualized recurring DAS revenue not factoring other revenues.

Q: Impact of oil prices and rig count decline on deployment schedule with Atlas.

A: Remain committed to 80 trucks on customer's fleet planning, timing aligned with customer's schedule.

Q: Potential for other industrial customer announcements.

A: Strong pipeline in Australia, Middle East, talking to several folks there.

Q: Bosch collaboration roadmap and cost savings.

A: No exclusivity, close collaboration, working on future generations to drive efficiencies.

Q: Concerns about increased capital intensity to get to 85% and beyond.

A: AI is accelerating progress, allowing capital - efficient development, and free cash flow expectations don't fundamentally expect significant increase.