KDKRWNasdaqServices-Computer Integrated Systems DesignUS GAAP · USD

Kodiak AI, Inc.

Kodiak AI, Inc. builds AI-powered autonomous driving systems for commercial trucks and defense vehicles. After its 2025 merger and Nasdaq listing, the company is commercializing the Kodiak Driver through a recurring Driver-as-a-Service model and through freight operations on Kodiak-owned autonomous trucks.

Kysy yhtiöstä
Liikevaihto3,8milj. USD
−74,6 %v/v
Liikevoitto (EBIT)−113milj. USD
−82,5 %v/v
EBIT-marginaali−2 966,2%
−2 552,9 %-yks.v/v
Nettotulos−586milj. USD
−743,0 %v/v
Vapaa kassavirta−116milj. USD
−115,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2022–2025

−150−100−50050milj. USD2022: EBIT −0,00 milj. USD20222023: 17 milj. USD2023: EBIT −54 milj. USD20232024: 15 milj. USD2024: EBIT −62 milj. USD20242025: 3,8 milj. USD2025: EBIT −113 milj. USD20253,8−113
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Autonomy software and hardware platform45 %

The Kodiak Driver combines AI software with modular, vehicle-agnostic hardware for autonomous operation.

Driver-as-a-Service licensing30 %

Recurring per-vehicle or per-mile access to the Kodiak Driver on customer-owned trucks.

Autonomous freight operations15 %

Freight delivery using Kodiak-owned autonomous trucks while deployments scale.

Defense autonomy programs10 %

Integration and adaptation of the Kodiak Driver for military and government vehicle applications.

Asiakkaat

Kodiak sells to commercial trucking operators in long-haul and industrial settings, especially customers with remote, unstructured routes and 24/7 operating needs. It also serves defense customers, including U.S. military programs that want commercial autonomy technology adapted for ground vehicles. The company’s value proposition is lower driver dependence, better utilization, and a path to recurring autonomy software revenue.

Long-haul trucking fleets

Buy the Kodiak Driver and related services to automate over-the-road freight and reduce driver dependence.

Industrial trucking operators

Use DaaS or Kodiak-operated deployments for industrial freight in remote, high-throughput environments.

Defense and military programs

Buy autonomy integration for military vehicles and dual-use ground systems.

Fleet partners and upfitters

Partner to integrate Kodiak hardware into commercially available trucks and support deployment.

Strategia

Kodiak is shifting from a truck-owned operating model toward an asset-light DaaS model built around customer-owned vehicles. The company is using its Partner Deployment Program, Kodiak OnTime, and commercial upfit partnerships to make deployments easier, improve retention, and scale recurring revenue. It is also broadening from industrial trucking into long-haul trucking and defense to diversify demand and increase the addressable market.

Scale Driver-as-a-ServiceLyhyt aikaväli

Recurring per-vehicle or per-mile licensing should improve revenue visibility and capital efficiency.

Expand customer-owned fleet deploymentsKeskipitkä aikaväli

An asset-light model reduces capital intensity and supports faster scaling with customer fleets.

Broaden into defense and dual-use autonomyKeskipitkä aikaväli

Defense programs diversify end markets and can validate the platform in demanding environments.

Maantiede

Kodiak’s commercial activity is concentrated in the southern United States, where it has built a freight network and logged autonomous miles and loads. The company also sees expansion potential in other U.S. regions and in international markets such as Australia and Canada, while defense demand adds exposure to U.S. government programs and allied markets. Geography matters because deployment success depends on route suitability, regulation, and local operating conditions.

Riskit

Kodiak’s business depends on proving autonomous driving safety and performance in real-world commercial and defense settings, so technical setbacks can directly delay revenue and scale. The company also faces execution risk from regulation, supply chain dependencies, cybersecurity exposure, and the challenge of converting pilots into long-term deployments. Because it is still early in commercialization, any delay in customer adoption or deployment economics could materially affect cash flow and profitability.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Commercialization and deployment timing risk1Autonomous driving safety and performance risk2Cybersecurity and data integrity risk3Regulatory and permitting risk4Supply chain and upfitter dependency risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Commercialization and deployment timing riskVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue growth depends on converting pilots and partnerships into scaled deployments on schedule.

    Kohdistuu: DaaS rollout and freight operations

  2. Autonomous driving safety and performance riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The business depends on proving the Kodiak Driver works safely across commercial and defense use cases.

    KohdistuuCommercial truckingIndustrial truckingDefense
  3. Cybersecurity and data integrity riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Operational systems, AI software, and customer data are exposed to cyber incidents and vendor failures.

    KohdistuuOperational systemsIntegrated softwareThird-party vendors
  4. Regulatory and permitting riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Autonomous trucking and defense applications depend on evolving safety, transport, and government rules.

    Kohdistuu: U.S. and international deployment markets

  5. Supply chain and upfitter dependency riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Hardware integration relies on partners such as Roush and commercially available truck platforms.

    Kohdistuu: Vehicle hardware and production scaling

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple contract types

DaaS, freight hauling, and defense services may have different timing and performance obligations.

Vaikutus: Affects revenue timing, deferred revenue, and comparability across periods

Emerging growth company accounting transition

The company may defer adoption of certain new accounting standards under the JOBS Act.

Vaikutus: Can affect disclosure timing and peer comparability

Estimates and judgments in early-stage operations

Limited operating history makes assumptions about costs, obligations, and collectability more uncertain.

Vaikutus: Can affect accruals, reserves, and reported margins

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Päivitetty: 24.9.2026