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Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 22,818	$ 19,722	$ 17,351
Less: accumulated depreciation	(15,219)	(13,980)	(9,605)
Construction in progress	5,400	981	0
Total property and equipment, net	12,999	6,723	7,746
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	7,317	7,261	7,207
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	6,630	6,331	5,835
Technology Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	3,151	2,912	2,641
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,975	2,524	1,002
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 745	$ 694	$ 666

Net Loss Per Common Share

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

14. Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Six Months Ended June 30,
	2025			2024
Numerator
Net loss	$	(241,911	)	$	(35,963	)

Denominator
Weighted-average common shares outstanding, basic and diluted		90,158			88,026

Net loss per common share, basic and diluted	$	(2.68	)	$	(0.41	)

The following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive (in thousands):


	Six Months Ended June 30,
	2025 (2)		2024
Redeemable convertible preferred stock		93,963		93,963
Common stock options		81,457		58,855
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		325		581

Total		177,714		155,368

(1)

Excluded from this amount are those common stock warrants with an exercise price of $0.01, which have been included in the computation of basic and diluted net loss per share on the date all necessary conditions have been satisfied for issuance, which is from the date any service based vesting conditions have been met.

(2)

Common stock equivalents issuable upon the conversion of second lien loans and simple agreements for future equity were excluded, as conversion was contingent upon the completion of the anticipated transaction contemplated by the BCA, which had not occurred, and such contingent event was not resolved as of June 30, 2025.

16.	Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2024			2023
Numerator
Net loss		$ (69,459	)	$	(56,945	)

Denominator
Weighted-average common shares outstanding, basic and diluted		88,181			87,459

Net loss per common share, basic and diluted	$	(0.79	)	$	(0.65	)


	Year Ended December 31,
	2024		2023
Redeemable convertible preferred stock		93,963		93,963
Common stock options		74,211		64,357
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		469		719

Total		170,612		161,008

(1)

Excluded from this amount are those common stock warrants with an exercise price of $0.01, which have been included in the computation of basic and diluted net loss per share on the date all necessary conditions have been satisfied for issuance, which if from the date any service based vesting conditions have been met.

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the Securities and Exchange Commission for interim financial reporting. Accordingly, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted.

The interim condensed balance sheet as of June 30, 2025, and the interim condensed statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the six months ended June 30, 2025 and 2024, are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s audited annual financial statements for the years ended December 31, 2024 and 2023, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the interim periods presented. The results for the six months ended June 30, 2025, are not necessarily indicative of results to be expected for the year ending December 31, 2025, or any other future interim or annual period. The condensed balance sheet as of December 31, 2024, included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included elsewhere is this proxy statement/prospectus.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed financial statements and accompanying notes. These estimates form the basis for the judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, the useful life of property and equipment, impairment of long-lived assets, the fair value of redeemable convertible preferred stock warrants, the fair value of each SAFE, the fair value of second lien loans, the fair value of the Company’s common stock, determination of stock-based compensation, the incremental borrowing rate for operating lease liabilities, uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.

Concentration of Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash deposited in accounts at several financial institutions that may exceed the Federal Deposit Insurance Corporation’s insurance limit. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and restricted cash to the extent recorded on the balance sheets of such financial institutions. The Company believes it is not exposed to significant credit risk due to the financial position of the financial institutions in which those deposits are held.

The Company

is also subject to credit risk from its accounts receivable and does not require any collateral. As of June 30, 2025, and December 31, 2024, the Company’s balance of accounts receivable was $0.5 million and $1.3 million, respectively. Customers that represented 10% or greater of the Company’s accounts receivable balance were as follows as of the periods presented:


	June 30, 2025			December 31, 2024
Customer A		—			78	%
Customer B		72	%		—

Customers with 10% or greater of the Company’s revenue for the six months ended June 30, 2025 and 2024 were as follows:


	Six Months Ended June 30
	2025			2024
Customer A		51	%		—
Customer B		21	%		—
Customer C		—			41	%
Customer D		—			19	%
Customer E		—			17	%

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs. Financial assets and liabilities recorded at fair value in the condensed balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows:

•

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.

Deferred Offering Costs

Deferred offering costs consist of expenses directly attributable to the Company’s planned business combination, including but not limited to legal, accounting, printing, underwriter, and filing fees, which are capitalized as incurred. Upon the successful completion of the business combination, deferred offering costs will be offset against the business combination proceeds and reclassified to additional

paid-in

capital. As of June 30, 2025, the Company recorded deferred offering costs of $11.1 million within other assets in the condensed balance sheet.

Second Lien Loans

The Company elected the fair value option to account for its second lien loans. Therefore, it records its second lien loans at their estimated fair value at issuance and each subsequent balance date. Changes in estimated fair value are recognized as a component of other (expenses) income in the Company’s condensed statements of operations and comprehensive loss until settlement. Under the fair value option, any direct costs and fees related to such second lien loans are expensed as incurred in the condensed statements of operations and comprehensive loss.

Simple Agreements for Future Equity

The Company accounts for the contractual obligation under its SAFEs to issue a variable number of shares as a liability stated at fair value based on the expected value of shares to be issued in the future to settle the obligation with changes in fair value recognized as a component of other (expenses) income in the Company’s condensed statements of operations and comprehensive loss until settlement.

Warrants to Purchase Redeemable Convertible Preferred Stock

The Company’s warrants to purchase shares of redeemable convertible preferred stock, or the redeemable convertible preferred stock warrants, are classified as liabilities as the underlying securities were contingently redeemable upon the occurrence of events that were outside of the control of the Company. The warrants were recorded at fair value upon issuance and are subsequently remeasured at fair value at the end of each balance sheet date, with changes in fair value recognized as a component of other (expenses) income in the Company’s condensed statements of operations and comprehensive loss until expiration or settlement.

Revenue Recognition

The Company generates revenues from: (i) providing DaaS to customers; (ii) delivering freight via Kodiak-owned autonomous trucks powered by the Kodiak Driver; and (iii) demonstrating and providing ground autonomy solutions to the U.S. Army. The Company recognizes revenue when customers obtain control of promised goods or services in an amount that reflects the consideration the Company expects to receive for those goods or services. The Company applies the following five-step revenue recognition model in accounting for its revenue arrangements:

•

identification of a contract with a customer;

•

identification of the performance obligations in the contract;

•

determination of the transaction price;

•

allocation of the transaction price to the performance obligations in the contract; and

•

recognition of revenue when or as the performance obligations are satisfied.

DaaS

Beginning in December 2024, the Company began recognizing revenue on a

per-vehicle

fee under its

Driver-as-a-Service

(“DaaS”) business model.

on-site

support. These promises are accounted for as if they were a single performance obligation, as they are delivered to the customer concurrently over the same period of time. Revenue for DaaS arrangements is recognized over time on a ratable basis over the contract term, which is expected to be for a duration of three to four years. Fees are generally billed monthly and are typically on

30-day

payment terms.

Freight Delivery

rate-per-mile

fees primarily determined by local market dynamics, which fees are generally billed upon delivery and are typically on

30-day

payment terms.

Customer contracts have a single performance obligation to transport commercial freight to an agreed upon destination. This performance obligation is satisfied over time as freight delivery is performed, which typically occurs within one day.

Ground Autonomy Solutions

The Company provides ground autonomy solutions to a single customer in the public sector. Services under these contracts relate to the demonstration of specific capabilities of autonomous driving solutions for military vehicles. Each contract is separately agreed with no interdependencies with respect to pricing, promises or objectives and accounted for as separate arrangements. Each contract has a specified deliverable(s) that represents a single (or combined) performance obligation with the transfer of the significant risks and rewards of ownership occurring upon acceptance of the final deliverable(s) within each contract. The contracts have fixed fees that are invoiced on an agreed upon billing schedule on payment terms in accordance with the Prompt Payment Act.

Control is transferred at a point in time and revenue is recognized upon completion and customer acceptance of each contract’s deliverable(s).

Contract Assets and Contract Liabilities

A contract asset represents amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition.

A contract liability represents amounts that have been invoiced to the customer for which the Company has the right to invoice (and for which payment was received) but has not been recognized as revenues because the related products or services have not been transferred to the customer. Such amounts are recognized in revenues as performance obligations are met.

Practical Expedients and Policy Elections

Significant financing component: The promised amount of consideration is not adjusted for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Taxes collected on behalf of the customers: The Company excludes from the measurement of the transaction price all taxes assessed by governmental authorities when these taxes are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer.

Disclosure of remaining performance obligations: The Company does not disclose remaining performance obligations for contracts that have an original expected duration of one year or less.

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

(“ASU

2023-07”),

which requires additional disclosures with respect to significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The Company adopted ASU

2023-07

on December 31, 2024, using a retrospective method. As a result of adoption, the required disclosures have been included in Note 15.

In December 2023, the FASB issued ASU

No. 2023-09,

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires entities to make incremental income tax disclosures on an annual basis. The

amendments require that public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items meeting a quantitative threshold. The amendments also require disclosure of income taxes paid to be disaggregated by jurisdiction, and the disclosure of income tax expense disaggregated by federal, state, and foreign. The Company adopted ASU

2023-09

on January 1, 2025 for its annual reporting period ending December 31, 2025. The Company expects that ASU

2023-09

will not have a material impact on its annual income tax disclosures.

In May 2025, the FASB issued ASU

No. 2025-03,

Business Combinations (Topic 805) and Consolidation (Topic 810)—Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

(“ASU

2025-03”),

which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The Company early adopted ASU

2025-03

on April 1, 2025 on a prospective basis. The Company expects that ASU

2025-03

will impact the accounting for the transaction contemplated by the BCA such that Kodiak is expected to be the accounting acquirer.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU

No. 2024-03,

Income Statement—Reporting Comprehensive Income

(Topic 220): Expense Disaggregation Disclosures

(“ASU

2024-03”),

which requires entities to provide disaggregated disclosures of certain expense captions presented on the face of the income statement into specific categories within the footnotes to the financial statements to provide enhanced transparency into the nature and function of expenses. ASU

2024-03

is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim periods within years beginning after December 15, 2027, with early adoption permitted. ASU

2024-03

may be applied retrospectively or prospectively. The Company is evaluating adoption timing and the impact ASU

2024-03

will have on its financial statements and related disclosures.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding annual financial reporting.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, the useful life of property and equipment, impairment of long-lived assets, the fair value of redeemable convertible preferred stock warrants, the fair value of each simple agreement for future equity (“SAFE”), the fair value of the Company’s common stock, determination of stock-based compensation, the incremental borrowing rate for operating lease liabilities, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.

Risk and Uncertainties

The Company has devoted most of its time and resources to developing its proprietary autonomous vehicle technology and first deployed the Kodiak Driver in a customer-owned vehicle in December 2024. The Company’s business and operations may be impacted by general business and economic conditions worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the world economy, including uncertainty around tariffs. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments in these general business and economic conditions could have a material adverse effect on the Company’s financial condition and the results of its operations. In addition, the Company will have to compete with companies that have extensive and well-funded projects, marketing and sales operations. The Company may be unable to compete successfully against these companies. The Company’s industry is characterized by rapid changes in technology and market demands. As a result, the Company’s products, services, or expertise may become obsolete or unmarketable. The Company’s future success will depend on its ability to adapt to technological advances, anticipate customer and market demands, and enhance its current technology.

Segment Reporting

The Company manages its operations as one operating and reportable segment. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM reviews significant segment expenses based on functional line items as disclosed in the statements of operations and comprehensive loss.

Cash and Cash Equivalents

Cash and cash equivalents are cash deposits and highly liquid investments, such as money market funds or U.S. Treasury securities, that are readily convertible to known amounts of cash and are subject to insignificant risk of change including due to interest rate, quoted price, or penalty of withdrawal. Marketable securities with an original maturity of 90 days or less when purchased are considered to be cash equivalents.

Restricted Cash

Restricted cash consists of funds that are contractually restricted as to usage or withdrawal, typically due to the Company’s operating lease agreements. Restricted cash, which is unavailable for a period longer than one year from the balance sheet date, is classified as a noncurrent asset. Otherwise, restricted cash is included in other current assets in the balance sheets.

Concentration of Risks

The Company

is also subject to credit risk from its accounts receivable and does not require any collateral. The Company had one customer that accounted for 78% of the Company’s accounts receivable as of December 31, 2024 and no customers that accounted for 10% or more of the Company’s accounts receivable as of December 31, 2023. As of December 31, 2024 and 2023, and January 1, 2023, the Company’s balance of accounts receivable was $1.3 million, $0.2 million, and $0.2 million, respectively.

A single customer represented 89% of revenues in both of the years ended December 31, 2024 and 2023.

Marketable Securities

The Company may invest its excess cash in marketable debt securities with high credit ratings including money market funds and securities issued by the U.S. government and its agencies that are accounted for as

available-for-sale

and carried at fair value. The Company classifies its marketable securities as current assets, including those with maturities beyond 12 months, as the Company’s intention is to use the proceeds from sales of its securities to fund its operations. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income and other, net in the statements of operations and comprehensive loss. Unrealized gains or losses, if any, are included in accumulated other comprehensive income (loss) in the balance sheets and in comprehensive loss in the statements of operations and comprehensive loss. Realized gains and losses on marketable securities, if any, are included in interest income and other, net. The cost of securities sold is determined based on the trade date using the specific identification method.

The Company periodically assesses its marketable debt securities for impairment. For debt securities in an unrealized loss position, this assessment first considers the Company’s intent to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value within interest income and

other, net. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in fair value has resulted from credit losses or other factors. If a credit loss exists, an allowance for credit losses is recorded within interest income and other, net to the extent the fair value is less than the amortized cost basis.

As of December 31, 2024 and 2023, the Company did not hold any marketable securities.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows:

•

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Accounts Receivable

Accounts receivable are unsecured assets where the Company has unconditional rights to consideration and are recorded at the invoiced amount net of any allowance for credit losses. The Company provides an allowance for expected credit losses based upon the Company’s estimate of collectability of the accounts receivable balances by considering factors such as contractual payment terms, historical experience, credit quality, the age of the account receivable balances, and current economic conditions that may affect a customer’s ability to pay. As of December 31, 2024 and 2023, there was no allowance for expected credit losses.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, as follows:


	Useful life
Leasehold improvements		Shorter of remaining useful life or lease term
Vehicles		5 years
Technology infrastructure		3 years
Equipment		5 - 7 years
Other		3 - 5 years

Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheets and any resulting gain or loss is reflected in the statement of operations and comprehensive loss in the period realized.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets, including property and equipment and operating lease

right-of-use

assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. There was no impairment of long-lived assets as of and for the years ended December 31, 2024 and 2023.

Leases

The Company determines if an arrangement is or contains a lease at inception by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. To date, all of the Company’s leases have been determined to be operating leases. Operating lease liabilities are recognized at the present value of the future lease payments over the expected remaining lease term at the lease commencement date. As the implicit rate in the Company’s lease is generally not readily determinable, the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease

right-of-use

(“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Certain leases also include options to renew or terminate the lease at the election of the Company. The Company evaluates these options at lease inception and on an ongoing basis. Renewal and termination options that the Company is reasonably certain to exercise are included when classifying leases and measuring lease liabilities and ROU assets. Operating lease expense is recognized on a straight-line basis over the lease term.

The Company has lease agreements with lease and

non-lease

components, which the Company has elected to account for as a single lease component. The Company has elected to not record leases on the balance sheet that, at the lease commencement date, have a lease term of 12 months or less.

Simple Agreements for Future Equity

The Company accounts for the contractual obligation under its SAFEs to issue a variable number of shares as a liability stated at fair value based on the expected value of shares to be issued in the future to settle the obligation with changes in fair value recognized in the Company’s statements of operations and comprehensive loss until settlement.

Redeemable Convertible Preferred Stock

The Company classifies its redeemable convertible preferred stock as temporary or mezzanine equity because events triggering liquidation were not solely within the control of the Company. No accretion was recognized as a liquidation event was not considered probable as of the end of each reporting period.

Warrant to Purchase Redeemable Convertible Preferred Stock

The Company’s warrants to purchase shares of redeemable convertible preferred stock, or the redeemable convertible preferred stock warrants, are classified as liabilities as the underlying securities were contingently redeemable upon the occurrence of events that were outside of the control of the Company. The warrants were recorded at fair value upon issuance and are subsequently remeasured at fair value at the end of each balance sheet date, with changes in fair value recognized in the Company’s statements of operations and comprehensive loss until expiration or settlement.

Warrants to Purchase Common Stock

The Company’s warrants to purchase shares of common stock, or the common stock warrants, are equity-classified instruments because the warrants are indexed to its common stock and meet the requirements for equity classification. This assessment is conducted at the time the common stock warrants were issued and as of each reporting period that the common stock warrants remain outstanding.

Revenue Recognition

•

identification of a contract with a customer;

•

identification of the performance obligations in the contract;

•

determination of the transaction price;

•

allocation of the transaction price to the performance obligations in the contract; and

•

recognition of revenue when or as the performance obligations are satisfied.

DaaS

Beginning in December 2024, the Company began recognizing revenue on a per-vehicle fee under its Driver-as-a-Service (“DaaS”) business model.

Under its DaaS model, the Company supplies self-driving technology consisting of a highly integrated bundle of goods and services that represents a single combined output for which the customer has contracted. This single combined output is made up of both hardware and software, together with ongoing support services, including regular software updates, systems integrations and operational support, including remote monitoring and on-site support. These promises are accounted for as if they were a single performance obligation, as they are delivered to the customer concurrently over the same period of time. Revenue for DaaS arrangements is recognized over time on a ratable basis over the contract term, which is expected to be for a duration of three to four years. Fees are generally billed monthly and are typically on 30-day payment terms.

DaaS revenues were immaterial for the year ended December 31, 2024.

Freight Delivery

The Company’s freight delivery revenues are generated from providing freight transportation services to customers in the commercial sector utilizing Company-owned autonomous trucks powered by the Kodiak Driver. The Company generates revenues based on number of paid miles and rate-per-mile fees primarily determined by local market dynamics, which fees are generally billed upon delivery and are typically on 30-day payment terms.

Customer contracts have a single performance obligation to transport commercial freight to an agreed-upon destination. This performance obligation is satisfied over time as freight delivery is performed, which typically occurs within one day.

Ground Autonomy Solutions

Control is transferred at a point in time and revenue is recognized upon completion and customer acceptance of each contract’s deliverable(s).

Contract Assets and Contract Liabilities

A contract asset represents amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition.

Practical Expedients and Policy Elections

Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Disclosure of remaining performance obligations: The Company does not disclose remaining performance obligations for contracts that have an original expected duration of one year or less.

Research and Development

Research and development costs are expensed as incurred, and consist primarily of personnel costs, hardware and electrical engineering prototyping, cloud computing and storage, third-party software licenses (including simulation), data labeling, and third-party design services.

General and Administrative

General and administrative costs consist primarily of personnel costs, facilities rent, insurance, professional services (including external accounting and legal advisors), and other general and administrative costs.

Truck and Freight Operations

Truck and freight operations costs consist primarily of personnel costs and truck-related operational costs, including fuel, tires, and repair and maintenance.

Sales and Marketing

Sales and marketing costs consist primarily of personnel costs and sales-related, branding and public relations activities. Advertising costs were $0.4 million and $0.6 million for the years ended December 31, 2024 and 2023, respectively.

Software Development Costs

Development costs incurred in the research and development of new software products are expensed as incurred until technological feasibility of the product has been established. Software development costs incurred after technological feasibility has been established are capitalized up to the time the product is available for general release to customers. For the years ended December 31, 2024 and 2023, no amounts were capitalized.

Stock-based Compensation

The Company’s stock-based compensation relates to stock-based awards granted to employees and other service providers. The Company recognizes the cost of stock-based awards based on the estimated grant-date fair value of the awards. Forfeitures are accounted for as they occur.

For stock-based awards with service-only vesting conditions, expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award of four years. The Company estimates

the grant-date fair value of the stock options with service only vesting conditions using the Black-Scholes option-pricing model, which utilizes inputs and assumptions that involve certain subjective judgment, including:

•

Fair Value of Common Stock

– As there is no public market for the Company’s common stock, management and/or the board of directors has determined the fair market value of the Company’s common stock at the time of grant by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preferred stock to unrelated third parties, operating and financial performance, lack of liquidity of capital stock and general and industry-specific economic outlook, amongst other factors.

•

Expected Term

– The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method. The simplified method calculates the expected term as the average of the

time-to-vesting

and the contractual life of the award.

•

Expected Volatility

– As there is no trading history for the Company’s common stock, the Company has determined expected volatility based on the average volatility for publicly traded companies that the Company considers to be comparable, over a period equal to the expected term assumption. Comparable companies are chosen based on their similar size, stage in the life cycle or industry.

•

Risk-Free Interest Rate

– The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of award.

•

Expected Dividend

– The expected dividend yield assumption is zero as the Company has never paid and has no plans to pay dividends on the Company’s common stock in the foreseeable future.

Income Taxes

The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are determined based on the difference between the carrying values of assets and liabilities for financial reporting purposes and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when necessary to reduce net tax assets to an amount that is more likely than not to be realized. The Company recognizes the benefits of

tax-return

positions in the financial statements when they are “more likely than not” to be sustained by the taxing authority, based on the technical merits at the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately forecast actual outcomes. The Company recognizes interest and penalties related to unrecognized tax benefits, if any, as a component of income taxes.

Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share is calculated by dividing net loss for the period by the weighted-average number of shares of common stock outstanding during the period. Contingently issuable shares, including shares that are issuable for little or no cash consideration, are considered outstanding common shares and included in the calculation of basic and diluted net loss per share, even if they are antidilutive. Such shares include common stock warrants with a nominal exercise price.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the

if-converted

method based on the nature of such securities. As the Company reported a net loss for the periods presented, diluted net loss per common share was the same as basic net loss per common share because the effects of potentially dilutive common stock equivalents were antidilutive.

Comprehensive Loss

Comprehensive loss represents the change in the Company’s stockholders’ deficit from all sources other than investments by or distributions to stockholders. The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on marketable securities.

Emerging Growth Company

The Company intends to operate as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act permits companies with emerging growth company status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until such time as those standards would apply to private companies. The Company elected to use this extended transition period to enable it to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2016-13,

Financial Instruments – Credit Losses

(Topic 326): Measurement of Credit Losses on Financial Instruments

, (“ASU

2016-13”),

which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted ASU

2016-13

on January 1, 2023, using a modified retrospective method. The adoption of ASU

2016-13

did not have a material impact on the Company’s financial statements and related disclosures.

In August 2020, the FASB issued ASU

No. 2020-06,

Debt –

Debt with Conversion and Other Options

(Subtopic 470-20)

and

Derivatives and Hedging – Contracts in Entity’s Own Equity

(Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU

2020-06”)

to reduce the number of accounting models for convertible debt instruments and to allow more contracts to qualify for equity classification. The Company adopted ASU

2020-06

on January 1, 2024, using a modified retrospective method. The adoption of ASU

2020-06

did not have a material impact on the Company’s financial statements and related disclosures.

In November 2023, the FASB issued ASU

No. 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

(“ASU

2023-07”),

which requires additional disclosures with respect to significant segment expenses that are regularly provided to the CODM, a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The Company adopted ASU

2023-07

on December 31, 2024, using a retrospective method. As a result of adoption, the required disclosures have been included in Note 2 and Note 17.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU

No. 2023-09,

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires entities to make incremental income tax disclosures on an annual basis. The amendments require that public business entities disclose specific categories in the rate reconciliation and

provide additional information for reconciling items meeting a quantitative threshold. The amendments also require disclosure of income taxes paid to be disaggregated by jurisdiction, and the disclosure of income tax expense disaggregated by federal, state, and foreign. ASU

2023-09

is effective for the Company’s annual reporting periods ending December 31, 2025 and thereafter, with early adoption permitted. The Company is evaluating adoption timing and the impact ASU

2023-09

will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU

No. 2024-03,

Income Statement—Reporting Comprehensive Income

(Topic 220): Expense Disaggregation Disclosures

(“ASU

2024-03),

2024-03

is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim periods within years beginning after December 15, 2027, with early adoption permitted. ASU

2024-03

may be applied retrospectively or prospectively. The Company is evaluating adoption timing and the impact ASU

2024-03

will have on its financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-03,

Business Combinations (Topic 805) and Consolidation (Topic 810)—Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

(“ASU 2025-03”), which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. ASU 2025-03 is required to be applied prospectively. The Company is evaluating adoption timing and the impact ASU 2025-03 will have on its financial statements and related disclosures.

Ares Acquisition Corporation II [Member]

Summary of Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year or any future period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the

Annual Report on Form

10-K

for the year ended December 31, 2024 filed by the Company with the SEC on March 12, 2025.

Segment Reporting

The Company complies with ASU

2023-07,

which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of these unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company has $137,896 and $975,319 of cash as of June 30, 2025 and December 31, 2024, respectively. The Company did not have cash equivalents held outside the Trust Account as of June 30, 2025 and December 31, 2024.

Investments Held in Trust Account

The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in

money market funds meeting certain conditions under Rule

2a-7

promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in investment income on investments held in Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using quoted market prices in active markets.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

As of June 30, 2025 and December 31, 2024, the carrying values of cash, accrued expenses, due to related party and advances from related party approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule

2a-7

promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. The fair value for trading securities is determined using quoted market prices in active markets.

Derivative Financial Instruments

derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in the unaudited condensed statements of operations each reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period.

The Company accounts for the Public Warrants and the Private Placement Warrants in accordance with the guidance contained in ASC 815. Such guidance provides that the warrants are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of June 30, 2025 and December 31, 2024, 49,359,712 and 50,000,000, respectively, Class A ordinary shares that are subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed balance sheets.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption date for the security. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional

paid-in

capital and accumulated deficit.

As of June 30, 2025 and December 31, 2024, the Class A ordinary shares reflected in the accompanying condensed balance sheets are reconciled in the following table:


Class A ordinary shares subject to possible redemption as of December 31, 2023	$	522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024		550,700,038
Less:
Redemption of Class A ordinary shares		(7,143,312	)
Plus:
Sponsor deposits to Trust Account		2,961,583
Waiver of Class A ordinary shares issuance cost		9,140,590
Accretion of carrying value to redemption value		2,390,840

Class A ordinary shares subject to possible redemption as of June 30, 2025	$	558,049,739

Income Taxes

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company has determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements.

Net Income per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value. The calculation of diluted net income per share does not consider the effect of the Public Warrants issued in connection with the Initial Public Offering and the sale of the Private Placement Warrants because the exercise of the warrants is contingent upon the occurrence of future events.

The Company’s unaudited condensed statements of operations include a presentation of net income per share of ordinary share subject to possible redemption and allocates the net income into the two classes of shares in calculating net income per ordinary share, basic and diluted. For Class A ordinary shares subject to possible redemption, net income per share of ordinary share is calculated by dividing the net income by the weighted average number of shares of Class A ordinary shares subject to possible redemption outstanding for the period. For

non-redeemable

Class A ordinary shares and Class B ordinary shares, net income per share is calculated by dividing the net income by the weighted average number of shares of

non-redeemable

Class A ordinary shares and Class B ordinary shares outstanding for the period. Class B ordinary shares do not have any redemption features and do not participate in the income earned on the Trust Account.

Non-redeemable

Class A ordinary shares includes 12,500,000 of Class A ordinary shares issued to the Sponsor in connection with the Conversion (see Note 6), as these shares do not have any redemption features and do not participate in the income earned on the Trust Account.

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Class A ordinary shares subject to possible redemption
Numerator:
Net income attributable to Class A ordinary shares subject to possible redemption	$	260,795	$	5,268,294	$	2,652,910	$	10,383,006
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		49,507,471		50,000,000		49,752,375		50,000,000

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.01	$	0.11	$	0.05	$	0.21

Non-redeemable Class A ordinary shares and Class B ordinary shares
Numerator:
Net income attributable to non-redeemable Class A ordinary shares and Class B ordinary shares	$	65,848	$	1,317,073	$	666,528	$	2,595,751
Denominator:
Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares and/or Class B ordinary shares		12,500,000		12,500,000		12,500,000		12,500,000

Basic and diluted net income per share, non-redeemable Class A ordinary shares and/or Class B ordinary shares	$	0.01	$	0.11	$	0.05	$	0.21

Recent Accounting Pronouncements

The Company considers the applicability and impact of all ASUs issued by FASB. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed financial statements.

In May 2025, the FASB issued ASU

No. 2025-03,

“Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU

2025-03”)

which amends the ASC 805, Business Combinations, framework for identifying the accounting acquirer in business combinations when the legal acquiree is a variable interest entity (“VIE”) by requiring entities to consider the general accounting acquirer factors in ASC 805 when the transaction is primarily effected by the exchange of equity interests. The ASU is applied prospectively to all

business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU

2025-03

as of April 1, 2025. The adoption of ASU

2025-03

will not have any retrospective impact to the Company’s historical financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

Segment Reporting

The Company complies with ASU

2023-07,

which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Emerging Growth Company

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of these financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company has $975,319 and $1,905,123 of cash as of December 31, 2024 and 2023, respectively. The Company did not have cash equivalents held outside the Trust Account as of December 31, 2024 and 2023.

Investments Held in Trust Account

2a-7

promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in investment income on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using quoted market prices in active markets.

Concentration of Credit Risk

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

As of December 31, 2024 and 2023, the carrying values of cash, accrued expenses, due to related party and advances from related party approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule

2a-7

Derivative Financial Instruments

The Company evaluates its equity-linked financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, “Derivatives and Hedging.” For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in the statements of operations each reporting period. The classification of derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each

reporting

period.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering. The Company incurred offering costs amounting to $28,550,129 as a result of the Initial Public Offering (consisting of $10,000,000 of underwriting fees, $17,500,000 of deferred underwriting fees, and $1,050,129 of other offering costs).

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2024 and 2023, 50,000,000 Class A ordinary shares, subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

paid-in

capital and accumulated deficit.

As of December 31, 2024 and 2023, the Class A ordinary shares reflected in the accompanying balance sheets are reconciled in the following table:


Gross proceeds	$	500,000,000
Less:
Proceeds allocated to Public Warrants		(2,625,000	)
Class A ordinary shares issuance costs		(28,550,129	)
Plus:
Accretion of carrying value to redemption value		54,113,481

Class A ordinary shares subject to possible redemption as of December 31, 2023		522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024	$	550,700,038

Income Taxes

ASC 740 p

rescribes

a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company has determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Net Income per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares outstanding during the period. Accretion associated with the redeemable shares of Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The calculation of diluted net income per share does not consider the effect of the Public Warrants issued in connection with the Initial Public Offering and the sale of the Private Placement Warrants because the exercise of the warrants is contingent upon the occurrence of future events.

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the year ended December 31,
	2024		2023
Class A ordinary shares
Numerator:
Net income attributable to Class A ordinary shares	$	20,788,927	$	12,405,494
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares		50,000,000		34,383,562

Basic and diluted net income per share, Class A ordinary shares	$	0.42	$	0.36

Class B ordinary shares
Numerator:
Net income attributable to Class B ordinary shares	$	5,197,232	$	4,509,966
Denominator:
Basic and diluted weighted average shares outstanding, Class B ordinary shares		12,500,000		12,500,000

Basic and diluted net income per share, Class B ordinary shares	$	0.42	$	0.36

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU

No. 2023-07,

“Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures.” The ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted. The Company has concluded this guidance does not have a material impact on its financial statements. Information presented within “Note 9. Segment Information” reflects the impact from adoption of ASU

2023-07.

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 6,929	$ 9,439	$ 12,097
Liabilities	310,320	60,920	12,045
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	6,929	9,439	12,097
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	310,320	60,920	12,045
SAFEs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	265,509	59,301	10,000
SAFEs [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	265,509	59,301	10,000
Redeemable convertible preferred stock warrant liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	2,917	1,619	2,045
Redeemable convertible preferred stock warrant liabilities [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	2,917	1,619	2,045
Second lien loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	41,894
Second lien loans \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	41,894
Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	6,929	9,439	7,042
Money market funds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 6,929	$ 9,439	7,042
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets			5,055
US Treasury Securities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets			$ 5,055

Submission	Oct. 10, 2025
Submission [Line Items]
Central Index Key	0001853138
Registrant Name	Kodiak AI, Inc.
Form Type	S-1
Submission Type	S-1
Fee Exhibit Type	EX-FILING FEES
Offering Table N/A
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Stockholders' Deficit - Schedule Of Common Stock Reserved For Future Issuance (Details) - shares	Jun. 30, 2025	Dec. 31, 2024
Common Stock Reserved For Future Issuance [Line Items]
Common stock	186,223	173,751
Redeemable Convertible Preferred Stock [Member]
Common Stock Reserved For Future Issuance [Line Items]
Common stock	93,963	93,963,000
Outstanding stock options [Member]
Common Stock Reserved For Future Issuance [Line Items]
Common stock	81,457	74,211,000
Shares available for issuance under equity incentive plan [Member]
Common Stock Reserved For Future Issuance [Line Items]
Common stock	7,410	2,175,000
Redeemable convertible preferred stock warrants [Member]
Common Stock Reserved For Future Issuance [Line Items]
Common stock	1,969	1,969,000
Common stock warrants [Member]
Common Stock Reserved For Future Issuance [Line Items]
Common stock	1,424	1,433

Stockholders' Deficit (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common Stock

As of June 30, 2025, the Company had authorized 280,000,000 shares of its common stock and each holder is entitled to one vote per share. The Company has the following shares of common stock reserved for future issuance, on an

as-if

converted basis (in thousands):


	June 30, 2025
Redeemable convertible preferred stock		93,963
Outstanding stock options		81,457
Shares available for issuance under equity incentive plan		7,410
Redeemable convertible preferred stock warrants		1,969
Common stock warrants		1,424

Total		186,223

The Company has the following shares of common stock reserved for future issuance, on an

as-if

converted basis (in thousands):


	December 31, 2024
Redeemable convertible preferred stock		93,963
Outstanding stock options		74,211
Shares available for issuance under equity incentive plan		2,175
Redeemable convertible preferred stock warrants		1,969
Common stock warrants		1,433

Total		173,751

Schedule of Common Stock Warrants

Common Stock Warrants

The Company has issued common stock warrants in connection with entering into advisory and services agreements as well as debt arrangements, which all met the conditions for equity classification.

As of June 30, 2025, outstanding warrants to purchase the Company’s common stock were as follows (in thousands, except price per share):


	Shares Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrants issued with debt arrangement		168	$	0.34		January 2029
Warrants issued with advisory agreement		1,167	$	0.01		March 2026
Warrants issued with 2022 Equipment Facility		46	$	0.84		July 2032
Warrants issued with services agreement		43	$	0.01		February 2026 and 2027

Total outstanding		1,424

The Company has issued common stock warrants in connection with entering into advisory and services agreements as well as debt arrangements. As of December 31, 2024, outstanding warrants to purchase the Company’s common stock were as follows, which all met the conditions for equity classification (in thousands, except price per share):


	Shares Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrants issued with debt arrangement		168	$	0.34	January 2029
Warrants issued with advisory agreement		1,167	$	0.01	March 2026
Warrants issued with 2022 Equipment Facility		46	$	0.84	July 2032
Warrants issued with services agreement		52	$	0.01	February 2025 and 2026

Total outstanding		1,433

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Ares Acquisition Corporation II [Member] - USD ($)	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held in Trust Account	$ 558,149,739	$ 550,800,038	$ 523,038,352
Fair Value, Inputs, Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held in Trust Account	$ 558,149,739	$ 550,800,038	$ 523,038,352

Warrants (Details) - Ares Acquisition Corporation II [Member] - $ / shares	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Dec. 31, 2024	Jul. 30, 2025	Jun. 23, 2025
Class of Warrant or Right [Line Items]
Period for registration statement to become effective after business combination	60 days	60 days
Exercise price of warrants (in USD per share)						$ 1
Common Class A
Class of Warrant or Right [Line Items]
Share price (in USD per share)	$ 18	$ 18	$ 18	$ 18	$ 18
Issue or effective price threshold	$ 9.2	$ 9.2	$ 9.2	$ 9.2
Issuances percentage threshold of total equity proceeds	60.00%	60.00%	60.00%	60.00%
Number of trading days	20 days	20 days
Private And Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)			39,300,000	39,300,000
Private Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)			14,300,000
Private Warrants \| Private Placement
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)			14,300,000	14,300,000
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)	25,000,000
Number of fractional shares issued upon exercise of warrants (in shares)		0		0	0
Warrants exercisable period	30 days			30 days
Expiration, number of years after business combination	5 years	5 years
Exercise price of warrants (in USD per share)		$ 0.01		$ 0.01	$ 0.01
Notice period to redeem warrants	30 days	30 days
Number of trading days	20 days	20 days
Trading days threshold	30 days	30 days
Public Warrants \| Minimum
Class of Warrant or Right [Line Items]
Percentage value of warrant exercise	115.00%	115.00%	115.00%	115.00%
Public Warrants \| Maximum
Class of Warrant or Right [Line Items]
Percentage value of warrant exercise	180.00%	180.00%	180.00%	180.00%
Public Warrants \| IPO
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)				25,000,000
Private Placement Warrants
Class of Warrant or Right [Line Items]
Notice period to redeem warrants	30 days	30 days

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued bonus	$ 8,740	$ 8,800	$ 3,984
Deferred revenue	30	0	1,144
Accrued payroll and related expenses	1,140	1,460	447
Other current liabilities and accrued expenses	5,801	1,156	699
Total accrued expenses and other current liabilities	$ 15,711	$ 11,416	$ 6,274

Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Temporary Equity Disclosure [Abstract]

Schedule Of Redeemable Convertible Preferred Stock

As of June 30, 2025, and December 31, 2024, the Company’s redeemable convertible preferred stock consisted of the following (in thousands):


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series Seed		6,746		6,746	$	3,000	$	3,000
Series A		27,470		25,439		37,537		37,710
Series B-1		20,559		20,559		37,716		32,760
Series B-2		43,352		41,219		92,395		96,619

Total redeemable convertible preferred stock		98,127		93,963	$	170,648	$	170,089

As of December 31, 2024 and 2023, the Company’s redeemable convertible preferred stock consisted of the following (in thousands):


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series Seed		6,746		6,746	$	3,000	$	3,000
Series A		27,470		25,439		37,537		37,710
Series B-1		20,559		20,559		37,716		32,760
Series B-2		43,352		41,219		92,395		96,619

Total redeemable convertible preferred stock		98,127		93,963	$	170,648	$	170,089

The holders of the Company’s Seed Series, Series A, Series

B-1

and Series

B-2

redeemable convertible preferred stock (collectively, “redeemable convertible preferred stock”) have the following significant terms as of December 31, 2024.

Net Loss Per Common Share (Parenthetical) (Details) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Common Stock Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01	$ 0.01

Related Party Transactions - Promissory Note (Details) - Ares Acquisition Corporation II [Member] - USD ($)		12 Months Ended
	Apr. 25, 2023	Dec. 31, 2024	Dec. 31, 2023	Feb. 08, 2023	Mar. 19, 2021
Related Party Transaction [Line Items]
Repayments of promissory note		$ 0	$ 366,781
Promissory Note
Related Party Transaction [Line Items]
Debt instrument face amount				$ 400,000	$ 300,000
Repayments of promissory note	$ 366,781

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities and the current portion of operating lease liabilities approximate their fair value due to the short-term nature of those instruments. The Company elected the fair value option for the second lien loans. The fair value of the Company’s other borrowings approximates their carrying value, or amortized cost, due to the short-term nature of the obligations or the relevant prevailing market rate of interest.

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	6,929	$	—	$	—	$	6,929

Total assets measured at fair value	$	6,929	$	—	$	—	$	6,929

Liabilities
Second lien loans	$	—	$	—	$	41,894	$	41,894
SAFEs		—		—		265,509		265,509
Redeemable convertible preferred stock warrant liabilities		—		—		2,917		2,917

Total liabilities measured at fair value	$	—	$	—	$	310,320	$	310,320


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	9,439	$	—	$	—	$	9,439

Total assets measured at fair value	$	9,439	$	—	$	—	$	9,439

Liabilities
SAFEs	$	—	$	—	$	59,301	$	59,301
Redeemable convertible preferred stock warrant liabilities		—		—		1,619		1,619

Total liabilities measured at fair value	$	—	$	—	$	60,920	$	60,920

All of the Company’s money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value.

The Company measures its second lien loans (see Note 5), SAFEs (see Note 6) and redeemable convertible preferred stock warrants (see Note 8) at fair value based on significant inputs not observable in the market and therefore represent Level 3 inputs.

The valuations of the second lien loans, future equity obligations and redeemable convertible preferred stock warrants use assumptions and estimates the Company believes would be made by a market participant in making the same valuation. Changes in the fair value of these instruments are recognized in other (expenses) income in the Company’s condensed statements of operations and comprehensive loss.

Second Lien Loans

The Company determined the fair value of its second lien loans using a probability-weighted model that used the

pay-off

method based on the potential settlement outcomes of the second lien loans, including a liquidity event, next equity financing and dissolution, as these events became known or knowable as of the valuation date. For the six months ended June 30, 2025, the key assumptions used in the fair value model were the expected term to each event ranging from 0.23 years to 1.25 years and the implied discount rate of 23.6%.

Simple Agreements for Future Equity

The Company determined the fair value of its SAFE obligations by using a valuation model with key assumptions summarized as follows. The Company utilized a probability-weighted model that used both the

pay-off

method and Black-Scholes option-pricing model based on the potential settlement outcomes of the SAFE obligations, including a liquidity event, next equity financing and dissolution, as these events became known or knowable as of the valuation date. For the six months ended June 30, 2025 the key assumptions used in the fair value model were the expected remaining term, implied discount rate and volatility of 0.2 years, 22.5% and 66.3%, respectively. For the six months ended June 30, 2024, the Company determined there were no material events that had occurred within the business and together with insignificant market movement during the period, there were no significant changes to the key assumptions used in the fair value model. Further, in June 2025, the Company issued additional SAFEs to new investors on the same terms, and at the same time aligned the terms of its existing SAFE obligation. As such, for the six months ended June 30, 2024, there was no material change to the fair value of its SAFE obligations.

Redeemable Convertible Preferred Stock Warrants

The Company determined the fair value of its redeemable convertible preferred stock warrants by using a Black-Scholes option-pricing model with key assumptions summarized in the table below. The Company utilized a probability-weighted Black-Scholes option-pricing model based on the potential settlement outcomes of the redeemable convertible preferred stock warrants, including a liquidity event or future equity financing as well as other settlement alternatives, as these events became known or knowable as of the valuation date.


	Six Months Ended June 30
	2025		2024
Exercise price	$	0.01 – $2.34	$	0.01 – $2.34
Expected term (in years)		3.1 – 7.3		4.1 – 8.2
Risk-free interest rate		3.7% – 4.0%		4.3%
Volatility		92.6%		80.3%
Dividend yield		—		—

Fair Value Remeasurement

The following table summarizes changes in the estimated fair values of these liabilities (in thousands):


	Second Lien Loans		SAFE			Redeemable Convertible Preferred Stock Warrants			Total
Balance as of December 31, 2024	$	—	$	59,301		$	1,619		$	60,920
Issuance of second lien loans		29,740		—			—			29,740
Issuance of SAFEs		—		23,660			—			23,660
Exchange of SAFE for second lien loan		10,000		(10,000	)		—			—
Fair value remeasurement		2,154		192,548			1,298			196,000

Balance as of June 30, 2025	$	41,894	$	265,509		$	2,917		$	310,320

Balance as of December 31, 2023	$	—	$	10,000		$	2,045		$	12,045
Issuance of SAFEs		—		8,040			—			8,040
Fair value remeasurement		—		—			(214	)		(214	)

Balance as of June 30, 2024	$	—	$	18,040		$	1,831		$	19,871

4.	Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities and the current portion of operating lease liabilities approximate their fair value due to the short-term nature of those instruments. The fair value of the Company’s debt approximates its carrying value, or amortized cost, due to the prevailing market rates of interest rates it bears.

The

following

tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,439	$	—	$	—	$	9,439

Total assets measured at fair value	$	9,439	$	—	$	—	$	9,439

Liabilities
SAFEs	$	—	$	—	$	59,301	$	59,301
Redeemable convertible preferred stock warrant liabilities		—		—		1,619		1,619

Total liabilities measured at fair value	$	—	$	—	$	60,920	$	60,920


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	7,042	$	—	$	—	$	7,042
U.S. treasury securities		5,055		—		—		5,055

Total assets measured at fair value	$	12,097	$	—	$	—	$	12,097

Liabilities
SAFE	$	—	$	—	$	10,000	$	10,000
Redeemable convertible preferred stock warrant liabilities		—		—		2,045		2,045

Total liabilities measured at fair value	$	—	$	—	$	12,045	$	12,045

All of the Company’s money market funds and U.S. treasury securities are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value.

The Company measures its SAFEs (see Note 8) and redeemable convertible preferred stock warrants (see Note 10) at fair value based on significant inputs not observable in the market and therefore represent Level 3 inputs. The valuations of the future equity obligations and redeemable convertible preferred stock warrants use assumptions and estimates the Company believes would be made by a market participant in making the same valuation. Changes in the fair value of these instruments are recognized within the statements of operations and comprehensive loss.

Simple Agreements for Future Equity

The Company determined the fair value of its SAFE obligations by using a valuation model with key assumptions summarized in the table below. The Company utilized a probability-weighted model that used both the pay-off method and Black-Scholes option-pricing model based on the potential settlement outcomes of the SAFE obligations, including a liquidity event, next equity financing and dissolution, as these events became known or knowable as of the valuation date.


	Year Ended December 31,
	2024			2023
Expected term to underlying triggering events (in years)		0.7			0.4 – 3.0
Discount rate		20.9	%		26.0	%
Volatility		60.7	%		49.9 – 102.3	%

Redeemable Convertible Preferred Stock Warrants


	Year Ended December 31,
	2024		2023
Exercise price	$	0.001 – $2.34	$	0.001 – $2.34
Expected term (in years)		3.6 – 7.7		4.6 – 8.7
Risk-free interest rate		4.3% – 4.5%		3.8% – 3.9%
Volatility		80.3%		83.1%
Dividend yield		—		—

Fair Value Remeasurement

The following table summarizes changes in the estimated fair values of these liabilities (in thousands):


	SAFE		Redeemable Convertible Preferred Stock Warrants			Total
Balance as of December 31, 2022	$	—	$	1,451		$	1,451
Issuance of SAFE		10,000		—			10,000
Correction of an immaterial error of redeemable convertible preferred stock warrants		—		720			720
Fair value remeasurement		—		(126	)		(126	)

Balance as of December 31, 2023		10,000		2,045			12,045

Issuance of SAFEs		45,192		—			45,192
Fair value remeasurement		4,109		(426	)		3,683

Balance as of December 31, 2024	$	59,301	$	1,619		$	60,920

Ares Acquisition Corporation II [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

8. FAIR VALUE MEASUREMENTS

As of June 30, 2025 and December 31, 2024, assets held in the Trust Account are comprised of cash and investments in U.S. government securities. During the three and six months ended June 30, 2025, certain shareholders elected to redeem an aggregate of 640,288 Class A ordinary shares in connection with the approval of the Extension, for which the Company paid cash from the Trust Account in the aggregate amount of $

7,143,312

(approximately $

11.16

per share) to such redeeming shareholders. During the three and six months ended June 30, 2025 and 2024, the Company did not withdraw any interest income from the Trust Account.

The following table presents information about the Company’s financial assets that are measured at fair value as of June 30, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:


Description	Level		As of June 30, 2025		As of December 31, 2024
Assets, at fair value
Investments held in Trust Account		1	$	558,149,739	$	550,800,038

8. FAIR VALUE MEASUREMENTS

As of December 31, 2024 and 2023, assets held in the Trust Account are comprised of cash and investments in U.S. government securities. During the years ended December 31, 2024 and 2023, the Company did not withdraw any interest income from the Trust Account.

The following table presents information about the Company’s financial assets that are measured at fair value as of December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:


Description	Level	As of December 31, 2024		As of December 31, 2023
Assets, at fair value
Investments held in Trust Account	1	$	550,800,038	$	523,038,352

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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+ Details

Related Party Transactions - Administrative Service Fee (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 20, 2023	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
General and administrative expenses				$ 12,286,000	$ 10,528,000	$ 20,999,000	$ 20,305,000
Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
General and administrative expenses		$ 5,506,346	$ 373,422	8,211,992	828,934	1,775,527	1,122,892
Due to related party		52,582		52,582		50,221	7,500
Monthly Fee	$ 16,667
Sponsor \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Administrative Fees Expense	$ 16,667
Sponsor \| Monthly Fee For General And Administrative Services \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Due to related party						0	0
Related Party \| Sponsor \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Management fee, monthly amount							$ 139,447
Related Party \| Sponsor \| Monthly Fee For General And Administrative Services \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
General and administrative expenses		50,001			$ 100,002	200,004
Due to related party		$ 0		$ 0		$ 0

Related Party Transactions	6 Months Ended	12 Months Ended
Related Party Transactions	Jun. 30, 2025	Dec. 31, 2024
Ares Acquisition Corporation II [Member]
RELATED PARTY TRANSACTIONS	4. RELATED PARTY TRANSACTIONS Sponsor Shares On March 19, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration of the Company’s Class B ordinary shares. Through April 25, 2023, the Company effectuated a share surrender and share recapitalizations resulting in the Sponsor holding an aggregate of 12,937,500 Class B ordinary shares, which would represent 20% of the outstanding shares upon completion of the offering. The Sponsor agreed to forfeit up to 1,687,500 Class B ordinary shares to the extent that the underwriters’ over-allotment option was not exercised in full so that the Class B ordinary shares would represent, on an as-converted basis, 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On April 25, 2023, the underwriters partially exercised the over-allotment option to purchase 5,000,000 Units; thus, 1,250,000 Class B ordinary shares were no longer subject to forfeiture. On June 5, 2023, following the expiration of the remaining over-allotment option, the Sponsor forfeited 437,500 Class B ordinary shares. The Class B ordinary shares will automatically convert into Class A ordinary shares upon consummation of a Business Combination, or earlier at the option of the holders of the Class B ordinary shares, on a one-for-one basis, subject to certain adjustments, as described in Note 6. The Sponsor has agreed not to transfer, assign or sell any of the Class B ordinary shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) subsequent to the consummation of a Business Combination, (a) if the last reported sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, or (b) subsequent to a Business Combination, the date on which the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. On April 22, 2025, in connection with the Extension, the Company issued an aggregate of 12,500,000 Class A ordinary shares to the Sponsor upon the conversion by the Sponsor of an equal number of Class B ordinary shares. The 12,500,000 Class A ordinary shares issued in connection with the Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described in the Company’s prospectus for its Initial Public Offering. Following the Conversion, there are no Class B ordinary shares issued and outstanding. Private Placement Warrants Concurrently with the closing of the Initial Public Offering, the Company consummated the Private Placement of 14,300,000 Private Placement Warrants, including 1,000,000 Private Placement Warrants to cover over-allotments, for an aggregate purchase price of $14,300,000 in a Private Placement to the Sponsor. Each Private Placement Warrant is exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the public shares, and the Private Placement Warrants may expire worthless. Other Receivables The Company incurred certain costs to obtain the Extension and to file the Registration Statement. A portion of such costs was agreed to be repaid by Kodiak upon the earlier of (i) closing of the Proposed Business Combination by the post-Business Combination entity and (ii) termination of the Business Combination Agreement. As of June 30, 2025, the portion of costs expected to be repaid by Kodiak was $2,441,582 and is reflected within other receivables in the accompanying condensed balance sheets. Related Party Loans Overfunding Loans Concurrently with the closing of the Initial Public Offering, the Sponsor extended the Base Overfunding Loan in the amount of $4,500,000 to the Company. On April 25, 2023, simultaneously with the sale of the Over-Allotment Units, the Sponsor further extended the Over-allotment Overfunding Loan in the amount of $500,000 to the Company, for an aggregate outstanding principal amount of $5,000,000. The Overfunding Loans will be repaid upon the closing of the initial Business Combination or converted into warrants of the post-Business Combination entity at a price of $1.00 per warrant (or any combination of repayment or conversion), at the Sponsor’s discretion, which warrants will be identical to the Private Placement Warrants. The Overfunding Loans are being extended in order to ensure that the amount in the Trust Account is $10.10 per public share. If the Company does not complete an initial Business Combination, the Company will not repay the Overfunding Loans from amounts held in the Trust Account, however, the Company may repay the Overfunding Loans if there are funds available outside the Trust Account. As of June 30, 2025 and December 31, 2024, the Company had $5,000,000 outstanding in connection with the Overfunding Loans as reflected in the accompanying condensed balance sheets Extension Note On April 22, 2025, in connection with the approval of the Extension, the Sponsor agreed to make monthly deposits directly to the Trust Account of $0.02 for each outstanding Class A ordinary share, other than Class A ordinary shares held by the Sponsor upon any conversion of Class B ordinary shares, beginning on April 25, 2025. 50% of the aggregate Contributions will be an obligation of the Company pursuant to the Extension Note. The Extension Note will be repaid to the Sponsor on the Maturity Date. The Maturity Date may be accelerated upon the occurrence of certain events of default. Any outstanding principal under the Extension Note may be prepaid at any time by the Company, at its election and without penalty. In addition, Kodiak has agreed to reimburse the Sponsor for 50% of the aggregate Contributions. For the three and six months ended June 30, 2025, the Sponsor deposited $2,961,583 into the Trust Account. As of June 30, 2025, there was $1,480,791 outstanding under the Extension Note and $1,480,792, which represents Kodiak’s 50% obligation, is reflected within deferred financing obligation in the accompanying condensed balance sheets. If the Proposed Business Combination closes, the aggregate amount of all Contributions will be repaid in full by the post-Business Combination entity at the time of the closing of the Proposed Business Combination. Working Capital Loan On June 23, 2025, the Company issued a promissory note to the Sponsor in respect of the Working Capital Loan of up to $2,000,000. The Working Capital Loan is non-interest bearing and is repayable upon the earlier of the (i) consummation of the Business Combination and (ii) last day the Company has to complete a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association. The maturity date of the Working Capital Loan may be accelerated upon the occurrence of certain events of default as defined in the promissory note governing the Working Capital Loan. Any outstanding principal under the Working Capital Loan may be prepaid at any time by the Company without penalty. If the Company does not consummate the Business Combination, the Working Capital Loan will be repaid solely to the extent that the Company has funds available to it, if any, outside of its Trust Account. The total principal amount of the Working Capital Loan may be converted, in whole or in part, at the option of the Sponsor into warrants of the post-Business Combination entity at a price of $1.00 per warrant, with each warrant exercisable for one share of stock of the post-Business Combination entity. The warrants will otherwise be identical to the Private Placement Warrants. As of June 30, 2025, there was $1,232,707 outstanding under the Working Capital Loan. As of December 31, 2024, the Company had no Working Capital Loan outstanding. Administrative Service Fee On April 20, 2023, the Company has agreed to pay the Sponsor, or an affiliate of the Sponsor, a monthly fee of $16,667 for office space, utilities, secretarial support and administrative services. This arrangement will terminate upon completion of a Business Combination or the distribution of the Trust Account to the public shareholders. The Company incurred $50,001 and $100,002 during the three and six months ended June 30, 2025 and 2024, respectively, in expenses in connection with such services. These expenses were presented within general and administrative expenses in the accompanying unaudited condensed statements of operations. As of June 30, 2025 and December 31, 2024, the Company had no outstanding balance due to related party in connection with such services as reflected in the accompanying condensed balance sheets. Advances from Related Parties The Sponsor, or an affiliate of the Sponsor, paid certain operating costs on behalf of the Company. These advances are due on demand and are non-interest bearing. As of June 30, 2025 and December 31, 2024, the Company had $52,582 and $50,221, respectively, outstanding in due to related party as reflected in the accompanying condensed balance sheets. Advisory Agreement On April 20, 2023, the Company engaged AMCM, an affiliate of the Sponsor, to provide consulting and advisory services to the Company in connection with the Initial Public Offering and the initial Business Combination. Ares Management Capital Markets LLC received an advisory fee of $2,000,000, paid upon the closing of the Initial Public Offering, and will receive a deferred advisory fee of $3,500,000, payable solely in the event that the Company completes the initial Business Combination. The fees are reimbursed from a portion of the fees paid to the underwriters. On April 11, 2025, the Company and AMCM agreed to adjust the aggregate amount payable to AMCM as a deferred Initial Public Offering advisory fee to $2,777,777.	4. RELATED PARTY TRANSACTIONS Class B Ordinary Shares On March 19, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration of the Company’s Class B ordinary shares. Through April 25, 2023, the Company effectuated a share surrender and share recapitalizations resulting in the Sponsor holding an aggregate of 12,937,500 Class B ordinary shares, which would represent 20% of the outstanding shares upon completion of the offering. The Sponsor agreed to forfeit up to 1,687,500 Class B ordinary shares to the extent that the underwriters’ over-allotment option was not exercised in full so that the Class B ordinary shares would represent, on an as-converted basis, 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On April 25, 2023, the underwriters partially exercised the over-allotment option to purchase 5,000,000 Units; thus, 1,250,000 Class B ordinary shares were no longer subject to forfeiture. On June 5, 2023, following the expiration of the remaining over-allotment option, the Sponsor forfeited 437,500 Class B ordinary shares. The Class B ordinary shares will automatically convert into Class A ordinary shares upon consummation of a Business Combination, or earlier at the option of the holders of the Class B ordinary shares, on a one-for-one basis, subject to certain adjustments, as described in Note 6. The Sponsor has agreed not to transfer, assign or sell any of the Class B ordinary shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) subsequent to the consummation of a Business Combination, (a) if the last reported sale price of the Company’s Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination, or (b) subsequent to a Business Combination, the date on which the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note On March 19, 2021, the Company issued a promissory note to the Sponsor, pursuant to which the Sponsor agreed to loan the Company up to an aggregate of $300,000 to be used for the payment of costs related to the Initial Public Offering (the “Promissory Note”). On February 8, 2023, the Company amended the Promissory Note with an effective date as of December 31, 2021 to increase the principal up to $400,000. The Promissory Note was non-interest bearing, unsecured and payable upon the completion of the Initial Public Offering. The Company borrowed $366,781 under the Promissory Note and fully repaid the Promissory Note on April 25, 2023. Borrowings under the Promissory Note were no longer available after consummation of the Initial Public Offering. Private Placement Warrants Concurrently with the closing of the Initial Public Offering, the Company consummated the private placement of 14,300,000 Private Placement Warrants, including 1,000,000 Private Placement Warrants to cover over-allotments, for an aggregate purchase price of $14,300,000 in a private placement to the Sponsor. Each Private Placement Warrant is exercisable to purchase one share of Class A ordinary shares at a price of $11.50 per share. A portion of the proceeds from the Private Placement Warrants was added to the proceeds from the Initial Public Offering to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period (as it may be extended), the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the public shares, and the Private Placement Warrants may expire worthless. Overfunding Loans Concurrently with the closing of the Initial Public Offering, the Sponsor extended the Base Overfunding Loan in the amount of $4,500,000 to the Company. On April 25, 2023, simultaneously with the sale of the Over- Allotment Units, the Sponsor further extended the Over-allotment Overfunding Loan in the amount of $500,000 to the Company, for an aggregate outstanding principal amount of $5,000,000. The Overfunding Loans will be repaid upon the closing of the initial Business Combination or converted into warrants of the post-business combination entity at a price of $1.00 per warrant (or any combination of repayment or conversion), at the Sponsor’s discretion, which warrants will be identical to the Private Placement Warrants. The Overfunding Loans are being extended in order to ensure that the amount in the Trust Account is $10.10 per public share. If the Company does not complete an initial Business Combination, the Company will not repay the Overfunding Loans from amounts held in the Trust Account, however, the Company may repay the Overfunding Loans if there are funds available outside the Trust Account. As of December 31, 2024 and 2023, the Company had $5,000,000 outstanding in connection with the Overfunding Loans as reflected in the accompanying balance sheets. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor may loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. As of December 31, 2024 and 2023, the Company had no outstanding borrowings under the Working Capital Loans. Administrative Service Fee On April 20, 2023, the Company has agreed to pay the Sponsor, or an affiliate of the Sponsor, a monthly fee of $16,667 for office space, utilities, secretarial support and administrative services. This arrangement will terminate upon completion of a Business Combination or the distribution of the Trust Account to the public shareholders. The Company incurred $200,004 and $139,447, respectively, during the years ended December 31, 2024 and 2023 in expenses in connection with such services. These expenses were presented within general and administrative expenses in the accompanying statements of operations. As of December 31, 2024 and 2023, the Company had no outstanding balance in accrued expenses in connection with such services as reflected in the accompanying balance sheets. Advances from Related Parties The Sponsor, or an affiliate of the Sponsor, paid certain operating costs on behalf of the Company. These advances are due on demand and are non-interest bearing. As of December 31, 2024 and 2023, the Company had $50,221 and $7,500, respectively, outstanding in due to related party as reflected in the accompanying balance sheets. Advisory Agreement On April 20, 2023, the Company engaged Ares Management Capital Markets LLC, an affiliate of the Company’s Sponsor, to provide consulting and advisory services to the Company in connection with the Initial Public Offering and the initial Business Combination. Ares Management Capital Markets LLC received a n IPO advisory fee of $2,000,000, paid upon the closing of the Initial Public Offering, and will receive a deferre d IPO advisory fee of $3,500,000, payable solely in the event that the Company completes the initial Business Combination. The fees are reimbursed from a portion of the fees paid to the underwriters.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Description of Business

1. Description of Business

Kodiak Robotics, Inc. (the “Company”) was incorporated in 2018 in the State of Delaware and is headquartered in Mountain View, California. The Company is a provider of

AI-powered

autonomous vehicle technology that is addressing the needs of the commercial trucking industry and the public sector. The Company has developed the Kodiak Driver, a single-platform virtual driver that combines advanced

AI-powered

software with modular hardware designed for customer deployments. The Company does not have any operations outside the United States.

In April 2025, the Company entered into a definitive business combination agreement (“BCA”) with Ares Acquisition Corporation II (“AACT”), a publicly traded special purpose acquisition company (“SPAC”). Upon closing of the transaction, the combined company will be named Kodiak AI, Inc. and is expected to be traded on a national securities exchange under the new ticker symbol “KDK”. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions. In connection with the consummation of the transaction contemplated by the BCA, immediately prior to the closing, certain convertible notes issued in 2025 under the second lien loan and security agreement (as amended, the “Second Lien Loan Agreement”) are expected to automatically convert into equity securities of the Company (see Note 5). Beginning April 25, 2025, Ares Acquisition Holdings II L.P. (“Sponsor”) agreed to make monthly contributions directly to AACT’s trust account of $1.0 million, up to a maximum aggregate amount of $9.9 million. The post-closing company will reimburse the Sponsor for the aggregate amount of all contributions upon closing. If the proposed transaction does not close, 50% of the aggregate contributions paid by Sponsor will be an obligation of the Company and 50% will be an obligation of AACT (see Note 5). In addition, the Company is also obligated to reimburse certain transaction costs incurred by AACT pursuant to the BCA. If the proposed transaction does not close, 50% of these transaction costs incurred by AACT will be an obligation of the Company and 50% will be an obligation of AACT (see Note 5).

Liquidity and Going Concern

The Company has incurred recurring net losses and negative cash flows from operations since inception and, as of June 30, 2025, had an accumulated deficit of $510.1 million. As of June 30, 2025, the Company had cash and cash equivalents of $20.2 million and debt, current portion of $30.3 million. The Company expects to incur additional losses and increased expenses in future periods as it continues to scale its business, invest in research and development efforts, increase employee headcount, and incur other expenses commonly associated with being a public company. These factors in the aggregate raise substantial doubt regarding the Company’s ability to continue as a going concern for at least one year after the date these condensed financial statements were issued.

To date, the Company has financed its operations primarily from the sales and issuances of redeemable convertible preferred stock, simple agreements for future equity (“SAFEs”), cash flows from operations, and borrowings under debt facilities, including second lien loans. The Company’s ability to achieve its intended business objectives is dependent upon, among other things, its ability to scale its

Driver-as-a-Service

(“DaaS”) business, grow its customer base, manage its expenses, or otherwise successfully execute its business and marketing strategy, obtain adequate financing to fund its business plan, and hire and retain appropriate personnel. While the Company has been reviewing a number of potential strategic alternatives regarding its liquidity, including securing alternative sources for additional financing, such alternatives may not be achievable on favorable conditions, or at all. Future capital requirements will depend on many factors, including the rate of adoption for its autonomous driving solutions and associated revenue growth, the expansion of supporting activities, and the timing and extent of research and development efforts.

The Company is pursuing a transaction with a SPAC and expects to use the proceeds from the SPAC transaction to support its operations. There can be no assurance that the SPAC transaction will be successful. In the event the Company does not complete its SPAC transaction, the Company may seek additional equity or debt financing, including through strategic partnerships. Management also plans to manage the Company’s cash burn by controlling expenditures. Failure to generate sufficient cash flow from operations, raise additional capital and manage discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying condensed financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

1.	Description of Business

Kodiak Robotics, Inc. (the “Company”) was incorporated in 2018 in the State of Delaware and is headquartered in Mountain View, California. The Company is a provider of AI-powered autonomous vehicle technology that is addressing the needs of the commercial trucking industry and the public sector. The Company has developed the Kodiak Driver, a single-platform virtual driver that combines advanced

AI-powered

software with modular hardware designed for customer deployments. The Company does not have any operations outside the United States.

Liquidity and Going Concern

The Company has incurred recurring net losses and negative cash flows from operations since inception and, as of December 31, 2024, had an accumulated deficit of $268.1 million. As of December 31, 2024, the Company had cash and cash equivalents of $16.7 million and debt, current portion of $16.8 million. The Company expects to incur additional losses and increased expenses in future periods as it continues to scale its business, invest in research and development efforts, increase employee headcount, and incur other expenses commonly associated with being a public company. These factors in the aggregate raise substantial doubt regarding the Company’s ability to continue as a going concern for at least one year after the date these financial statements were issued.

To date, the Company has financed its operations primarily from the sales and issuances of redeemable convertible preferred stock, simple agreements for future equity, cash flows from operations, and borrowings under debt facilities. The Company’s ability to achieve its intended business objectives is dependent upon, among other things, its ability to scale its

Driver-as-a-Service

The

Company

is pursuing a transaction with a SPAC and expects to use the proceeds from the SPAC transaction to support its operations. There can be no assurance that the SPAC transaction will be successful. In the event the Company does not complete its SPAC transaction, the Company may seek additional equity or debt financing, including through strategic partnerships. Management also plans to manage the Company’s cash burn by controlling expenditures. Failure to generate sufficient cash flow from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Ares Acquisition Corporation II [Member]

Description of Business

1. ORGANIZATION

Ares Acquisition Corporation II (“AACT” or the “Company”) was incorporated as a Cayman Islands exempted company on March 15, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

As of June 30, 2025, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through June 30, 2025 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and since the closing of the Initial Public Offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates

non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s Initial Public Offering was declared effective on April 20, 2023. On April 25, 2023, the Company consummated its Initial Public Offering of 50,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “public shares”) at $10.00 per Unit, including 5,000,000 Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit. Each Unit consists of one Class A ordinary share and

one-half

of one redeemable warrant (“Public Warrant”) (see Note 3). The Initial Public Offering generated gross proceeds of $500,000,000, and incurred offering costs of $28,550,129, of which $17,500,000 was for deferred underwriting commissions (see Note 5). On April 11, 2025, the Company, Ares Management Capital Markets LLC (“AMCM”), and the representatives of the several underwriters in connection with the Company’s Initial Public Offering agreed to adjust the aggregate amount payable to the underwriters as a deferred underwriting fee and to AMCM as a deferred Initial Public Offering advisory fee to an aggregate amount of $8,359,410.

Simultaneously with the closing of the Initial Public Offering: (i) the Company consummated the sale of 14,300,000 warrants (the “Private Placement Warrants”), including 1,000,000 Private Placement Warrants to cover over-allotments, for an aggregate purchase price of $14,300,000, in a private placement (the “Private Placement”) to Ares Acquisition Holdings II LP, a Cayman Islands exempted limited partnership (the “Sponsor”) and (ii) the Sponsor extended to the Company a

non-interest

bearing promissory note of $4,500,000 (the “Base Overfunding Loan”) and an additional

non-interest

bearing promissory note of $500,000 (the “Over-allotment Overfunding Loan”) in connection with the sale of the Over-Allotment Units, for which both loans are collectively referred to as the “Overfunding Loans,” for a total outstanding balance of $5,000,000 (see Note 4).

Upon the closing of the Initial Public Offering and the Private Placement, $505,000,000 ($10.10 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement and the Overfunding Loans were placed in a trust account (“Trust Account”) located in the United States and invested solely in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule

2a-7

of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination; and (ii) the distribution of the Trust Account, as described below.

of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses that together have a fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting fees and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination entity owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.

The Company will provide its holders of the outstanding public shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the consummation of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to convert their public shares for a pro rata portion of the amount then in the Trust Account (initially $10.10 per public share, plus any pro rata interest earned on the funds held in the Trust Account and net of taxes paid or payable, if any). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The public shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

The Company will proceed with a Business Combination only if it obtains the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of shareholders holding a majority of ordinary shares who attend and vote at a shareholder meeting. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Class B ordinary shares, and the Sponsor and the Company’s officers and directors have agreed to vote any public shares acquired in or after the Initial Public Offering in favor of a Business Combination. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or abstain from voting on the proposed transaction.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct conversion pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from converting its shares with respect to more than an aggregate of 15% or more of the public shares sold in the Initial Public Offering, without the prior consent of the Company.

a Business Combination and (ii) not to propose an amendment to (a) modify the substance or timing of the Company’s obligation to provide for the redemption of its public shares in connection with a Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete a Business Combination by the Combination Period (as defined below) or (b) with respect to any other material provisions relating to shareholders’ rights or

pre-initial

Business Combination activity, unless the Company provides the public shareholders with the opportunity to redeem their public shares in conjunction with any such amendment.

On April 14, 2025, the Company entered into a business combination agreement with Kodiak Robotics Inc., a Delaware corporation (“Kodiak”) (see “Proposed Business Combination” below).

On April 22, 2025, the Company held an extraordinary general meeting of shareholders (the “Shareholder Meeting”) and approved a proposal to amend the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which the Company has to consummate an initial business combination from April 25, 2025 to January 26, 2026, or such earlier date as the Company’s board of directors may approve, or such later date that the shareholders may approve, in accordance with the Company’s Amended and Restated Memorandum and Articles of Association (the “Extension”). In connection with the approval of the Extension, certain shareholders elected to redeem an aggregate of 640,288 Class A ordinary shares, for which the Company paid cash from the Trust Account in the aggregate amount of $7,143,312 (approximately $11.16 per share) to such redeeming shareholders.

In connection with the Extension, the Company issued an aggregate of 12,500,000 Class A ordinary shares to the Sponsor upon the conversion (the “Conversion”) by the Sponsor of an equal number of Class B ordinary shares. The 12,500,000 Class A ordinary shares issued in connection with the Conversion are subject to the same restrictions that applied to the Class B ordinary shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described in the Company’s prospectus for its Initial Public Offering. As of August

, 2025, there were 61,859,712 Class A ordinary shares and no Class B ordinary shares issued and outstanding (following the Conversion and redemptions in connection with the Shareholder Meeting).

In connection with the approval of the Extension, the Sponsor agreed to make monthly deposits directly to the Trust Account of $0.02 for each outstanding Class A ordinary share, other than Class A ordinary shares held by the Sponsor upon any conversion of Class B ordinary shares (each deposit, a “Contribution”), beginning on April 25, 2025. 50% of the aggregate Contributions will be an obligation of the Company pursuant to a

non-interest

bearing, unsecured promissory note (the “Extension Note”) issued by the Company to the Sponsor (see Note 4). The Extension Note will be repaid to the Sponsor on the earlier of (i) the consummation of a business combination, and (ii) January 26, 2026 (the earlier of (i) and (ii), the “Maturity Date”). In addition, Kodiak has agreed to reimburse the Sponsor for 50% of the aggregate Contributions. For the three and six months ended June 30, 2025, the Sponsor deposited $2,961,583 into the Trust Account. If the Proposed Business Combination (as defined herein) closes, the aggregate amount of Contributions will be repaid in full by the post-Business Combination entity at the time of the closing of the Proposed Business Combination.

On June 23, 2025, the Company issued a promissory note to the Sponsor in respect of a working capital loan (the “Working Capital Loan”) of up to $2,000,000. The Working Capital Loan is

non-interest

bearing and is repayable upon the earlier of the (i) consummation of the Business Combination and (ii) last day the Company has to complete a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association. The maturity date of the Working Capital Loan may be accelerated upon the occurrence of certain events of default as defined in the promissory note governing the Working Capital Loan. Any outstanding principal under the Working Capital Loan may be prepaid at any time by the Company without penalty. If the Company does not consummate the Business Combination, the Working Capital Loan will be repaid solely to the

extent that the Company has funds available to it, if any, outside of its Trust Account. The total principal amount of the Working Capital Loan may be converted, in whole or in part, at the option of the Sponsor into warrants of the post-Business Combination entity at a price of $1.00 per warrant, with each warrant exercisable for one share of stock of the post-Business Combination entity. The warrants will otherwise be identical to the Private Placement Warrants. As of June 30, 2025, there was $1,232,707 outstanding under the Working Capital Loan.

The Company has until January 26, 2026, as extended, or such earlier date as the Company’s board of directors may approve, or such later date that the shareholders may approve, in accordance with the Company’s Amended and Restated Memorandum and Articles of Association to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest income to pay liquidation expenses) divided by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to the Company’s obligations under Cayman Islands law to provide for claims of creditors and to the other requirements of applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which may expire worthless if the Company fails to complete a Business Combination within the Combination Period.

The Sponsor has agreed to waive its liquidation rights with respect to its Class A ordinary shares received in connection with the Conversion if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor or the Company’s officers or directors acquire public shares in or after the Initial Public Offering, such public shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commissions (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below (i) $10.10 per public share or (ii) such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all material vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Proposed Business Combination

On April 14, 2025, the Company entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”), by and among the Company, Kodiak, and AAC II Merger Sub, Inc., a Delaware corporation (“Merger Sub”). The transactions contemplated by the Business Combination Agreement are referred to as the “Proposed Business Combination.” Concurrently with the execution of the Business Combination Agreement, the Company entered into a sponsor support agreement with Kodiak and the Sponsor (the “Sponsor Support Agreement”), and certain stockholders of Kodiak entered into certain company support agreements with Kodiak and the Company. The Business Combination Agreement and the Proposed Business Combination were unanimously approved by the board of directors of each of the Company (including, in the case of the Company, the special committee of the board of directors, which consists of its independent directors), Merger Sub and Kodiak.

Concurrently with the execution of the Business Combination Agreement, in connection with a financing effort related to the Business Combination, the Company entered into subscription agreements with certain institutional and accredited investors (the “PIPE Investors” and the subscription agreements, the “Subscription Agreements”). Under the terms of the Subscription Agreements, the PIPE Investors agreed, subject to the terms and conditions set forth in the Subscription Agreements, and following the domestication, to subscribe for and purchase an aggregate of $60.0 million worth of shares of the post-Business Combination entity (the “PIPE Stock”). The base purchase price per share for the PIPE Stock will equal the redemption price of the Class A ordinary shares in connection with the closing of the Proposed Business Combination (the “Redemption Price”), subject to adjustment such that the purchase price per share will be 90% of the Redemption Price for any PIPE Investor that subscribes for $50.0 million or more of PIPE Stock. We refer to such transactions as the “PIPE Investments.” The closing of the PIPE Investments is conditioned upon, among other things, the completion or concurrent consummation of the Proposed Business Combination.

In connection with the potential PIPE Investments, the Company entered into arrangements with certain placement agents pursuant to which such placement agents and certain other parties will receive up to 4.0% of funds raised in connection with the PIPE Investment (inclusive of the net proceeds of the Company’s Initial Public Offering remaining in the Trust Account immediately prior to the closing of the Proposed Business Combination) upon the successful consummation of a PIPE Investment subject to the payment of minimum amounts to certain placement agents. If the PIPE Investment does not occur, the Company will only be required to pay the minimum amount and will not be required to pay these contingent fees. The actual amount of fees payable will be based upon the final amounts in the PIPE Investment. No fees will be payable to the placement agents in connection with their role as placement agents in the event that the Company does not consummate the Proposed Business Combination.

For further details on the Proposed Business Combination, refer to the Current Report on Form

8-K

filed by the Company with the SEC on April 14, 2025 and the registration statement on Form

S-4

initially filed by the Company with the SEC on May 14, 2025, and any amendments thereto (the “Registration Statement”).

Risks and Uncertainties

Management has evaluated the impact of persistent inflation and rising interest rates, financial market instability and certain geopolitical events. Management has concluded that while it is reasonably possible that the risks and uncertainties related to or resulting from these events could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of these risks and uncertainties.

Going Concern Considerations, Liquidity and Capital Resources

As of June 30, 2025, the Company had $137,896 in cash held outside of the Trust Account and a working capital deficit of $9,332,370.

As of June 30, 2025, the Company had investments held in the Trust Account of $558,149,739, consisting of cash and investments in U.S. government securities. Interest income on the balance in the Trust Account may be used by the Company to pay taxes, and to pay up to $100,000 of any dissolution expenses.

The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover certain expenses in exchange for the issuance of the Class B ordinary shares, a loan of $366,781 from the Sponsor, and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the loan from the Sponsor in full on April 25, 2023.

On June 23, 2025, the Company issued a Working Capital Loan to the Sponsor of up to $2,000,000 (see Note 4). The Working Capital Loan is

non-interest

bearing and is repayable upon the earlier of the (i) consummation of the Business Combination and (ii) last day the Company has to complete a Business Combination pursuant to its Amended and Restated Memorandum and Articles of Association. If the Company does not consummate the Business Combination, the Working Capital Loan will be repaid solely to the extent that the Company has funds available to it, if any, outside of its Trust Account. As of June 30, 2025, there was $1,232,707 outstanding under the Working Capital Loan.

Management has determined that the extended mandatory liquidation of the Trust Account, as approved on April 22, 2025, should a business combination not occur by January 26, 2026, raises substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the unaudited condensed financial statements are issued. Management plans to complete the initial Business Combination prior to the extended mandatory liquidation date of the Trust Account and expects to receive financing from the Sponsor or an affiliate of the Sponsor to meet its obligations through the time of liquidation of the Trust Account or the completion of the initial Business Combination. There is no assurance that the plans to consummate the initial Business Combination will be successful or successful within the Combination Period. The unaudited condensed financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

1. ORGANIZATION

Ares Acquisition Corporation II (the “Company”) was incorporated as a Cayman Islands exempted company on March 15, 2021. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”).

As of December 31, 2024, the Company had not commenced any operations. All activity for the period from March 15, 2021 (inception) through December 31, 2024 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”) described below, and since the closing of the Initial Public Offering, the search for a prospective initial business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates

non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s Initial Public Offering was declared effective on April 20, 2023. On April 25, 2023, the Company consummated its Initial Public Offering of 50,000,000 units (the “Units” and, with respect to the shares Class A ordinary shares included in the Units being offered, the “public shares”) at $10.00 per Unit, including 5,000,000 Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, which is discussed in Note 3, generating gross proceeds of $500,000,000, and incurring offering costs of $28,550,129, of which $17,500,000 was for deferred underwriting commissions (see Note 5). Each Unit consists of one Class A ordinary share and

one-half

of one redeemable warrant (“Public Warrant”).

Simultaneously with the closing of the Initial Public Offering: (i) the Company consummated the sale of 14,300,000 warrants (the “Private Placement Warrants”), including 1,000,000 Private Placement Warrants to cover over-allotments, for an aggregate purchase price of $14,300,000, in a private placement to Ares Acquisition Holdings II LP, a Cayman Islands exempted limited partnership (the “Sponsor”) and (ii) the Sponsor extended to the Company a

non-interest

bearing promissory note of $4,500,000 (the “Base Overfunding Loan”) and an additional

non-interest

Upon the closing of the Initial Public Offering and the private placement, $505,000,000 ($10.10 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the private placement and the Overfunding Loans were placed in a trust account (“Trust Account”) located in the United States and invested solely in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule

2a-7

of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination; and (ii) the distribution of the Trust Account, as described below.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The

Company’s initial Business Combination must be with one or more target businesses that together have a fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting fees and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-business combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.

The Sponsor and the Company’s officers and directors have agreed (i) to waive their redemption rights with respect to their Class B ordinary shares and any public shares held by them in connection with the completion of a Business Combination and (ii) not to propose an amendment to (a) modify the substance or timing of the

Company’s obligation to provide for the redemption of its public shares in connection with a Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete a Business Combination by the Combination Period (as defined below) or (b) with respect to any other material provisions relating to shareholders’ rights or

pre-initial

Business Combination activity, unless the Company provides the public shareholders with the opportunity to redeem their public shares in conjunction with any such amendment.

The Company has until April 25, 2025 to complete a Business Combination (the “Combination Period”). The Company is currently seeking shareholder approval to amend its Amended and Restated Memorandum and Articles of Association to extend the Combination Period. Pursuant to the Amended and Restated Memorandum and Articles of Association, in connection with the shareholder vote for an extension, holders of Class A ordinary shares will be offered an opportunity to redeem their shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable), divided by the number of then issued and outstanding Class A ordinary shares, subject to applicable law.

If the Company is unable to complete a Business Combination within the Combination Period and the Combination Period is not extended, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a

per-share

The Sponsor has agreed to waive its liquidation rights with respect to its Class B ordinary shares if the Company fails to complete a Business Combination within the Combination Period (as it may be extended). However, if the Sponsor or the Company’s officers or directors acquire public shares in or after the Initial Public Offering, such public shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period (as it may be extended). The underwriters have agreed to waive their rights to their deferred underwriting commissions (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period (as it may be extended) and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all material vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Risks and Uncertainties

Management has evaluated the impact of persistent inflation and rising interest rates, financial market instability and certain geopolitical events. Management has concluded that while it is reasonably possible that the risks and uncertainties related to or resulting from these events could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of these risks and uncertainties.

Going Concern Considerations, Liquidity and Capital Resources

As of December 31, 2024, the Company had $975,319 in its operating bank account and investments held in the Trust Account of $550,800,038 consisting of cash and investments in U.S. government securities. Interest income on the balance in the Trust Account may be used by the Company to pay taxes, and to pay up to $100,000 of any dissolution expenses.

The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover certain expenses in exchange for the issuance of the Class B ordinary shares, a loan of $366,781 from the Sponsor pursuant to the Promissory Note (see Note 4), and the proceeds from the consummation of the private placement not held in the Trust Account. The Company repaid the Promissory Note in full on April 25, 2023. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor may provide the Company with Working Capital Loans (see Note 4). As of December 31, 2024 and 2023, there were no amounts outstanding under any Working Capital Loan.

Management has determined that the mandatory liquidation of the Trust Account, should a business combination not occur, raises substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. Management plans to complete the initial Business Combination prior to the mandatory liquidation date of the Trust Account and expects to receive financing from the Sponsor or an affiliate of the Sponsor to meet its obligations through the time of liquidation of the Trust Account or the completion of the initial Business Combination. There is no financing that is currently committed and no assurance that the plans to consummate the initial Business Combination will be successful or successful within the Combination Period (as it may be extended). The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

Redeemable Convertible Preferred Stock

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

9. Redeemable Convertible Preferred Stock

As of June 30, 2025, and December 31, 2024, the Company’s redeemable convertible preferred stock consisted of the following (in thousands):


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series Seed		6,746		6,746	$	3,000	$	3,000
Series A		27,470		25,439		37,537		37,710
Series B-1		20,559		20,559		37,716		32,760
Series B-2		43,352		41,219		92,395		96,619

Total redeemable convertible preferred stock		98,127		93,963	$	170,648	$	170,089

11.	Redeemable Convertible Preferred Stock

As of December 31, 2024 and 2023, the Company’s redeemable convertible preferred stock consisted of the following (in thousands):


	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series Seed		6,746		6,746	$	3,000	$	3,000
Series A		27,470		25,439		37,537		37,710
Series B-1		20,559		20,559		37,716		32,760
Series B-2		43,352		41,219		92,395		96,619

Total redeemable convertible preferred stock		98,127		93,963	$	170,648	$	170,089

The holders of the Company’s Seed Series, Series A, Series

B-1

and Series

B-2

redeemable convertible preferred stock (collectively, “redeemable convertible preferred stock”) have the following significant terms as of December 31, 2024.

Dividends

The holders of the outstanding shares of redeemable convertible preferred stock are entitled to receive noncumulative dividends, only when, as and if, declared by the board of directors, out of any funds and assets legally available therefor, at the rate of 8.0% per annum of the original issuance price, subject to adjustment for any stock splits, stock dividends, combinations of shares, recapitalizations, reclassifications, reorganizations or other similar event including, without limitation, a SPAC transaction, and in preference to any declaration or

payment

of any dividends to the holders of common stock. No dividends have been declared or paid as of December 31, 2024.

Liquidation Rights

In the event of any liquidation event of the Company, either voluntary or involuntary, the holders of shares then outstanding of redeemable convertible preferred stock shall be entitled to receive, prior and in preference to any

distribution of the assets of the Company to the holders of common stock, a liquidation preference in an amount per share equal to the greater of (i) the original issue price, plus any declared but unpaid dividends on such shares and (ii) such amount as would have been payable had all shares of such series of redeemable convertible preferred stock been converted into common stock immediately prior to the liquidation event, or such lesser amount as may be approved by the holders of a majority of the then outstanding shares of the Series A, Series

B-1

and Series

B-2

redeemable convertible preferred stock voting together on an

as-converted

basis. If the assets available for distribution are insufficient to permit full payment to the holder of the redeemable convertible preferred stock, then the holders shall share ratably on a pari passu basis in any distribution of assets. After payment to the holders of redeemable convertible preferred stock, any remaining assets of the Company will be distributed ratably on a pari passu basis to the holders of common stock.

Voting

Each holder of redeemable convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares of redeemable convertible preferred stock are then convertible as of the record date. Except as otherwise expressly provided or as required by law, the holders of redeemable convertible preferred stock and common stock shall vote as a single class.

The holders of Series A redeemable convertible preferred stock, voting as a separate class, shall be entitled to elect one member of the board of directors for so long as at least 5,059,290 shares of Series A redeemable convertible preferred stock remain outstanding. The holders of Series

B-1

redeemable convertible preferred stock and Series

B-2

redeemable convertible preferred stock, voting together as a separate class, shall be entitled to elect one member of the board of directors for so long as at least 853,224 shares of

B-1

redeemable convertible preferred stock and

B-2

redeemable convertible preferred stock remain outstanding. The holders of common stock, voting as a separate class, shall be entitled to elect two members of the board of directors for so long as at least 7,500,000 shares of common stock remain outstanding. Any additional member of the board of directors shall be elected by the holders of a majority of the then outstanding shares of common stock and redeemable convertible preferred stock (with redeemable convertible preferred stock voting as a single class on an

as-converted

basis and the common stock and redeemable convertible preferred stock voting as separate classes).

Conversion

At the option of the holder, each share of redeemable convertible preferred stock is convertible into shares of common stock determined by dividing the applicable original issue price by the applicable conversion price in effect at the time of conversion for such series, subject to adjustment for diluting issues. The original issue price and conversion price is $0.444706 per share for Series Seed redeemable convertible preferred stock, $1.482355 per share for Series A redeemable convertible preferred stock, $1.59349 per share for Series

B-1

redeemable convertible preferred stock and $2.34405 per share for Series

B-2

redeemable convertible preferred stock.

Each share of redeemable convertible preferred stock will be automatically converted into shares of common stock, at the applicable conversion rate upon the occurrence of the following events: (i) a qualified initial public offering where the aggregate gross proceeds to the Company are not less than $100.0 million, (ii) a SPAC transaction, provided that the aggregate gross proceeds to the successor entity (including any proceeds from concurrent private placement offerings of securities by the Company and the SPAC) are not less than $100.0 million, (iii) a direct listing with an anticipated valuation of at least $500.0 million, and (iv) upon the receipt by the Company of a written request for such conversion from the holders of a majority of the redeemable convertible preferred stock then outstanding (voting together as a single class and on an

as-converted

basis), or, if later, the effective date for conversion specified in such request.

Redemption

The holders of the outstanding shares of redeemable convertible preferred stock have no redemption rights outside of a liquidation event, which was outside of the Company’s control as of December 31, 2024 and 2023.

Redeemable Convertible Preferred Stock - Schedule Of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Redeemable Convertible Preferred Stock [Line Items]
Redeemable convertible preferred stock	$ 170,648	$ 170,648	$ 170,648
Series Seed Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Shares Authorized	6,746	6,746
Shares Issued and Outstanding	6,746	6,746
Redeemable convertible preferred stock	$ 3,000	$ 3,000
Liquidation Preference	$ 3,000	$ 3,000
Series A Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Shares Authorized	27,470	27,470
Shares Issued and Outstanding	25,439	25,439
Redeemable convertible preferred stock	$ 37,537	$ 37,537
Liquidation Preference	$ 37,710	$ 37,710
Series B1 Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Shares Authorized	20,559	20,559
Shares Issued and Outstanding	20,559	20,559
Redeemable convertible preferred stock	$ 37,716	$ 37,716
Liquidation Preference	$ 32,760	$ 32,760
Series B2 Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Shares Authorized	43,352	43,352
Shares Issued and Outstanding	41,219	41,219
Redeemable convertible preferred stock	$ 92,395	$ 92,395
Liquidation Preference	$ 96,619	$ 96,619
Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Shares Authorized	98,127	98,127
Shares Issued and Outstanding	93,963	93,963
Redeemable convertible preferred stock	$ 170,648	$ 170,648
Liquidation Preference	$ 170,089	$ 170,089

Cash Equivalents (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Interest and Other Income	$ 463	$ 419	$ 895	$ 2,194

Commitments And Contingencies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of contracts to purchase services under which non-cancellable future minimum payments

the Company has entered into contracts to purchase services under which

non-cancellable

future minimum payments as of June 30, 2025, were as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining six months)	$	3,415
2026		3,600
2027		2,700

Total	$	9,715

the Company has entered into contracts to purchase services under which

non-cancellable

future minimum payments as of December 31, 2024 were as follows (in thousands):


Year ended December 31,	Amount
2025	$	5,450
2026		3,600
2027		2,700

Total	$	11,750

Balance Sheet Components - Additional information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1.2	$ 2.4	$ 4.6	$ 4.2

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 20,249,000	$ 16,709,000	$ 27,756,000
Accounts receivable	535,000	1,280,000	236,000
Prepaid expenses	2,106,000	2,260,000	2,904,000
Total current assets	22,890,000	20,249,000	30,896,000
Restricted cash	1,450,000	1,450,000	1,450,000
Property and equipment, net	12,999,000	6,723,000	7,746,000
Operating lease right-of-use assets	6,210,000	7,115,000	5,920,000
Other assets	11,117,000	24,000	281,000
Total assets	54,666,000	35,561,000	46,293,000
Current liabilities:
Accounts payable	5,479,000	1,372,000	1,821,000
Accrued expenses	15,711,000	11,416,000	6,274,000
Operating lease liabilities, current	1,781,000	1,638,000	1,592,000
Debt, current portion	30,310,000	16,792,000	5,193,000
Total current liabilities	53,281,000	31,218,000	14,880,000
Debt, net of current portion	2,263,000	17,574,000	31,009,000
Second lien loans	41,894,000	0
Simple agreements for future equity	265,509,000	59,301,000	10,000,000
Operating lease liabilities, noncurrent	4,683,000	5,723,000	4,539,000
Redeemable convertible preferred stock warrant liabilities	2,917,000	1,619,000	2,045,000
Other liabilities	390,000	313,000	270,000
Total liabilities	370,937,000	115,748,000	62,743,000
Redeemable convertible preferred stock	170,648,000	170,648,000	170,648,000
Shareholders' deficit
Ordinary shares	0	0	0
Additional paid-in capital	23,136,000	17,309,000	11,587,000
Accumulated deficit	(510,055,000)	(268,144,000)	(198,685,000)
Total stockholders' deficit	(486,919,000)	(250,835,000)	(187,098,000)
Total liabilities and shareholders' deficit	54,666,000	35,561,000	46,293,000
Ares Acquisition Corporation II [Member]
Current assets:
Cash	137,896	975,319	1,905,123
Prepaid expenses	248,745	125,663	509,950
Other Receivables	2,441,582	0
Total current assets	2,828,223	1,100,982	2,415,073
Investments held in Trust Account	558,149,739	550,800,038	523,038,352
Total assets	560,977,962	551,901,020	525,453,425
Current liabilities:
Accrued expenses	9,394,513	690,348	271,633
Due to related party	52,582	50,221	7,500
Extension note	1,480,791	0
Working capital loan	1,232,707	0
Total current liabilities	12,160,593	740,569	279,133
Debt, net of current portion	5,000,000	5,000,000	5,000,000
Deferred financing obligation	1,480,792	0
Deferred underwriting and advisory fees	8,359,410	17,500,000	17,500,000
Total liabilities	27,000,795	23,240,569	22,779,133
Class A ordinary shares, $0.0001 par value; 49,359,712 and 50,000,000 shares subject to possible redemption at $11.31 and $11.01 per share at June 30, 2025 and December 31, 2024, respectively	558,049,739	550,700,038	522,938,352
Shareholders' deficit
Preference shares, $0.0001 par value; 99,990,000 shares authorized; none issued or outstanding	0	0	0
Accumulated deficit	(24,073,822)	(22,040,837)	(20,265,310)
Total stockholders' deficit	(24,072,572)	(22,039,587)	(20,264,060)
Total liabilities and shareholders' deficit	560,977,962	551,901,020	525,453,425
Ares Acquisition Corporation II [Member] \| Common Class A
Shareholders' deficit
Ordinary shares	1,250	0	0
Ares Acquisition Corporation II [Member] \| Common Class B
Shareholders' deficit
Ordinary shares	$ 0	$ 1,250	$ 1,250

Stock-based Compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 31, 2023	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock	173,751		186,223	173,751
Weighted-average grant-date fair value per share				$ 0.42	$ 0.27
Grant-date fair value of stock options				$ 3.3	$ 1.9
Expense related to unvested options			$ 55.7	$ 12.3
Estimated weighted average period			2 years 6 months	2 years 4 months 24 days
Incremental expense		$ 0.6
Accelerated compensation cost		$ 0.3
2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock	2,174,985			2,174,985
Estimated fair value of the shares	100.00%
General vesting term for stock options	4 years
General vesting term for stock options, award requisite service period	1 year
2018 Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award	five
2018 Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award	10

Net Loss Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Net Loss/Income	$ (241,911)	$ (35,963)	$ (69,459)	$ (56,945)
Weighted average shares outstanding, basic (in shares)	90,158,000		88,181,000	87,459,000
Weighted average shares outstanding, diluted (in shares)		88,026,000	88,181,000	87,459,000
Basic net loss per share (in USD per share)	$ (2.68)	$ (0.41)	$ (0.79)	$ (0.65)
Diluted net loss per share (in USD per share)	$ (2.68)	$ (0.41)	$ (0.79)	$ (0.65)
Common stock options			74,211,000	64,357,000
Warrants	1,424		1,433
Dilutive Common Stock Equivalents Outstanding	177,714,000	155,368,000	170,612,000	161,008,000
Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock	93,963,000	93,963,000	93,963,000	93,963,000
Common Stock Options [Member]
Common stock options	81,457,000	58,855,000	74,211,000	64,357,000
Redeemable Convertible Preferred Stock Warrants [Member]
Warrants	1,969,000	1,969,000	1,969,000	1,969,000
Common Stock Warrants [Member]
Warrants	325,000	581,000	469,000	719,000

Summary Of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Basis of Presentation

Use of Estimates

Risk and Uncertainties

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Concentration of Risks

The Company


	June 30, 2025			December 31, 2024
Customer A		—			78	%
Customer B		72	%		—

Customers with 10% or greater of the Company’s revenue for the six months ended June 30, 2025 and 2024 were as follows:


	Six Months Ended June 30
	2025			2024
Customer A		51	%		—
Customer B		21	%		—
Customer C		—			41	%
Customer D		—			19	%
Customer E		—			17	%

Concentration of Risks

The Company

A single customer represented 89% of revenues in both of the years ended December 31, 2024 and 2023.

Marketable Securities

available-for-sale

As of December 31, 2024 and 2023, the Company did not hold any marketable securities.

Fair Value of Financial Instruments

•

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows:

•

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Accounts Receivable

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, as follows:


	Useful life
Leasehold improvements		Shorter of remaining useful life or lease term
Vehicles		5 years
Technology infrastructure		3 years
Equipment		5 - 7 years
Other		3 - 5 years

Impairment of Long-Lived Assets

The Company reviews its long-lived assets, including property and equipment and operating lease

right-of-use

Leases

right-of-use

The Company has lease agreements with lease and

non-lease

Simple Agreements for Future Equity

The Company accounts for the contractual obligation under its SAFEs to issue a variable number of shares as a liability stated at fair value based on the expected value of shares to be issued in the future to settle the obligation with changes in fair value recognized in the Company’s statements of operations and comprehensive loss until settlement.

Redeemable Convertible Preferred Stock

Warrant to Purchase Redeemable Convertible Preferred Stock

Warrants to Purchase Redeemable Convertible Preferred Stock

Warrant to Purchase Redeemable Convertible Preferred Stock

The Company’s warrants to purchase shares of redeemable convertible preferred stock, or the redeemable convertible preferred stock warrants, are classified as liabilities as the underlying securities were contingently redeemable upon the occurrence of events that were outside of the control of the Company. The warrants were recorded at fair value upon issuance and are subsequently remeasured at fair value at the end of each balance sheet date, with changes in fair value recognized in the Company’s statements of operations and comprehensive loss until expiration or settlement.

Warrants to Purchase Common Stock

Revenue Recognition

•

identification of a contract with a customer;

•

identification of the performance obligations in the contract;

•

determination of the transaction price;

•

allocation of the transaction price to the performance obligations in the contract; and

•

recognition of revenue when or as the performance obligations are satisfied.

DaaS

Beginning in December 2024, the Company began recognizing revenue on a

per-vehicle

fee under its

Driver-as-a-Service

(“DaaS”) business model.

on-site

30-day

payment terms.

Freight Delivery

rate-per-mile

fees primarily determined by local market dynamics, which fees are generally billed upon delivery and are typically on

30-day

payment terms.

Ground Autonomy Solutions

Control is transferred at a point in time and revenue is recognized upon completion and customer acceptance of each contract’s deliverable(s).

Contract Assets and Contract Liabilities

A contract asset represents amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition.

Practical Expedients and Policy Elections

Disclosure of remaining performance obligations: The Company does not disclose remaining performance obligations for contracts that have an original expected duration of one year or less.

Revenue Recognition

•

identification of a contract with a customer;

•

identification of the performance obligations in the contract;

•

determination of the transaction price;

•

allocation of the transaction price to the performance obligations in the contract; and

•

recognition of revenue when or as the performance obligations are satisfied.

DaaS

Beginning in December 2024, the Company began recognizing revenue on a per-vehicle fee under its Driver-as-a-Service (“DaaS”) business model.

DaaS revenues were immaterial for the year ended December 31, 2024.

Freight Delivery

Ground Autonomy Solutions

Control is transferred at a point in time and revenue is recognized upon completion and customer acceptance of each contract’s deliverable(s).

Contract Assets and Contract Liabilities

A contract asset represents amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition.

Practical Expedients and Policy Elections

Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Disclosure of remaining performance obligations: The Company does not disclose remaining performance obligations for contracts that have an original expected duration of one year or less.

Research and Development

General and Administrative

Truck and Freight Operations

Truck and freight operations costs consist primarily of personnel costs and truck-related operational costs, including fuel, tires, and repair and maintenance.

Sales and Marketing

Software Development Costs

Stock-based Compensation

•

Fair Value of Common Stock

•

Expected Term

time-to-vesting

and the contractual life of the award.

•

Expected Volatility

•

Risk-Free Interest Rate

– The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of award.

•

Expected Dividend

– The expected dividend yield assumption is zero as the Company has never paid and has no plans to pay dividends on the Company’s common stock in the foreseeable future.

Income Taxes

tax-return

Basic and Diluted Net Loss Per Common Share

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the

if-converted

Comprehensive Loss

Emerging growth company.

Emerging Growth Company

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

(“ASU

2023-07”),

2023-07

on December 31, 2024, using a retrospective method. As a result of adoption, the required disclosures have been included in Note 15.

In December 2023, the FASB issued ASU

No. 2023-09,

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires entities to make incremental income tax disclosures on an annual basis. The

2023-09

on January 1, 2025 for its annual reporting period ending December 31, 2025. The Company expects that ASU

2023-09

will not have a material impact on its annual income tax disclosures.

In May 2025, the FASB issued ASU

No. 2025-03,

Business Combinations (Topic 805) and Consolidation (Topic 810)—Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

(“ASU

2025-03”),

2025-03

on April 1, 2025 on a prospective basis. The Company expects that ASU

2025-03

will impact the accounting for the transaction contemplated by the BCA such that Kodiak is expected to be the accounting acquirer.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2016-13,

Financial Instruments – Credit Losses

(Topic 326): Measurement of Credit Losses on Financial Instruments

, (“ASU

2016-13”),

2016-13

on January 1, 2023, using a modified retrospective method. The adoption of ASU

2016-13

did not have a material impact on the Company’s financial statements and related disclosures.

In August 2020, the FASB issued ASU

No. 2020-06,

Debt –

Debt with Conversion and Other Options

(Subtopic 470-20)

and

Derivatives and Hedging – Contracts in Entity’s Own Equity

(Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

(“ASU

2020-06”)

to reduce the number of accounting models for convertible debt instruments and to allow more contracts to qualify for equity classification. The Company adopted ASU

2020-06

on January 1, 2024, using a modified retrospective method. The adoption of ASU

2020-06

did not have a material impact on the Company’s financial statements and related disclosures.

In November 2023, the FASB issued ASU

No. 2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

(“ASU

2023-07”),

2023-07

on December 31, 2024, using a retrospective method. As a result of adoption, the required disclosures have been included in Note 2 and Note 17.

Deferred Offering Costs

paid-in

capital. As of June 30, 2025, the Company recorded deferred offering costs of $11.1 million within other assets in the condensed balance sheet.

Second Lien Loans

Net Income per Ordinary Share

Basic and Diluted Net Loss Per Common Share

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the

if-converted

Recent Accounting Pronouncements

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU

No. 2023-09,

Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which requires entities to make incremental income tax disclosures on an annual basis. The amendments require that public business entities disclose specific categories in the rate reconciliation and

2023-09

is effective for the Company’s annual reporting periods ending December 31, 2025 and thereafter, with early adoption permitted. The Company is evaluating adoption timing and the impact ASU

2023-09

will have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU

No. 2024-03,

Income Statement—Reporting Comprehensive Income

(Topic 220): Expense Disaggregation Disclosures

(“ASU

2024-03),

2024-03

is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim periods within years beginning after December 15, 2027, with early adoption permitted. ASU

2024-03

may be applied retrospectively or prospectively. The Company is evaluating adoption timing and the impact ASU

2024-03

will have on its financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-03,

Business Combinations (Topic 805) and Consolidation (Topic 810)—Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

Ares Acquisition Corporation II [Member]

Basis of Presentation

Annual Report on Form

10-K

for the year ended December 31, 2024 filed by the Company with the SEC on March 12, 2025.

Basis of Presentation

Use of Estimates

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Segment Reporting

The Company complies with ASU

2023-07,

which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Segment Reporting

The Company complies with ASU

2023-07,

which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Concentration of Risks

Concentration of Credit Risk

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

2a-7

Fair Value of Financial Instruments

•

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

•

2a-7

Income Taxes

ASC 740 p

rescribes

Basic and Diluted Net Loss Per Common Share

Net Income per Ordinary Share

non-redeemable

Class A ordinary shares and Class B ordinary shares, net income per share is calculated by dividing the net income by the weighted average number of shares of

non-redeemable

Non-redeemable

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Class A ordinary shares subject to possible redemption
Numerator:
Net income attributable to Class A ordinary shares subject to possible redemption	$	260,795	$	5,268,294	$	2,652,910	$	10,383,006
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		49,507,471		50,000,000		49,752,375		50,000,000

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.01	$	0.11	$	0.05	$	0.21

Non-redeemable Class A ordinary shares and Class B ordinary shares
Numerator:
Net income attributable to non-redeemable Class A ordinary shares and Class B ordinary shares	$	65,848	$	1,317,073	$	666,528	$	2,595,751
Denominator:
Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares and/or Class B ordinary shares		12,500,000		12,500,000		12,500,000		12,500,000

Basic and diluted net income per share, non-redeemable Class A ordinary shares and/or Class B ordinary shares	$	0.01	$	0.11	$	0.05	$	0.21

Net Income per Ordinary Share

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the year ended December 31,
	2024		2023
Class A ordinary shares
Numerator:
Net income attributable to Class A ordinary shares	$	20,788,927	$	12,405,494
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares		50,000,000		34,383,562

Basic and diluted net income per share, Class A ordinary shares	$	0.42	$	0.36

Class B ordinary shares
Numerator:
Net income attributable to Class B ordinary shares	$	5,197,232	$	4,509,966
Denominator:
Basic and diluted weighted average shares outstanding, Class B ordinary shares		12,500,000		12,500,000

Basic and diluted net income per share, Class B ordinary shares	$	0.42	$	0.36

Emerging growth company.

Emerging Growth Company

non-emerging

Emerging Growth Company

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Investments held in trust account.

Investments Held in Trust Account

money market funds meeting certain conditions under Rule

2a-7

Investments Held in Trust Account

2a-7

promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in investment income on investments held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined using quoted market prices in active markets.

Derivative Financial Instruments

reporting

period.

Class A Ordinary Shares Subject to Possible Redemption

paid-in

capital and accumulated deficit.

As of June 30, 2025 and December 31, 2024, the Class A ordinary shares reflected in the accompanying condensed balance sheets are reconciled in the following table:


Class A ordinary shares subject to possible redemption as of December 31, 2023	$	522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024		550,700,038
Less:
Redemption of Class A ordinary shares		(7,143,312	)
Plus:
Sponsor deposits to Trust Account		2,961,583
Waiver of Class A ordinary shares issuance cost		9,140,590
Accretion of carrying value to redemption value		2,390,840

Class A ordinary shares subject to possible redemption as of June 30, 2025	$	558,049,739

Offering Costs Associated with the Initial Public Offering

Class A Ordinary Shares Subject to Possible Redemption

The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2024 and 2023, 50,000,000 Class A ordinary shares, subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

paid-in

capital and accumulated deficit.

As of December 31, 2024 and 2023, the Class A ordinary shares reflected in the accompanying balance sheets are reconciled in the following table:


Gross proceeds	$	500,000,000
Less:
Proceeds allocated to Public Warrants		(2,625,000	)
Class A ordinary shares issuance costs		(28,550,129	)
Plus:
Accretion of carrying value to redemption value		54,113,481

Class A ordinary shares subject to possible redemption as of December 31, 2023		522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024	$	550,700,038

Net Income per Ordinary Share

non-redeemable

Class A ordinary shares and Class B ordinary shares, net income per share is calculated by dividing the net income by the weighted average number of shares of

non-redeemable

Non-redeemable

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Class A ordinary shares subject to possible redemption
Numerator:
Net income attributable to Class A ordinary shares subject to possible redemption	$	260,795	$	5,268,294	$	2,652,910	$	10,383,006
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		49,507,471		50,000,000		49,752,375		50,000,000

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.01	$	0.11	$	0.05	$	0.21

Non-redeemable Class A ordinary shares and Class B ordinary shares
Numerator:
Net income attributable to non-redeemable Class A ordinary shares and Class B ordinary shares	$	65,848	$	1,317,073	$	666,528	$	2,595,751
Denominator:
Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares and/or Class B ordinary shares		12,500,000		12,500,000		12,500,000		12,500,000

Basic and diluted net income per share, non-redeemable Class A ordinary shares and/or Class B ordinary shares	$	0.01	$	0.11	$	0.05	$	0.21

Net Income per Ordinary Share

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the year ended December 31,
	2024		2023
Class A ordinary shares
Numerator:
Net income attributable to Class A ordinary shares	$	20,788,927	$	12,405,494
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares		50,000,000		34,383,562

Basic and diluted net income per share, Class A ordinary shares	$	0.42	$	0.36

Class B ordinary shares
Numerator:
Net income attributable to Class B ordinary shares	$	5,197,232	$	4,509,966
Denominator:
Basic and diluted weighted average shares outstanding, Class B ordinary shares		12,500,000		12,500,000

Basic and diluted net income per share, Class B ordinary shares	$	0.42	$	0.36

Recent Accounting Pronouncements

In May 2025, the FASB issued ASU

No. 2025-03,

“Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU

2025-03”)

2025-03

as of April 1, 2025. The adoption of ASU

2025-03

will not have any retrospective impact to the Company’s historical financial statements.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU

No. 2023-07,

2023-07.

Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory rate, benefit			$ (14,586)	$ (11,958)
State income taxes, net of benefit			(5,318)	(4,881)
Nondeductible expenses			35	153
Stock-based compensation			2,566	1,618
Change in valuation allowance			20,366	18,099
R&D credits			(3,084)	(3,022)
Other			22	0
Income taxes	$ 4	$ 4	$ 1	$ 9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Redeemable Convertible Preferred Stock Warrant Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Temporary Equity Disclosure [Abstract]

Schedule of redeemable convertible preferred stock warrant liabilities

As of June 30, 2025, the outstanding warrants to purchase the Company’s redeemable convertible preferred stock were as follows (in thousands, except exercise price per share):


	Shares Underlying Warrants		Series of Redeemable Convertible Preferred Stock		Exercise Price Per Share		Expiration Date
Warrants issued with services agreement		486		Series A	$	0.001		August 2028
Warrants issued with debt arrangement		303		Series A	$	1.482		December 2028
Warrants issued with debt arrangement		540		Series A	$	1.482		June 2031
Warrants issued with 2022 Credit Facility		640		Series B-2	$	2.344		September 2032

Total outstanding		1,969

As of December 31, 2024, outstanding warrants to purchase the

Company’s redeemable convertible preferred stock were as follows (in thousands, except exercise price per share):


	Shares Underlying Warrants		Series of Redeemable Convertible Preferred Stock	Exercise Price Per Share		Expiration Date
Warrants issued with services agreement		486	Series A	$	0.001	August 2028
Warrants issued with debt arrangement		303	Series A	$	1.482	December 2028
Warrants issued with debt arrangement		540	Series A	$	1.482	June 2031
Warrants issued with 2022 Credit Facility		640	Series B-2	$	2.344	September 2032

Total outstanding		1,969

Stock-based Compensation - Schedule of stock option activity under the Company's equity incentive plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning	74,211	64,357
Number of Options Granted	12,461	18,727
Number of Options Exercised	(2,519)	(424)
Number of Options Forfeited	(2,312)	(4,780)
Number of Options Cancelled		(2,403)
Number of Options Expired	(384)	(1,266)
Number of Options Outstanding, Ending	81,457	74,211
Number of Options Exercisable	45,777	39,510
Weighted–Average Exercise Price Outstanding, Beginning	$ 0.39	$ 0.42
Weighted–Average Exercise Price Granted	4.26	0.31
Weighted–Average Exercise Price Exercised	0.37	0.41
Weighted–Average Exercise Price Forfeited	0.4	0.42
Weighted–Average Exercise Price Cancelled		0.45
Weighted–Average Exercise Price Expired	0.41	0.39
Weighted–Average Exercise Price Outstanding, Ending	0.98	0.39
Weighted–Average Exercise Price Exercisable	$ 0.41	$ 0.41
Weighted- Average Remaining Contractual Life Outstanding	7 years 6 months	7 years 7 months 6 days
Weighted- Average Remaining Contractual Life Exercisable	6 years 4 months 24 days	6 years 7 months 6 days
Aggregate Intrinsic Value Outstanding	$ 398,748	$ 8,729
Aggregate Intrinsic Value Exercisable	$ 250,511	$ 4,146

Debt - Additional information (Details) - USD ($)		6 Months Ended	12 Months Ended
Debt - Additional information (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2022
Convertible Debt [Member]
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount		$ 39,700
Debt Instrument Outstanding Balance		39,700,000
Debt Instrument, Fair Value Disclosure		41,900,000
Convertible Debt [Member] \| Affiliated Entity [Member]
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount		10,000,000
Convertible Debt [Member] \| Affiliated Entity Board [Member]
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount		4,400,000
Convertible Debt [Member] \| Simple Agreement For Future Equity [Member]
Debt Instrument, Redemption [Line Items]
Debt Instrument, Face Amount		$ 20,000,000
Senior Notes [Member]
Debt Instrument, Redemption [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		50.00%
Debt Instrument Aggregate Principal Amount		$ 3,900,000
Secured Debt [Member]
Debt Instrument, Redemption [Line Items]
Annual interest rate		16.50%
Debt Instrument, Interest Rate, Stated Percentage		9.00%
Debt Instrument, Interest Rate, Increase (Decrease)		13.75%
Debt Instrument Conversion Value		$ 10,000,000
Debt Instrument, Convertible, Conversion Ratio		90
Debt Instrument, Convertible, Liquidation Preference, Value		$ 10,000,000
2022 Credit Facility [Member]
Debt Instrument, Redemption [Line Items]
Secured term loans	$ 30,000,000
Debt instrument maturity year	2026-04
Interest only payments, date	Mar. 01, 2025
Annual rate of interest, payable		13.00%	13.00%		11.75%
Prepayment or maturity of the debt		$ 1,200,000	$ 1,200,000
Debt issuance costs		1,100,000	1,100,000
Fair value of warrant to purchase shares		700,000	700,000
Commitment fee		300,000	300,000
Other debt issuance cost		100,000	$ 100,000
Aggregate principal amount, outstanding		$ 25,000,000
2022 Credit Facility [Member] \| Maximum [Member]
Debt Instrument, Redemption [Line Items]
Annual rate of interest, payable	5.50%
Prepayment fee range		3.00%	3.00%
2022 Credit Facility [Member] \| Minimum [Member]
Debt Instrument, Redemption [Line Items]
Annual rate of interest, payable	4.75%
Prepayment fee range		1.00%	1.00%
2022 Equipment Facility [Member]
Debt Instrument, Redemption [Line Items]
Secured term loans						$ 10,000,000
Debt issuance costs		$ 100,000	$ 100,000
Aggregate principal amount		8,500,000	8,500,000	$ 8,500,000
Aggregate principal amount, outstanding		$ 2,900,000	$ 4,100,000
Annual interest rate		3.38%	3.38%
2022 Equipment Facility [Member] \| Maximum [Member]
Debt Instrument, Redemption [Line Items]
Annual interest rate		7.00%	7.00%
2022 Equipment Facility [Member] \| Minimum [Member]
Debt Instrument, Redemption [Line Items]
Annual interest rate		6.00%	6.00%

Summary Of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 30, 2025	Jun. 30, 2024	Jan. 01, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Beginning balance of unrecognized tax benefits			$ 3,269,000	$ 2,441,000				$ 1,679,000
Cash		$ 20,249,000	$ 16,709,000	27,756,000	$ 20,200,000	$ 13,450,000
Percentage of accounts receivable held by customer			10.00%
Receivables, net, current		500,000	$ 1,300,000	200,000			$ 200,000
Advertising Expense			$ 400,000	$ 600,000
Deferred Offering Costs		$ 11,100,000
Customer Concentration Risk [Member]
Class of Stock [Line Items]
Percentage of accounts receivable held by customer			78.00%	10.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customers [Member]
Class of Stock [Line Items]
Concentration Risk		10.00%	10.00%
Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Beginning balance of unrecognized tax benefits			$ 0	$ 0
Accrued interest and penalties			0	0
Concentration of credit risk	$ 250,000		250,000
Cash			975,319	1,905,123
Sale of Stock, Consideration Received on Transaction, Offering Costs			10,000,000
Payment Of Deferred Underwriting Commissions			17,500,000
Payments of Stock Issuance Costs			28,550,129
Other offering costs			1,050,129
Cash		$ 137,896	$ 975,319	$ 1,905,123
Stock Issued During Period, Value, Conversion of Units		$ 12,500,000
Common Stock Subject to Mandatory Redemption [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Temporary Equity, Shares Outstanding		49,359,712	50,000,000

Segment Information (Details) - segment	6 Months Ended	12 Months Ended
Segment Information (Details) - segment	Jun. 30, 2025	Dec. 31, 2024
Number of reportable segments	1	1
Number of operating segments	1	1
Segment reporting, expense information used by CODM, description	Factors used in determining the reportable segment include the nature of the Company’s activities, the organizational and reporting structure and the type of information reviewed by the CODM, its chief executive officer, to allocate resources and evaluate financial performance.	Factors used in determining the reportable segment include the nature of the Company’s activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance.
Segment reporting, CODM, profit (loss) measure, how used, description	Net loss is the key measure of segment profit and loss that the CODM uses to allocate resources and assess performance. The CODM uses net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. The CODM considers budget-to-actual variances and available cash when making decisions about the allocation of resources across the organization.	Net loss is the key measure of segment profit and loss that the CODM uses to allocate resources and assess performance. The CODM uses net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. The CODM considers budget-to-actual variances and available cash when making decisions about the allocation of resources across the organization.
Ares Acquisition Corporation II [Member]
Number of operating segments	1	1

Related Party Transactions - Working Capital Loans (Details) - Ares Acquisition Corporation II [Member] - USD ($)	Jun. 23, 2025	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Exercise price of warrants (in USD per share)	$ 1
Maximum Borrowing Capacity Of Related Party Promissory Note	$ 2,000,000
Debt Conversion, Converted Instrument, Warrants or Options Issued	1
Sponsor [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Maximum Borrowing Capacity Of Related Party Promissory Note	$ 2,000,000
Working Capital Loans \| Sponsor [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Working Capital Loans		$ 1,232,707	$ 0
Working Capital Loans \| Promissory Note \| IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Debt amount which can be converted to warrants			$ 2,000,000
Exercise price of warrants (in USD per share)		$ 1	$ 1
Notes payable			$ 0	$ 0

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (UNAUDITED) - USD ($)

Total

Ares Acquisition Corporation II [Member]

Common Class A

Ares Acquisition Corporation II [Member]

Common Class B

Ares Acquisition Corporation II [Member]

Redeemable Convertible Preferred Stock [Member]

Common Stock [Member]

Common Class A

Ares Acquisition Corporation II [Member]

Common Stock [Member]

Common Class B

Ares Acquisition Corporation II [Member]

Additional Paid-in Capital [Member]

Ares Acquisition Corporation II [Member]

Accumulated Deficit [Member]

Ares Acquisition Corporation II [Member]

Accumulated Comprehensive Income (Loss) [Member]

Share outstanding, beginning balance (in shares) at Dec. 31, 2022

93,963,000

86,360,000

12,500,000

^[1]

Shareholder's equity, beginning balance at Dec. 31, 2022

$ (135,128,000)

$ 8,961

^[1]

$ 170,648,000

$ 1,250

^[1]

$ 6,602,000

$ 23,750

^[1]

$ (141,740,000)

$ (16,039)

^[1]

$ 10,000

Issuance of common stock upon exercise of stock options

306,000

$ 862,000

306,000

Other comprehensive loss

(10,000)

$ (10,000)

Stock-based compensation

5,399,000

Correction of an immaterial error of redeemable convertible preferred stock warrants

(720,000)

Net loss

(56,945,000)

Sale of private placement warrants

14,300,000

Fair value of public warrants at issuance

2,625,000

Accretion of Class A ordinary shares to redemption amount

(54,113,481)

(16,948,750)

(37,164,731)

Net Loss/Income

$ (56,945,000)

16,915,460

Share outstanding, ending balance (in shares) at Dec. 31, 2023

87,222

12,500,000

93,963,000

87,222,000

12,500,000

^[1]

Shareholder's equity, ending balance at Dec. 31, 2023

$ (187,098,000)

(20,264,060)

^[1]

$ 170,648,000

$ 0

$ 1,250

^[1]

11,587,000

(198,685,000)

(20,265,310)

^[1]

Accretion of Class A ordinary shares to redemption amount

(6,848,901)

Net Loss/Income

6,393,390

$ 0

6,393,390

Share outstanding, ending balance (in shares) at Mar. 31, 2024

12,500,000

Shareholder's equity, ending balance at Mar. 31, 2024

(20,719,571)

$ 0

$ 1,250

(20,720,821)

Share outstanding, beginning balance (in shares) at Dec. 31, 2023

87,222

12,500,000

93,963,000

87,222,000

12,500,000

^[1]

Shareholder's equity, beginning balance at Dec. 31, 2023

$ (187,098,000)

(20,264,060)

^[1]

$ 170,648,000

$ 0

$ 1,250

^[1]

11,587,000

(198,685,000)

(20,265,310)

^[1]

Issuance of common stock upon exercise of stock options

23,000

$ 55,000

23,000

Stock-based compensation

2,271,000

Net loss

(35,963,000)

Net Loss/Income

(35,963,000)

12,978,757

Share outstanding, ending balance (in shares) at Jun. 30, 2024

93,963,000

87,277,000

12,500,000

Shareholder's equity, ending balance at Jun. 30, 2024

$ (220,767,000)

(21,092,994)

$ 170,648,000

$ 1,250

13,881,000

(234,648,000)

(21,094,244)

Share outstanding, beginning balance (in shares) at Dec. 31, 2023

87,222

12,500,000

93,963,000

87,222,000

12,500,000

^[1]

Shareholder's equity, beginning balance at Dec. 31, 2023

$ (187,098,000)

(20,264,060)

^[1]

$ 170,648,000

$ 0

$ 1,250

^[1]

11,587,000

(198,685,000)

(20,265,310)

^[1]

Issuance of common stock upon exercise of stock options

172,000

$ 424,000

172,000

Stock-based compensation

5,550,000

Net loss

(69,459,000)

Accretion of Class A ordinary shares to redemption amount

(27,761,686)

Net Loss/Income

$ (69,459,000)

25,986,159

Share outstanding, ending balance (in shares) at Dec. 31, 2024

87,646

12,500,000

93,963,000

87,646,000

12,500,000

Shareholder's equity, ending balance at Dec. 31, 2024

$ (250,835,000)

(22,039,587)

$ 170,648,000

$ 0

$ 1,250

17,309,000

(268,144,000)

(22,040,837)

Share outstanding, beginning balance (in shares) at Mar. 31, 2024

12,500,000

Shareholder's equity, beginning balance at Mar. 31, 2024

(20,719,571)

$ 0

$ 1,250

(20,720,821)

Accretion of Class A ordinary shares to redemption amount

(6,958,790)

Net Loss/Income

6,585,367

Share outstanding, ending balance (in shares) at Jun. 30, 2024

93,963,000

87,277,000

12,500,000

Shareholder's equity, ending balance at Jun. 30, 2024

$ (220,767,000)

(21,092,994)

$ 170,648,000

$ 1,250

13,881,000

(234,648,000)

(21,094,244)

Share outstanding, beginning balance (in shares) at Dec. 31, 2024

87,646

12,500,000

93,963,000

87,646,000

12,500,000

Shareholder's equity, beginning balance at Dec. 31, 2024

$ (250,835,000)

(22,039,587)

$ 170,648,000

$ 0

$ 1,250

17,309,000

(268,144,000)

(22,040,837)

Accretion of Class A ordinary shares to redemption amount

(5,698,441)

Net Loss/Income

2,992,795

$ 0

2,992,795

Share outstanding, ending balance (in shares) at Mar. 31, 2025

12,500,000

Shareholder's equity, ending balance at Mar. 31, 2025

(24,745,233)

$ 0

$ 1,250

(24,746,483)

Share outstanding, beginning balance (in shares) at Dec. 31, 2024

87,646

12,500,000

93,963,000

87,646,000

12,500,000

Shareholder's equity, beginning balance at Dec. 31, 2024

$ (250,835,000)

(22,039,587)

$ 170,648,000

$ 0

$ 1,250

17,309,000

(268,144,000)

(22,040,837)

Issuance of common stock upon exercise of common stock warrants

26,000

Issuance of common stock upon exercise of stock options

936,000

$ 2,519,000

936,000

Stock-based compensation

4,891,000

Net loss

(241,911,000)

Conversion of Class B ordinary shares to Class A ordinary shares

12,500,000

Sponsor deposits to Trust Account

(2,961,583)

Net Loss/Income

$ (241,911,000)

3,319,438

Share outstanding, ending balance (in shares) at Jun. 30, 2025

90,191

12,500,000

93,963,000

90,191,000

12,500,000

Shareholder's equity, ending balance at Jun. 30, 2025

$ (486,919,000)

(24,072,572)

$ 170,648,000

$ 1,250

23,136,000

(510,055,000)

(24,073,822)

Share outstanding, beginning balance (in shares) at Mar. 31, 2025

12,500,000

Shareholder's equity, beginning balance at Mar. 31, 2025

(24,745,233)

$ 0

$ 1,250

$ 0

(24,746,483)

Conversion of Class B ordinary shares to Class A ordinary shares (in shares)

12,500,000

(12,500,000)

Conversion of Class B ordinary shares to Class A ordinary shares

$ 1,250

$ (1,250)

Sponsor deposits to Trust Account

(2,961,583)

Accretion of Class A ordinary shares to redemption amount

3,307,601

Net Loss/Income

326,643

Share outstanding, ending balance (in shares) at Jun. 30, 2025

90,191

12,500,000

93,963,000

90,191,000

12,500,000

Shareholder's equity, ending balance at Jun. 30, 2025

$ (486,919,000)

$ (24,072,572)

$ 170,648,000

$ 1,250

$ 23,136,000

$ (510,055,000)

$ (24,073,822)

[1]

On April 25, 2023, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters’ partial exercise of their over-allotment option. All share amounts have been retroactively restated to reflect the share surrender and share recapitalization events and the share forfeitures (see Note 4).

Cash Equivalents - Schedule of Summarize the Amortized Cost and Fair Value of the Company's Cash Equivalents (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Money Market Funds At Amortized Cost	$ 9,439	$ 7,042
Cash Equivalents At Amortized Cost	9,439	12,097
Money Market Funds, at Carrying Value	9,439	7,042
Cash Equivalents, at Carrying Value	$ 9,439	12,097
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Money Market Funds At Amortized Cost		5,055
Money Market Funds, at Carrying Value		$ 5,055

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has operating lease arrangements for facilities under

non-cancellable

agreements with various expiration dates through 2031. The agreements may include renewal options to extend the term that the Company is not reasonably certain to exercise.

In September 2023, the Company extended its facility lease in Lancaster, Texas, from October 2024 to October 2031.

In October 2024, the Company extended one of its facility leases in California from December 2024 to June 2027. In October 2024, the Company entered into a lease agreement for additional facilities in Odessa, Texas, which expires in September 2031.

Rent expense related to operating lease liabilities was $2.5 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. In addition, the Company recognized $0.2 million and $0.1 million in rent expense related to a short-term lease for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, future minimum lease payments for the Company’s operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025	$	2,626
2026		2,605
2027		1,200
2028		839
2029		866
Thereafter		1,568

Total undiscounted lease payments		9,704
Less: Imputed interest		(2,343	)

Present value of lease liabilities		7,361
Less: Operating lease liabilities, current		(1,638	)

Operating lease liabilities, noncurrent	$	5,723

The following table summarizes additional information related to operating leases for the periods presented:


	December 31,
	2024			2023
Weighted-average remaining lease term		4.6 years			5.2 years
Weighted-average discount rate		12.3	%		11.2	%
Cash payments made for operating leases (in thousands)	$	2,327		$	2,308

Cover	6 Months Ended
Cover	Jun. 30, 2025
Document Information [Line Items]
Document Type	S-1
Entity Registrant Name	KODIAK AI, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1592112
Entity Address, Address Line One	1049 Terra Bella Avenue
Entity Address, Address Line Two	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	209-8005
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001853138
Amendment Flag	false
Entity Primary SIC Number	7373
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Jordan Coleman
Entity Address, Address Line One	1049 Terra Bella Avenue
Entity Address, Address Line Two	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	209-8005

Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of company's financial assets and liabilities measured at fair value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	6,929	$	—	$	—	$	6,929

Total assets measured at fair value	$	6,929	$	—	$	—	$	6,929

Liabilities
Second lien loans	$	—	$	—	$	41,894	$	41,894
SAFEs		—		—		265,509		265,509
Redeemable convertible preferred stock warrant liabilities		—		—		2,917		2,917

Total liabilities measured at fair value	$	—	$	—	$	310,320	$	310,320


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	9,439	$	—	$	—	$	9,439

Total assets measured at fair value	$	9,439	$	—	$	—	$	9,439

Liabilities
SAFEs	$	—	$	—	$	59,301	$	59,301
Redeemable convertible preferred stock warrant liabilities		—		—		1,619		1,619

Total liabilities measured at fair value	$	—	$	—	$	60,920	$	60,920

The

following

tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,439	$	—	$	—	$	9,439

Total assets measured at fair value	$	9,439	$	—	$	—	$	9,439

Liabilities
SAFEs	$	—	$	—	$	59,301	$	59,301
Redeemable convertible preferred stock warrant liabilities		—		—		1,619		1,619

Total liabilities measured at fair value	$	—	$	—	$	60,920	$	60,920


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	7,042	$	—	$	—	$	7,042
U.S. treasury securities		5,055		—		—		5,055

Total assets measured at fair value	$	12,097	$	—	$	—	$	12,097

Liabilities
SAFE	$	—	$	—	$	10,000	$	10,000
Redeemable convertible preferred stock warrant liabilities		—		—		2,045		2,045

Total liabilities measured at fair value	$	—	$	—	$	12,045	$	12,045

Schedule of determined the fair value of its SAFE obligations

Redeemable Convertible Preferred Stock Warrants


	Six Months Ended June 30
	2025		2024
Exercise price	$	0.01 – $2.34	$	0.01 – $2.34
Expected term (in years)		3.1 – 7.3		4.1 – 8.2
Risk-free interest rate		3.7% – 4.0%		4.3%
Volatility		92.6%		80.3%
Dividend yield		—		—

Schedule of changes in the estimated fair values

The following table summarizes changes in the estimated fair values of these liabilities (in thousands):


	Second Lien Loans		SAFE			Redeemable Convertible Preferred Stock Warrants			Total
Balance as of December 31, 2024	$	—	$	59,301		$	1,619		$	60,920
Issuance of second lien loans		29,740		—			—			29,740
Issuance of SAFEs		—		23,660			—			23,660
Exchange of SAFE for second lien loan		10,000		(10,000	)		—			—
Fair value remeasurement		2,154		192,548			1,298			196,000

Balance as of June 30, 2025	$	41,894	$	265,509		$	2,917		$	310,320

Balance as of December 31, 2023	$	—	$	10,000		$	2,045		$	12,045
Issuance of SAFEs		—		8,040			—			8,040
Fair value remeasurement		—		—			(214	)		(214	)

Balance as of June 30, 2024	$	—	$	18,040		$	1,831		$	19,871

The following table summarizes changes in the estimated fair values of these liabilities (in thousands):


	SAFE		Redeemable Convertible Preferred Stock Warrants			Total
Balance as of December 31, 2022	$	—	$	1,451		$	1,451
Issuance of SAFE		10,000		—			10,000
Correction of an immaterial error of redeemable convertible preferred stock warrants		—		720			720
Fair value remeasurement		—		(126	)		(126	)

Balance as of December 31, 2023		10,000		2,045			12,045

Issuance of SAFEs		45,192		—			45,192
Fair value remeasurement		4,109		(426	)		3,683

Balance as of December 31, 2024	$	59,301	$	1,619		$	60,920

Simple Agreements For Future Equity [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of determined the fair value of its SAFE obligations


	Year Ended December 31,
	2024			2023
Expected term to underlying triggering events (in years)		0.7			0.4 – 3.0
Discount rate		20.9	%		26.0	%
Volatility		60.7	%		49.9 – 102.3	%

Redeemable Convertible Preferred Stock Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of determined the fair value of its SAFE obligations


	Year Ended December 31,
	2024		2023
Exercise price	$	0.001 – $2.34	$	0.001 – $2.34
Expected term (in years)		3.6 – 7.7		4.6 – 8.7
Risk-free interest rate		4.3% – 4.5%		3.8% – 3.9%
Volatility		80.3%		83.1%
Dividend yield		—		—

Ares Acquisition Corporation II [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value Measurements


Description	Level		As of June 30, 2025		As of December 31, 2024
Assets, at fair value
Investments held in Trust Account		1	$	558,149,739	$	550,800,038


Description	Level	As of December 31, 2024		As of December 31, 2023
Assets, at fair value
Investments held in Trust Account	1	$	550,800,038	$	523,038,352

Initial Public Offering	6 Months Ended	12 Months Ended
Initial Public Offering	Jun. 30, 2025	Dec. 31, 2024
Ares Acquisition Corporation II [Member]
INITIAL PUBLIC OFFERING	3. INITIAL PUBLIC OFFERING On April 25, 2023, the Company consummated its Initial Public Offering of 50,000,000 Units, including 5,000,000 Units to cover Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $500,000,000, and incurring offering costs of $28,550,129, of which $17,500,000 was for deferred underwriting commissions (see Note 5). Each Unit consists of one Class A ordinary share and one-half of one Public Warrant. On April 11, 2025, the Company, AMCM, and the representatives of the several underwriters in connection with the Company’s Initial Public Offering agreed to adjust the aggregate amount payable to the underwriters as a deferred underwriting fee and to AMCM as a deferred Initial Public Offering advisory fee to an aggregate amount of $8,359,410.	3. INITIAL PUBLIC OFFERING On April 25, 2023, the Company consummated its Initial Public Offering of 50,000,000 Units, including 5,000,000 Units to cover Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $500,000,000, and incurring offering costs of $28,550,129, of which $17,500,000 was for deferred underwriting commissions (see Note 5). Each Unit consists of one Class A ordinary share and one-half of one Public Warrant.

Debt

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

5. Debt

Second Lien Loans

Concurrent with the execution of the BCA in April 2025, the Company entered into the Second Lien Loan Agreement, which was subsequently amended to extend the deadline to fund the delayed draw second lien loans (defined below) and to include additional investors. Under the Second Lien Loan Agreement, certain institutional and accredited investors committed to providing bridge financing in the form of secured convertible notes (“second lien loans”), of which $39.7 million was funded as of June 30, 2025, including $20.0 million from an affiliate of AACT, $10.0 million from the exchange of a SAFE from an affiliate of AACT (see Note 6) and $4.4 million from an affiliate of a board member. As of June 30, 2025, the aggregate principal amount outstanding of $39.7 million had a fair value of $41.9 million (see Note 3).

The second lien loans are due on October 1, 2026, and bear an annual interest rate that accrues on the first business day of each month at the prime rate plus 9.0%, subject to a minimum rate of 13.75%, which is capitalized and included in the principal amount due at maturity. The interest rate was 16.5% at inception and as of June 30, 2025. In addition, the second lien loans are expected to automatically convert into equity securities of the Company immediately prior to the consummation of the transaction contemplated in the BCA, except for the $10.0 million exchanged second lien loan where such conversion is at the option of the affiliate of AACT. The conversion price will be equal to 90% of the lower of (i) the transaction price and (ii) the lowest price paid in a private investment in private equity. Upon the closing of the transaction contemplated by the BCA, the equity securities of the Company issued upon conversion of the second lien loans will automatically convert into equity securities of the combined company (see Note 1), except for the $10.0 million from the exchanged SAFE, which is due on October 1, 2026.

Promissory Notes

The Company is obligated to reimburse 50% of the monthly contributions made by the Sponsor to AACT’s trust account as well as certain transaction costs incurred by AACT pursuant to the BCA (see Note 1). During the second quarter of 2025, the Company issued secured promissory notes with respect to its reimbursement obligations to AACT and the Sponsor, which are secured under the Second Lien Loan Agreement. The promissory notes do not bear any interest (other than the default rate in accordance with the Second Lien Loan Agreement) and are due upon the earlier of (i) the closing of the transaction contemplated by the BCA or (ii) the

termination of the BCA. As of June 30, 2025, the aggregate principal amount outstanding was $3.9 million, which is included in debt, current portion, in the balance sheet.

2022 Credit Facility

In September 2022, the Company entered into a venture loan and security agreement (“2022 Credit Facility”) with a financial institution to borrow secured term loans of up to an aggregate principal amount of $30.0 million. The Company drew the full amount available under the 2022 Credit Facility upon execution. The proceeds were primarily used to settle outstanding obligations with another lender. Borrowings under the 2022 Credit Facility were initially secured by substantially all of the assets of the Company, excluding the Company’s intellectual property and certain of the Company’s other assets. The 2022 Credit Facility contains customary representations and warranties,

non-financial

covenants and customary events of default. The Company was in compliance with its covenants as of June 30, 2025. The 2022 Credit Facility was amended in June 2024 to revise the repayment schedule, delay principal payments from November 1, 2024 to April 1, 2025, which was accounted for as a modification, and include certain of the Company’s intellectual property as collateral. The 2022 Credit Facility was further amended in February 2025 to permit the transaction as contemplated by the BCA (see Note 1).

Borrowings under the 2022 Credit Facility mature in April 2026 and provide for interest-only payments up to and including March 1, 2025. Consecutive payments of principal and interest are due beginning on April 1, 2025 once the

interest-only period elapses. As of June 30, 2025, the aggregate principal amount outstanding was $25.0 million. The 2022 Credit Facility bears an annual rate of interest that is payable monthly at

5.5

% plus the greater of (i)

4.75

% and (ii) the prime rate then in effect. The interest rate was

11.75

% at inception and

13.0

% as of June 30, 2025. In addition, a final aggregate payment fee of $

1.2

million is due upon the earlier of prepayment or maturity of the debt. The Company has the option to prepay the entire outstanding balance of the debt subject to a prepayment fee ranging from

1.0

% to

3.0

% depending on the timing and circumstances of such prepayment.

Total debt issuance costs related to the 2022 Credit Facility of $

1.1

million were recorded as a debt discount, which included $

0.7

million related to the fair value of warrants to purchase shares of the Company’s redeemable convertible preferred stock issued concurrently with the execution of the 2022 Credit Facility (see Note 8), a commitment fee of $

0.3

million and other issuance costs of $

0.1

million. The debt discount, together with the final payment fee, is recognized as interest expense using the effective interest method.

2022 Equipment Facility

In July 2022, the Company entered into a financing agreement with a lender to borrow up to $

10.0

million as equipment line advances (“2022 Equipment Facility”) pursuant to which it borrowed at various dates an aggregate principal amount of $

8.5

million. Borrowings under 2022 Equipment Facility are secured by the specific assets that were financed. The 2022 Equipment Facility contains customary representations and warranties,

non-financial

covenants and customary events of default. The Company was in compliance with its covenants as of June 30, 2025.

Borrowings under the 2022 Equipment Facility mature in March 2028 and repayments of principal and interest are due monthly commencing in the month following each draw. As of June 30, 2025, and December 31, 2024, the aggregate principal amount outstanding was $2.9 million and $4.1 million, respectively. The 2022 Equipment Facility bears an annual interest rate equivalent to a five-year swap plus

3.38

% or ranging from approximately

6.0

% to

7.0

Total debt issuance costs related to the 2022 Equipment Facility of $

0.1

million were recorded as a debt discount, which included immaterial amounts related to the fair value of warrants to purchase shares of the Company’s common stock issued concurrently with the execution of the 2022 Equipment Facility (see Note 10) and other issuance costs. The debt discount is recognized as interest expense using the effective interest method.

As of June 30, 2025, the Company’s future minimum principal payments under its debt arrangements are as follows (in thousands):


Year Ended December 31,	Second Lien Loans		Other Debt			Total
2025 (remaining six months)	$	—	$	14,927		$	14,927
2026		39,740		17,267			57,007
2027		—		808			808
2028		—		45			45

Total principal debt payments and final payment fee		39,740		33,047			72,787
Less: unamortized debt discount		—		(228	)		(228	)
Less: unamortized final payment fee		—		(246	)		(246	)
Less: Debt, current portion		—		(30,310	)		(30,310	)

Debt, net of current portion	$	39,740	$	2,263		$	42,003

Debt

2022 Credit Facility

The Company drew the full amount available under the 2022 Credit Facility upon execution. The proceeds were primarily used to settle outstanding obligations with another lender. Borrowings under 2022 Credit Facility are secured by substantially all of the assets of the Company, excluding the Company’s intellectual property. The 2022 Credit Facility contains customary representations and warranties,

non-financial

covenants and customary events of default. The Company was in compliance with its covenants as of December 31, 2024 and 2023. The 2022 Credit Facility was amended in June 2024 to revise the repayment schedule, delay principal payments from November 1, 2024 to April 1, 2025, which was accounted for as a modification, and included our intellectual property as part of the collateral securing the 2022 Credit Facility.

Borrowings under the 2022 Credit Facility mature in April 2026 and provide for interest-only payments to March 1, 2025. Consecutive payments of principal and interest are due beginning on April 1, 2025 once the interest-only period elapses. The 2022 Credit Facility bears an annual rate of interest that is payable monthly at 5.5% plus the greater of (i) 4.75% and (ii) the prime rate. The interest rate was 11.75% at inception and 13.0% as of December 31, 2024. In addition, a final payment fee of $1.2 million is due upon the earlier of prepayment or maturity of the debt. The Company has the option to prepay the entire outstanding balance of the debt subject to a prepayment fee ranging from 1.0% to 3.0% depending on the timing and circumstances of such prepayment.

Total debt issuance costs related to the 2022 Credit Facility of $1.1 million were recorded as a debt discount, which included $0.7 million related to the fair value of warrants to purchase shares of the Company’s redeemable convertible preferred stock issued concurrently with the execution of the 2022 Credit Facility (see Note 10), a commitment fee of $0.3 million and other issuance costs of $0.1 million. The debt discount, together with the final payment fee, is recognized as interest expense using the effective interest method.

2022 Equipment Facility

In July 2022, the Company entered into a financing agreement with a lender to borrow up to $10.0 million as equipment line advances (“2022 Equipment Facility”). As of December 31, 2024 and 2023, the Company had borrowed an aggregate principal amount of $8.5 million. Borrowings under 2022 Equipment Facility are secured by the specific assets that were financed. The 2022 Equipment Facility contains customary representations and warranties,

non-financial

covenants and customary events of default. The Company was in compliance with its covenants as of December 31, 2024 and 2023.

Borrowings under the 2022 Equipment Facility mature in March 2028 and repayments of principal and interest are due monthly commencing in the month following each draw. Accordingly, an aggregate principal amount of $4.1 million was outstanding as of December 31, 2024. The 2022 Equipment Facility bears an annual interest rate of equivalent to a five-year swap plus 3.38% or ranging from approximately 6.0% to 7.0%.

Total debt issuance costs related to the 2022 Equipment Facility of $0.1 million were recorded as a debt discount, which included immaterial amounts related to the fair value of warrants to purchase shares of the Company’s common stock issued concurrently with the execution of the 2022 Equipment Facility (see Note 12) and other issuance costs. The debt discount is recognized as interest expense using the effective interest method.

As of December 31, 2024, the Company’s future minimum principal payments under its debt arrangements are as follows (in thousands):


Year Ended December 31,	Amount
2025	$	17,181
2026		17,267
2027		808
2028		45

Total principal debt payments and final payment fee		35,301
Less: unamortized debt discount		(449	)
Less: unamortized final payment fee		(486	)
Less: Debt, current portion		(16,792	)

Debt, net of current portion	$	17,574

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Subsequent Events

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Subsequent Events

16. Subsequent Events

The Company has evaluated all material events occurring after the balance sheet date, up to August 25, 2025, the date the condensed financial statements were available to be issued.

Second Lien Loan Agreement

In July 2025 and August 2025, the Company received $

14.0

million under the Second Lien Loan Agreement (see Note 5), including $

12.4

million from an officer of AACT and a vehicle owned by certain Ares employees in which an officer and director of AACT are invested.

Further, on August 25, 2025, the Company entered into a Second Amendment to the Second Lien Loan Agreement pursuant to which an affiliate of AACT agreed to invest an aggregate of up to $

20.0

million in

delayed draw second lien loans, which the Company can draw in four $5.0 million increments. In connection with the issuance of each delayed draw loan, the Company agreed to issue the investor warrants to purchase a number of shares of the Company’s preferred stock with a value equal to 5.0% of the drawn amount. No amounts have been drawn under this arrangement.

Stock Option Grants

In August 2025, the Company granted an aggregate of 1,536,700 stock option awards, each at an exercise price of $5.88 per share.

19.	Subsequent Events

The Company has evaluated all material events occurring after the balance sheet date, up to May 14, 2025, the date the financial statements were available to be issued.

Ares Acquisition Corporation II [Member]

Subsequent Events

10. SUBSEQUENT EVENTS

Management has evaluated subsequent events to determine if events or transactions occurring through the date the unaudited condensed financial statements were issued required potential adjustment to or disclosure in the unaudited condensed financial statements. Other than as described below, the Company concluded that there have been no events that have occurred that would require adjustments to the unaudited condensed financial statements.

In July 2025, the Sponsor made its monthly Contribution and deposited $987,194 into the Trust Account. 50% of such Contribution is an obligation of the Company pursuant to the Extension Note. Kodiak has agreed to reimburse the Sponsor for the other 50% of such Contribution.

10. SUBSEQUENT EVENTS

Management has evaluated subsequent events to determine if events or transactions occurring through the date the financial statements were issued required potential adjustment to or disclosure in the financial statements. The Company concluded that there have been no events that have occurred that would require adjustments to the financial statements.

Leases - Schedule of additional information related to operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	4 years 7 months 6 days	5 years 2 months 12 days
Weighted-average discount rate	12.30%	11.20%
Cash payments made for operating leases	$ 2,327	$ 2,308

Stock-based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

11. Stock-based Compensation

Stock Option Activity

Stock option activity under the Company’s equity incentive plan was as follows:


	Options Outstanding
	Number of Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024		74,211		$	0.39
Granted		12,461			4.26
Exercised		(2,519	)		0.37
Forfeited		(2,312	)		0.40
Expired		(384	)		0.41

Outstanding as of June 30, 2025		81,457		$	0.98		7.5	$	398,748

Exercisable as of June 30, 2025		45,777		$	0.41		6.4	$	250,511

The aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the underlying stock options and the Company’s estimated fair value of its common stock as of the balance sheet date.

As of June 30, 2025, total unrecognized compensation expense related to unvested options was $55.7 million, which the Company expects to recognize over an estimated weighted average period of 2.5 years.

Stock-based Compensation

Total stock-based compensation recorded in the Company’s condensed statements of operations and comprehensive loss was as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Research and development	$	2,920	$	1,489
General and administrative		1,477		567
Sales and marketing		317		129
Truck and freight operations		177		86

Total stock-based compensation	$	4,891	$	2,271

13.	Stock-based Compensation

Equity Incentive Plan

In 2018, the Company adopted its 2018 equity incentive plan (the “2018 Plan”). The Plan provides for the granting of stock-based awards, including stock options and restricted stock to eligible participants, including employees, directors, and service providers. Stock options granted under the 2018 Plan can be in the form of incentive stock options or nonqualified stock options. The number of shares of common stock available for issuance under the 2018 Plan may be increased from time to time by the board of directors. As of December 31, 2024, 2,174,985 shares of the Company’s common stock were available for future grant under the 2018 Plan.

Under the 2018 Plan, stock options may be granted for a contractual term not exceeding 10 years and at an exercise price no less than 100% of the estimated fair value of the shares on the date of grant as determined by management and/or the board of directors. The general vesting term for stock options is four years, with a

one-year

cliff vest and monthly thereafter. Additionally, a stock option granted to a 10% stockholder shall not have an exercise price that is less than 110% of the estimated fair value of the shares on the date of grant as determined by the board of directors, and the term of such option grant shall not exceed five years.

Stock Option Activity

Stock option activity under the Company’s equity incentive plan was as follows:


	Options Outstanding
	Number of Options (in thousands)			Weighted– Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		64,357		$	0.42
Granted		18,727			0.31
Exercised		(424	)		0.41
Forfeited		(4,780	)		0.42
Cancelled		(2,403	)		0.45
Expired		(1,266	)		0.39

Outstanding as of December 31, 2024		74,211		$	0.39		7.6	$	8,729

Exercisable as of December 31, 2024		39,510		$	0.41		6.6	$	4,146

The weighted-average grant-date fair value per share of stock options granted during the years ended December 31, 2024 and 2023 was $0.42 and $0.27 per share, respectively. The total grant-date fair value of stock options that vested during the years ended December 31, 2024 and 2023 was $3.3 million and $1.9 million,

respectively. As of December 31, 2024, total unrecognized compensation expense related to unvested options was $12.3 million, which the Company expects to recognize over an estimated weighted average period of 2.4 years.

Fair Value of Stock Options

The fair value of stock options granted was estimated at the grant-date using the Black-Scholes option-pricing model using the following assumptions:


	Year Ended December 31,
	2024	2023
Expected volatility	87.0% – 91.9%		59.4	%
Expected term (in years)	5.1 – 6.1		6.0
Risk-free interest rate	3.6% – 4.3%		4.2	%
Expected dividend yield	—		—

Stock-based Compensation

Total stock-based compensation recorded in the Company’s statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Research and development	$	3,482	$	3,270
General and administrative		1,405		1,658
Sales and marketing		454		289
Truck and freight operations		209		182

Total stock-based compensation	$	5,550	$	5,399

Modification

In October 2023, the Company’s board of directors approved an extension to the post-termination exercise period from three months to three years for certain option holders. The modification resulted in total incremental expense of $0.6 million, of which $0.3 million was recognized immediately as it related to vested awards, with the balance recognized over the remaining service periods.

Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Convertible Preferred Stock [Line Items]
Percentage Of Dividend Original Issue Price	8.00%
Dividends Payable	$ 0
Preferred Stock, Shares Outstanding	93,963	93,963		93,963
Common Stock, Shares, Outstanding	87,646	90,191		87,222
Proceeds from Issuance of Redeemable Convertible Preferred Stock	$ 500,000
IPO [Member]
Redeemable Convertible Preferred Stock [Line Items]
Proceeds from Issuance of Redeemable Convertible Preferred Stock	100,000
Private Placement [Member]
Redeemable Convertible Preferred Stock [Line Items]
Proceeds from Issuance of Redeemable Convertible Preferred Stock	$ 100,000
Common Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Common Stock, Shares, Outstanding	87,646,000	90,191,000	87,277,000	87,222,000	86,360,000
Board of Directors Chairman [Member] \| Common Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Common Stock, Shares, Outstanding	7,500,000
Series A Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Convertible, Conversion Price	$ 1.482355
Series A Redeemable Convertible Preferred Stock [Member] \| Board of Directors Chairman [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Shares Outstanding	5,059,290
Series B1 And B2 Redeemable Convertible Preferred Stock [Member] \| Board of Directors Chairman [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Shares Outstanding	853,224
Series Seed Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Convertible, Conversion Price	$ 0.444706
Series B1 Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Convertible, Conversion Price	1.59349
Series B2 Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock [Line Items]
Preferred Stock, Convertible, Conversion Price	$ 2.34405

Summary Of Significant Accounting Policies - Schedule of Product Information (Details) - Accounts Receivable [Member] - Customers [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Customer A Concentration Risk [Member]
Product Information [Line Items]
Concentration Risk	0.00%	78.00%
Customer B Concentration Risk [Member]
Product Information [Line Items]
Concentration Risk	72.00%	0.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Stock-based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity under the Company's equity incentive plan

Stock option activity under the Company’s equity incentive plan was as follows:


	Options Outstanding
	Number of Options (in thousands)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024		74,211		$	0.39
Granted		12,461			4.26
Exercised		(2,519	)		0.37
Forfeited		(2,312	)		0.40
Expired		(384	)		0.41

Outstanding as of June 30, 2025		81,457		$	0.98		7.5	$	398,748

Exercisable as of June 30, 2025		45,777		$	0.41		6.4	$	250,511

Stock Option Activity

Stock option activity under the Company’s equity incentive plan was as follows:


	Options Outstanding
	Number of Options (in thousands)			Weighted– Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023		64,357		$	0.42
Granted		18,727			0.31
Exercised		(424	)		0.41
Forfeited		(4,780	)		0.42
Cancelled		(2,403	)		0.45
Expired		(1,266	)		0.39

Outstanding as of December 31, 2024		74,211		$	0.39		7.6	$	8,729

Exercisable as of December 31, 2024		39,510		$	0.41		6.6	$	4,146

Schedule of fair value of stock options granted was estimated at the grant-date using the Black-Scholes option-pricing model

Fair Value of Stock Options

The fair value of stock options granted was estimated at the grant-date using the Black-Scholes option-pricing model using the following assumptions:


	Year Ended December 31,
	2024	2023
Expected volatility	87.0% – 91.9%		59.4	%
Expected term (in years)	5.1 – 6.1		6.0
Risk-free interest rate	3.6% – 4.3%		4.2	%
Expected dividend yield	—		—

Schedule of stock-based compensation recorded in the Company's statements of operations and comprehensive loss

Total stock-based compensation recorded in the Company’s condensed statements of operations and comprehensive loss was as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Research and development	$	2,920	$	1,489
General and administrative		1,477		567
Sales and marketing		317		129
Truck and freight operations		177		86

Total stock-based compensation	$	4,891	$	2,271

Stock-based Compensation

Total stock-based compensation recorded in the Company’s statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Research and development	$	3,482	$	3,270
General and administrative		1,405		1,658
Sales and marketing		454		289
Truck and freight operations		209		182

Total stock-based compensation	$	5,550	$	5,399

Debt (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Company's future minimum principal payments under its debt arrangements

As of June 30, 2025, the Company’s future minimum principal payments under its debt arrangements are as follows (in thousands):


Year Ended December 31,	Second Lien Loans		Other Debt			Total
2025 (remaining six months)	$	—	$	14,927		$	14,927
2026		39,740		17,267			57,007
2027		—		808			808
2028		—		45			45

Total principal debt payments and final payment fee		39,740		33,047			72,787
Less: unamortized debt discount		—		(228	)		(228	)
Less: unamortized final payment fee		—		(246	)		(246	)
Less: Debt, current portion		—		(30,310	)		(30,310	)

Debt, net of current portion	$	39,740	$	2,263		$	42,003

As of December 31, 2024, the Company’s future minimum principal payments under its debt arrangements are as follows (in thousands):


Year Ended December 31,	Amount
2025	$	17,181
2026		17,267
2027		808
2028		45

Total principal debt payments and final payment fee		35,301
Less: unamortized debt discount		(449	)
Less: unamortized final payment fee		(486	)
Less: Debt, current portion		(16,792	)

Debt, net of current portion	$	17,574

Revenues - Schedule of Company Recognized Revenue Disaggregated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 14,933	$ 16,946
Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	14,839	$ 16,946
Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 94

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary Of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful life (Detail)	Dec. 31, 2024
Vehicles
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Technology infrastructure
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Other \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Other \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Revenues

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

12. Revenues

The Company’s revenues are primarily derived from (i) demonstrating and providing ground autonomy solutions to the U.S. Army, (ii) delivering freight via Kodiak-owned autonomous trucks powered by the Kodiak Driver, and (iii) providing DaaS to customers. The Company recognizes revenue when customers obtain control of promised services in an amount that reflects the consideration the Company expects to receive for those services.

Disaggregation of Revenues

The Company’s revenues were generated from customers located in the U.S. Ground autonomy solutions represented 51% and 0% of revenues for the six months ended June 30, 2025 and 2024, respectively. Freight delivery represented 28% and 100% of revenues for the six months ended June 30, 2025 and 2024, respectively. DaaS represented the remaining revenues for the six months ended June 30, 2025.

The Company’s contracts with a duration of one year or more consisted entirely of a DaaS contract as of June 30, 2025. The aggregate amount of the transaction price allocated to unsatisfied performance obligations was $5.5 million as of June 30, 2025, which is expected to be recognized ratably for each DaaS contract and through to June 2029.

Contract Balances

As of June 30, 2025 and December 31, 2024, the Company did not have any material amounts related to unbilled receivables or contract assets. As of June 30, 2025 and December 31, 2024, the Company’s contract liabilities were $0.1 million and $0, respectively, which were included in accrued expenses and other current liabilities and other liabilities on the balance sheets.

14.

Revenues

Disaggregation of Revenues

For the years ended December 31, 2024 and 2023, the Company’s revenues were generated from customers located in the U.S. Ground autonomy solutions represented 89% of revenues for each of the years ended December 31, 2024 and 2023. The remaining revenues were substantially related to freight delivery for the year ended

December 31, 2024 and entirely to freight delivery for the year ended December 31, 2023. Revenues related to DaaS were immaterial for the year ended December 31, 2024 and $0 for the year ended December 31, 2023.

The Company recognized revenue disaggregated by timing as follows for the periods presented (in thousands):


	December 31,
	2024		2023
Point in time	$	14,839	$	16,946
Over time		94		—

Total revenues	$	14,933	$	16,946

Contract Balances

As of December 31, 2024 and 2023, the Company did not have any material amounts related to unbilled receivables or contract assets.

As of December 31, 2024 and 2023, the contract liability was $0 and $1.1 million, respectively, which was included in accrued expenses and other current liabilities on the balance sheets. For the year ended December 31, 2024, the Company recognized revenue of $1.1 million that was included in the corresponding deferred revenue balance at the beginning of the year.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease liabilities	$ 2.5	$ 2.3
Short-term lease	$ 0.2	$ 0.1

Summary Of Significant Accounting Policies - Schedule of Class A Ordinary Shares Subject to Redemption (Details) - Ares Acquisition Corporation II [Member] - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Proceeds received from initial public offering, gross					$ 0	$ 500,000,000
Class A ordinary shares issuance costs					(28,550,129)
Proceeds from (Repurchase of) Equity			$ (7,143,312)
Sponsor deposits to Trust Account	$ 2,961,583		2,961,583
Waiver of Class A ordinary shares issuance cost			9,140,590
Class A ordinary shares subject to possible redemption	558,049,739		558,049,739		550,700,038	522,938,352
Warrant
Class of Stock [Line Items]
Proceeds allocated to Public Warrants						(2,625,000)
Common Class A
Class of Stock [Line Items]
Proceeds received from initial public offering, gross				$ 500,000,000
Class A ordinary shares issuance costs						(28,550,129)
Class A Ordinary Shares Subject To Redemption
Class of Stock [Line Items]
Accretion of carrying value to redemption value		$ 2,390,840			27,761,686	54,113,481
Proceeds from (Repurchase of) Equity			(7,143,312)
Class A ordinary shares subject to possible redemption	$ 558,049,739		$ 558,049,739		$ 550,700,038	$ 522,938,352

Leases - Schedule of future minimum lease payments for the Company's operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025		$ 2,626
2026		2,605
2027		1,200
2028		839
2029		866
Thereafter		1,568
Total undiscounted lease payments		9,704
Less: Imputed interest		(2,343)
Present value of lease liabilities		7,361
Less: Operating lease liabilities, current	$ (1,781)	(1,638)	$ (1,592)
Operating lease liabilities, noncurrent	$ 4,683	$ 5,723	$ 4,539

Income Taxes - Schedule of tax credit carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Federal Tax Jurisdiction Other [Member]
Tax Credit Carryforward [Line Items]
NOLs Amount	$ 160.8
NOLs Expiration Years	Indefinite
Federal Tax Jurisdiction Other [Member] \| Research [Member]
Tax Credit Carryforward [Line Items]
Research and development tax credits Amount	$ 9.4
Research and development tax credits Expiration Years	2039
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
NOLs Amount	$ 154.3
NOLs Expiration Years	2039
State and Local Jurisdiction [Member] \| Research [Member]
Tax Credit Carryforward [Line Items]
Research and development tax credits Amount	$ 6.7
Research and development tax credits Expiration Years	Indefinite

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Information

15. Segment

The Company has one operating and reportable segment related to the development of autonomous vehicle technology and related services that can be applied at scale across a broad range of industries and environments. Factors used in determining the reportable segment include the nature of the Company’s activities, the organizational and reporting structure and the type of information reviewed by the CODM, its chief executive officer, to allocate resources and evaluate financial performance. Net loss is the key measure of segment profit and loss that the CODM uses to allocate resources and assess performance. The CODM uses net loss to evaluate the Company’s expenditures and monitor

budget-to-actual

results. The CODM considers

budget-to-actual

variances and available cash when making decisions about the allocation of resources across the organization.

Significant expenses within net loss include research and development, general and administrative, truck and freight operations and sales and marketing, as well as other segment items, which are separately presented on the Company’s condensed statements of operations and comprehensive loss. The Company’s long-lived assets are located in the United States.

17.

Segment

The Company has one operating and reportable segment related to the development of autonomous vehicle technology and related services that can be applied at scale across a broad range of industries and environments. Factors used in determining the reportable segment include the nature of the Company’s activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. Net loss is the key measure of segment profit and loss that the CODM uses to allocate resources and assess performance. The CODM uses net loss to evaluate the Company’s expenditures and monitor budget-to-actual results. The CODM considers budget-to-actual variances and available cash when making decisions about the allocation of resources across the organization.

Significant expenses within net loss include research and development, general and administrative, truck and freight operations and sales and marketing, as well as other segment items, which are separately presented on the Company’s statements of operations and comprehensive loss. The Company’s long-lived assets are located in the United States.

Ares Acquisition Corporation II [Member]

Segment Information

9. SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the unaudited condensed statements of operations. The measure of segment assets is reported on the condensed balance sheets as total assets. The CODM reviews several key metrics, including general and administrative expenses, which represent the significant segment expenses, and investment income on investments held in the Trust Account, both of which are included in the accompanying unaudited condensed statements of operations.

The CODM reviews investment income on investments held in the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement. General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination within the Combination Period. The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

9. SEGMENT INFORMATION

The Company’s CODM has been identified as a group that includes the chief executive officer, chief financial officer and chief operating officer, that collectively reviews the consolidated operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, the CODM has determined that the Company only has one operating segment. The CODM reviews several key metrics, which includes general and administrative expenses and investment income on investments held in the Trust Account which are included in the accompanying statements of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Deferred contract costs		$ 0	$ 1,026
Prepaid expenses and other receivables	$ 1,706	1,610	978
Payroll tax credit receivable	400	650	900
Total prepaid expenses and other current assets	$ 2,106	$ 2,260	$ 2,904

Redeemable Convertible Preferred Stock Warrant Liabilities - Schedule of redeemable convertible preferred stock warrant liabilities (Details) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Redeemable Convertible Preferred Stock Warrant Liabilities [Line Items]
Shares Underlying Warrants	1,969,000	1,969
Series A Redeemable Convertible Preferred Stock [Member] \| August 2028 [Member]
Redeemable Convertible Preferred Stock Warrant Liabilities [Line Items]
Shares Underlying Warrants	486,000	486
Exercise Price Per Share	$ 0.001	$ 0.001
Series A Redeemable Convertible Preferred Stock [Member] \| December 2028 [Member]
Redeemable Convertible Preferred Stock Warrant Liabilities [Line Items]
Shares Underlying Warrants	303,000	303
Exercise Price Per Share	$ 1.482	$ 1.482
Series A Redeemable Convertible Preferred Stock [Member] \| June 2031 [Member]
Redeemable Convertible Preferred Stock Warrant Liabilities [Line Items]
Shares Underlying Warrants	540,000	540
Exercise Price Per Share	$ 1.482	$ 1.482
Series B2 Redeemable Convertible Preferred Stock [Member] \| September2032 [Member]
Redeemable Convertible Preferred Stock Warrant Liabilities [Line Items]
Shares Underlying Warrants	640,000	640
Exercise Price Per Share	$ 2.344	$ 2.344

Commitments And Contingencies (Details)				6 Months Ended	12 Months Ended
Commitments And Contingencies (Details)	Apr. 14, 2025	Apr. 25, 2023 USD ($) $ / shares shares	Feb. 04, 2021 tradingDay shares	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 11, 2025 USD ($)
Over-Allotment Option [Member]
Other Commitments [Line Items]
Number of shares issued in transaction (in shares) \| shares		5,000,000
Ares Acquisition Corporation II [Member]
Other Commitments [Line Items]
Underwriter over-allotment purchase period \| tradingDay			45
Number of shares issuable in transaction (in shares) \| shares			6,750,000
Underwriter discount per share (in dollars per share)					$ 10,000,000
Payment of deferred underwriting commissions					17,500,000
Contingent fee amount				$ 782,045	$ 732,045
Temporary Equity Waiver Of Issuance Cost				$ 9,140,590
Sale Of Stock, Placement Agent Fee, Percentage Of Funds Raised	4.00%
Ares Acquisition Corporation II [Member] \| IPO And Over-Allotment Option
Other Commitments [Line Items]
Underwriter discount per share (in dollars per share) \| $ / shares \| $ / shares		$ 0.2
Underwriter discount per share (in dollars per share)		$ 10,000,000
Deferred underwriting commission (in dollars per share) \| $ / shares		$ 0.35
Payment of deferred underwriting commissions		$ 17,500,000
Aggregate Deferred Underwriting Fee Payable		$ 17,500,000				$ 8,359,410
Ares Acquisition Corporation II [Member] \| Over-Allotment Option [Member]
Other Commitments [Line Items]
Number of shares issued in transaction (in shares) \| shares		5,000,000

Stockholders' Deficit (Details)			1 Months Ended					6 Months Ended	12 Months Ended
Stockholders' Deficit (Details)	Jun. 05, 2023 shares	Apr. 25, 2023	Mar. 31, 2025 shares	Aug. 31, 2024 shares	Mar. 31, 2024 shares	Mar. 31, 2023 shares	Apr. 30, 2021 USD ($) shares	Jun. 30, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares	Aug. 07, 2025 shares	Jul. 30, 2025 shares	Apr. 22, 2025 shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares)								98,127,000	98,127,000				98,127,000
Preferred stock , par value (in dollars per share) \| $ / shares								$ 0.000001	$ 0.000001				$ 0.000001
Preferred stock, issued (in shares)								93,963	93,963				93,963
Preferred stock, outstanding (in shares)								93,963	93,963				93,963
Common stock, shares authorized (in shares)								280,000,000	265,000,000		280,000,000		265,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.000001	$ 0.000001
Common stock, issued (in shares)									87,646		90,191		87,222
Common stock, outstanding (in shares)								90,191	87,646				87,222
Common Stock, Shares Authorized								280,000,000	265,000,000		280,000,000		265,000,000
Common Stock, Voting Rights								one	one
Warrants issued during period value purchase of common stock							1,167,295
Warrants issued during period shares purchase of common stock \| $							$ 200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number								125,064
Warrants with advisory agreement [Member]
Class of Stock [Line Items]
Warrants issued during period value purchase of common stock							1,167,295
Warrants issued during period shares purchase of common stock \| $							$ 200,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number									250,128
Warrants issued with services agreement [Member]
Class of Stock [Line Items]
Warrants issued during period value purchase of common stock			16,667	25,641	25,641	25,641
Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Preferred stock, authorized (in shares)								99,990,000	99,990,000				99,990,000
Preferred stock , par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001				$ 0.0001
Preferred stock, issued (in shares)								0	0				0
Preferred stock, outstanding (in shares)								0	0				0
Ares Acquisition Corporation II [Member] \| Related Party [Member]
Class of Stock [Line Items]
Sale Of Stock, Shares Forfeited	437,500
Common Class A \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								9,000,000,000	9,000,000,000				9,000,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001				$ 0.0001
Common stock, issued (in shares)								12,500,000	0	61,859,712
Common stock, outstanding (in shares)								12,500,000	0	61,859,712
Outstanding shares subject to redemption (in shares)								49,359,712	50,000,000				50,000,000
Treasury Stock, Preferred, Shares												12,500,000
Common Stock, Shares Authorized								9,000,000,000	9,000,000,000				9,000,000,000
Common Class B
Class of Stock [Line Items]
Common stock, outstanding (in shares)										0
Common Class B \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								900,000,000	900,000,000				900,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001	$ 0.0001				$ 0.0001
Common stock, issued (in shares)								0	12,500,000	0			12,500,000
Common stock, outstanding (in shares)								0	12,500,000	0			12,500,000
Treasury Stock, Preferred, Shares												12,500,000
Common Stock, Shares Authorized								900,000,000	900,000,000				900,000,000
Common Class B \| Ares Acquisition Corporation II [Member] \| Related Party [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares)									12,937,500
Common Class A Not Subject To Redemption \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Common stock, issued (in shares)								12,500,000	0				0
Common stock, outstanding (in shares)									0				0
Founder Shares \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Percent of shares subject to conversion		0.20
Sponsor [Member] \| Related Party [Member]
Class of Stock [Line Items]
Sale Of Stock, Shares Forfeited	437,500
Sponsor [Member] \| Ares Acquisition Corporation II [Member] \| Related Party [Member]
Class of Stock [Line Items]
Sale Of Stock, Shares Forfeited	437,500
Sponsor [Member] \| Common Class B \| Related Party [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares)									12,937,500

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Six Months Ended June 30,
	2025			2024
Numerator
Net loss	$	(241,911	)	$	(35,963	)

Denominator
Weighted-average common shares outstanding, basic and diluted		90,158			88,026

Net loss per common share, basic and diluted	$	(2.68	)	$	(0.41	)


	Six Months Ended June 30,
	2025 (2)		2024
Redeemable convertible preferred stock		93,963		93,963
Common stock options		81,457		58,855
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		325		581

Total		177,714		155,368

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2024			2023
Numerator
Net loss		$ (69,459	)	$	(56,945	)

Denominator
Weighted-average common shares outstanding, basic and diluted		88,181			87,459

Net loss per common share, basic and diluted	$	(0.79	)	$	(0.65	)


	Year Ended December 31,
	2024		2023
Redeemable convertible preferred stock		93,963		93,963
Common stock options		74,211		64,357
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		469		719

Total		170,612		161,008

Schedule of Property Plant and Equipment Useful life

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets, as follows:


	Useful life
Leasehold improvements		Shorter of remaining useful life or lease term
Vehicles		5 years
Technology infrastructure		3 years
Equipment		5 - 7 years
Other		3 - 5 years

Schedule of Product Information


	June 30, 2025			December 31, 2024
Customer A		—			78	%
Customer B		72	%		—

Schedules of Concentration of Risk

Customers with 10% or greater of the Company’s revenue for the six months ended June 30, 2025 and 2024 were as follows:


	Six Months Ended June 30
	2025			2024
Customer A		51	%		—
Customer B		21	%		—
Customer C		—			41	%
Customer D		—			19	%
Customer E		—			17	%

Ares Acquisition Corporation II [Member]

Schedule of Class A Ordinary Shares Subject to Redemption

As of June 30, 2025 and December 31, 2024, the Class A ordinary shares reflected in the accompanying condensed balance sheets are reconciled in the following table:


Class A ordinary shares subject to possible redemption as of December 31, 2023	$	522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024		550,700,038
Less:
Redemption of Class A ordinary shares		(7,143,312	)
Plus:
Sponsor deposits to Trust Account		2,961,583
Waiver of Class A ordinary shares issuance cost		9,140,590
Accretion of carrying value to redemption value		2,390,840

Class A ordinary shares subject to possible redemption as of June 30, 2025	$	558,049,739

As of December 31, 2024 and 2023, the Class A ordinary shares reflected in the accompanying balance sheets are reconciled in the following table:


Gross proceeds	$	500,000,000
Less:
Proceeds allocated to Public Warrants		(2,625,000	)
Class A ordinary shares issuance costs		(28,550,129	)
Plus:
Accretion of carrying value to redemption value		54,113,481

Class A ordinary shares subject to possible redemption as of December 31, 2023		522,938,352
Plus:
Accretion of carrying value to redemption value		27,761,686

Class A ordinary shares subject to possible redemption as of December 31, 2024	$	550,700,038

Schedule of Earnings Per Share, Basic and Diluted

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Class A ordinary shares subject to possible redemption
Numerator:
Net income attributable to Class A ordinary shares subject to possible redemption	$	260,795	$	5,268,294	$	2,652,910	$	10,383,006
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		49,507,471		50,000,000		49,752,375		50,000,000

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.01	$	0.11	$	0.05	$	0.21

Non-redeemable Class A ordinary shares and Class B ordinary shares
Numerator:
Net income attributable to non-redeemable Class A ordinary shares and Class B ordinary shares	$	65,848	$	1,317,073	$	666,528	$	2,595,751
Denominator:
Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares and/or Class B ordinary shares		12,500,000		12,500,000		12,500,000		12,500,000

Basic and diluted net income per share, non-redeemable Class A ordinary shares and/or Class B ordinary shares	$	0.01	$	0.11	$	0.05	$	0.21

The following table reflects the calculation of basic and diluted net income per ordinary share:


	For the year ended December 31,
	2024		2023
Class A ordinary shares
Numerator:
Net income attributable to Class A ordinary shares	$	20,788,927	$	12,405,494
Denominator:
Basic and diluted weighted average shares outstanding, Class A ordinary shares		50,000,000		34,383,562

Basic and diluted net income per share, Class A ordinary shares	$	0.42	$	0.36

Class B ordinary shares
Numerator:
Net income attributable to Class B ordinary shares	$	5,197,232	$	4,509,966
Denominator:
Basic and diluted weighted average shares outstanding, Class B ordinary shares		12,500,000		12,500,000

Basic and diluted net income per share, Class B ordinary shares	$	0.42	$	0.36

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company’s income tax expense was immaterial for the six months ended June 30, 2025, and 2024.

The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was approximately 0%. For the periods presented, the difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain

non-deductible

items, the absence of current taxable income, and the full valuation allowance on deferred tax assets.

15.	Income Taxes

Income Taxes and Rate Reconciliation

The Company is subject to U.S. federal and state corporate income taxes. For the years ended December 31, 2024 and 2023, net loss before income taxes was generated in the U.S.

Income taxes consisted of the following for the periods presented (in thousands):


	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	—
State		1		9

Total		1		9

Deferred:
Federal		—		—
State		—		—

Total		—		—

Income taxes	$	1	$	9

The Company’s effective income tax rate reconciliation was composed of the following for the periods presented (in thousands):


	Year Ended December 31,
	2024			2023
Federal statutory rate, benefit	$	(14,586	)	$	(11,958	)
State income taxes, net of benefit		(5,318	)		(4,881	)
Nondeductible expenses		35			153
Stock-based compensation		2,566			1,618
Change in valuation allowance		20,366			18,099
R&D credits		(3,084	)		(3,022	)
Other		22			—

Income taxes	$	1		$	9

The expense for income taxes in the table above related to continuing operations differs from the amounts computed by applying the statutory income tax rate of 21% due to a pretax loss in each period.

Deferred Income Taxes

The components of net deferred tax assets were as follows for the periods presented (in thousands):


	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	47,448		$	35,486
Accrued expenses and other current liabilities		1,666			1,212
Charitable contributions		22			8
Depreciation and amortization		930			756
Stock-based compensation		233			—
Operating lease liabilities		2,136			1,848
Capitalized research and development expense		12,920			8,659
Tenant improvement allowance		—			4
Section 195 capitalization		369			418
Research and development credits		12,076			8,764

Total deferred tax assets		77,800			57,155
Less: valuation allowance		(75,737	)		(55,372	)

Total deferred tax assets, net of valuation allowance		2,063			1,783

Deferred tax liabilities:
Operating lease right-of-use assets		(2,064	)		(1,784	)
Other		1			1

Total deferred tax liabilities		(2,063	)		(1,783	)

Net deferred tax assets	$	—		$	—

The Company determines its valuation allowance on deferred tax assets by considering whether it is more likely than not that deferred tax assets will be realized. Due to the Company’s history of operating losses, the

Company’s deferred tax assets are not likely to be realized and, accordingly, the Company has provided a full valuation allowance on its deferred tax assets. The valuation allowance increased by $20.4 million and $18.1 million for the years ended December 31, 2024 and 2023, respectively, primarily due to the increase in the Company’s U.S. and state net operating losses (“NOL”) carryforwards and tax credit carryforwards.

Available Carryforwards

As of December 31, 2024, NOLs and tax credit carryforwards were as follows (in millions):


	Amount		Expiration Years
NOLs, federal	$	160.8	Indefinite
NOLs, state		154.3	2039
Research and development tax credits, federal		9.4	2039
Research and development tax credits, state		6.7	Indefinite

Under Section 382 and Section 383 of the Internal Revenue Code of 1986, utilization of the Company’s NOL carryforwards and tax credit carryforwards may be subject to a substantial annual limitation if the Company experiences an “ownership change.” An ownership change generally occurs if one or more stockholders or groups of stockholders that own at least 5% of the Company’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage (by value) within a rolling three-year period. Similar rules may apply under state tax laws. The Company may have experienced an ownership change in the past, and may experience future

ownership

changes, some of which are outside of the Company’s control, or future regulatory changes could further limit the Company’s ability to utilize its net operating loss and tax credit carryforwards. The Company has not conducted a study to assess whether a change of control has occurred. Any limitation may result in expiration of a portion of the NOL carryforwards or tax credit carryforwards before utilization; however, such limitation, if any, would not have an impact on the Company’s financial statements as of December 31, 2024 due to the recognition of a full valuation.

Uncertain Tax Positions

A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits was as follows for the periods presented (in thousands):


	December 31,
	2024		2023
Beginning balance of unrecognized tax benefits	$	2,441	$	1,679
Gross increases based on tax positions related to current year		795		762
Gross increases based on tax positions related to prior years		33		—

Ending balance of unrecognized tax benefits	$	3,269	$	2,441

The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate assuming the Company continues to maintain a full valuation allowance. As of December 31, 2024, no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months.

For the years

ende

d December 31, 2024 and 2023, no material interest and penalties related to unrecognized tax benefits were recognized. The Company is subject to taxation in the United States and various state jurisdictions. All tax years are open for examination. The Company currently has no federal or state tax examinations in progress.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Redeemable Convertible Preferred Stock Warrant Liabilities

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock Warrant Liabilities

8. Redeemable Convertible Preferred Stock Warrant Liabilities

The Company has issued redeemable convertible preferred stock warrants in connection with entering into services agreements and debt arrangements. As of June 30, 2025, the outstanding warrants to purchase the Company’s redeemable convertible preferred stock were as follows (in thousands, except exercise price per share):


	Shares Underlying Warrants		Series of Redeemable Convertible Preferred Stock		Exercise Price Per Share		Expiration Date
Warrants issued with services agreement		486		Series A	$	0.001		August 2028
Warrants issued with debt arrangement		303		Series A	$	1.482		December 2028
Warrants issued with debt arrangement		540		Series A	$	1.482		June 2031
Warrants issued with 2022 Credit Facility		640		Series B-2	$	2.344		September 2032

Total outstanding		1,969

The redeemable convertible preferred stock warrants are subject to remeasurement each reporting period (see Note 3).

10.	Redeemable Convertible Preferred Stock Warrant Liabilities

The Company has issued redeemable convertible preferred stock warrants in connection with entering into services agreements and debt arrangements. As of December 31, 2024, outstanding warrants to purchase the

Company’s redeemable convertible preferred stock were as follows (in thousands, except exercise price per share):


	Shares Underlying Warrants		Series of Redeemable Convertible Preferred Stock	Exercise Price Per Share		Expiration Date
Warrants issued with services agreement		486	Series A	$	0.001	August 2028
Warrants issued with debt arrangement		303	Series A	$	1.482	December 2028
Warrants issued with debt arrangement		540	Series A	$	1.482	June 2031
Warrants issued with 2022 Credit Facility		640	Series B-2	$	2.344	September 2032

Total outstanding		1,969

The redeemable convertible preferred stock warrants are subject to remeasurement each reporting period (see Note 4).

Income Taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Current Federal			$ 0	$ 0
Current State			1	9
Current Total			1	9
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred Federal			0	0
Deferred State			0	0
Deferred Total			0	0
Income taxes	$ 4	$ 4	$ 1	$ 9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Simple Agreements for Future Equity - Additional information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2025
Simple Agreements For Future Equity [Line Items]
Percentage of Discount Price Per Share		50.00%
Simple Agreements For Future Equity Price Per Share Valuation Cap		$ 500.0
Debt Instrument Value Exchanged For Equity				$ 10.0
Simple Agreement For Future Equity [Member]
Simple Agreements For Future Equity [Line Items]
Stock Issued During Period, Value, Other	$ 23.7
AACT Affiliate [Member] \| Simple Agreement For Future Equity [Member]
Simple Agreements For Future Equity [Line Items]
Stock Issued During Period, Value, Other	10.0
Affiliates of Board [Member] \| Simple Agreement For Future Equity [Member]
Simple Agreements For Future Equity [Line Items]
Stock Issued During Period, Value, Other	$ 4.0
2023 SAFE [Member]
Simple Agreements For Future Equity [Line Items]
Payments for Repurchase of Equity			$ 10.0
Percentage of Discount Price Per Share			75.00%
Simple Agreements For Future Equity Price Per Share Valuation Cap			$ 800.0
2024 SAFE [Member]
Simple Agreements For Future Equity [Line Items]
Payments for Repurchase of Equity		$ 45.2
Percentage of Discount Price Per Share		50.00%
Simple Agreements For Future Equity Price Per Share Valuation Cap		$ 500.0
2024 SAFE [Member] \| Board [Member]
Simple Agreements For Future Equity [Line Items]
Payments for Repurchase of Equity		$ 10.4

Stock-based Compensation - Schedule of fair value of stock options granted was estimated at the grant-date using the Black-Scholes option-pricing model (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		59.40%
Expected term (in years)		6 years
Risk-free interest rate		4.20%
Expected dividend yield	0.00%	0.00%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	91.90%
Expected term (in years)	6 years 1 month 6 days
Risk-free interest rate	4.30%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	87.00%
Expected term (in years)	5 years 1 month 6 days
Risk-free interest rate	3.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (l)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Commitments And Contingencies - Schedule of contracts to purchase services under which non-cancellable future minimum payments (Details) - USD ($) $ in Thousands	Jul. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2025 (remaining six months)	$ 3,415
2025		$ 5,450
2026	3,600	3,600
2027	2,700	2,700
Total	$ 9,715	$ 11,750

Stockholders' Deficit

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Stockholders' Deficit

10. Stockholders’ Deficit

Common Stock

as-if

converted basis (in thousands):


	June 30, 2025
Redeemable convertible preferred stock		93,963
Outstanding stock options		81,457
Shares available for issuance under equity incentive plan		7,410
Redeemable convertible preferred stock warrants		1,969
Common stock warrants		1,424

Total		186,223

Common Stock Warrants

The Company has issued common stock warrants in connection with entering into advisory and services agreements as well as debt arrangements, which all met the conditions for equity classification.

As of June 30, 2025, outstanding warrants to purchase the Company’s common stock were as follows (in thousands, except price per share):


	Shares Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrants issued with debt arrangement		168	$	0.34		January 2029
Warrants issued with advisory agreement		1,167	$	0.01		March 2026
Warrants issued with 2022 Equipment Facility		46	$	0.84		July 2032
Warrants issued with services agreement		43	$	0.01		February 2026 and 2027

Total outstanding		1,424

In April 2021, the Company issued a warrant to purchase 1,167,295 shares of its common stock in connection with an advisory agreement. The warrant was valued using the Black-Scholes option-pricing model, with a grant-date fair value of $0.2 million at inception. As these warrants are subject to time-based vesting based on the provision of services, expense is recognized over the service period and was included within stock-based compensation. As of June 30, 2025, 125,064 shares underlying the warrant remain unvested.

In March 2023, August 2024, and March 2025, the Company issued a warrant to purchase

25,641, 25,641

and 16,667 shares, respectively, of its common stock in connection with a services agreement. These warrants were valued using the Black-Scholes option-pricing model, each with an immaterial grant-date fair value at inception. As these warrants are subject to time-based vesting based on the provision of services, expense is recognized over the service period and was included within stock-based compensation. As of June 30, 2025, an immaterial number of shares underlying the warrants issued in March 2025 remain unvested. The warrants issued in March 2023 were exercised during the six months ended June 30, 2025.

12.	Stockholders’ Deficit

Common Stock

As of December 31, 2024 and 2023, the Company had authorized 265,000,000 shares of its common stock and each holder is entitled to one vote per share. The Company has the following shares of common stock reserved for future issuance, on an

as-if

converted basis (in thousands):


	December 31, 2024
Redeemable convertible preferred stock		93,963
Outstanding stock options		74,211
Shares available for issuance under equity incentive plan		2,175
Redeemable convertible preferred stock warrants		1,969
Common stock warrants		1,433

Total		173,751

Common Stock Warrants


	Shares Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrants issued with debt arrangement		168	$	0.34	January 2029
Warrants issued with advisory agreement		1,167	$	0.01	March 2026
Warrants issued with 2022 Equipment Facility		46	$	0.84	July 2032
Warrants issued with services agreement		52	$	0.01	February 2025 and 2026

Total outstanding		1,433

In April 2021, the Company issued a warrant to purchase 1,167,295 shares of its common stock in connection with an advisory agreement. The warrant was valued using the Black-Scholes option-pricing model, with a grant-date fair value of $0.2 million at inception. As these warrants are subject to time-based vesting based on the provision of services, expense is recognized over the service period and was included within stock-based compensation. As of December 31, 2024, 250,128 shares underlying the warrant remain unvested.

In each of March 2023 and August 2024, the Company issued a warrant to purchase 25,641 shares of its common stock in connection with a services agreement. The warrants issued in March 2023 and August 2024, were both valued using the Black-Scholes option-pricing model, each with an immaterial grant-date fair value at inception.

As these warrants are subject to time-based vesting based on the provision of services, expense is recognized over the service period and was included within stock-based compensation. As of December 31, 2024, an immaterial number of shares underlying the warrant issued in August 2024 remain unvested.

Ares Acquisition Corporation II [Member]

Stockholders' Deficit

. SHAREHOLDERS’ DEFICIT

On April 22, 2025, in connection with the Extension, the Company issued an aggregate of 12,500,000 Class A ordinary shares to the Sponsor upon the conversion by the Sponsor of an equal number of Class B ordinary shares. The 12,500,000 Class A ordinary shares issued in connection with the Conversion are subject to the same restrictions as applied to the Class B ordinary shares before the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial business combination as described in the Company’s prospectus for its Initial Public Offering.

Preference Shares

— The Company is authorized to issue 99,990,000 preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of June 30, 2025 and December 31, 2024, there were no preference shares issued or outstanding.

Class

A Ordinary Shares

— The Company is authorized to issue 9,000,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to

one

vote for each share. As of June 30, 2025, there were 12,500,000 Class A ordinary shares issued and outstanding excluding 49,359,712 shares that are subject to possible redemption and are presented as temporary equity, outside of the shareholders’ deficit section of the condensed balance sheets. As of December 31, 2024, there were

Class A ordinary shares issued and outstanding excluding 50,000,000 shares that are subject to possible redemption and are presented as temporary equity, outside of the shareholders’ deficit section of the condensed balance sheets.

Class

B Ordinary Shares

— The Company is authorized to issue 900,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each ordinary share. As of June 30, 2025, there were no Class B ordinary shares issued and outstanding. As of December 31, 2024, there were 12,500,000 Class B ordinary shares issued and outstanding.

Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders except as required by law.

6. SHAREHOLDERS’ DEFICIT

Preference Shares

— The Company is authorized to issue 99,990,000 preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of December 31, 2024 and 2023, there were no preference shares issued or outstanding.

Class

A Ordinary Shares

— The Company is authorized to issue 9,000,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share.

As of December 31, 2024 and 2023, there were no Class A ordinary shares issued and outstanding, excluding 50,000,000 shares as of December 31, 2024 and 2023 that are subject to possible redemption and are presented as temporary equity, outside of the shareholders’ deficit section of the balance sheets.

Class

B Ordinary Shares

— The Company is authorized to issue 900,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class B ordinary shares are entitled to one vote for each ordinary share. On April 25, 2023, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters’ partial exercise of their over-allotment option. On June 5, 2023, following the expiration of the remaining over-allotment option, the Sponsor forfeited 437,500 Class B ordinary shares. As of December 31, 2024 and 2023, there were 12,500,000 Class B ordinary shares issued and outstanding.

Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of shareholders except as required by law.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination, or earlier at the option of the holders of the Class B ordinary shares, on a

one-for-one

basis, subject to adjustment. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an

as-converted

basis, 20% of the sum of the total number of all ordinary shares outstanding upon completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Preferred stock , par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, authorized (in shares)	98,127,000	98,127,000
Preferred stock, issued (in shares)	93,963	93,963
Preferred stock, outstanding (in shares)	93,963	93,963
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, authorized (in shares)	280,000,000	265,000,000
Common stock, outstanding (in shares)	90,191	87,646
Common stock, issued (in shares)		87,646
Ares Acquisition Corporation II [Member]
Preferred stock , par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	99,990,000	99,990,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Class A \| Ares Acquisition Corporation II [Member]
Par value (in dollars per share)	$ 0.0001	$ 0.0001
Outstanding shares subject to redemption (in shares)	49,359,712	50,000,000
Redemption price (in dollars per share)	$ 11.31	$ 11.01
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	9,000,000,000	9,000,000,000
Common stock, outstanding (in shares)	12,500,000	0
Common stock, issued (in shares)	12,500,000	0
Common Class B \| Ares Acquisition Corporation II [Member]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000,000	900,000,000
Common stock, outstanding (in shares)	0	12,500,000
Common stock, issued (in shares)	0	12,500,000
Common Class A Not Subject To Redemption \| Ares Acquisition Corporation II [Member]
Common stock, outstanding (in shares)		0
Common stock, issued (in shares)	12,500,000	0

Related Party Transactions - Private Placement Warrants (Details) - Ares Acquisition Corporation II [Member] - USD ($)			3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 14, 2025	Apr. 25, 2023	Mar. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Jun. 23, 2025
Related Party Transaction [Line Items]
Consideration received on transaction	$ 60,000,000
Exercise price of warrants (in USD per share)						$ 1
IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Consideration received on transaction		$ 500,000,000
Private Warrants
Related Party Transaction [Line Items]
Number of warrants issued (in shares)				14,300,000
Private Warrants \| Private Placement
Related Party Transaction [Line Items]
Number of warrants issued (in shares)				14,300,000	14,300,000
Private Placement Warrants \| Over-Allotment Option
Related Party Transaction [Line Items]
Number of warrants sold (in shares)		1,000,000
Private Placement Warrants \| IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Number of warrants issued (in shares)			14,300,000		14,300,000
Consideration received on transaction		$ 14,300,000
Exercise price of warrants (in USD per share)		$ 11.5

Fees Summary	Oct. 10, 2025 USD ($)
Fees Summary [Line Items]
Total Offering	$ 1,422,689,661.02
Previously Paid Amount	0.00
Total Fee Amount	196,473.45
Total Offset Amount	0.00
Net Fee	$ 196,473.45

Simple Agreements for Future Equity

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Simple Agreements For Future Equity [Abstract]

Simple Agreements For Future Equity [Text Block]

6. Simple Agreements for Future Equity

The Company has entered into SAFEs with various investors that were classified as liabilities on the Company’s condensed balance sheets and accounted for at fair value, subject to remeasurement each reporting period (see Note 3). Each SAFE has no maturity date, does not bear any interest and provides the investor with the right to convert into a variable number of shares of future equity in the Company at the stated conversion amount, if certain events or conditions are triggered.

In 2024, the Company entered into SAFEs with several investors for an aggregate purchase amount of $45.2 million (“2024 SAFEs”), including $10.4 million with affiliates of two board members. At the same time, the terms of a SAFE entered into in 2023, with an affiliate of a board member, for an aggregate purchase amount of $10.0 million (“2023 SAFE”) were aligned with the 2024 SAFE terms. During the six months ended June 30, 2025, the Company entered into SAFEs with certain investors for an aggregate purchase amount of $23.7 million (“2025 SAFEs”), including $10.0 million from an affiliate of AACT and $4.0 million from affiliates of two board members. At the same time, the terms of the 2023 SAFE and 2024 SAFEs were amended to include conversion terms upon a SPAC transaction to align with the 2025 SAFE terms. In addition, in April 2025, the $10.0 million SAFE from an affiliate of AACT was exchanged for a second lien loan pursuant to the terms of such SAFE (see Note 5).

The fair value of the SAFEs, including changes as a result of the amendments and the exchange for a second lien loan, were recorded in the condensed statements of operations and comprehensive loss for the six months ended June 30, 2025 and 2024. All of the outstanding SAFEs are subject to conversion as described below. For the six months ended June 30, 2025 and 2024, there were no events or conditions that triggered termination or conversion of the SAFEs. The number of shares to be issued upon conversion of the SAFEs is subject to the following:

Equity Financing

– Upon the occurrence of an equity financing event, each SAFE automatically converts into a greater of (i) the number of shares of preferred stock equal to the SAFE purchase amount divided by the discount price or (ii) the number of shares of preferred stock equal to the SAFE purchase amount divided by the SAFE price.

•

“Discount price” means the price per share equal to the price per share of preferred stock sold in the equity financing multiplied by the discount rate of 50.0% (for the 2023 SAFE prior to being amended, the discount rate was 75.0%).

•

“SAFE price” means the price per share equal to the valuation cap of $500.0 million divided by Company capitalization calculated as of immediately prior to the equity financing on a fully-diluted basis as described in the SAFEs (for the 2023 SAFE prior to being amended, the valuation cap was $800.0 million).

Liquidity Event

– If there is a liquidity event before the conversion of each SAFE, the holder of each SAFE will automatically be entitled to the greater of (i) two times the purchase amount (for the 2023 SAFE prior to being amended, it was the purchase amount), or (ii) the amount payable on the number of shares of common stock equal to the purchase amount divided by the liquidity price (determined as the valuation cap divided by Company capitalization calculated as of immediately prior to the liquidity event on a fully-diluted basis, as described in the SAFEs).

Dissolution Event

– If there is a dissolution event before the conversion of each SAFE, the holder of each SAFE will automatically be entitled to receive a portion of proceeds equal to two times the purchase amount (for the 2023 SAFE prior to being amended, it was the purchase amount).

SPAC transaction

– If there is a SPAC transaction before termination of each SAFE, each SAFE automatically converts into the greater of (i) the number of shares of common stock equal to the purchase amount divided by

the SPAC discount price or (ii) the number of shares of common stock equal to the purchase amount divided by the SPAC SAFE price.

•

“SPAC discount price” means the price per share equal to 50% of the implied price per share of the common stock of the Company in the SPAC transaction.

•

“SPAC SAFE price” means the price per share equal to the valuation cap of $500.0 million divided by Company capitalization calculated as of immediately prior to the SPAC transaction on a fully-diluted basis as described in the SAFEs.

8.	Simple Agreements for Future Equity

The Company has entered into SAFEs with various investors that were classified as liabilities on the Company’s balance sheets and accounted for at fair value, subject to remeasurement each reporting period (see Note 4). Each SAFE has no maturity date, does not bear any interest and provides the investor with the right to convert into a variable number of shares of future equity in the Company at the stated conversion amount, if certain events or conditions are triggered.

In 2023, the Company entered into a SAFE with one investor, who is an affiliate of a board member, for an aggregate purchase amount of $10.0 million (“2023 SAFE”). In 2024, the Company entered into SAFEs with several investors for an aggregate purchase amount of $45.2 million (“2024 SAFEs”), including $10.4 million with affiliates of two board members. At the same time, the 2023 SAFE terms were aligned with the 2024 SAFE terms. The fair value of the SAFEs, including changes as a result of the amendments, was recorded in the statement of operations and comprehensive loss for the years ended December 31, 2024 and 2023. The 2023 SAFE and 2024 SAFEs (collectively, the “SAFEs”) are subject to conversion as described below. For the years ended December 31, 2024 and 2023, there were no events or conditions that triggered termination or conversion of the SAFEs. The number of shares to be issued upon conversion of the SAFEs is subject to the following:

Equity Financing

•

“SAFE price” means the price per share equal to the valuation cap of $

500.0

million divided by Company capitalization calculated as of immediately prior to the equity financing on a fully-diluted basis as described in the SAFEs (for the 2023 SAFE prior to being amended, the valuation cap was $800.0 million).

Liquidity Event

amended, it was the purchase amount), or (ii) the amount payable on the number of shares of common stock equal to the purchase amount divided by the liquidity price (determined as the valuation cap divided by Company capitalization calculated as of immediately prior to the liquidity event on a fully-diluted basis, as described in the SAFEs).

Dissolution Event

Subsequent to December 31, 2024 (see Note 19), the SAFEs were further amended to provide for conversion terms upon a SPAC transaction. If there is a SPAC transaction before termination of each SAFE, each SAFE automatically converts into the greater of (i) the number of shares of common stock equal to the purchase amount divided by the SPAC discount price or (ii) the number of shares of common stock equal to the purchase amount divided by the SPAC SAFE price.

•

“SPAC discount price” means the price per share equal to 50% of the implied price per share of the common stock of the Company in the SPAC transaction.

•

Subsequent Events (Details) - USD ($)			6 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($)	Aug. 31, 2025	Jul. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Aug. 25, 2025	Jul. 31, 2025
Subsequent Event [Line Items]
Stock issued during period shares stock options exercised			2,519,000	424,000
Ares Acquisition Corporation II [Member]
Subsequent Event [Line Items]
Deposit Made Into The Trust Account		$ 987,194
Percentage Of Contribution To Be Reimbursed		50.00%
Subsequent Event \| Share-Based Payment Arrangement, Option [Member]
Subsequent Event [Line Items]
Stock issued during period shares stock options exercised	1,536,700
Share price	$ 5.88
Subsequent Event \| Second Lien Loan Agreement [Member]
Subsequent Event [Line Items]
Debt instrument face amount						$ 14,000,000
Officer Of AACT [Member] \| Subsequent Event \| Second Lien Loan Agreement [Member]
Subsequent Event [Line Items]
Debt instrument face amount	$ 12,400,000				$ 20,000,000
Officer Of AACT [Member] \| Subsequent Event \| Second Amendment Of Second Lien Loan Agreement [Member]
Subsequent Event [Line Items]
Debt instrument withdrawal amount					$ 5,000,000
Percentage of preferred stock warrant issued to debt issuer					5.00%

Stockholders' Deficit - Schedule of Common Stock Warrants (Details) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Common Stock Reserved For Future Issuance [Line Items]
Shares Underlying Warrants	1,424	1,433
Warrants issued with debt arrangement [Member]
Common Stock Reserved For Future Issuance [Line Items]
Shares Underlying Warrants	168	168
Exercise price of warrants (in USD per share)	$ 0.34	$ 0.34
Expiration Date	Jan. 31, 2029	Jan. 31, 2029
Warrants issued with advisory agreement [Member]
Common Stock Reserved For Future Issuance [Line Items]
Shares Underlying Warrants	1,167	1,167
Exercise price of warrants (in USD per share)	$ 0.01	$ 0.01
Expiration Date	Mar. 31, 2026	Mar. 31, 2026
Warrants issued with 2022 Equipment Facility [Member]
Common Stock Reserved For Future Issuance [Line Items]
Shares Underlying Warrants	46	46
Exercise price of warrants (in USD per share)	$ 0.84	$ 0.84
Expiration Date	Jul. 31, 2032	Jul. 31, 2032
Warrants issued with services agreement [Member]
Common Stock Reserved For Future Issuance [Line Items]
Shares Underlying Warrants	43	52
Exercise price of warrants (in USD per share)	$ 0.01	$ 0.01
Expiration Date	Feb. 28, 2026	Feb. 28, 2025
Warrants issued with services agreement [Member]
Common Stock Reserved For Future Issuance [Line Items]
Expiration Date	Feb. 28, 2027	Feb. 28, 2026

Income Taxes (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	0.00%	0.00%
Statutory income tax rate	21.00%		21.00%
Valuation allowance increased			$ 20,400	$ 18,100
Description of ownership change			An ownership change generally occurs if one or more stockholders or groups of stockholders that own at least 5% of the Company’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage (by value) within a rolling three-year period.
Expected unrecognized tax benefits			$ 0
Unrecognized tax benefits			$ 0	$ 0

Balance Sheet Components

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Prepaid expenses and other receivables	$	1,706	$	1,610
Payroll tax credit receivable		400		650

Total prepaid expenses and other current assets	$	2,106	$	2,260

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2025			December 31, 2024
Leasehold improvements	$	7,317		$	7,261
Vehicles		6,630			6,331
Technology infrastructure		3,151			2,912
Equipment		4,975			2,524
Other		745			694

Total property and equipment		22,818			19,722
Less: accumulated depreciation		(15,219	)		(13,980	)
Construction in progress		5,400			981

Total property and equipment, net	$	12,999		$	6,723

Depreciation and amortization expense for the six months ended June 30, 2025 and 2024 was $1.2 million and $2.4 million, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Accrued bonus	$	8,740	$	8,800
Other current liabilities and accrued expenses		5,801		1,156
Accrued payroll and related expenses		1,140		1,460
Deferred Revenue		30		—

Total accrued expenses and other current liabilities	$	15,711	$	11,416

5.	Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred contract costs	$	—	$	1,026
Prepaid expenses and other receivables		1,610		978
Payroll tax credit receivable		650		900

Total prepaid expenses and other current assets	$	2,260	$	2,904

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2024			2023
Leasehold improvements	$	7,261		$	7,207
Vehicles		6,331			5,835
Technology infrastructure		2,912			2,641
Equipment		2,524			1,002
Other		694			666

Total property and equipment		19,722			17,351
Less: accumulated depreciation		(13,980	)		(9,605	)
Construction in progress		981			—

Total property and equipment, net	$	6,723		$	7,746

Depreciation and amortization expense for the years ended December 31, 2024 and 2023 was $4.6 million and $4.2 million, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Accrued bonus	$	8,800	$	3,984
Deferred revenue		—		1,144
Accrued payroll and related expenses		1,460		447
Other current liabilities and accrued expenses		1,156		699

Total accrued expenses and other current liabilities	$	11,416	$	6,274

Offerings	Oct. 10, 2025 USD ($) shares
Offering: 1
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share, underlying the Series A Preferred Stock
Amount Registered \| shares	46,289,055
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 341,613,225.90
Fee Rate	0.01381%
Amount of Registration Fee	$ 47,176.79
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of 46,289,055 shares of the Registrant's Common Stock issuable by the Registrant upon the conversion of the Series A Preferred Stock (as defined in this Registration Statement). These shares are registered for issuance and resale in this Registration Statement. The proposed maximum aggregate offering price ("PMOPU") is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share.
Offering: 2
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share
Amount Registered \| shares	15,568,887
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 114,898,386.06
Fee Rate	0.01381%
Amount of Registration Fee	$ 15,867.47
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of 15,568,887 shares of the Registrant's Common Stock, or Earn Out Shares (as defined in this Registration Statement), issuable by the Registrant to certain securityholders who held securities of Kodiak Robotics, Inc. These shares are registered for issuance and resale in this Registration Statement. The PMOPU is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share.
Offering: 3
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share, underlying warrants
Amount Registered \| shares	17,769,375
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 131,137,987.50
Fee Rate	0.01381%
Amount of Registration Fee	$ 18,110.16
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of 17,769,375 shares of the Registrant's Common Stock issuable by the Registrant upon the conversion of the PIPE Warrants (as defined in this Registration Statement). These shares are registered for issuance and resale in this Registration Statement. The PMOPU is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share.
Offering: 4
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share, underlying warrants
Amount Registered \| shares	7,606,666
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 56,137,195.08
Fee Rate	0.01381%
Amount of Registration Fee	$ 7,752.55
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of 7,606,666 shares of the Registrant's Common Stock issuable by the Registrant upon the conversion of the Non-Redemption Agreement Warrants (as defined in this Registration Statement). These shares are registered for issuance and resale in this Registration Statement. The PMOPU is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share
Offering: 5
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share
Amount Registered \| shares	58,259,206
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 429,952,940.28
Fee Rate	0.01381%
Amount of Registration Fee	$ 59,376.50
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of an aggregate of 58,259,206 shares of Common Stock registered for resale in this Registration Statement, comprised of (i) 38,657,638 Consideration Shares (as defined in this Registration Statement), (ii) 12,500,000 shares of SPAC Sponsor Contribution Shares (as defined in this Registration Statement), which includes 6,250,000 shares of SPAC Sponsor Earn Out Shares (as defined in this Registration Statement, (iii) 3,591,627 shares of SPAC Sponsor Affiliate Investor Shares (as defined in this Registration Statement), (iv) 2,050,394 shares of Co-Invest Investor Shares (as defined in this Registration Statement), (v) 1,091,519 shares of Legacy Kodiak Advisor Shares (as defined in this Registration Statement), and (vi) 368,028 shares of Non-Redemption Agreement Shares (as defined in this Registration Statement). The PMOPU is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share.
Offering: 6
Offering:
Fee Previously Paid	false
Rule 457(a)	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share, underlying warrants
Amount Registered \| shares	24,999,990
Proposed Maximum Offering Price per Unit	7.38
Maximum Aggregate Offering Price	$ 184,499,926.20
Fee Rate	0.01381%
Amount of Registration Fee	$ 25,479.44
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of an aggregate of 24,999,990 shares of Common Stock issuable by the Registrant upon the conversion of the Public Warrants (as defined in this Registration Statement). These shares are registered for issuance and resale in this Registration Statement. The PMOPU is estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the average of the high and low prices of Common Stock as reported on the Nasdaq Global Market on October 3, 2025, which was approximately $7.38 per share.
Offering: 7
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Common stock, par value $0.0001 per share, underlying warrants
Amount Registered \| shares	14,300,000
Proposed Maximum Offering Price per Unit	11.50
Maximum Aggregate Offering Price	$ 164,450,000.00
Fee Rate	0.01381%
Amount of Registration Fee	$ 22,710.54
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of an aggregate of 14,300,000 shares of Common Stock issuable by the Registrant upon the conversion of the Private Placement Warrants (as defined in this Registration Statement). These shares are registered for issuance and resale in this Registration Statement. Calculated pursuant to Rule 457(g) under the Securities Act, based on the exercise price of the warrants.
Offering: 8
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Warrants exercisable for Common Stock
Amount Registered \| shares	14,300,000
Maximum Aggregate Offering Price	$ 0.00
Fee Rate	0.01381%
Amount of Registration Fee	$ 0.00
Offering Note	Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), there are also being registered an indeterminable number of additional shares of the Registrant's common stock, par value $0.0001 ("Common Stock") as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Consists of an aggregate of 14,300,000 Private Placement Warrants (as defined in this Registration Statement) registered for resale in this Registration Statement. Pursuant to Rule 457(g) of the Securities Act, no separate fee is recorded for the warrants and the entire fee is allocated to the underlying Common Stock.

Related Party Transactions - Over Funding Loans (Details) - Ares Acquisition Corporation II [Member] - USD ($)	Jun. 30, 2025	Jun. 23, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 25, 2023
Related Party Transaction [Line Items]
Exercise price of warrants (in USD per share)		$ 1
IPO
Related Party Transaction [Line Items]
Price of shares issued in transaction (in USD per share)					$ 10
Over-Allotment Option
Related Party Transaction [Line Items]
Price of shares issued in transaction (in USD per share)					10
IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Price of shares issued in transaction (in USD per share)					10
IPO And Private Placement \| US Government Debt Securities
Related Party Transaction [Line Items]
Price of shares issued in transaction (in USD per share)					$ 10.1
Base Overfunding Loan \| Promissory Note \| IPO
Related Party Transaction [Line Items]
Debt instrument face amount					$ 4,500,000
Over-Allotment Overfunding Loan \| Promissory Note \| Over-Allotment Option
Related Party Transaction [Line Items]
Debt instrument face amount					500,000
Overfunding Loans \| Promissory Note \| IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Debt instrument face amount					$ 5,000,000
Exercise price of warrants (in USD per share)					$ 1
Outstanding balance	$ 5,000,000		$ 5,000,000	$ 5,000,000

Summary Of Significant Accounting Policies - Schedule of Income (Loss) per Share, Basic and Diluted (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Dec. 31, 2024

Dec. 31, 2023

Class of Stock [Line Items]

Weighted average shares outstanding, basic (in shares)

90,158,000

88,181,000

87,459,000

Weighted average shares outstanding, diluted (in shares)

88,026,000

88,181,000

87,459,000

Basic net income per share

$ (2.68)

$ (0.41)

$ (0.79)

$ (0.65)

Diluted net income per share

$ (2.68)

$ (0.41)

$ (0.79)

$ (0.65)

Common Class A | Ares Acquisition Corporation II [Member]

Class of Stock [Line Items]

Net income

$ 260,795

$ 5,268,294

$ 2,652,910

$ 10,383,006

$ 20,788,927

$ 12,405,494

Weighted average shares outstanding, basic (in shares)

49,507,471

50,000,000

49,752,375

50,000,000

34,383,562

Weighted average shares outstanding, diluted (in shares)

49,507,471

50,000,000

49,752,375

50,000,000

34,383,562

Basic net income per share

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Diluted net income per share

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Common Class B | Ares Acquisition Corporation II [Member]

Class of Stock [Line Items]

Net income

$ 65,848

$ 1,317,073

$ 666,528

$ 2,595,751

$ 5,197,232

$ 4,509,966

Weighted average shares outstanding, basic (in shares)

12,500,000

^[1]

12,500,000

^[1]

Weighted average shares outstanding, diluted (in shares)

12,500,000

^[1]

12,500,000

^[1]

Basic net income per share

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Diluted net income per share

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

[1]

On April 25, 2023, the Company consummated the sale of Over-Allotment Units pursuant to the underwriters’ partial exercise of their over-allotment option. All share and per share amounts have been retroactively restated to reflect the share surrender and share recapitalization events and the share forfeitures (see Note 4).

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Fair Value Measurements - Narrative (Details) - Ares Acquisition Corporation II [Member] - USD ($)		3 Months Ended	6 Months Ended
	Apr. 22, 2025	Jun. 30, 2025	Jun. 30, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock repurchased (in shares)		640,288	640,288
Common Class A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock repurchased (in shares)	640,288
Stock repurchased (dollars per share)			$ 11.16
Stock repurchased	$ 7,143,312		$ 7,143,312

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Debt - Schedule of Company's future minimum principal payments under its debt arrangements (Details) - USD ($) $ in Thousands	Jul. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Registration Payment Arrangement [Line Items]
2025		$ 14,927	$ 17,181
2026		57,007	17,267
2027		808	808
2028		45	45
Total principal debt payments and final payment fee		72,787	35,301
Debt unamortized debt discount		(228)	(449)
Debt instruemnt final payment fee		(246)	(486)
Debt, current portion	$ (30,300)	(30,310)	(16,792)	$ (5,193)
Debt, net of current portion		42,003	$ 17,574
Secured Debt [Member]
Registration Payment Arrangement [Line Items]
2026		39,740
Total principal debt payments and final payment fee		39,740
Debt, net of current portion		39,740
Other Debt [Member]
Registration Payment Arrangement [Line Items]
2025		14,927
2026		17,267
2027		808
2028		45
Total principal debt payments and final payment fee		33,047
Debt unamortized debt discount		(228)
Debt instruemnt final payment fee		(246)
Debt, current portion		(30,310)
Debt, net of current portion		$ 2,263

Net Loss Per Common Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Six Months Ended June 30,
	2025			2024
Numerator
Net loss	$	(241,911	)	$	(35,963	)

Denominator
Weighted-average common shares outstanding, basic and diluted		90,158			88,026

Net loss per common share, basic and diluted	$	(2.68	)	$	(0.41	)


	Six Months Ended June 30,
	2025 (2)		2024
Redeemable convertible preferred stock		93,963		93,963
Common stock options		81,457		58,855
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		325		581

Total		177,714		155,368

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Year Ended December 31,
	2024			2023
Numerator
Net loss		$ (69,459	)	$	(56,945	)

Denominator
Weighted-average common shares outstanding, basic and diluted		88,181			87,459

Net loss per common share, basic and diluted	$	(0.79	)	$	(0.65	)


	Year Ended December 31,
	2024		2023
Redeemable convertible preferred stock		93,963		93,963
Common stock options		74,211		64,357
Redeemable convertible preferred stock warrants		1,969		1,969
Common stock warrants (1)		469		719

Total		170,612		161,008

Cash Equivalents

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents

3.	Cash Equivalents

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents by major category for the periods presented (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	9,439	$	—	$	—	$	9,439

Total cash equivalents	$	9,439	$	—	$	—	$	9,439


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	7,042	$	—	$	—	$	7,042
U.S. treasury securities		5,055		—		—		5,055

Total cash equivalents	$	12,097	$	—	$	—	$	12,097

For the years ended December 31, 2024 and 2023, interest income was $0.9 million and $2.2 million, respectively, and was included within interest income and other, net in the statements of operations and comprehensive loss.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (241,911,000)	$ (35,963,000)	$ (69,459,000)	$ (56,945,000)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,247,000	2,435,000	4,616,000	4,114,000
Stock-based compensation	4,891,000	2,271,000	5,550,000	5,399,000
Non-cash lease expense	904,000	1,142,000	1,832,000	2,164,000
Accretion of discount on marketable securities				(909,000)
Change in fair value of second lien loans	2,154,000	0
Change in fair value of simple agreements for future equity	192,548,000	0	4,109,000	0
Change in fair value of redeemable convertible preferred stock warrant liabilities	1,298,000	(214,000)	(426,000)	(126,000)
Non-cash interest expense	460,000	230,000	402,000	788,000
Loss on disposal of property and equipment	130,000
Changes in operating assets and liabilities:
Accounts receivable	744,000	(9,000)	(1,044,000)	9,000
Prepaid expenses	206,000	(2,669,000)	645,000	(484,000)
Other assets	0	276,000	276,000	(276,000)
Accounts payable	3,078,000	(220,000)	(811,000)	558,000
Accrued expenses	(1,790,000)	13,132,000	5,102,000	3,833,000
Operating lease liabilities	(898,000)	(1,091,000)	(1,796,000)	(2,222,000)
Other liabilities	77,000	43,000	43,000	255,000
Net cash used in operating activities	(36,862,000)	(20,637,000)	(50,961,000)	(43,842,000)
Cash flows from investing activities:
Proceeds from maturities of marketable securities				51,000,000
Purchases of marketable securities				(30,452,000)
Purchases of property and equipment	(5,236,000)	(631,000)	(3,192,000)	(3,270,000)
Payment of deposits			(20,000)
Net cash used in investing activities	(5,236,000)	(631,000)	(3,212,000)	17,278,000
Cash flows from financing activities:
Proceeds from the issuance of debt, net of issuance costs				3,671,000
Proceeds from issuance of second lien loans	29,740,000	0
Repayment of debt	(6,174,000)	(1,101,000)	(2,238,000)	(1,934,000)
Proceeds from issuance of simple agreements for future equity	23,660,000	8,040,000	45,192,000	10,000,000
Proceeds from exercise of stock options	886,000	23,000	172,000	292,000
Payments for deferred offering costs	(2,474,000)	0
Net cash provided by financing activities	45,638,000	6,962,000	43,126,000	12,029,000
Net change in cash	3,540,000	(14,306,000)	(11,047,000)	(14,535,000)
Cash – beginning of period	18,159,000	29,206,000	29,206,000	43,741,000
Cash – end of period	21,699,000	14,900,000	18,159,000	29,206,000
Components of cash and restricted cash at period end:
Cash	20,249,000	13,450,000	16,709,000	27,756,000
Restricted cash	1,450,000	1,450,000	1,450,000	1,450,000
Total cash and cash equivalents and restricted cash	21,699,000	14,900,000	18,159,000	29,206,000
Supplemental disclosure of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	2,876,000	0	118,000
Operating lease right-of-use asset obtained in exchange for operating lease liability upon modification of operating lease			1,881,000	2,388,000
Operating lease right-of-use asset obtained in exchange for operating lease liability upon new operating lease			1,146,000
Proceeds from exercise of stock options in prepaid and other current assets	50,000	0		14,000
Cash paid for interest	1,970,000	2,316,000	4,561,000	4,606,000
Cash paid for income taxes	0	3,000	3,000	5,000
Deferred offering costs related to merger included in accounts payable and accrued liabilities	4,696,000	0
Deferred offering costs related to merger included in debt current portion	3,922,000	0
Exchange Of Simple Agreement For Future Equity For Second Lien Loans	10,000,000	0
Ares Acquisition Corporation II [Member]
Cash flows from operating activities:
Net income (loss)	3,319,438	12,978,757	25,986,159	16,915,460
Adjustments to reconcile net income to net cash used in operating activities:
Investment income earned on investments held in Trust Account	(11,531,430)	(13,807,691)	(27,761,686)	(18,038,352)
Changes in operating assets and liabilities:
Prepaid expenses	(123,082)	138,481	384,287	(508,750)
Accrued expenses	8,704,165	166,362	418,715	271,633
Other receivables	(2,441,582)
Due to related party	2,361	15,750	42,721	7,500
Net cash used in operating activities	(2,070,130)	(508,341)	(929,804)	(1,352,509)
Cash flows from investing activities:
Cash withdrawn from the Trust Account	7,143,312
Cash deposited in Trust Account	(1,480,791)		0	(505,000,000)
Net cash used in investing activities	5,662,521		0	(505,000,000)
Cash flows from financing activities:
Proceeds received from extension note	1,480,791
Proceeds from working capital loan	1,232,707
Redemption of Class A ordinary shares	(7,143,312)
Proceeds received from initial public offering, gross			0	500,000,000
Proceeds received from sale of private placement warrants			0	14,300,000
Proceeds received from overfunding loans			0	5,000,000
Repayment of promissory note			0	(366,781)
Payment of underwriter and advisory fee			0	(10,000,000)
Payment of offering costs			0	(675,587)
Net cash provided by financing activities	(4,429,814)		0	508,257,632
Net change in cash	(837,423)	(508,341)	(929,804)	1,905,123
Cash – beginning of period	975,319	1,905,123	1,905,123	0
Cash – end of period	137,896	1,396,782	975,319	1,905,123
Components of cash and restricted cash at period end:
Cash	137,896		975,319	1,905,123
Total cash and cash equivalents and restricted cash	137,896	$ 1,396,782	975,319	1,905,123
Supplemental disclosure of non-cash activities
Conversion of Class B ordinary shares to Class A ordinary shares	1,250
Offering costs included in accrued expenses			0	(270,391)
Deferred offering costs paid by Sponsor through promissory note			0	133,538
Deferred underwriting and advisory fees			$ 0	$ 17,500,000
Deferred financing obligation	$ 1,480,792

Related Party Transactions - Advisory Agreement (Details) - Ares Acquisition Corporation II [Member] - USD ($)	Apr. 20, 2023	Apr. 11, 2025
IPO [Member]
Related Party Transaction [Line Items]
Deferred Advisory Fee		$ 2,777,777
Ares Management Capital Markets LLC \| Related Party
Related Party Transaction [Line Items]
Payment for IPO advisory fee	$ 2,000,000
Advisory fee deferred IPO	$ 3,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Warrants

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Ares Acquisition Corporation II [Member]

Warrants

7. WARRANTS

As of June 30, 2025 and December 31, 2024, there were 39,300,000 warrants outstanding (14,300,000 Private Placement Warrants and 25,000,000 Public Warrants). The Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue Class A ordinary shares upon exercise of a warrant unless the Class A ordinary shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

The Company will use its commercially reasonable efforts to cause the registration statement to become effective within 60 business days after the closing of its initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement provided that if its Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of the Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, the Company may redeem the Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable to each warrant holder; and

•

if, and only if, the closing price of the Company’s Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a

30-trading

day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Class B ordinary shares held by the Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest on such issuances, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the

higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants (Note 4) are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis, be

non-redeemable

and be entitled to registration rights.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire worthless.

7. WARRANTS

As of December 31, 2024 and 2023, there were 39,300,000 warrants outstanding (14,300,000 Private Placement Warrants and 25,000,000 Public Warrants). The Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of the Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, the Company may redeem the Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable to each warrant holder; and

•

30-trading

day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

non-redeemable

and be entitled to registration rights.

merger or consolidation. However, the warrants will not be adjusted for issuance of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period (as it may be extended) and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Company Recognized Revenue Disaggregated

The Company recognized revenue disaggregated by timing as follows for the periods presented (in thousands):


	December 31,
	2024		2023
Point in time	$	14,839	$	16,946
Over time		94		—

Total revenues	$	14,933	$	16,946

Description of Business (Details)							3 Months Ended		6 Months Ended	12 Months Ended
Description of Business (Details)	Jun. 23, 2025 USD ($) $ / shares shares	Apr. 22, 2025 USD ($) $ / shares shares	Apr. 14, 2025 USD ($)	Apr. 11, 2025 USD ($)	Apr. 25, 2023 USD ($) shares $ / shares	Mar. 19, 2021 USD ($)	Jun. 30, 2025 USD ($) shares $ / shares	Mar. 31, 2025 shares	Jun. 30, 2025 USD ($) shares $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Aug. 07, 2025 shares	Jul. 30, 2025 USD ($) shares	Apr. 25, 2025 USD ($) shares	Jun. 30, 2024 USD ($)	Feb. 08, 2023 USD ($)
Class of Stock [Line Items]
Cash							$ 20,249,000		$ 20,249,000	$ 16,709,000	$ 27,756,000		$ 20,200,000		$ 13,450,000
Accumulated deficit							(510,055,000)		(510,055,000)	(268,144,000)	(198,685,000)
Debt, current portion							$ 30,310,000		$ 30,310,000	$ 16,792,000	$ 5,193,000		$ 30,300,000
Common stock, outstanding (in shares) \| shares							90,191		90,191	87,646	87,222
Common stock, issued (in shares) \| shares										87,646	87,222		90,191
Percentage of transaction cost incurred by company														5000000000.00%
Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Cash							$ 137,896		$ 137,896	$ 975,319	$ 1,905,123
Accumulated deficit							(24,073,822)		(24,073,822)	(22,040,837)	(20,265,310)
Consideration received on transaction			$ 60,000,000
Payment of stock issuance costs										28,550,129
Payment of deferred underwriting commissions										17,500,000
Initial business combination fair market value, percentage of assets in trust account					80.00%
Initial business combination, threshold percentage of outstanding voting securities					50.00%
Initial business combination, share conversion percentage threshold requiring company consent					15.00%
Share redemption threshold if no business combination occurs					100.00%
Initial business combination, interest income to pay liquidation expenses, maximum					$ 100,000
Asset, Held-in-Trust, Noncurrent							558,149,739		558,149,739	550,800,038	523,038,352
Business Exit Costs									100,000	100,000
Repayments of Notes Payable										$ 0	366,781
Amount deposited into trust account							$ 2,961,583		$ 2,961,583
Purchase price determination description			The base purchase price per share for the PIPE Stock will equal the redemption price of the Class A ordinary shares in connection with the closing of the Proposed Business Combination (the “Redemption Price”), subject to adjustment such that the purchase price per share will be 90% of the Redemption Price for any PIPE Investor that subscribes for $50.0 million or more of PIPE Stock. We refer to such transactions as the “PIPE Investments.” The closing of the PIPE Investments is conditioned upon, among other things, the completion or concurrent consummation of the Proposed Business Combination.
Stock repurchased (in shares) \| shares							640,288		640,288
Percentage Of Contributions Obligation To Other Party		50.00%
Maximum Borrowing Capacity Of Related Party Promissory Note	$ 2,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 1
Debt Conversion, Converted Instrument, Warrants or Options Issued \| shares	1
Sale Of Stock, Redemption Price Percentage			90.00%
Sale Of Stock, Minimum Consideration Received On Transaction			$ 50,000,000
Sale Of Stock, Placement Agent Fee, Percentage Of Funds Raised			4.00%
Cumulative Earnings (Deficit)							$ 9,332,370		$ 9,332,370
Sponsor [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Percentage Of Contributions Obligation To Other Party		50.00%
Common Class A [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares		12,500,000
Payment of stock issuance costs											$ 28,550,129
Redemption Price Per Share \| $ / shares		$ 11.16					$ 11.31		$ 11.31	$ 11.01	$ 10.46
Common stock, outstanding (in shares) \| shares							12,500,000		12,500,000	0		61,859,712
Common stock, issued (in shares) \| shares							12,500,000		12,500,000	0		61,859,712
Stock repurchased (in shares) \| shares		640,288
Stock repurchased		$ 7,143,312							$ 7,143,312
Monthly Deposits, Per Outstanding Shares \| $ / shares		$ 0.02
Common Class B [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares) \| shares												0
Common Class B [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares) \| shares							0		0	12,500,000	12,500,000	0
Common stock, issued (in shares) \| shares							0		0	12,500,000	12,500,000	0
Related Party
Class of Stock [Line Items]
Proceeds from Sponsor for expenses						$ 25,000
Related Party \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Proceeds from Sponsor for expenses						25,000
Related Party \| Common Class B [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares) \| shares										12,937,500
Related Party \| Common Class B [Member] \| Sponsor [Member]
Class of Stock [Line Items]
Common stock, outstanding (in shares) \| shares										12,937,500
Sponsor [Member]
Class of Stock [Line Items]
Amount contribution in trust account														$ 1,000,000
Maximum amount of contribution in trust account														$ 9,900,000
Percentage of aggregate contribution by sponsor														50.00%
Percentage of aggregate contribution by company														50.00%
Percentage of transaction cost incurred														50.00%
US Government Debt Securities \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Payments to acquire debt securities					$ 505,000,000
Debt securities term					185 days
Promissory Note \| Related Party \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Repayments of Notes Payable					$ 366,781
Working Capital Loan [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Debt Instrument, Issued, Principal	$ 2,000,000
Working Capital Loan [Member] \| Related Party \| Sponsor [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Working Capital Loans							$ 1,232,707		$ 1,232,707
Promissory Note [Member] \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Debt instrument face amount						$ 300,000										$ 400,000
Repayments of Notes Payable					366,781
Promissory Note [Member] \| Related Party \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Repayments of Notes Payable					$ 366,781
IPO And Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Price of shares issued in transaction (in USD per share) \| $ / shares					$ 10
Consideration received on transaction					$ 500,000,000
Payment of stock issuance costs					28,550,129
Payment of deferred underwriting commissions					$ 17,500,000
Number of Class A ordinary shares per Unit (in shares) \| shares					1		1		1					1
IPO And Over-Allotment Option \| Overfunding Loans \| Promissory Note \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Debt instrument face amount					$ 5,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares					$ 1
IPO And Over-Allotment Option \| Private Placement Warrants \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Consideration received on transaction					$ 14,300,000
Class Of Warrant Or Right, Number Of Warrants Issued In Transaction \| shares								14,300,000		14,300,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares					$ 11.5
IPO \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares					50,000,000
Price of shares issued in transaction (in USD per share) \| $ / shares					$ 10
Payment of stock issuance costs				$ 8,359,410
IPO \| Base Overfunding Loan \| Promissory Note \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Debt instrument face amount					$ 4,500,000
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares					5,000,000
Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares					5,000,000
Price of shares issued in transaction (in USD per share) \| $ / shares					$ 10
Over-Allotment Option \| Over-Allotment Overfunding Loan \| Promissory Note \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Debt instrument face amount					$ 500,000
Over-Allotment Option \| Private Placement Warrants \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of warrants sold (in shares) \| shares					1,000,000
IPO And Private Placement \| US Government Debt Securities \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Price of shares issued in transaction (in USD per share) \| $ / shares					$ 10.1

Related Party Transactions - Extension Note (Details) - Ares Acquisition Corporation II [Member] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Apr. 22, 2025
Related Party Transaction [Line Items]
Amount Deposited Into Trust Account	$ 2,961,583	$ 2,961,583
Percentage Of Contributions Obligation To Other Party			50.00%
Sponsor [Member]
Related Party Transaction [Line Items]
Percentage Of Contributions Obligation To Other Party			50.00%
Sponsor [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Notes Payable, Current	$ 1,480,791	$ 1,480,791
Kodiak Robotics [Member]
Related Party Transaction [Line Items]
Percentage Of Contributions Obligation To Other Party	50.00%	50.00%	50.00%
Amount Outstanding From Obligation	$ 1,480,792	$ 1,480,792
Common Class A [Member]
Related Party Transaction [Line Items]
Common Shares Par Value To Be Deposited			$ 0.02

Stock-based Compensation - Schedule of stock-based compensation recorded in the Company's statements of operations and comprehensive loss (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share - Based Compensation	$ 4,891	$ 2,271	$ 5,550	$ 5,399
Research and development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share - Based Compensation	2,920	1,489	3,482	3,270
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share - Based Compensation	1,477	567	1,405	1,658
Selling and Marketing [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share - Based Compensation	317	129	454	289
Truck and freight operations [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share - Based Compensation	$ 177	$ 86	$ 209	$ 182

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Dec. 31, 2024

Dec. 31, 2023

Revenues

$ 1,974,000

$ 827,000

$ 14,933,000

$ 16,946,000

Research and development

22,352,000

18,862,000

43,436,000

39,469,000

General and administrative expenses

12,286,000

10,528,000

20,999,000

20,305,000

Truck and freight operations

9,475,000

3,902,000

9,013,000

7,662,000

Sales and marketing

1,807,000

1,586,000

3,204,000

3,359,000

Total operating expenses

45,920,000

34,878,000

76,652,000

70,795,000

Loss from operations

(43,946,000)

(34,051,000)

(61,719,000)

(53,849,000)

Interest expense

(2,424,000)

(2,541,000)

(4,951,000)

(5,407,000)

Interest income and other, net

463,000

419,000

895,000

2,194,000

Change in fair value of second lien loans

(2,154,000)

Change in fair value of simple agreements for future equity

(192,548,000)

(4,109,000)

Change in fair value of redeemable convertible preferred stock warrant liabilities

(1,298,000)

214,000

426,000

126,000

Total other expenses

(197,961,000)

(1,908,000)

(7,739,000)

(3,087,000)

Net loss before income taxes

(241,907,000)

(35,959,000)

(69,458,000)

(56,936,000)

Income taxes

(4,000)

(1,000)

(9,000)

Net loss

(241,911,000)

(35,963,000)

(69,459,000)

(56,945,000)

Unrealized loss on marketable securities

(10,000)

Comprehensive loss

(69,459,000)

(56,955,000)

Net income

$ (241,911,000)

$ (35,963,000)

$ (69,459,000)

$ (56,945,000)

Weighted average shares outstanding, basic (in shares)

90,158,000

88,181,000

87,459,000

Weighted average shares outstanding, diluted (in shares)

88,026,000

88,181,000

87,459,000

Basic net loss per share (in USD per share)

$ (2.68)

$ (0.41)

$ (0.79)

$ (0.65)

Diluted net loss per share (in USD per share)

$ (2.68)

$ (0.41)

$ (0.79)

$ (0.65)

Ares Acquisition Corporation II [Member]

General and administrative expenses

$ 5,506,346

$ 373,422

$ 8,211,992

$ 828,934

$ 1,775,527

$ 1,122,892

Loss from operations

(5,506,346)

(373,422)

(8,211,992)

(828,934)

(1,775,527)

(1,122,892)

Investment income on investments held in Trust Account

5,832,989

6,958,789

11,531,430

13,807,691

27,761,686

18,038,352

Total other income

5,832,989

6,958,789

11,531,430

13,807,691

27,761,686

18,038,352

Net income

$ 326,643

$ 6,585,367

$ 3,319,438

$ 12,978,757

$ 25,986,159

$ 16,915,460

Common Class A | Ares Acquisition Corporation II [Member]

Weighted average shares outstanding, basic (in shares)

49,507,471

50,000,000

49,752,375

50,000,000

34,383,562

Weighted average shares outstanding, diluted (in shares)

49,507,471

50,000,000

49,752,375

50,000,000

34,383,562

Basic net loss per share (in USD per share)

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Diluted net loss per share (in USD per share)

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Common Class B | Ares Acquisition Corporation II [Member]

Weighted average shares outstanding, basic (in shares)

12,500,000

^[1]

12,500,000

^[1]

Weighted average shares outstanding, diluted (in shares)

12,500,000

^[1]

12,500,000

^[1]

Basic net loss per share (in USD per share)

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

Diluted net loss per share (in USD per share)

$ 0.01

$ 0.11

$ 0.05

$ 0.21

$ 0.42

$ 0.36

[1]

Income Taxes - Schedule of net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Components of Deferred Tax Assets [Abstract]
Net operating loss carryforwards	$ 47,448	$ 35,486
Accrued expenses and other current liabilities	1,666	1,212
Charitable contributions	22	8
Depreciation and amortization	930	756
Stock-based compensation	233	0
Operating lease liabilities	2,136	1,848
Capitalized research and development expense	12,920	8,659
Tenant improvement allowance	0	4
Section 195 capitalization	369	418
Research and development credits	12,076	8,764
Total deferred tax assets	77,800	57,155
Less: valuation allowance	(75,737)	(55,372)
Total deferred tax assets, net of valuation allowance	2,063	1,783
Components of Deferred Tax Liabilities [Abstract]
Operating lease right-of-use assets	(2,064)	(1,784)
Other	1	1
Total deferred tax liabilities	(2,063)	(1,783)
Net deferred tax assets	$ 0	$ 0

Employee Benefit Plan

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan [Abstract]

Employee Benefit Plan

18.	Employee Benefit Plan

The Company sponsors a 401(k) Plan whereby eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations, on a pretax basis. The Company’s contribution to the 401(k) Plan is at its discretion. The Company did not make any employee contributions during the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for defined benefit plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (r)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 715
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477317/912-715-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715-20/tableOfContent

+ Details

Fair Value Measurements - Schedule of Determined the Fair Value of Its SAFE Obligations (Details)	Jun. 30, 2025 USD ($) yr	Dec. 31, 2024 USD ($) yr	Jun. 30, 2024 USD ($) yr	Dec. 31, 2023 yr	Apr. 25, 2023 USD ($) yr
Expected term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.7
Expected term [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations				3
Warrants and rights outstanding, measurement input	7.3	7.7	8.2		8.7
Expected term [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations				0.4
Warrants and rights outstanding, measurement input	3.1	3.6	4.1		4.6
Discount rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.209		0.26
Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.607
Warrants and rights outstanding, measurement input	92.6	0.803	80.3		0.831
Volatility [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations				1.023
Volatility [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations				0.499
Exercise price [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input \| $	2.34	2.34	2.34		2.34
Exercise price [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input \| $	0.01	0.001	0.01		0.001
Risk-free interest rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input			4.3
Risk-free interest rate [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input	4	0.045			0.039
Risk-free interest rate [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input	3.7	0.043			0.038

Income Taxes - Schedule of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Beginning balance of unrecognized tax benefits	$ 2,441	$ 1,679
Gross increases based on tax positions related to current year	795	762
Gross increases based on tax positions related to prior years	33	0
Ending balance of unrecognized tax benefits	$ 3,269	$ 2,441

Fair Value Measurements (Details)	6 Months Ended
Fair Value Measurements (Details)	Jun. 30, 2025 yr $ / shares	Dec. 31, 2024 yr $ / shares	Dec. 31, 2023 yr
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Asset Value Per Share \| $ / shares	$ 1	$ 1
Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.7
Measurement Input, Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.209	0.26
Measurement Input, Option Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations		0.607
Simple Agreements For Future Equity [Member] \| Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations	0.2
Simple Agreements For Future Equity [Member] \| Measurement Input, Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations	22.5
Simple Agreements For Future Equity [Member] \| Measurement Input, Option Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations	66.3
Maximum [Member] \| Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations			3
Maximum [Member] \| Measurement Input, Option Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations			1.023
Minimum [Member] \| Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations			0.4
Minimum [Member] \| Measurement Input, Option Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Of SAFE Obligations			0.499
Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument Discount Rate	23.60%
Secured Debt [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Term	1 year 3 months
Secured Debt [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Term	2 months 23 days

Commitments And Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES

7. Commitments and Contingencies

Litigation

From time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising from its operations in the normal course of business. As of June 30, 2025, the Company was not involved in any legal actions that could have a material effect on the Company’s financial position, results of operations or liquidity.

Purchase Commitments

The Company’s contracts with vendors in the conduct of the normal course of its business are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination. However, the Company has entered into contracts to purchase services under which

non-cancellable

future minimum payments as of June 30, 2025, were as follows (in thousands):


Year Ended December 31,	Amount
2025 (remaining six months)	$	3,415
2026		3,600
2027		2,700

Total	$	9,715

9.	Commitments and Contingencies

Litigation

From time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising from its operations in the normal course of business. As of December 31, 2024, the Company was not involved in any legal actions that could have a material effect on the Company’s financial position, results of operations or liquidity.

Purchase Commitments

non-cancellable

future minimum payments as of December 31, 2024 were as follows (in thousands):


Year ended December 31,	Amount
2025	$	5,450
2026		3,600
2027		2,700

Total	$	11,750

Ares Acquisition Corporation II [Member]

COMMITMENTS AND CONTINGENCIES

5. COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Class B ordinary shares, the Class A ordinary shares issued in the Conversion, Private Placement Warrants and Private Placement Warrants that may be issued upon conversion of Working Capital Loan and Overfunding Loans (and the Class A ordinary shares underlying such warrants) will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement signed upon consummation of the Initial Public Offering. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will be entitled to “piggy-back” registration rights to include their securities in other registration statements filed by the Company, subject to certain limitations. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45-day

option from the final prospectus relating to the Initial Public Offering to purchase up to 6,750,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On April 25, 2023, the underwriters partially exercised their over-allotment option for an additional 5,000,000 Units.

The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $10,000,000 in the aggregate, paid upon the closing of the Initial Public Offering. In addition, the underwriters will be entitled to deferred underwriting commissions of $0.35 per Unit, or $17,500,000 in the aggregate. The deferred underwriting commissions will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

On April 11, 2025, the Company, AMCM, and the representatives of the several underwriters in connection with the Company’s Initial Public Offering agreed to adjust the aggregate amount payable to the underwriters as a deferred underwriting fee and to AMCM as a deferred Initial Public Offering advisory fee to an aggregate amount of $8,359,410, resulting in an adjustment to Class A ordinary shares subject to possible redemption of $9,140,590.

Contingent Fees

The Company has entered into fee arrangements with certain service providers pursuant to which certain transaction fees and service fees will become payable only if the Company consummates a Business Combination. If the Business Combination does not occur, the Company will not be required to pay these contingent fees. As of June 30, 2025, the amount of these contingent fees with the service providers was $782,045.

Additionally, the Company has entered into arrangements with certain placement agents pursuant to which such placement agents and certain other parties will receive up to 4.0% of funds raised in connection with the PIPE Investment (inclusive of the net proceeds of the Company’s Initial Public Offering remaining in the Trust Account immediately prior to the closing of the Proposed Business Combination) upon the successful consummation of a PIPE Investment subject to the payment of minimum amounts to certain placement agents. If the PIPE Investment does not occur, we will only be required to pay the minimum amount and will not be required to pay these contingent fees. The actual amount of fees payable will be based upon the final amounts in the PIPE Investment. No fees will be payable to the placement agents in connection with their role as placement agents in the event that the Company does not consummate the Proposed Business Combination.

5. COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Class B ordinary shares, Private Placement Warrants and Private Placement Warrants that may be issued upon conversion of Working Capital Loans and Overfunding Loans (and the Class A ordinary shares underlying such warrants) will have registration rights to require the Company to register a sale of any of its securities held by them pursuant to a registration rights agreement signed upon consummation of the Initial Public Offering. The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will be entitled to “piggy-back” registration rights to include their securities in other registration statements filed by the Company, subject to certain limitations. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a

45-day

The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $10,000,000 in the aggregate, paid upon the closing of the Initial Public Offering. In addition, the underwriters will be entitled to a deferred underwriting commissions of $0.35 per Unit, or $17,500,000 in the aggregate. The deferred underwriting commissions will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Contingent Fees

The Company has entered into fee arrangement with a service provider pursuant to which certain transaction fees and service fees will become payable only if the Company consummates a Business Combination. If the Business Combination does not occur, the Company will not be required to pay these contingent fees. As of December 31, 2024, the amount of these contingent fees with the service provider was $732,045.

Fair Value Measurements - Schedule of Changes in the Estimated Fair Values (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 60,920	$ 12,045	$ 12,045	$ 1,451
Issuance of second lien loans	29,740
Issuance of SAFE	23,660	8,040	45,192	10,000
Fair value remeasurement	196,000	(214)	3,683	(126)
Correction of an immaterial				720
Ending balance	310,320	19,871	60,920	12,045
Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of second lien loans	29,740
Exchange of SAFE for second lien loan	10,000
Fair value remeasurement	2,154
Ending balance	41,894
Simple Agreements For Future Equity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	59,301	10,000	10,000
Issuance of SAFE	23,660	8,040	45,192	10,000
Exchange of SAFE for second lien loan	(10,000)
Fair value remeasurement	192,548		4,109
Ending balance	265,509	18,040	59,301	10,000
Redeemable Convertible Preferred Stock Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	1,619	2,045	2,045	1,451
Fair value remeasurement	1,298	(214)	(426)	(126)
Correction of an immaterial				720
Ending balance	$ 2,917	$ 1,831	$ 1,619	$ 2,045

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of future minimum lease payments for the Company's operating lease liabilities

As of December 31, 2024, future minimum lease payments for the Company’s operating lease liabilities were as follows (in thousands):


Year Ended December 31,	Amount
2025	$	2,626
2026		2,605
2027		1,200
2028		839
2029		866
Thereafter		1,568

Total undiscounted lease payments		9,704
Less: Imputed interest		(2,343	)

Present value of lease liabilities		7,361
Less: Operating lease liabilities, current		(1,638	)

Operating lease liabilities, noncurrent	$	5,723

Schedule of additional information related to operating leases

The following table summarizes additional information related to operating leases for the periods presented:


	December 31,
	2024			2023
Weighted-average remaining lease term		4.6 years			5.2 years
Weighted-average discount rate		12.3	%		11.2	%
Cash payments made for operating leases (in thousands)	$	2,327		$	2,308

Initial Public Offering (Details)				12 Months Ended
Initial Public Offering (Details)	Apr. 14, 2025 USD ($)	Apr. 11, 2025 USD ($)	Apr. 25, 2023 USD ($) shares $ / shares	Dec. 31, 2024 USD ($)	Jun. 30, 2025 shares	Apr. 25, 2025 shares
Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Consideration received on transaction	$ 60,000,000
Payment of stock issuance costs				$ 28,550,129
Payment of deferred underwriting commissions				$ 17,500,000
IPO And Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Price of shares issued in transaction (in USD per share) \| $ / shares			$ 10
Consideration received on transaction			$ 500,000,000
Payment of stock issuance costs			28,550,129
Payment of deferred underwriting commissions			$ 17,500,000
Number of Class A ordinary shares per Unit (in shares) \| shares			1		1	1
Aggregate Deferred Underwriting Fee Payable		$ 8,359,410	$ 17,500,000
IPO \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares			50,000,000
Price of shares issued in transaction (in USD per share) \| $ / shares			$ 10
Payment of stock issuance costs		$ 8,359,410
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares			5,000,000
Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares			5,000,000
Price of shares issued in transaction (in USD per share) \| $ / shares			$ 10

Related Party Transactions - Class B Ordinary Shares (Details) - USD ($)					6 Months Ended	12 Months Ended
	Apr. 22, 2025	Jun. 05, 2023	Apr. 25, 2023	Mar. 19, 2021	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 07, 2025	Jul. 30, 2025
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)					90,191	87,646	87,222
Over-Allotment Option
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)			5,000,000
Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)			5,000,000
IPO And Over-Allotment Option
Related Party Transaction [Line Items]
Shares no longer subject to forfeiture (in shares)			1,250,000
IPO And Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Shares no longer subject to forfeiture (in shares)			1,250,000
Common Class B
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)								0
Common Class B \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)					0	12,500,000	12,500,000	0
Common Class B \| Common Stock [Member] \| Over-Allotment Option
Related Party Transaction [Line Items]
Shares excluded from weighted average shares outstanding subject to over-allotment option forfeiture (in shares)						1,687,500	1,687,500
Common Class B \| Common Stock [Member] \| Over-Allotment Option \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Shares excluded from weighted average shares outstanding subject to over-allotment option forfeiture (in shares)					1,687,500
Common Class A [Member] \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)					12,500,000	0		61,859,712
Number of shares issued in transaction (in shares)	12,500,000
Related Party
Related Party Transaction [Line Items]
Proceeds from Sponsor for expenses				$ 25,000
Number of days after business combination for share price threshold			150 days
Related Party \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Proceeds from Sponsor for expenses				$ 25,000
Shares forfeited (in shares)		437,500
Period after business combination before transferring, assigning or selling shares			1 year
Share price threshold to transfer, assign or sell shares (in USD per share)			$ 12
Number of trading days for share price threshold			20 days
Trading day period for share price threshold			30 days
Number of days after business combination for share price threshold			150 days
Related Party \| Common Class B \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)						12,937,500
Sponsor \| Related Party
Related Party Transaction [Line Items]
Percent of outstanding shares						20.00%
Shares forfeited (in shares)		437,500
Period after business combination before transferring, assigning or selling shares			1 year
Share price threshold to transfer, assign or sell shares (in USD per share)			$ 12
Number of trading days for share price threshold			20 days
Trading day period for share price threshold			30 days
Sponsor \| Related Party \| Ares Acquisition Corporation II [Member]
Related Party Transaction [Line Items]
Percent of outstanding shares					20.00%				20.00%
Shares forfeited (in shares)		437,500
Sponsor \| Related Party \| Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)							12,937,500
Sponsor \| Related Party \| Common Class B
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)						12,937,500

Balance Sheet Components (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Prepaid expenses and other receivables	$	1,706	$	1,610
Payroll tax credit receivable		400		650

Total prepaid expenses and other current assets	$	2,106	$	2,260

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred contract costs	$	—	$	1,026
Prepaid expenses and other receivables		1,610		978
Payroll tax credit receivable		650		900

Total prepaid expenses and other current assets	$	2,260	$	2,904

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2025			December 31, 2024
Leasehold improvements	$	7,317		$	7,261
Vehicles		6,630			6,331
Technology infrastructure		3,151			2,912
Equipment		4,975			2,524
Other		745			694

Total property and equipment		22,818			19,722
Less: accumulated depreciation		(15,219	)		(13,980	)
Construction in progress		5,400			981

Total property and equipment, net	$	12,999		$	6,723

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2024			2023
Leasehold improvements	$	7,261		$	7,207
Vehicles		6,331			5,835
Technology infrastructure		2,912			2,641
Equipment		2,524			1,002
Other		694			666

Total property and equipment		19,722			17,351
Less: accumulated depreciation		(13,980	)		(9,605	)
Construction in progress		981			—

Total property and equipment, net	$	6,723		$	7,746

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Accrued bonus	$	8,740	$	8,800
Other current liabilities and accrued expenses		5,801		1,156
Accrued payroll and related expenses		1,140		1,460
Deferred Revenue		30		—

Total accrued expenses and other current liabilities	$	15,711	$	11,416

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Accrued bonus	$	8,800	$	3,984
Deferred revenue		—		1,144
Accrued payroll and related expenses		1,460		447
Other current liabilities and accrued expenses		1,156		699

Total accrued expenses and other current liabilities	$	11,416	$	6,274

Revenues - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Percentage of revenue U.S. ground autonomy solutions	51.00%	0.00%	89.00%	89.00%
Material amounts	$ 0		$ 0	$ 0
Contract liability included in accrued expenses	100		0	1,100
Revenue included in the corresponding deferred revenue			1,100
Revenues related to immaterial	$ 5,500		$ 0	$ 0
Percentage of revenue from freight delivery	28.00%	100.00%

Related Party Transactions - Other Receivables (Details) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Ares Acquisition Corporation II [Member]
Statement [Table]
Other Receivables	$ 2,441,582	$ 0

- Definition

Presentation of information about comprehensive income, income, other comprehensive income, financial position, cash flows, and shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Related Party Transactions - Advances from Related Parties (Details) - Ares Acquisition Corporation II [Member] - USD ($)	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related party	$ 52,582	$ 50,221	$ 7,500
Related Party \| Affiliate Of Sponsor
Related Party Transaction [Line Items]
Due to related party	$ 52,582	$ 50,221	$ 7,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary Of Significant Accounting Policies - Schedules of Concentration of Risk (Details) - Revenue Benchmark [Member] - Customers [Member]	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Customer A Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk	51.00%	0.00%
Customer B Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk	21.00%	0.00%
Customer C Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk	0.00%	41.00%
Customer D Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk	0.00%	19.00%
Customer E Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk	0.00%	17.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

+ References + Details

Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of summarize the amortized cost and fair value of the Company's cash equivalents

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents by major category for the periods presented (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	9,439	$	—	$	—	$	9,439

Total cash equivalents	$	9,439	$	—	$	—	$	9,439


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	7,042	$	—	$	—	$	7,042
U.S. treasury securities		5,055		—		—		5,055

Total cash equivalents	$	12,097	$	—	$	—	$	12,097

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Table Text Block Supplement [Abstract]

Schedule of Income Taxes

Income taxes consisted of the following for the periods presented (in thousands):


	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	—
State		1		9

Total		1		9

Deferred:
Federal		—		—
State		—		—

Total		—		—

Income taxes	$	1	$	9

Schedule of effective income tax rate reconciliation

The Company’s effective income tax rate reconciliation was composed of the following for the periods presented (in thousands):


	Year Ended December 31,
	2024			2023
Federal statutory rate, benefit	$	(14,586	)	$	(11,958	)
State income taxes, net of benefit		(5,318	)		(4,881	)
Nondeductible expenses		35			153
Stock-based compensation		2,566			1,618
Change in valuation allowance		20,366			18,099
R&D credits		(3,084	)		(3,022	)
Other		22			—

Income taxes	$	1		$	9

Schedule of net deferred tax assets

Deferred Income Taxes

The components of net deferred tax assets were as follows for the periods presented (in thousands):


	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	47,448		$	35,486
Accrued expenses and other current liabilities		1,666			1,212
Charitable contributions		22			8
Depreciation and amortization		930			756
Stock-based compensation		233			—
Operating lease liabilities		2,136			1,848
Capitalized research and development expense		12,920			8,659
Tenant improvement allowance		—			4
Section 195 capitalization		369			418
Research and development credits		12,076			8,764

Total deferred tax assets		77,800			57,155
Less: valuation allowance		(75,737	)		(55,372	)

Total deferred tax assets, net of valuation allowance		2,063			1,783

Deferred tax liabilities:
Operating lease right-of-use assets		(2,064	)		(1,784	)
Other		1			1

Total deferred tax liabilities		(2,063	)		(1,783	)

Net deferred tax assets	$	—		$	—

Schedule of tax credit carryforwards

Available Carryforwards

As of December 31, 2024, NOLs and tax credit carryforwards were as follows (in millions):


	Amount		Expiration Years
NOLs, federal	$	160.8	Indefinite
NOLs, state		154.3	2039
Research and development tax credits, federal		9.4	2039
Research and development tax credits, state		6.7	Indefinite

Schedule of unrecognized tax benefits

Uncertain Tax Positions

A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits was as follows for the periods presented (in thousands):


	December 31,
	2024		2023
Beginning balance of unrecognized tax benefits	$	2,441	$	1,679
Gross increases based on tax positions related to current year		795		762
Gross increases based on tax positions related to prior years		33		—

Ending balance of unrecognized tax benefits	$	3,269	$	2,441