Kodiak AI, Inc.KDK

Kodiak AI, Inc. filed its 10-Q for the quarter ended 31 March 2026 on 8 May 2026 and the numbers land with a quiet thud. The company collected $1.8 million in revenue from contracts with customers-less than two million dollars in a quarter for a business whose public story sells “the most advanced autonomous technology” and promises to “boost fleet efficiency, safety, and utilisation.”

Under its Driver-as-a-Service model, Kodiak supplies autonomy software, regular updates, systems integration, remote monitoring and operational support to customers who own the trucks; the company also runs its own autonomous fleet for freight and defence contracts. By 31 March 2026, Kodiak Driver-powered vehicles had delivered more than 15,600 loads, a credible operational milestone that the company highlights on its technology page and in press releases. Yet the revenue column does not yet reflect the scale of the platform demo, leaving the gap between promise and proceeds wider than a highway shoulder.

The 10-Q shows net income of $26.5 million, but the operating loss was $37.9 million and operating cash burn was $29.5 million. Assets stood at $130.8 million while liabilities totalled $153.6 million, leaving shareholders’ equity at a negative $245.9 million. Cash and equivalents were $65.0 million at quarter-end, and the company spent $5.5 million on property, plant and equipment, including presumably the sensors, compute and vehicles that make the autonomy stack real. Research and development expense ran $17.6 million for the quarter, underscoring that the technology is still a work in progress rather than a cash cow. Diluted earnings per share were $0.10 on 216.2 million diluted shares, a figure that rounds to a rounding error against the balance-sheet hole.

Kodiak’s autonomy platform is designed to integrate across vehicle platforms and operating conditions, a claim supported by product pages that tout modular hardware and AI software ready for real fleets. The company also markets defence-grade autonomy to General Dynamics Land Systems and others, and in May 2026 announced international autonomous trucking operations and entry into the logging industry. Partnership announcements with Bosch and General Dynamics Land Systems sit alongside the operational count of loads, but the filings do not break out revenue by segment or customer concentration, so the defence versus logistics split remains opaque.

For readers who like a chart, the company has no SEC-filed GAAP-based valuation model and no disclosed price-to-sales or EV/revenue multiple, so any trading view must be built from the raw filings and operational data only. The SEC filings and company facts JSON are the primary rails; everything else is interpretation on thin disclosure.