Kodiak AI (KDK) AI Stock Analysis

• Market Cap: $1.50B
• Dividend Yield: N/A
• Average Volume (3M): 612.93K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.13
• Revenue Growth: N/A
• EPS Growth: -969.02%
• Country: US
• Employees: 271
• Sector: Industrials
• Sector Strength: 72
• Industry: Software - Application
• EPS (TTM): N/A
• Shares Outstanding: 181,207,400
• 10 Day Avg. Volume: 805,961
• 30 Day Avg. Volume: 612,930
• PEG Ratio: -0.92
• Price to Book (P/B): -5.74
• Price to Sales (P/S): 96.47
• P/FCF Ratio: -26.60
• Enterprise Value/Market Cap: 0.39
• Enterprise Value/Revenue: 60.36
• Enterprise Value/Gross Profit: 66.47
• Enterprise Value/Ebitda: -1.37
• 1Y Price Target: $14.38
• Price Target Upside: 73.67% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -3.42
• Revenue Forecast (FY): $3.73M

• Rating: 49 Neutral
• Price Target: $6.50 ▼(-21.50% Downside)

Kodiak AI's overall stock score is primarily impacted by its poor financial performance, characterized by significant losses and high leverage. While the earnings call and corporate events provide some positive outlooks, the technical analysis and valuation remain weak. The company's operational progress and strategic partnerships are promising, but financial instability and market trends weigh heavily on the overall score.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong demand for Kodiak's AI solutions, suggesting potential for continued market expansion and increased customer adoption.

Strategic Partnerships

Strategic partnerships enhance Kodiak's technological capabilities and market reach, strengthening its competitive position in the AI-driven logistics sector.

Corporate Transition

The transition to a Delaware corporation and Nasdaq listing improves corporate governance and visibility, potentially attracting more investors and enhancing credibility.

Negative Factors

Financial Instability

Negative equity indicates liabilities exceed assets, posing risks to financial stability and limiting the company's ability to invest in growth opportunities.

Cash Flow Challenges

Negative free cash flow highlights operational inefficiencies and cash management issues, potentially hindering Kodiak's ability to fund future growth initiatives.

Operating Losses

Continued operating losses reflect ongoing financial struggles, which may impact the company's ability to sustain operations and execute strategic plans effectively.

Kodiak AI Business Overview & Revenue Model

Company Description

Kodiak AI, Inc. develops a technology software. The Company offers AI-powered ground autonomy solutions for vehicles to navigate highways, surface streets, and off-road terrain through multi-sensor architecture transportation technology for trucking, defense, and industrial industries.

How the Company Makes Money

Kodiak AI generates revenue primarily through a subscription-based model for its software products, allowing businesses to access its AI solutions on a recurring basis. Key revenue streams include licensing fees for software usage, premium support services, and custom analytics solutions tailored to specific client needs. Additionally, the company has formed strategic partnerships with industry leaders in logistics and transportation, enhancing its market reach and credibility, which in turn contributes to its earnings. These collaborations often involve co-development agreements and joint marketing initiatives, further solidifying Kodiak AI's position in the competitive landscape.

Kodiak AI Financial Statement Overview

Summary

Kodiak AI is facing significant financial difficulties across all verticals. The company is struggling with profitability, high leverage, and negative cash flows. These factors collectively indicate a precarious financial position, requiring strategic interventions to improve financial health and operational efficiency.

Income Statement

Kodiak AI's income statement reveals significant challenges. The company has experienced a negative net profit margin of -4.65% and a negative EBIT margin of -4.32% in the latest year, indicating substantial losses relative to revenue. The revenue growth rate is marked as 'Infinity' due to the absence of revenue in earlier years, which complicates trend analysis. Overall, the company is struggling with profitability and growth.

Balance Sheet

The balance sheet shows a concerning financial position with a negative stockholders' equity of -$250.8 million, leading to a negative debt-to-equity ratio. This indicates that liabilities exceed assets, posing a risk to financial stability. The return on equity is positive but misleading due to negative equity, and the equity ratio is not meaningful. The company is highly leveraged and financially unstable.

Cash Flow

Kodiak AI's cash flow statement highlights severe cash flow issues. The operating cash flow and free cash flow are both negative, with a free cash flow to net income ratio of 1.06, indicating that cash outflows exceed inflows. Despite a high free cash flow growth rate, the overall cash flow position is weak, reflecting operational inefficiencies and cash management challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.80M	14.93M	16.95M	0.00	0.00	0.00
Gross Profit	8.90M	14.93M	16.95M	0.00	0.00	0.00
EBITDA	-431.86M	-59.89M	-47.41M	-35.67M	-30.45M	0.00
Net Income	-528.59M	-69.46M	-56.95M	49.31M	15.85M	―
Balance Sheet
Total Assets	177.84M	35.56M	46.29M	1.01B	417.42K	523.48K
Cash, Cash Equivalents and Short-Term Investments	146.20M	16.71M	27.76M	0.00	0.00	0.00
Total Debt	39.65M	41.73M	42.33M	233.24K	181.86K	147.38K
Total Liabilities	174.16M	286.40M	233.39M	61.15M	404.92K	512.32K
Stockholders Equity	3.68M	-250.84M	-187.10M	952.33M	12.50K	11.15K
Cash Flow
Free Cash Flow	-122.34M	-54.15M	-47.11M	-2.21M	-1.41M	0.00
Operating Cash Flow	-105.22M	-50.96M	-43.84M	-2.21M	-1.41M	0.00
Investing Cash Flow	-22.78M	-3.21M	17.28M	0.00	-1.00B	0.00
Financing Cash Flow	261.66M	43.13M	12.03M	1.50M	1.00B	0.00

Kodiak AI Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8.28
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KDK, the sentiment is Neutral. The current price of 8.28 is above the 20-day moving average (MA) of 6.61, above the 50-day MA of 7.61, and below the 200-day MA of 10.23, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 63.91 is Neutral, neither overbought nor oversold. The STOCH value of 85.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KDK.

Kodiak AI Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Kodiak AI Corporate Events

Kodiak AI Adjusts Warrant Terms Amid Market Changes

On October 21, 2025, Kodiak AI, Inc. announced adjustments to its publicly traded and private placement warrants, effective after the close of trading on October 20, 2025. The exercise price of the warrants was reduced from $11.50 to $9.28 per share, and the redemption trigger price was adjusted from $18.00 to $14.53 per share. These changes were made following the issuance of Series A Cumulative Convertible Preferred Stock and warrants at a price below $9.20 per share, as part of a business combination with Kodiak Robotics, Inc. and AAC II Merger Sub, Inc. on September 24, 2025. The adjustments reflect the market value of $8.07 per share, which was higher than the newly issued price.

Kodiak AI Completes Business Combination with Ares Acquisition

On September 24, 2025, Kodiak AI, Inc. completed a business combination with Ares Acquisition Corporation II (AACT), resulting in Kodiak’s transition from a Cayman Islands exempted company to a Delaware corporation. This transaction involved the conversion of various securities, including the issuance of common stock and warrants, and a significant redemption of shares. The business combination also led to changes in Kodiak’s board and management structure, with new appointments and the implementation of various agreements, including registration rights and indemnification agreements. Additionally, Kodiak’s securities began trading on Nasdaq, marking a significant milestone in its corporate journey.