KDK
Kodiak AI, Inc.
Next earnings Aug 10, 2026 · consensus $-0.18 EPS, $2.63M rev
Last earnings +3.1% on 2026-05-07
$5.32
▲ +1.53%$5.32▼ -52.96%
over 1Y
L $5.11H $11.45
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.5%
1W+3.5%
1M-23.8%
3M-28.3%
YTD-50.9%
1Y-53.0%
Avoid
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Pre-revenue AV story dressed as a $960M stock: revenue collapsed 75%, -$586M net loss, negative equity, and burning $94M cash a year.
Revenue $3.80M · FY2025
Kodiak AI is a de-SPAC'd autonomous-trucking concept company with a valuation utterly disconnected from its financials. FY2025 revenue collapsed to $3.80M (down 74.6% YoY from $14.9M), yet the market cap is $960M — a 252.9x P/S on shrinking sales. The MD&A confirms why the story is so thin: the company only 'launched our driverless solution' in December 2024 under a single anchor partnership with Atlas Energy Solutions, and the Risk Factors explicitly warn 'we rely on a limited number of customers' and 'depend on our commercial agreements with Atlas.' Customer concentration plus revenue going backwards is a five-alarm fire for a pre-commercial AV name.
The balance sheet and cash flow are worse than the top line. Net loss exploded to -$586M (vs -$69.5M prior year) — a charge dominated by SPAC/reverse-recapitalization mark-to-market and preferred-stock accounting from the September 2025 AACT merger, but the underlying operating loss is still -$113M and operating cash burn is -$94.4M. Stockholders' equity is negative -$283M against an accumulated deficit of -$854M. The $171.2M of SPAC + PIPE proceeds, plus the $50.8M cash on hand against $94M annual burn and $22M capex (up 590% YoY as they build out the fleet), implies a runway of roughly 12-18 months before another dilutive raise — and management flags 'we require significant capital to fund our operations and growth.'
Is KDK a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 5.5 @ ~0.89 est
- Short put 5 @ ~0.62 est
debit $27max +$23max −$27BE 5.23
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | — | $16.9M | $14.9M | $3.80M |
| Gross profit | — | — | — | — |
| Operating income | -$3.54K | -$53.8M | -$61.7M | -$113M |
| Net income | -$3.54K | -$56.9M | -$69.5M | -$586M |
| Diluted EPS | — | -$0.98 | -$1.19 | -$6.42 |
| Net margin | — | -336.0% | -465.1% | -15420.7% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.02B
EV / EBITDA—
EV / Sales268.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-57.0%
FCF yield-11.3%
Quality & risk
ROIC (est.)—
Free cash flow-$116M
Total debt$41.8M
Net cash$8.98M
Altman Z-Score-6.25 distress
Piotroski F-Score3/7
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-07-02
- 8-K Shareholder vote2026-06-15
First post-merger annual meeting vote results disclosed; routine governance outcome.
- S-1 Securities registration2026-05-29
New resale registration adds overhang of shares to public float.
- 10-Q Quarterly report2026-05-08
Q1'26 10-Q: cash burn continues post-merger, negative equity persists.
- 8-K Material agreement2026-05-07
Q1'26 results plus new financing agreement and unregistered share issuance — fresh dilution.
- DEF 14A Proxy statement2026-04-24
First proxy as Kodiak AI; standard director slate and auditor ratification.
- 10-K Annual report2026-03-11
FY25 10-K: $586M loss, -$283M equity, DaaS launch with Atlas; going-concern–level burn.
- 8-K Earnings results2026-03-10
FY2025 earnings release: revenue fell 75% to $3.8M with a $586M net loss.
- 8-K Agreement terminated2025-12-31
Entered new debt facility and terminated a prior agreement, adding material financial obligation.
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗424B3Filing2026-07-02open ↗424B3Filing2026-07-02open ↗8-KPeriod ending 2026-07-012026-07-02open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗
Frequently asked
- Is Kodiak AI, Inc. (KDK) a buy?
- KDK currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Pre-revenue AV story dressed as a $960M stock: revenue collapsed 75%, -$586M net loss, negative equity, and burning $94M cash a year.
- What is Kodiak AI, Inc.'s quality score?
- KDK scores 19.724612029192183/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001853138, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/25/2026, 2:14:23 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:14 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.