Kodiak AI (NASDAQ:KDK) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call.
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Summary
Kodiak AI reported strong Q2 2026 growth with revenue of $3.5 million, marking a 91% quarter-over-quarter increase, primarily driven by expansion in Driver-as-a-Service revenue.
The company expanded its driverless truck fleet to 35, achieving over 40,000 paid driverless hours and delivering more than 300,000 tons of freight, showing substantial operational progress.
Strategic initiatives include the deployment of the Gen 7 platform, enhancing efficiency and reliability, and targeting a long-haul driverless launch by year-end with a 91% autonomy readiness measure.
Operational highlights featured a partnership expansion with Atlas and the initiation of an international pilot with West Fraser in Canada, aiming to demonstrate AI capabilities in logging operations.
The defense sector shows potential growth, bolstered by collaborations with General Dynamics and continued work with the U.S. Marine Corps, though the exact financial impact remains uncertain.
Financial guidance for Q3 2026 includes an increase in driverless truck deployments to the high 30s and a free cash flow forecast of negative $39 million to $41 million, reflecting ongoing investments in long-haul readiness.
Regulatory developments are positive, with California's DMV extending autonomous vehicle permits to heavy-duty trucks, paving the way for future coast-to-coast operations.
Full Transcript
OPERATOR
Good day, and welcome to the Kodiak AI second quarter 2026 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone, and to withdraw your question, please press star then two. Please note this event is being recorded.
I would now like to turn the conference over to Mr. Steve Fillison, Senior Manager, Investor Relations. Please go ahead.
Steve Philistine, Senior Manager, Investor Relations
Good afternoon, and thank you for joining Kodiak AI's second quarter 2026 earnings call. I am Steve Philistine, Senior Manager, Investor Relations. Joining me today are Don Brunette, Founder and Chief Executive Officer, and Roger Dada, Chief Financial Officer. Earlier today we issued our earnings release and posted our earnings presentation, both of which are available under the Investor Relations section of our website. Before we begin, please note that today's discussion will contain forward-looking statements regarding our business, financial performance, outlook, and future operating plans.
Actual results may differ materially from those discussed today. Please refer to our earnings materials and SEC filings for a discussion of factors that could cause actual results to differ. Any forward-looking statements that we make on this call speak only as of the date of this call, and we disclaim any obligation to update any forward-looking statements, except as required by law. We will also discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures, can be found in our earnings release and supplemental materials available on our Investor Relations website. With that, I'll turn the call over to Don.
Surajit, CFO
Thank you, Don, and good afternoon, everyone. I'm pleased to share Kodiak AI's financial results for the second quarter of fiscal year 2026. We delivered another strong quarter of both operational and financial performance, successfully executing against our strategic priorities while expanding driverless deployments, growing recurring revenue, and maintaining disciplined spending. We ended Q2 FY 2026 with 35 driverless trucks, in line with our expectations and up from 28 in the prior quarter.
As we continue to expand deployments with Atlas, these trucks continue to operate commercially without anyone in the cab and are fully integrated into our customers' day-to-day fleet operations. Revenue for the quarter was $3.5 million, representing 91% quarter-over-quarter growth. The revenue increase was primarily driven by continued expansion of Driver-as-a-Service revenue and also benefited from a one-time revenue contribution of slightly over $1 million from our autonomous trucking demonstration program with DriveOhio.
Excluding this demonstration revenue, our underlying Driver-as-a-Service business continued to deliver strong sequential growth driven by growing commercial deployments. GAAP operating loss for the second quarter was $43.7 million. Non-GAAP operating loss, which excludes stock-based compensation, was $37.3 million, primarily reflecting continued investment in research and development and operational support. As we scale our deployments and long-haul readiness, we incurred capital expenditures of approximately $3.9 million, primarily related to AV hardware commitments, long-haul development, and continued commercial deployments.
Turning to cash flow, Q2 free cash flow was negative $38 million, outperforming the low end of our guidance range. Our spending during the quarter primarily reflected continued investment in commercialization expansion initiatives designed to reduce the cost of Kodiak Driver over time and further the development of our long-haul driverless capabilities, partially offset by continued increase in revenue. We ended Q2 with cash, cash equivalents, and marketable securities of $151 million, providing us with the financial flexibility to continue executing our commercialization strategy while maintaining a disciplined approach to capital allocation.
Turning to guidance for the third quarter of fiscal 2026, we expect driverless truck deployments to increase to the high 30s. During the quarter, we will begin transitioning the ATLAS driverless build to the new OEM truck platform, consistent with our customer's fleet strategy. The transition further demonstrates the flexibility of the Kodiak Driver to operate seamlessly across OEM platforms and expands our opportunity to scale future customer deployments and increases the breadth of our customer base.
As we initiate this transition, we expect more modest driverless truck additions during the third quarter while we integrate the new truck platform into commercial service with the customer. The deployments are expected to accelerate in the fourth quarter as we continue scaling deliveries. We expect third quarter free cash flow of negative $39 million to negative $41 million, primarily driven by continued investment in long-haul driverless testing and development and growing commercial deployment activities.
In addition, we are narrowing our full-year 2026 free cash flow guidance to negative $155 million to negative $162 million, compared with our previous range of negative $155 million to negative $165 million. This updated guidance reflects our strong first-half execution and our continued focus on disciplined capital allocation. We believe our continued commercial deployments, progress toward our long-haul launch, and disciplined financial execution position Kodiak AI well for its next phase of growth.
Operator, we are now ready to take questions.
OPERATOR
Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. We ask that you please limit yourself to one question and one follow-up. And our first question for today will come from Andres Shepherd with Cantor Fitzgerald.
Please go ahead.
Andres Shepherd, Analyst at Cantor Fitzgerald
Hey everyone, good afternoon. Congratulations on the quarter and all the great progress, and thank you so much for taking our questions. Don, I just wanted to maybe touch on the cadence for ATLAS. So I think in the prepared remarks you gave us a sense of kind of Q3 deployments. You reaffirmed that you're on track for the entire deployment by middle of next year. Just trying to break that out a little bit further. Any more cadence or granularity you can give us—how should we think about Q4 and then the cadence for next year?
Thank you.
Don Burnette, CEO
Yeah, thanks, Andres. Yeah, I think we said it in the remarks, right. We're steadily ramping up the new platform. There's obviously a lot of work and validation that goes into bringing a new platform up to driverless-level quality. And this is something that we've been working on for the last little while, and we're excited to finally be deploying that new platform here in Q3. So as we said before, we're going to start small with a Q3 deployment on the new platform and then we're going to quickly start to ramp up through Q4, Q1, and Q2 as we get to the final hundred.
I don't have anything more to add other than we plan to deploy a similar number in the second half of the year as we did in the first half of the year.
Andres Shepherd, Analyst at Cantor Fitzgerald
Okay, that's very helpful, appreciate it. And maybe just a quick follow-up, maybe a two-part question—with the launch of the Gen 7 hardware, what does that do to the scale? Any opportunities to accelerate that? How are you then thinking about your fleet? Are you going to perhaps discontinue some of the previous hardware and just move over to the Gen 7? Just trying to understand how you're thinking about that. And then the last one real quick is I see that you applied for the California autonomous permit.
So how are you thinking about opportunities in California as well? Thank you.
Don Burnette, CEO
Yeah, sure. So we don't have any plans to discontinue the usage of our previous-generation platform. It's out there working day in, day out, 24/7 for our customer today, and we built that system to be incredibly reliable, and it's really been showing the quality that we put into it. That was a program that we developed over several years and it's still going plenty strong, and we will continue to support that platform for the coming years and ultimately the lifetime of those trucks.
So we don't plan to go back and retrofit, so to speak, a Gen 7 on previous platforms, but all new trucks that we deliver starting in Q3 will have the new Gen 7 platform with all of the upgrades and improvements in efficiency, horsepower, compute power, space savings, reliability, et cetera, that we had mentioned before. And then in terms of California, we're really excited about where California stands. We await the permit, as we said in the remarks, coming soon.
We're excited that that opens up coast-to-coast potential operations for our long-haul release. You know, we are focused on the Texas area for the next several quarters, but ultimately we do believe that the longest of long-haul routes are the ones that are the most impactful for our customers. And of course we're already talking to many customers in California who are excited to take advantage of the safety benefits that the Kodiak Driver offers.
Surajit, CFO
Andres, just to add to what Don mentioned about the Gen 7—in earlier conversations, in our earlier earnings calls we have mentioned we're taking steps to enhance the efficiencies of the AV hardware stack. This is one of those steps in that direction as we try to drive down our AV hardware costs by increasing efficiencies and productivity. So this is one of the steps in that direction as we will continue to drive down the AV hardware costs.
Andres Shepherd, Analyst at Cantor Fitzgerald
Excellent. Thank you both very much. Congrats again on the quarter. Lots to look forward to. We'll pass it on.
OPERATOR
Thank you. The next question will come from Itay Michaeli with TD Cowen. Please go ahead.
Itay Michaeli, Analyst at TD Cowen
Great, thanks. Hi everyone. First, Don, maybe just to go back to the defense opportunities you talked about in the prepared remarks—just curious, one, what kind of milestones should we be expecting in the next maybe six to 12 months? And second, how to size the opportunity for Kodiak AI over the next few years?
Don Burnette, CEO
Yeah, our bullishness on defense continues to be really strong as it has been in the previous quarters. That being said, visibility into the sizing of these programs, the availability, and when they ultimately come is very difficult to predict. And so we continue to be fairly cautious in giving any suggestive guidance around what the sizing of these programs look like. I think from our perspective, we see defense as a long-term strategy for the company, and we're excited to partake in programs that are available to us in the ever-evolving landscape of ground-based autonomy for military purposes.
We're making great progress on the programs that we are a part of and, as I said in the remarks, with our partner General Dynamics Land Systems and others, we're looking forward to applying to additional programs as they come down the line. But I can't give any specifics on the scoping or size or expectation in terms of timing of when those will land or when those revenues will come in. We kind of look at that as purely additive to our core business in deploying our industrial and ultimately long-haul vehicles starting in 2027.
And so we don't have anything more specific to add to that. That's helpful.
Itay Michaeli, Analyst at TD Cowen
And as a follow-up, going back to Gen 7: one, any way to quantify the impact from cost or unit economics as you scale the new platform? And does this incorporate any of the benefits from the Bosch development that was announced earlier in the year?
Surajit, CFO
Yeah, it is. So the Gen 7 platform is part of all our initial initiatives in engineering to enhance design enhancements. And while we can't get into specifics, we can say we are starting to cross into double digits of benefits from these pieces of the hardware as we go along, and we are continuing to make those investments. If you think about our overall how to drive the AV hardware stack strategy, there are three drivers. One is obviously the engineering enhancements, including the Gen 7 platform, and there are a few other things we are working on.
The second is how we get greater efficiencies through a global supply chain organization. That's part of the Bosch you are referring to—that's still nascent. We have started developing prototypes with them and we'll start seeing more of those benefits into 2027 and beyond. And the last piece will be just the scale of production, which will drive more cost optimization. And just going back to defense also, you know, we wanted to remind—we had talked about it in the last earnings call—the Pentagon budget for the Defense Autonomous Warfare Group, I think the preliminary numbers being talked about are $50 billion for 2027 compared to $225 million for 2026. So we believe this will benefit all players like us as we ramp into 2027 and beyond as these contracts get allocated out.
Itay Michaeli, Analyst at TD Cowen
Terrific. That's all very helpful. Thanks everyone.
OPERATOR
The next question will come from Jim McIlroy with Chardan. Please go ahead.
Jim McIlroy, Analyst at Chardan
Thank you. Good afternoon. Atlas, on their call when they talked about the deployment of the 100 trucks, it kind of sounded like some of these trucks were going to be on the road, or that it seemed like they were assuming that the long-haul case would be—the safety case would be—complete and that's where some of The trucks would be deployed. Is that correct? Are some of these trucks in this 100-truck order contemplated to be used on-road?
Don Burnette, CEO
Well, I think the important thing to remember about Atlas is that they own and control these trucks. So ultimately how and where they operate the trucks, which zones and which regions of the Permian, out of what loadout zones and what well sites to deliver to, is ultimately their decision. We are working to close out our safety case for highway or long-haul operations by the end of this year. At which point, once we've approved a given operational domain for driverless operations, then of course it's our customer's discretion as to whether or not they want to use the trucks in that mode or otherwise.
And so we are working with them on geographic expansion. I think they talked about that. We're excited to continue geographic expansion. We've already begun expanding broadly throughout the Permian. That includes additional types of roads. But this is ultimately their decision as to how they operate the trucks and where they want to utilize them.
Jim McIlroy, Analyst at Chardan
Got it. Thank you. And on West Fraser, can you remind us again how long you think that demo or test might last, and then the timeframe to decision after the demo is complete. Yes.
Don Burnette, CEO
Yeah, Jim. So we expect the pilot to start in the next few weeks, and it will last for a few weeks in Q3. And that could set up a decision and discussions with West Fraser on potential contractual agreement over the next few months.
Jim McIlroy, Analyst at Chardan
Great, thank you.
OPERATOR
The next question will come from Ryan Sigdal with Craig-Hallum Capital Group. Please go ahead.
Ryan Sigdal, Analyst at Craig-Hallum
Hey, good afternoon. Don, Steve, in the Gen 7 hardware platform you see 50% greater operational lifetime versus prior generations. Are you willing to quantify what the previous generation was before and then I guess what this one implies? And then secondly, on the Gen 7 you said cross into double digits of benefits just now. I'm not sure what you're referring to there, so some clarification would be helpful.
Don Burnette, CEO
I'll take the first part. Yeah, so we intend the platform to outlast the useful lifetime of the truck. Typical lifetime of the truck in the Permian is around four years of operation, and we expect our Gen 7 platform to be able to exceed the lifetime of those trucks.
Surajit, CFO
Yeah, and Ryan, what we meant by those double-digit reductions is this: we're talking about our AV hardware stack—how much that costs on the truck. Obviously, we are still subscale and we are still building out a handful of trucks, but overall Gen 7, including compute, redundant systems, all those benefits, we expect that would result in a low double-digit reduction in AV hardware cost from the baseline cost.
Ryan Sigdal, Analyst at Craig-Hallum
Gotcha. Maybe just a follow-up, Don, on that. So I guess does that imply that the 35 Atlas trucks now only have something like a two-year useful life—half of what they kind of need?
Don Burnette, CEO
No, we actually believe that those trucks are built for nearly, if not exceeding, the lifetime of those trucks. It's just Gen 7 is kind of solidly on the other side of that. We do a lot of accelerated life testing with our systems, but ultimately the Permian is a very rugged environment. It's one of the most rugged environments you can find in the United States. Measuring and quantifying the lifetime and reliability of this system is quite difficult, but we have dramatically improved those capabilities at least in bench testing and in chamber testing versus the previous gen.
And so, so far we've seen incredible reliability with our AV system in the Permian over the last 18 months, and those systems are going strong. We expect that to continue, but we do expect Gen 7 to be even more reliable.
Ryan Sigdal, Analyst at Craig-Hallum
Helpful. Switching over, as I look at the truck platform with Daimler—I guess nobody seems to be able to get access to Daimler for autonomous trucking given their Torc relationship. Anything you can share on what this engagement or relationship, if there is one, could mean for Kodiak AI?
Don Burnette, CEO
I can't comment on the relationship at this time, but what I can say is that the Western Star Daimler team are aware of the selection by Atlas to use their platform, and we've coordinated with them on the deployment of the Kodiak AI driver system on the Western Star platform for the purposes of deploying with Atlas.
Surajit, CFO
Yeah, and just to add to what Don mentioned, we are really excited about the integration on another leading OEM platform. This also allows us to adopt our Harmony solution to a more economical day cab, which, as Don mentioned in the prepared remarks, we believe would be one of the leading configurations across all verticals. And this also validates our case of platform-agnostic. Our architecture allows us to transition quickly and efficiently across different platforms, and that allows us to be fast into the go-to-market opportunities.
Ryan Sigdal, Analyst at Craig-Hallum
Quick follow-up: does "coordinated with them" and "they're aware" mean they approved—assuming you put the technology on there? Is that a reasonable inference?
Don Burnette, CEO
Yeah, they have approved, yes.
Ryan Sigdal, Analyst at Craig-Hallum
Very good. Thanks, guys. Good luck.
Don Burnette, CEO
Yeah, thank you.
OPERATOR
The next question will come from Ravi Shanker with Morgan Stanley. Please go ahead.
Nancy, Analyst at Morgan Stanley
Hi, this is Nancy on for Ravi. I saw that your autonomous readiness measure was at 91%. It'd be helpful if you could walk us through specifically which safety cases or claims remain open, or any gating factors before you can declare 100% and commence driverless operations on highway.
Don Burnette, CEO
Well, as a reminder, our safety case process consists of a series of claims. There's many, many, many claims in the tree that we have to provide a sufficient amount of evidence to declare that the system is adequately performant and the risk is sufficiently low. It's beyond the scope of the call to walk through all of the different claims within the framework. What we can say—and I'll just reiterate from the remarks—some of the longest lead-time items have now been closed out.
Most of the most technically challenging claims have been closed out. And so we do expect this number to accelerate towards 100 as we march towards the end of the year. And we are very confident that we can close the case and deploy our launch vehicle by the end of December.
Nancy, Analyst at Morgan Stanley
Great, thanks. And then, going off of that, with the Breakpoint technology, how does that differentiate you from competitors? How do you balance simulation testing with on-highway operations? And does that help you close this safety case a bit faster, perhaps expand a bit more when you're looking at lanes on the other end of this driverless launch?
Don Burnette, CEO
Well, I can't speak about other technologies, but what I can say about Breakpoint is that it is truly a game changer—or a step function—in terms of the way we think about simulating for rare events and edge cases. So if you think about the distribution of all the things that can happen, the classic naive way is to simulate every scenario across every variable. And that can be very, very expensive, and also the majority of simulations you run are going to be very mundane and eventless, so to speak—very easy to close.
What Breakpoint allows us to do is it allows the search around the edges where there's close calls, near misses, or potential collisions, and it allows us to explore the space of simulation right along those edges where it's the most difficult for the truck. And so we can focus the effort, so to speak, on the hardest cases. And Breakpoint is just a tool that allows us to intelligently, and in a very sophisticated way, search for those edge cases in an extremely high-dimensional space.
And by doing that, we can, of course, test all of the mundane stuff, but we can really focus a lot of our brainpower—our resources—on the hard, specific edge cases that we ultimately need to find to close. And it allows us to skip over a lot of the easy things that we don't want to spend resources on because we know the system already handles them.
Nancy, Analyst at Morgan Stanley
Great. Thanks for taking my question.
OPERATOR
The next question will come from Walt Pisek with LightShed. Please go ahead.
Walt Pisek, Analyst at LightShed
Hey, thanks, Don. I'm taking a look at this Western Star truck—looks pretty good. So in terms of why you can use this day cab, is it just that large compute box that would normally sit in the second row of the larger cab has been reduced, or is it moved up into the passenger seat? Is it in that little cap thing above the windshield? Can you give us a little bit more color on how you've achieved that? And while at the same time obviously getting, I think you said, 50% more—faster—compute.
Don Burnette, CEO
Thanks, Walt. Very astute observations. So thanks for the compliment on the looks. We agree—we think it's a beautiful-looking truck, and we're excited to deploy it this quarter to customers in a driverless fashion with nobody in the cab. So, kind of exactly as you said, a little bit of all of the above. We've moved the compute from the rear of the cab, where most companies would naturally deploy it, into the front area where the passenger seat would go.
We've of course had to improve the form factor for that. But with improved—or reduced—form factor comes additional space challenges, but also heating, cooling, power challenges as well. So we've had to address all of those additional challenges to bring everything into a smaller footprint for the day-cab configuration. Ultimately, if you look out in the Permian in particular, all of the trucks are day cabs. You don't get a lot of sleeper cabs out there.
And so it's important to our customer, but also important for our development, to be able to prove that the Kodiak AI technology is agnostic, like we say it is, to all different form factors. And so, yeah, it's kind of all of the above. We had to really think about the engineering of the actual footprint of the compute system. We had to think about the thermal considerations of having a reduced airspace. How do we keep it cool, and how do we improve all those systems for the new form factor?
So it was quite a heavy lift on the team, and I'm super proud of how it ended up.
Walt Pisek, Analyst at LightShed
Does the customer capture all of the economic benefit, or are you able to increase your per-mile, per-hour—however you charge for the driver—since they're going to be saving that much more on a smaller-cab truck versus the sleeper cab?
Don Burnette, CEO
Yeah, this is primarily ROI that's passed on to the customer. Exactly as you said, one of the benefits of running a day cab is that it's actually cheaper. If you don't care about the aerodynamics—meaning you're not going to operate in very high-speed environments—then a day cab is definitely a cheaper option. And of course, because the customer, in our case, in our DAS model, purchases and owns the trucks, this is obviously savings that is direct to their bottom line.
Walt Pisek, Analyst at LightShed
Got it. I was just looking at the—I don't know if you gave the full number—but the hours of paid driverless ops, and I looked at it basically on a per-truck, per-day, which it looks like, based on simple math, maybe last year you were in kind of like an 8 hours a day, and now it looks like 14. I don't know if that math tracks, but is it your trucks are just running more per day, or is it just kind of a rounding hour based on the timing of when those incremental trucks came on?
Don Burnette, CEO
No, I think you're onto the fact that our efficiency has been improving ever since the beginning of our deployment 18 months ago in December of 24. So, you know, those numbers are not the ones that we provide, but you're absolutely correct in that the trucks are more efficiently run. This comes from a number of factors. Both the uptime of the trucks is higher today, the operational capabilities of the customer are higher—meaning the people who are actually utilizing these trucks for pickup, drop-off, and deployment are actually more efficient.
The startup procedures have improved. So the trucks are available when they want to be used. There's no downtime. They don't have to spend time calibrating them or recalibrating them or re-initiating them. So startup time is improved, overall transit time is being reduced, and dwell time at the well sites is also improving with operational efficiencies. Now, some of that is due to Kodiak AI improvements and some of that is due to customer improvements that we've assisted and helped along the way. And it's kind of all coming together to a much more overall efficient fleet.
UNKNOWN Analyst
Just one last one, if you don't mind. You know, you were talking about this, you know, high 30s, right? Because you're transitioning to these new trucks, Gen 7. I think that implies that basically the Paccar trucks are getting taken out of service. I'm just curious, like, what does the customer in that situation do with those trucks? Are they, is there any residual value? Do they operate anywhere else? Or what happens to those trucks as they're taken out of service? And you're, if that's even correct, and you're replacing with these, with these Daimler trucks.
Don Burnette, CEO
So I don't, I won't speak for the customer, but I don't believe any of the former trucks that they're currently operating are being taken out of service.
Surajit, CFO
Well, the high 30s number we're guiding is the cumulative number. So we added 15 driverless trucks in first half of 2026, and we expect, as Don mentioned earlier, numbers similar to those additions in the second half, FY 2026.
UNKNOWN Analyst
Right. I think I was just asking about Q3 because I think you mentioned 38 cumulative in Q3, which implies adding about 3 or 4, which is a lower pace than you've done in the last three quarters. I assume that was for some transition. So they're staying in service. You're just adding fewer and then just really cranking them out in the fourth quarter.
Don Burnette, CEO
Yeah, we're definitely ramping up production in the fourth quarter. And as the new platform is coming online, there will be fewer deployed this temporary slowdown, but it is not due to any kind of manufacturing deficiency or supply chain issues. It's just a matter of making sure that these new trucks on a new platform are fully validated and ready to go at the quality that the customer expects. And so there's a very high bar to meet there. We want to make sure that we've gotten everything right before we hand these over to the customer to make sure that their operational efficiency is at the highest expectation.
And so, yeah, we're going to have fewer this quarter, but we do intend to ramp up significantly in Q4, Q1 and Q2.
OPERATOR
And this will conclude our question and answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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