Kodiak AI, Inc. KDK
On September 24, 2025 (the "Closing Date" or "Closing"), Kodiak Robotics, Inc. ("Legacy Kodiak") and Ares Acquisition Corporation II ("AACT") consummated the merger transaction (the "Merger") as contemplated by a definitive business combination agreement (the "BCA") and AACT changed its name to Kodiak AI, Inc. Our common stock is listed on the Nasdaq under the symbol "KDK," and our warrants to purchase shares of common stock are listed on the Nasdaq under the symbol "KDKRW."
Kodiak is a leading provider of physical AI, with a focus on AI-powered autonomous vehicle ("AV") technology, that is designed to help tackle some of the toughest driving jobs. Our driverless solution can help address the critical problem of safely transporting goods in the face of unprecedented supply chain challenges. We believe that driverless trucks can enhance road safety, improve truck utilization, reduce costs, expand margins for fleet owners, alleviate supply chain pressures and create better jobs for truck drivers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $3.8M | $14.9M | $16.9M | — | — |
| R&D | $50.2M | $43.4M | $39.5M | — | — |
| SG&A | $36.7M | $21.0M | $20.3M | $3.5K | — |
| Total operating expenses | $116.4M | $76.7M | $70.8M | — | — |
| Operating income | -$112.6M | -$61.7M | -$53.8M | -$3.5K | — |
| Interest expense | $4.1M | $5.0M | $5.4M | — | — |
| Pre-tax income | -$585.5M | -$69.5M | -$56.9M | — | — |
| Income tax | $3.0K | $1.0K | $9.0K | — | — |
| Net income | -$585.5M | -$69.5M | -$56.9M | -$3.5K | — |
| EPS, basic | -6.42 | -1.19 | -0.98 | — | — |
| EPS, diluted | -6.42 | -1.19 | -0.98 | — | — |
| Shares, diluted (wtd. avg.) | $91.2M | $58.4M | $57.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $50.8M | $16.7M | $27.8M | $43.7M | $0 |
| Short-term investments | $69.9M | $0 | — | — | — |
| Receivables | $879.0K | $1.3M | — | — | — |
| Total current assets | $126.0M | $20.2M | $2.4M | $1.2K | — |
| Property, plant and equipment | $26.6M | $6.7M | — | — | — |
| Total assets | $159.4M | $35.6M | $525.5M | $512.6K | — |
| Accounts payable | $1.5M | $1.4M | — | — | — |
| Short-term debt | $11.9M | — | — | — | — |
| Total current liabilities | $26.7M | $31.2M | $279.1K | $503.6K | — |
| Long-term debt | $29.9M | $17.6M | $5.0M | $0 | — |
| Total liabilities | $219.3M | $115.7M | $22.8M | $503.6K | — |
| Retained earnings | -$853.7M | -$268.1M | -$20.3M | -$16.0K | — |
| Total equity | -$283.1M | -$250.8M | -$187.1M | -$135.1M | $12.5K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$94.4M | -$51.0M | -$43.8M | $0 | — |
| Depreciation and amortisation | $3.2M | $4.6M | $4.1M | — | — |
| Stock-based compensation | $19.1M | $5.5M | $5.4M | — | — |
| Capital expenditure | $22.0M | $3.2M | $3.3M | — | — |
| Investing cash flow | -$91.4M | -$3.2M | $17.3M | $0 | — |
| Financing cash flow | $219.9M | $43.1M | $12.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-016910.
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