Kodiak AI, Inc. Common Stock Q1 FY2026 earnings call

• Announced $100 million capital raise to extend liquidity into 2027. - Extended driverless deployment: 28 driverless trucks, over 23,500 paid driverless hours (120% increase from Q4), cumulative loads over 15,600 (24% growth), Q1 freight over 200,000 tons. - Strategic partnership with General Dynamics Land Systems for autonomous military ground vehicles, unveiled Leonidas AGV. - Launched company-wide Model Context Protocol (MCP) servers to enhance productivity. - Announced use of NVIDIA DRIVE Hyperion in next-gen driverless trucks. - Partnership with Bosch for industrializing driverless vehicles, demonstrated SensorPod at ACT Expo. - Long-haul autonomy readiness measure at 86% in April, completed safety case claims. - Launched service with Roehl Transport between Dallas and Houston. - Planned pilot with West Fraser in Canadian logging operations. - Progress on Atlas deployment, expect to exit Q2 with mid-thirties driverless trucks. - Defense vertical sees growth with $50 billion+ in 2027 defense budget for autonomous warfare. - Regulatory progress: California final statutes allow deployment, Texas AV permitting received, participation in DriveOhio public demonstration.

In Q1, Kodiak AI had 28 driverless trucks, with over 23,500 paid driverless hours (a 120% increase from Q4 last year), cumulative loads delivered over 15,600 (24% growth), Q1 freight over 200,000 tons. Revenue was $1.8 million, 74% QoQ growth. GAAP operating loss $37.9 million, non-GAAP operating loss $31.8 million. Q1 free cash flow negative $35 million. Ended Q1 with $90 million in cash and equivalents, after $100 million capital raise, pro forma cash etc. $185 million.

• Expect second half of 2026 to look similar to first half in raw numbers, ramp of trucks to accelerate quarter-over-quarter through 2027. - For 2026, expect driverless trucks to increase to mid-thirties, free cash flow negative $39 million to negative $41 million. - Full-year fiscal 2026 free cash flow guidance improved to negative $155 million to negative $165 million, reflecting revenue growth, lower AV hardware costs, and operating expense discipline.

Q: Andres Sheppard-Slinger asks about deployment cadence and Canada opportunity.

A: Don Burnette says second half 2026 like first half in raw numbers, ramp accelerates through 2027; Canada pilot with West Fraser in Q3, initially on private land, working on regulatory framework.

Q: Colin Rusch asks about autonomy dexterity across form factors.

A: Don Burnette says platform-agnostic, single AI system across different form factors, leverages learnings.

Q: Itay Michaeli asks about Bosch cost-cutting and ranking opportunities.

A: Don Burnette and Surajit Datta discuss cost-cutting via design, scale, supply chain; ranking: defense wildcard, industrial steady growth, long-haul largest.

Q: James McIlree asks about Roehl deal and product migration with NVIDIA.

A: Don Burnette says Roehl deal with Kodiak trucks, observer initially; product migration with NVIDIA, excited about Thor platform.

Q: Ravi Shanker asks about defense competitors and Atlas OEM.

A: Don Burnette says defense competitors include Forterra, Overland AI; Atlas OEM change at Atlas's request, for fleet diversification.

Q: Walter Piecyk asks about $100 million PIPE, operational modularity.

A: Surajit Datta says $100 million for liquidity, PIPE with warrants; Don Burnette says modular approach, same software across platforms with testing and validation.