0001628280-26-032862 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ 26,490	$ (128,185)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,412	532
Stock-based compensation	6,024	1,878
Non-cash lease expense	499	447
Accretion of discount on marketable securities	(358)	0
Change in fair value of second lien loans	474	0
Change in fair value of simple agreements for future equity	0	108,375
Non-cash interest expense	109	228
Loss on disposal of property and equipment	85	130
Changes in operating assets and liabilities:
Accounts receivable	379	1,057
Prepaid expenses and other current assets	575	133
Other assets	7	0
Accounts payable	556	1,387
Accrued expenses and other current liabilities	(766)	(2,149)
Operating lease liabilities	(514)	(444)
Other liabilities	192	(10)
Net cash used in operating activities	(29,494)	(16,506)
Investing activities:
Proceeds from maturities of marketable securities	45,000	0
Purchases of property and equipment	(5,531)	(2,320)
Net cash provided by (used in) investing activities	39,469	(2,320)
Financing activities:
Repayment of debt	(364)	(2,249)
Proceeds from issuance of simple agreements for future equity	0	21,660
Proceeds from exercise of stock options	985	383
Proceeds from exercise of common stock warrants	3,593	0
Payments for deferred offering costs	0	(10)
Net cash provided by financing activities	4,214	19,784
Net change in cash and cash equivalents and restricted cash	14,189	958
Cash and cash equivalents and restricted cash at beginning of period	52,211	18,159
Cash and cash equivalents and restricted cash at end of period	66,400	19,117
Components of cash and restricted cash at period end:
Cash and cash equivalents	64,950	17,667
Restricted cash included in prepaid and other current assets	600	0
Restricted cash	850	1,450
Total cash and cash equivalents and restricted cash	66,400	19,117
Supplemental disclosure of cash activities:
Cash paid for interest	798	1,039
Supplemental disclosure of non-cash activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	585	833
Proceeds from exercise of stock options included in prepaid and other current assets	1	125
Deferred offering costs related to reverse recapitalization included in accrued liabilities	0	160
Unrealized losses on marketable securities	(24)	0
Redeemable convertible preferred stock warrants
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of redeemable convertible preferred stock warrant liabilities	0	115
Common stock warrants
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of redeemable convertible preferred stock warrant liabilities	$ (64,658)	$ 0

Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of Options (in thousands)
Beginning balance (in shares) \| shares	55,438
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(1,650)
Forfeited (in shares) \| shares	(677)
Expired (in shares) \| shares	(4)
Ending balance (in shares) \| shares	53,107
Exercisable (in shares) \| shares	35,645
Weighted–Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 1.90
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0.59
Forfeited (in dollars per share) \| $ / shares	2.61
Expired (in dollars per share) \| $ / shares	0.47
Ending balance (in dollars per share) \| $ / shares	1.93
Exercisable (in dollars per share) \| $ / shares	$ 0.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual life	6 years 9 months 18 days
Options vested and exercisable, weighted average remaining contractual life	5 years 9 months 18 days
Options outstanding, aggregate intrinsic value \| $	$ 272,103
Options vested and exercisable, aggregate intrinsic value \| $	$ 217,293

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025

Prepaid expenses and other receivables	$	3,541	$	4,064
Restricted cash	600		—
Payroll tax credit receivable	400		400
Deferred contract costs	105		—
Total prepaid expenses and other current assets	$	4,646	$	4,464

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Equipment and hardware	$	19,403	$	14,708
Leasehold improvements	7,317		7,317
Vehicles	7,297		7,297
Technology infrastructure	3,213		3,195
Other	816		804
Total property and equipment	38,046		33,321
Less: accumulated depreciation	(18,632)		(17,151)
Construction in progress	10,332		10,383
Total property and equipment, net	$	29,746	$	26,553

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Accrued bonus	$	4,533	$	5,349
Accrued payroll and related expenses	1,565		1,622
Other current liabilities and accrued expenses	3,709		4,203
Deferred revenue	1,010		180
Total accrued expenses and other current liabilities	$	10,817	$	11,354

Net Income (Loss) Per Common Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 shares
Earn Out Securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average number of shares, contingently issuable (in shares)	74,998,317
Sponsor Earn Out Securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average number of shares, contingently issuable (in shares)	6,250,000

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major category for the periods presented (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	60,687	$	—	$	—	$	60,687
Total cash equivalents	$	60,687	$	—	$	—	$	60,687
Marketable securities:
U.S. Treasury securities	$	25,244	$	—	$	(2)	$	25,242
Total marketable securities	$	25,244	$	—	$	(2)	$	25,242


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	33,320	$	—	$	—	$	33,320
Total cash equivalents	$	33,320	$	—	$	—	$	33,320
Marketable securities:
U.S. Treasury securities	$	69,886	$	22	$	—	$	69,908
Total marketable securities	$	69,886	$	22	$	—	$	69,908

For the three months ended March 31, 2026, interest income was $1.0 million and was included within interest income and other, net in the condensed consolidated statements of operations and comprehensive income (loss). Interest income for the three months ended March 31, 2025 was not material.

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 64,950

$ 50,761

Marketable securities

25,242

69,908

Accounts receivable

500

879

Prepaid expenses and other current assets

4,646

4,464

Total current assets

95,338

126,012

Restricted cash

850

1,450

Property and equipment, net

29,746

26,553

Operating lease right-of-use assets

4,762

5,261

Other assets

124

131

Total assets

130,820

159,407

Current liabilities:

Accounts payable

1,032

1,455

Accrued expenses and other current liabilities

10,817

11,354

Operating lease liabilities, current

1,733

1,916

Debt, current portion

936

1,065

Second lien loans

11,346

10,872

Total current liabilities

25,864

26,662

Debt, net of current portion

29,752

29,878

Operating lease liabilities, noncurrent

3,253

3,584

Common stock warrants

93,688

158,346

Other liabilities

996

804

Total liabilities

153,553

219,274

Commitments and contingencies (Note 8)

Redeemable convertible preferred stock

223,185

Stockholders’ deficit

Common stock, $0.0001 par value; 1,980,000 shares authorized; 177,4761 and 175,4401 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

^[1]

Additional paid-in capital

581,245

570,578

Accumulated other comprehensive income (loss)

(2)

Accumulated deficit

(827,179)

(853,669)

Total stockholders’ deficit

(245,918)

(283,052)

Total liabilities, redeemable convertible preferred stock and stockholders’ deficit

130,820

159,407

Series A cumulative redeemable convertible preferred stock

Current liabilities:

Redeemable convertible preferred stock

$ 223,185

[1]	1 Excludes 6,250,000 shares legally issued and outstanding related to sponsor earn out securities (see Note 3).

Warrant Liabilities - Schedule of Common Stock Warrant Liabilities (Details) shares in Thousands	Mar. 31, 2026 $ / shares shares
Liability-classified common stock warrants
Warrant Liabilities [Line Items]
Shares underlying warrants (in shares)	25,376
PIPE Warrants
Warrant Liabilities [Line Items]
Shares underlying warrants (in shares)	17,769
Exercise price per share (in dollars per share) \| $ / shares	$ 12.00
NRA Warrants
Warrant Liabilities [Line Items]
Shares underlying warrants (in shares)	7,607
Exercise price per share (in dollars per share) \| $ / shares	$ 12.00

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Form 10-K filed with the SEC on March 11, 2026.

In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include normal recurring

adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026 and the results of operations for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other future interim or annual period.

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 consolidated 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 relate to, among other things, the estimated useful lives of property and equipment, the assessment of impairment of long-lived assets, the fair value of redeemable convertible preferred stock warrants (prior to the reverse recapitalization), the fair value of each simple agreement for future equity (“SAFE”) (prior to the reverse recapitalization), the fair value of the Company’s common stock (prior to the reverse recapitalization), the fair value of the Company’s common stock warrants, the measurement of stock-based compensation, the determination of the incremental borrowing rate for operating lease liabilities, the evaluation of uncertain tax positions, and the assessment of the valuation allowance for deferred tax assets. Actual results may differ from these estimates.

Significant Accounting Policies

There were no significant changes to the Company's significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 11, 2026.

There have been no new accounting pronouncements issued or adopted during the three months ended March 31, 2026, that had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements.

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. One customer (Customer B) represented 10% or greater of the Company’s accounts receivable balance, accounting for 73% and 89% as of March 31, 2026 and December 31, 2025, respectively.

Customers representing 10% or more of the Company’s revenue for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
Customer A	—	%	68	%
Customer B	82	%	12	%

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS” Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards using private company timelines. The Company has elected to use this extended transition period for complying 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, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Stockholders’ Deficit - Narrative (Details)	3 Months Ended
Stockholders’ Deficit - Narrative (Details)	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares	Sep. 30, 2025 vote $ / shares shares
Class of Warrant or Right [Line Items]
Common stock and preferred stock, shares authorized (in shares) \| shares			2,000,000,000
Common stock, shares authorized (in shares) \| shares	1,980,000,000	1,980,000,000	1,980,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares			20,000,000
Preferred stock, par value (in dollars per share)			$ 0.0001
Common stock, number of votes per share \| vote			1
Public Warrants
Class of Warrant or Right [Line Items]
Sale of stock, price per share (in dollars per share)	$ 14.53
Period in which stock must reach mandatory closing price (in days)	20 days
Maximum period in which stock can reach mandatory closing price (in days)	30 days
Period for prior written notice before redemption (in days)	30 days
Warrants, redemption price (in dollars per share)	$ 0.01

Revenues	3 Months Ended
Revenues	Mar. 31, 2026
Revenue from Contract with Customer [Abstract]
Revenues	13. Revenues The Company’s revenues are primarily derived from (i) providing Driver-as-a-Service (“DaaS”) to customers, (ii) delivering freight via Kodiak-owned autonomous trucks powered by the Kodiak Driver, and (iii) providing ground autonomy solutions to the U.S. military. 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. For the three months ended March 31, 2026, revenues were composed of 82% from DaaS, 15% from freight delivery, and the remainder related to providing ground autonomy solutions. For the three months ended March 31, 2025, revenues were composed of 68% from providing ground autonomy solutions, 20% from freight delivery, and the remainder related to DaaS. The Company’s contracts with a duration of one year or more consisted entirely of a DaaS arrangement with a single customer as of March 31, 2026. The aggregate amount of the transaction price allocated to unsatisfied performance obligations was $28.8 million as of March 31, 2026, which is expected to be recognized ratably over the respective service periods of each underlying contract through March 2030. Contract Balances As of March 31, 2026 and December 31, 2025, the Company did not have any material amounts related to unbilled receivables or contract assets. The Company's contract liabilities were $1.7 million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively. Contract liabilities were included in accrued expenses and other current liabilities and other liabilities on the condensed consolidated balance sheets.

- 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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+ Details

Description of Business (Details) - USD ($) $ in Thousands	May 08, 2026	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Retained earnings (accumulated deficit)		$ (827,179)	$ (853,669)
Cash and cash equivalents and marketable securities		90,200
Short-term debt obligations		$ 12,300
Subsequent Event \| PIPE Transaction
Class of Stock [Line Items]
Proceeds from issuance of private placement	$ 100,000

- 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.

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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the requirements of the Securities and Exchange Commission (the “SEC”) for interim financial reporting.
Use of Estimates	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 consolidated 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 relate to, among other things, the estimated useful lives of property and equipment, the assessment of impairment of long-lived assets, the fair value of redeemable convertible preferred stock warrants (prior to the reverse recapitalization), the fair value of each simple agreement for future equity (“SAFE”) (prior to the reverse recapitalization), the fair value of the Company’s common stock (prior to the reverse recapitalization), the fair value of the Company’s common stock warrants, the measurement of stock-based compensation, the determination of the incremental borrowing rate for operating lease liabilities, the evaluation of uncertain tax positions, and the assessment of the valuation allowance for deferred tax assets. Actual results may differ from these estimates.
Concentration of Risks	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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reverse Recapitalization - Schedule of Common Stock Issued and Outstanding After Merger (Details) - shares shares in Thousands	Sep. 24, 2025	Sep. 23, 2025	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Common stock, outstanding (in shares)	174,957		177,476	175,440
Reverse recapitalization (in shares)	11,743
Legacy Kodiak common stock
Business Combination [Line Items]
Shares converted, recapitalization (in shares)	161,754
NRA Shares
Business Combination [Line Items]
Shares converted, recapitalization (in shares)	368
Legacy Kodiak Advisor Shares
Business Combination [Line Items]
Shares converted, recapitalization (in shares)	1,092
Common Shareholders
Business Combination [Line Items]
Shares issued for acquisition (in shares)	5,493
AACT Sponsors
Business Combination [Line Items]
Shares issued for acquisition (in shares)	6,250
AACT
Business Combination [Line Items]
Common stock, outstanding (in shares)		49,360
Shares repurchased during period (in shares)		(43,867)

Net Income (Loss) Per Common Share - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income (loss)	$ 26,490	$ (128,185)
Less: cumulative dividends to preferred stockholders	(3,424)	0
Less: undistributed earnings to participating securities	(1,763)	0
Net income (loss) attributable to common stockholders, basic	21,303	(128,185)
Add: adjustments to undistributed earnings to participating securities	304	0
Net income (loss) attributable to common stockholders, diluted	$ 21,607	$ (128,185)
Denominator
Weighted-average common shares outstanding, basic (in shares)	176,349	59,256
Effect of dilutive stock options and RSUs (in shares)	39,818	0
Weighted-average common shares outstanding, diluted (in shares)	216,167	59,256
Net income (loss) per common share, basic (in dollars per share)	$ 0.12	$ (2.16)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.10	$ (2.16)

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Overview Kodiak AI, Inc. and its wholly owned subsidiary (the “Company” or “Kodiak”), headquartered in Mountain View, California, is a provider of artificial intelligence (“AI”)-powered autonomous vehicle technology. This technology addresses the needs of the long-haul trucking, industrial trucking, and defense industries. The Company’s core offering, the Kodiak Driver, is a single-platform virtual driver that combines advanced AI software with modular hardware for customer deployments. All Company operations are conducted in the United States. On September 24, 2025 (the “Closing Date” or “Closing”), the Company (formerly known as Ares Acquisition Corporation II or “AACT”) consummated a merger (the “Merger”) with Kodiak Robotics, Inc. (“Legacy Kodiak”). The Merger was accounted for as a reverse recapitalization, with Legacy Kodiak being the accounting acquirer and AACT being the acquired company for accounting purposes. Accordingly, the historical financial information presented in these unaudited condensed consolidated financial statements represents the accounts of Legacy Kodiak. Pursuant to a definitive business combination agreement dated April 14, 2025 (the “BCA”), the share and per share amounts for periods prior to the Merger have been retroactively converted as shares reflecting the per share merger consideration established in the Closing. Liquidity and Going Concern The Company has incurred recurring losses from operations and negative cash flows from operations since inception and, as of March 31, 2026, had an accumulated deficit of $827.2 million. As of March 31, 2026, the Company had cash and cash equivalents and marketable securities totaling $90.2 million, and short-term debt obligations totaling $12.3 million consisting of the current portion of debt and second lien loans. 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. Management's plans to fund its operations include seeking additional funding through debt or equity offerings, including in the near term in the form of issuing equity and equity-linked securities and incurring additional indebtedness. On May 8, 2026, the Company closed a private placement of common stock and warrants resulting in aggregate gross proceeds of approximately $100.0 million (see Note 17). If additional capital is not obtained, management may need to modify its operational plan by reducing research and development initiatives and lowering growth expectations. The Company’s cash and cash equivalents and marketable securities as of March 31, 2026, together with the proceeds raised from the private placement, will not be sufficient to fund its operations and meet its obligations as they become due for at least one year after the date these condensed consolidated financial statements are filed. Inclusive of the expected net proceeds from the private placement, the Company expects to be able to fund its business plan into the second quarter of 2027. The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

12. Stock-based Compensation

The Company grants stock-based awards under the Kodiak 2025 Equity Incentive Plan (the “2025 EIP”). The Company also maintains the Legacy Kodiak 2018 Equity Incentive Plan (the “2018 Plan”), under which outstanding awards continue to vest but no further awards may be granted. As of March 31, 2026, 25,961,262 and 7,455,905 shares of the Company's common stock were available for future issuance under the 2025 EIP and the 2025 Employee Stock Purchase Plan (the “ESPP”), respectively. The first offering period under the ESPP had not commenced as of March 31, 2026.

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, 2025	55,438	$	1.90
Granted	—	—
Exercised	(1,650)	0.59
Forfeited	(677)	2.61
Expired	(4)	0.47
Outstanding as of March 31, 2026	53,107	$	1.93	6.8	$	272,103
Exercisable as of March 31, 2026	35,645	$	0.84	5.8	$	217,293

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 fair value of its common stock as of the balance sheet date.

As of March 31, 2026, total unrecognized compensation expense related to unvested options was $56.2 million, which the Company expects to recognize over an estimated weighted-average period of 2.7 years.

Restricted Stock Units

RSUs activity under the Company's equity incentive plan was as follows:


	Unvested RSUs Outstanding
	Number of RSUs (in thousands)	Weighted–Average Grant-Date Fair Value
Outstanding as of December 31, 2025	2,622	$	5.91
Granted	672	8.75
Vested	—	—
Forfeited	(243)	5.97
Outstanding as of March 31, 2026	3,051	$	6.53

As of March 31, 2026, total unrecognized compensation expense related to unvested RSUs was $18.4 million, which the Company expects to recognize over an estimated weighted-average period of 3.9 years.

Stock-based Compensation

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


	Three Months Ended March 31,
	2026		2025
Research and development	$	2,442	$	1,185
General and administrative	3,039		482
Truck and freight operations	168		143
Sales and marketing	375		68
Total stock-based compensation	$	6,024	$	1,878

Stock-based compensation included in capitalized hardware and construction in progress costs was approximately $0.5 million and $0.4 million as of March 31, 2026 and December 31, 2025, respectively.

Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Second lien loan	$ 11,346	$ 10,872
SAFE exchanged for Second Lien Loan \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Second lien loan	$ 10,000
Discount rate \| Second Lien Loans \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input	0.263	0.237
NRA Warrants \| Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.039	0.038
NRA Warrants \| Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, measurement input		0.550
PIPE Warrants \| Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.039	0.038
PIPE Warrants \| Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, measurement input	0.550
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net asset value per share (in dollars per share) \| $ / shares	$ 1.00

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Customer B \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	73.00%	89.00%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 275
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- 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

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-cancellable Future Minimum Payments

However, the Company has entered into contracts to purchase services under which non-cancellable future minimum payments as of March 31, 2026, were as follows (in thousands):


Year ended December 31,	Amount
2026 (remaining nine months)	$	5,530
2027	3,113
2028	349
2029	130
Total	$	9,122

Redeemable Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Sep. 24, 2025 USD ($) shares	Mar. 31, 2026 USD ($) $ / shares	Sep. 30, 2025 USD ($)	May 08, 2026 $ / shares	Dec. 31, 2025 USD ($)	Dec. 01, 2025 $ / shares	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Temporary Equity [Line Items]
Preferred stock, preference stock, and warrants, fair value	$ 315,600
Loss on temporary equity and warrants			$ 170,600
Redeemable convertible preferred stock		$ 223,185			$ 223,185		$ 170,648	$ 170,648
PIPE Warrants
Temporary Equity [Line Items]
Warrant liability, fair value	86,400	65,605			110,881
Preferred Investors
Temporary Equity [Line Items]
Proceeds from issuance of preferred stock	$ 145,000
Preferred Investors \| PIPE Warrants
Temporary Equity [Line Items]
Warrants issued during period (in shares) \| shares	17,769,375
Series A Cumulative Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary equity, fair value	$ 229,200
Conversion period, period after closing date	5 years
Redeemable convertible preferred stock		223,185			$ 223,185
Temporary equity, liquidation preference		$ 179,500
Preferred stock, dividend rate		9.99%
Preferred stock, dividend rate, cash		7.99%
Preferred stock, dividends, stated value (in dollars per share) \| $ / shares						$ 1,200
Preferred stock, dividends, paid-in-kind (in dollars per share) \| $ / shares						$ 1,222.7
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares		$ 12.00
Series A Cumulative Redeemable Convertible Preferred Stock \| Subsequent Event
Temporary Equity [Line Items]
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares				$ 6.00
Series A Cumulative Redeemable Convertible Preferred Stock \| Dividend rate
Temporary Equity [Line Items]
Temporary equity, measurement input	0.0999
Series A Cumulative Redeemable Convertible Preferred Stock \| Redemption period
Temporary Equity [Line Items]
Temporary equity, measurement input	5
Series A Cumulative Redeemable Convertible Preferred Stock \| Discount rate
Temporary Equity [Line Items]
Temporary equity, measurement input	0.25
Series A Cumulative Redeemable Convertible Preferred Stock \| Measurement Input, Price Volatility
Temporary Equity [Line Items]
Temporary equity, measurement input	0.55
Series A Cumulative Redeemable Convertible Preferred Stock \| Prior to first anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		150.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| First to second anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		140.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| Second to third anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		130.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| Third to fourth anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		120.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| Fourth to fifth anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		110.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| After fifth anniversary
Temporary Equity [Line Items]
Preferred stock, convertible, redemption rights percentage		100.00%
Series A Cumulative Redeemable Convertible Preferred Stock \| Preferred Investors
Temporary Equity [Line Items]
Series A redeemable convertible preferred stock issued in connection with reverse recapitalization, net (in shares) \| shares	142,155

Reverse Recapitalization

3 Months Ended

Mar. 31, 2026

Reverse Recapitalization [Abstract]

Reverse Recapitalization

3. Reverse Recapitalization

In connection with the Merger, issued and outstanding shares of Legacy Kodiak common stock (including converted redeemable convertible preferred stock), and warrants and options to purchase Legacy Kodiak common stock were converted into rights to receive shares, warrants, or options of Kodiak at the per share merger consideration of approximately 0.66 (the “Exchange Ratio”) based on the following events contemplated by the BCA and in connection with the Closing:

i.Certain warrants to purchase shares of Legacy Kodiak redeemable convertible preferred stock were net exercised in exchange for shares of Legacy Kodiak redeemable convertible preferred stock;

ii.Legacy Kodiak redeemable convertible preferred stock, including shares resulting from the net exercise of the preferred stock warrants described above, were converted into shares of Legacy Kodiak common stock at a one-for-one conversion rate;

iii.All outstanding SAFEs were converted into shares of Legacy Kodiak common stock;

iv.All second lien loans outstanding at the Closing, excluding the $10.0 million SAFE from an affiliate of AACT that was exchanged for a second lien loan, were converted into shares of Legacy Kodiak common stock;

v.Warrants to purchase shares of Legacy Kodiak common stock were vested in full and net exercised in exchange for shares of Legacy Kodiak common stock;

vi.Legacy Kodiak common stock, including the shares issued as a result of the events described in items ii. through v. above, were converted into shares of Kodiak common stock;

vii.Outstanding options to purchase shares of Legacy Kodiak common stock were exchanged for options to purchase shares of Kodiak common stock; and

viii.Warrants to purchase shares of Legacy Kodiak preferred stock, not net exercised, were assumed by Kodiak and converted into the warrants to purchase shares of Kodiak common stock (the “Assumed Kodiak Warrants”).

Upon the consummation of the Merger, the 5,492,904 publicly held shares of AACT Class A ordinary shares were converted into shares of Kodiak common stock. In connection with the Merger, the Company received proceeds of $171.2 million, consisting of $145.0 million from certain investors (see below) and $26.2 million of cash held in AACT’s trust account after giving effect to redemptions. Legacy Kodiak incurred $32.0 million in transaction costs consisting of banking, legal, and other professional fees, of which $3.2 million was immediately expensed, $6.0 million was recorded as a reduction to the Series A cumulative redeemable convertible preferred stock, and $22.8 million was recorded as reduction to common stock additional paid-in capital.

The Merger was accounted for as a reverse recapitalization. Under this method of accounting, AACT was treated as the acquired company and the Merger was treated as the equivalent of Legacy Kodiak issuing shares for the net assets of AACT, accompanied by a recapitalization. The accounting acquirer was primarily determined based on Legacy Kodiak stockholders having the largest voting interest in Kodiak and the ability to appoint the majority of the members of the board of directors as well as Legacy Kodiak management holding executive management roles in Kodiak and being responsible for the day-to-day operations which are comprised of Legacy Kodiak activities.

The net assets of AACT were recognized at historical cost as of the Closing, with no goodwill or other intangible assets recorded. Operations prior to the merger presented are those of Legacy Kodiak and the accumulated deficit of Legacy Kodiak has been carried forward after the Closing.

Series A Preferred Investment

On September 15, 2025, in connection with a financing transaction related to the Merger, AACT entered into subscription agreements with certain institutional and accredited investors (collectively, the “Preferred Investors”) for an aggregate purchase price of $145.0 million. At the Closing, the Preferred Investors purchased shares of the Company’s Series A cumulative redeemable convertible preferred stock, par value $0.0001 per share (the “Series A Preferred Stock”), with a stated value of $1,200.00 per share (the “Stated Value”). Additionally, the Preferred Investors received warrants to purchase 125% of the shares of the Company’s common stock issuable upon conversion of the Series A Preferred Stock as of the Closing Date, at an exercise price of $12.00 per share (the “PIPE Warrants”). At the Closing, the Company issued an aggregate of 142,155 shares of the Series A Preferred Stock and an aggregate of 17,769,375 PIPE Warrants to purchase shares of its common stock to the Preferred Investors, for total gross proceeds of $145.0 million (see Note 10).

Non-Redemption Agreements

On September 22, 2025, AACT and Legacy Kodiak entered into non-redemption agreements (the “NRA”) with certain unaffiliated third-party holders of AACT Class A ordinary shares (the “Non-Redemption Investors”). The Non-Redemption Investors agreed not to redeem, or to rescind their redemption requests for, an aggregate of 3,319,712 AACT Class A ordinary shares. The Company agreed to issue to the Non-Redemption Investors, for no additional consideration, either (i) warrants to purchase shares of Kodiak common stock at an exercise price of $12.00 per share (the “NRA Warrants”) or (ii) shares of Kodiak common stock (the “NRA Shares”). At the Closing, the Company issued NRA Warrants to purchase 7,606,666 shares of its common stock (see Note 9) and 368,028 NRA Shares. As the NRA Shares and NRA Warrants represented a nonreciprocal transfer of value to certain AACT equity holders, their fair values — $3.2 million for the NRA Shares and $37.0 million for NRA Warrants — were expensed during the third quarter of 2025.

Public Warrants and Private Placement Warrants

Each of the then issued and outstanding 24,999,987 redeemable warrants of AACT automatically converted at the Closing into a redeemable warrant to purchase one share of Kodiak common stock (the “Public Warrants”). Additionally, each of the then issued and outstanding 14,300,000 private placement warrants of AACT automatically converted at the Closing into a warrant to purchase one share of Kodiak common stock (the “Private Placement Warrants”) (see Note 11).

Sponsor Earn Out Securities

In connection with the Closing, 12,500,000 Class A ordinary shares of AACT held by Ares Acquisition Holdings II LP (the “AACT Sponsor”), were converted into 12,500,000 shares of Kodiak common stock. Of these, 6,250,000 shares vested and became outstanding upon the Closing, while the remaining 6,250,000 shares (the “Sponsor Earn Out Securities”) are subject to vesting conditions.

The Sponsor Earn Out Securities will vest upon the achievement of a volume-weighted average closing price of Kodiak common stock equal to or greater than $18.00 per share, subject to adjustments as set forth in the BCA (the “Triggering Event I Threshold”), for at least 20 trading days within any 30 consecutive trading-day period during the four-year period commencing September 24, 2025 (the “Earn Out Period”).

If a change of control occurs during the Earn Out Period that results in the holders of Kodiak common stock receiving a per share price equal to or greater than the Triggering Event I Threshold, the Sponsor Earn Out Securities will immediately vest as of the consummation of such change of control. The Sponsor Earn Out Securities are equity-classified instruments because the triggering event is an exercise contingency and not a settlement condition such that they are indexed to the Company's own common stock.

Advisor Shares

The Company issued 1,091,519 shares of common stock (the “Legacy Kodiak Advisor Shares”) at the Closing to an advisor of Legacy Kodiak in a private placement in satisfaction of $12.5 million of fees payable to such advisor in respect of services provided in connection with the Merger.

The number of shares of Kodiak common stock issued and outstanding following the consummation of the Merger was as follows (in thousands):


						Shares
AACT public shares						49,360
Less: redemptions of AACT public shares						(43,867)
AACT public shares, net of redemptions						5,493
AACT Sponsor shares outstanding						6,250
Total shares of AACT common stock outstanding prior to the Merger						11,743
Legacy Kodiak common stock						161,754
NRA Shares						368
Legacy Kodiak Advisor Shares						1,092
Total Kodiak common stock outstanding subsequent to the Merger						174,957

Earn Out Securities

As part of the Merger, immediately prior to the Closing, Legacy Kodiak security holders became eligible to receive, on a pro rata basis, 74,998,317 shares of Kodiak common stock and RSUs (collectively, the “Earn Out Securities”), which will be issued or vest, as applicable, upon achievement of specified stock-price-based milestones during the Earn Out Period, and, additionally in the case of the RSUs, upon satisfaction of service-based vesting conditions from the Closing to the date of each triggering event, as discussed below. The Earn Out Securities are divided into three equal tranches:

i.24,999,439 Earn Out Securities that vest or are issued upon satisfaction of Triggering Event I (the volume weighted average closing sale price (“VWAP”) of Kodiak common stock equal to or greater than $18.00 per share for at least 20 out of 30 consecutive trading days, subject to adjustments provided in the BCA);

ii.24,999,439 Earn Out Securities that vest or are issued upon satisfaction of Triggering Event II (VWAP ≥ $23.00 for at least 20 out of 30 consecutive trading days, subject to adjustments); and

iii.24,999,439 Earn Out Securities that vest or are issued upon satisfaction of Triggering Event III (VWAP ≥ $28.00 for at least 20 out of 30 consecutive trading days, subject to adjustments).

In the event of a change of control during the Earn-Out Period that results in a per-share price for Kodiak common stock equal to or in excess of a triggering event threshold, the corresponding Triggering Event will be deemed to have occurred and the related Earn Out Securities shall be issued or vest immediately prior to the consummation of the change of control. Once issued after the triggering event, which is an exercise contingency and not a settlement condition, the Earn Out Securities are equity-classified instruments because they are indexed to the Company's own common stock. As of March 31, 2026, the Company had not met any of the triggering events.

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued bonus	$ 4,533	$ 5,349
Accrued payroll and related expenses	1,565	1,622
Other current liabilities and accrued expenses	3,709	4,203
Deferred revenue	1,010	180
Total accrued expenses and other current liabilities	$ 10,817	$ 11,354

Stockholders’ Deficit - Schedule of Common Stock Warrants Outstanding (Details) shares in Thousands	Mar. 31, 2026 $ / shares shares
Total outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying warrants (in shares)	39,463
Public Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying warrants (in shares)	24,604
Exercise price per share (in dollars per share) \| $ / shares	$ 9.28
Private Placement Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying warrants (in shares)	14,300
Exercise price per share (in dollars per share) \| $ / shares	$ 9.28
Assumed Kodiak Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying warrants (in shares)	559
Exercise price per share (in dollars per share) \| $ / shares	$ 2.24

- 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	60,687	$	—	$	—	$	60,687
U.S. Treasury securities	—		25,242		—		25,242
Total assets measured at fair value	$	60,687	$	25,242	$	—	$	85,929
Liabilities
Common stock warrants
PIPE Warrants	$	—	$	—	$	65,605	$	65,605


NRA Warrants	—		—		28,083		28,083
Second lien loan	—		—		11,346		11,346
Total liabilities measured at fair value	$	—	$	—	$	105,034	$	105,034


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	33,320	$	—	$	—	$	33,320
U.S. Treasury securities	—		69,908		—		69,908
Total assets measured at fair value	$	33,320	$	69,908	$	—	$	103,228
Liabilities
Common stock warrants
PIPE Warrants	$	—	$	—	$	110,881	$	110,881
NRA Warrants	—		—		47,465		47,465
Second lien loan	—		—		10,872		10,872
Total liabilities measured at fair value	$	—	$	—	$	169,218	$	169,218

Schedule of Changes in Estimated Fair Values of Liabilities

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


	PIPE Warrants		NRA Warrants		Second Lien Loans
Balance as of December 31, 2025	$	110,881	$	47,465	$	10,872

Fair value remeasurement	(45,276)		(19,382)		474
Balance as of March 31, 2026	$	65,605	$	28,083	$	11,346


	SAFE1		Legacy Kodiak Redeemable Convertible Preferred Stock Warrants1
Balance as of December 31, 2024	$	59,301	$	1,619
Issuance during the year	21,660		—


Fair value remeasurement	108,375		115

Balance as of March 31, 2025	$	189,336	$	1,734
____________________
1 In connection with the Closing, these instruments were fully converted, exercised, or assumed and reclassified to equity (see Note 3). Accordingly, there were no outstanding balances as of March 31, 2026 and December 31, 2025.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Future Minimum Principal Payments

As of March 31, 2026, 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
2026 (remaining nine months)	$	10,000	$	704	$	10,704
2027	—		808		808
2028	—		8,378		8,378
2029	—		20,000		20,000
2030	—		2,867		2,867
Total principal debt payments and final payment fee	10,000		32,757		42,757
Less: unamortized debt discount	—		(929)		(929)
Less: unamortized final payment fee	—		(1,140)		(1,140)
Less: Debt, current portion	(10,000)		(936)		(10,936)
Debt, net of current portion	$	—	$	29,752	$	29,752

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Private Investment in Public Equity On May 7, 2026, the Company entered into subscription agreements with certain investors for a private placement of common stock and warrants (the “PIPE Transaction”). Pursuant to the subscription agreements, the Company agreed to issue and sell an aggregate of 15,384,609 shares of its common stock at $6.50 per share and warrants to purchase an aggregate of 15,384,609 shares of common stock at $6.00 per share, which will become exercisable immediately upon issuance, for aggregate gross proceeds of approximately $100.0 million. In connection with the consummation of the PIPE Transaction, the conversion price of the outstanding Series A Preferred Stock was adjusted to $6.00 per share and the exercise price of the PIPE Warrants and NRA Warrants was adjusted to $6.00 per share. The Company intends to use the net proceeds from the PIPE Transaction for working capital and general corporate purposes. The PIPE Transaction closed and funded on May 8, 2026.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of 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, 2025	55,438	$	1.90
Granted	—	—
Exercised	(1,650)	0.59
Forfeited	(677)	2.61
Expired	(4)	0.47
Outstanding as of March 31, 2026	53,107	$	1.93	6.8	$	272,103
Exercisable as of March 31, 2026	35,645	$	0.84	5.8	$	217,293

Schedule of Nonvested Restricted Stock Units Activity

RSUs activity under the Company's equity incentive plan was as follows:


	Unvested RSUs Outstanding
	Number of RSUs (in thousands)	Weighted–Average Grant-Date Fair Value
Outstanding as of December 31, 2025	2,622	$	5.91
Granted	672	8.75
Vested	—	—
Forfeited	(243)	5.97
Outstanding as of March 31, 2026	3,051	$	6.53

Schedule of Total Stock-Based Compensation

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


	Three Months Ended March 31,
	2026		2025
Research and development	$	2,442	$	1,185
General and administrative	3,039		482
Truck and freight operations	168		143
Sales and marketing	375		68
Total stock-based compensation	$	6,024	$	1,878

Summary of Significant Accounting Policies - Schedules of Concentration of Risk by Risk Factor (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%	68.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	82.00%	12.00%

- 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

+ Details

- Definition

+ References + Details

Commitment and Contingencies (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining nine months)	$ 5,530
2027	3,113
2028	349
2029	130
Total	$ 9,122

Reverse Recapitalization - Narrative (Details)		3 Months Ended
Reverse Recapitalization - Narrative (Details)	Sep. 24, 2025 USD ($) tranche $ / shares shares	Sep. 30, 2025 USD ($)	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 shares	Sep. 23, 2025 shares	Sep. 22, 2025 $ / shares shares	Sep. 15, 2025 USD ($)
Schedule Of Reverse Recapitalization [Line Items]
Recapitalization exchange ratio	0.66
Common stock, outstanding (in shares)	174,957,000		177,476,000	175,440,000
Reverse recapitalization, consideration received \| $	$ 171,200,000
Proceeds from issuance of Series A cumulative redeemable convertible preferred stock \| $	145,000,000.0
Proceeds from the reverse recapitalization, net of transaction costs \| $	26,200,000
Reverse recapitalization, transaction costs, expensed \| $	$ 3,200,000
PIPE Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			$ 12.00
NRA Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			12.00
Public Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			9.28
Number of shares called by each warrant (in shares)	1
Private Placement Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			$ 9.28
Number of shares called by each warrant (in shares)	1
Legacy Kodiak
Schedule Of Reverse Recapitalization [Line Items]
Reverse recapitalization, transaction costs \| $	$ 32,000,000.0
AACT
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding (in shares)					49,360,000
Intangible assets, net (including goodwill) \| $	$ 0
AACT \| Redeemable Warrants of AACT
Schedule Of Reverse Recapitalization [Line Items]
Warrant outstanding (in shares)	24,999,987
AACT \| Private Placement Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant outstanding (in shares)	14,300,000
Cumulative redeemable convertible preferred stock
Schedule Of Reverse Recapitalization [Line Items]
Preferred stock, convertible, conversion ratio	1
Series A Cumulative Convertible Preferred Stock
Schedule Of Reverse Recapitalization [Line Items]
Temporary equity, carrying amount, period decrease \| $	$ 6,000,000.0
Common Stock Additional Paid-In Capital \| Additional Paid-In Capital
Schedule Of Reverse Recapitalization [Line Items]
Conversion of redeemable convertible preferred stock in connection with reverse recapitalization \| $	$ 22,800,000
NRA Shares
Schedule Of Reverse Recapitalization [Line Items]
Shares converted, recapitalization (in shares)	368,000
Sponsor Earn Out Securities
Schedule Of Reverse Recapitalization [Line Items]
New shares issued during period (in shares)	6,250,000
Reverse recapitalization, contingent consideration, (in shares)	6,250,000		6,250,000	6,250,000
Sponsor Earn Out Securities \| Triggering Event I Threshold
Schedule Of Reverse Recapitalization [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 18.00
Contingent consideration, stock price, trading days, minimum (in days)	20 days
Contingent consideration, stock price, consecutive trading day period (in days)	30 days
Contingent consideration, earn out period (in years)	4 years
Legacy Kodiak Advisor Shares
Schedule Of Reverse Recapitalization [Line Items]
Shares converted, recapitalization (in shares)	1,092,000
Earn Out Securities
Schedule Of Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, (in shares)	74,998,317
Number of tranches \| tranche	3
Earn Out Securities \| Triggering Event I
Schedule Of Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, (in shares)	24,999,439
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 18.00
Contingent consideration, stock price, trading days, minimum (in days)	20 days
Contingent consideration, stock price, consecutive trading day period (in days)	30 days
Earn Out Securities \| Triggering Event II
Schedule Of Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, (in shares)	24,999,439
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 23.00
Contingent consideration, stock price, trading days, minimum (in days)	20 days
Contingent consideration, stock price, consecutive trading day period (in days)	30 days
Earn Out Securities \| Triggering Event III
Schedule Of Reverse Recapitalization [Line Items]
Reverse recapitalization, contingent consideration, (in shares)	24,999,439
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 28.00
Contingent consideration, stock price, trading days, minimum (in days)	20 days
Contingent consideration, stock price, consecutive trading day period (in days)	30 days
Affiliate of AACT \| 2025 Simple Agreements For Future Equity
Schedule Of Reverse Recapitalization [Line Items]
SAFE agreement, amount exchanged \| $	$ 10,000,000.0
Publicly held shares of AACT \| Common stock, par value $0.0001 per share
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding (in shares)	5,492,904
Preferred Investors
Schedule Of Reverse Recapitalization [Line Items]
Proceeds from issuance of preferred stock and warrants \| $	$ 145,000,000.0
Preferred Investors \| PIPE Warrants
Schedule Of Reverse Recapitalization [Line Items]
Percentage of warrant to purchase (in percent)	125.00%
Warrant exercise price (in dollars per share) \| $ / shares	$ 12.00
Warrants issued during period (in shares)	17,769,375
Preferred Investors \| AACT
Schedule Of Reverse Recapitalization [Line Items]
Subscription agreement, aggregate purchase price \| $							$ 145,000,000.0
Preferred Investors \| Series A Cumulative Convertible Preferred Stock
Schedule Of Reverse Recapitalization [Line Items]
Par value (in dollars per share) \| $ / shares	$ 0.0001
Stated value (in dollars per share) \| $ / shares	$ 1,200
Series A redeemable convertible preferred stock issued in connection with reverse recapitalization, net (in shares)	142,155
Non Redemption Investors \| NRA Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrants issued during period (in shares)	7,606,666
Loss on issuance of warrants \| $		$ 37,000,000.0
Non Redemption Investors \| AACT & Legacy Kodiak
Schedule Of Reverse Recapitalization [Line Items]
Non-redemption agreement, shares that can't be redeemed (in shares)						3,319,712
Non Redemption Investors \| NRA Shares
Schedule Of Reverse Recapitalization [Line Items]
New shares issued during period (in shares)	368,028
Loss on issuance of common stock \| $		$ 3,200,000
Non Redemption Investors \| NRA Shares \| NRA Warrants
Schedule Of Reverse Recapitalization [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares						$ 12.00
Ares Acquisition Holdings II LP \| Class a Ordinary shares of AACT
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding (in shares)	12,500,000
Ares Acquisition Holdings II LP \| Sponsor Earn Out Securities
Schedule Of Reverse Recapitalization [Line Items]
Shares converted, recapitalization (in shares)	12,500,000
Advisor of Legacy Kodiak \| Legacy Kodiak Advisor Shares
Schedule Of Reverse Recapitalization [Line Items]
Stock issued during period for services (in shares)	1,091,519
Stock issued during period for services \| $	$ 12,500,000

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%

Fair Value Measurements - Schedule of Changes In Estimated Fair Values of Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
PIPE Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 110,881
Fair value remeasurement	(45,276)
Ending balance	65,605
NRA Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	47,465
Fair value remeasurement	(19,382)
Ending balance	28,083
Second Lien Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,872
Fair value remeasurement	474
Ending balance	$ 11,346
SAFE
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 59,301
Issuance during the year		21,660
Fair value remeasurement		108,375
Ending balance		189,336
Redeemable convertible preferred stock warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		1,619
Issuance during the year		0
Fair value remeasurement		115
Ending balance		$ 1,734

Stockholders’ Deficit

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Deficit

11. Stockholders’ Deficit

Common Stock

In September 2025, the Company authorized 2,000,000,000 shares, consisting of 1,980,000,000 shares of Kodiak common stock, par value $0.0001 per share, and 20,000,000 shares of Kodiak preferred stock, par value $0.0001 per share. Each share of Kodiak common stock is entitled to one vote.

Common stock reserved for future issuance as of March 31, 2026 was as follows (in thousands).


			March 31, 2026
Earn Out Securities			74,998
Common stock warrants1			64,839
Outstanding stock options			53,107
Shares available for issuance under equity incentive plan			25,961
Cumulative redeemable convertible preferred stock2			14,960
Shares available for issuance under the ESPP			7,456

Total			241,321
____________________
1 Common stock warrants include both equity-classified and liability-classified warrants (see Note 9).
2 Includes shares issuable for accrued interest paid-in-kind (see Note 10).

Equity-Classified Common Stock Warrants

As of March 31, 2026, the Company had the following equity-classified common stock warrants outstanding (in thousands, except exercise price per share):


	Shares Underlying Warrants	Exercise Price Per Share		Expiration Date
Public Warrants	24,604	$	9.28	9/24/2030
Private Placement Warrants	14,300	$	9.28	9/24/2030
Assumed Kodiak Warrants	559	$	2.24	12/31/2028, 6/30/2031
Total outstanding	39,463

Public and Private Placement Warrants

The Company may redeem the Public Warrants if the last reported sales price of Kodiak common stock equals or exceeds $14.53 per share 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 provides notice of redemption to the warrant holders. Redemption may be redeemed only in full, not in part, and requires a minimum of 30 days’ prior written notice. Once exercisable, the Public Warrants may be redeemed by the Company at a redemption price of $0.01 per warrant. The Company may require a cashless exercise of the Public Warrants upon redemption.

The Private Placement Warrants are substantially identical to the Public Warrants, except that they are exercisable on a cashless basis and are non-redeemable. The exercise price and number of shares of common stock for the warrants are subject to adjustment for certain corporate events, such as share dividends, recapitalizations, and mergers. The warrants are not adjusted for common stock issued below the exercise price, and the Company is not obligated to net cash settle them. Accordingly, the warrants are equity-classified because they are indexed to the Company’s common stock and the number of shares of common stock issuable upon exercise is not based on a fixed monetary amount.

Assumed Kodiak Warrants

In connection with the Merger, each outstanding and unexercised Legacy Kodiak warrant was converted into an Assumed Kodiak Warrant. Upon the Closing Date, the Assumed Kodiak Warrants were remeasured to fair value and reclassified from liability to equity (see Note 3). The warrants met the conditions for equity classification because they are indexed to the Company's common stock and provide for the issuance of a fixed number of shares upon exercise. The warrants do not contain any mandatory redemption features requiring settlement in cash or other assets.

- 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
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-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
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (b)
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-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
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
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-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
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (g)
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-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
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-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
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-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
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Restricted Stock Units
Beginning balance (in shares) \| shares	2,622
Granted (in shares) \| shares	672
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(243)
Ending balance (in shares) \| shares	3,051
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 5.91
Granted (in dollars per share) \| $ / shares	8.75
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	5.97
Ending balance (in dollars per share) \| $ / shares	$ 6.53

Stockholders’ Deficit - Schedule of Common Stock Reserved For Future Issuance (Details) shares in Thousands	Mar. 31, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	241,321
Earn Out Securities
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	74,998
Common stock warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	64,839
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	53,107
Shares available for issuance under equity incentive plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	25,961
Cumulative redeemable convertible preferred stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	14,960
Shares available for issuance under the ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	7,456

- 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

Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash and Cash Equivalents [Abstract]
Interest income	$ 1.0	$ 0.0

Warrant Liabilities - Narrative (Details) - $ / shares	Sep. 24, 2025	May 08, 2026	Mar. 31, 2026
PIPE Warrants
Warrant Liabilities [Line Items]
Warrant, reset period	6 months
Warrant resent period, two	9 months
Volume-weighted average price, period (in days)	45 days
Warrant exercise price (in dollars per share)			$ 12.00
PIPE Warrants \| Subsequent Event
Warrant Liabilities [Line Items]
Warrant exercise price (in dollars per share)		$ 6.00
NRA Warrants
Warrant Liabilities [Line Items]
Warrant exercise price (in dollars per share)			12.00
NRA Warrants \| Subsequent Event
Warrant Liabilities [Line Items]
Warrant exercise price (in dollars per share)		$ 6.00
Redeemable convertible preferred stock warrants
Warrant Liabilities [Line Items]
New shares issued during period (in shares)	614,799
Assumed Kodiak Warrants
Warrant Liabilities [Line Items]
Warrant exercise price (in dollars per share)			$ 2.24
Warrant outstanding (in shares)	558,559

Stock-based Compensation - Schedule of Total Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,024	$ 1,878
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,442	1,185
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,039	482
Truck and freight operations
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	168	143
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 375	$ 68

Debt - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 24, 2025	Sep. 23, 2025	Dec. 31, 2025	Apr. 30, 2025	Jul. 31, 2022	Mar. 31, 2026
Debt Instrument [Line Items]
Second lien loan			$ 10,872			$ 11,346
Redeemable convertible preferred stock warrants
Debt Instrument [Line Items]
New shares issued during period (in shares)	614,799
Second Lien Loans from Exchange of SAFE
Debt Instrument [Line Items]
Second lien loan						$ 11,300
Second Lien Loans from Exchange of SAFE \| Convertible Debt \| Affiliated Entity
Debt Instrument [Line Items]
Proceeds from issuance of second lien loans		$ 10,000
Second Lien Loans \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				9.00%
Debt instrument, effective interest rate						16.50%
Second Lien Loans \| Convertible Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, stated interest rate				13.75%
2025 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			6.50%
Debt instrument, stated interest rate			3.50%
Debt instrument, effective interest rate			10.25%
Line of credit facility, maximum borrowing capacity			$ 30,000
Long-term line of credit			15,000
Repayments of debt			1,200
Final payment fee due			1,200
Total debt issuance costs			800
Commitment fee amount			300
2025 Credit Facility \| Line of Credit \| Redeemable convertible preferred stock warrants
Debt Instrument [Line Items]
Total debt issuance costs			$ 500
New shares issued during period (in shares)			45,906
2025 Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Prepayment fee percentage			1.00%
2025 Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Prepayment fee percentage			2.00%
2022 Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total debt issuance costs			$ 100
2022 Equipment Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					3.38%
Line of credit facility, maximum borrowing capacity					$ 10,000
Long-term line of credit			$ 1,900			$ 1,600
Total debt issuance costs						$ 100
Proceeds from long term line of credit					$ 8,500
2022 Equipment Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Debt instrument, stated interest rate					6.00%
2022 Equipment Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, stated interest rate					7.00%

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 38,046	$ 33,321
Less: accumulated depreciation	(18,632)	(17,151)
Construction in progress	10,332	10,383
Property and equipment, net	29,746	26,553
Equipment and hardware
Property, Plant and Equipment [Line Items]
Total property and equipment	19,403	14,708
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	7,317	7,317
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	7,297	7,297
Technology infrastructure
Property, Plant and Equipment [Line Items]
Total property and equipment	3,213	3,195
Other
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 816	$ 804

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41691
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, City or Town	Mountain View,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	209-8005
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		183,850,415
Entity Central Index Key	0001853138
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false
Common stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	KDK
Security Exchange Name	NASDAQ
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $9.28
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each exercisable for one share of common stock at an exerciseprice of $9.28
Trading Symbol	KDKRW
Security Exchange Name	NASDAQ

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues	$ 1,830	$ 1,471
Operating expenses:
Research and development	17,550	10,134
General and administrative	12,420	5,125
Truck and freight operations	8,305	4,005
Sales and marketing	1,406	806
Total operating expenses	39,681	20,070
Loss from operations	(37,851)	(18,599)
Other income (expenses):
Interest expense	(896)	(1,264)
Interest income and other, net	1,049	169
Change in fair value of second lien loans	(474)	0
Change in fair value of simple agreements for future equity	0	(108,375)
Total other income (expenses), net	64,337	(109,585)
Net income (loss) before income taxes	26,486	(128,184)
Income tax benefit (expense)	4	(1)
Net income (loss)	26,490	(128,185)
Unrealized losses on marketable securities, net of tax	(24)	0
Comprehensive income (loss)	$ 26,466	$ (128,185)
Net income (loss) per common share, basic (in dollars per share)	$ 0.12	$ (2.16)
Net income (loss) per common share, diluted (in dollars per share)	$ 0.10	$ (2.16)
Weighted-average common shares outstanding, basic (in shares)	176,349	59,256
Weighted-average common shares outstanding, diluted (in shares)	216,167	59,256
Common stock warrants
Other income (expenses):
Change in fair value of warrants	$ 64,658	$ 0
Redeemable convertible preferred stock warrants
Other income (expenses):
Change in fair value of warrants	$ 0	$ (115)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company’s income tax expense was not material for the three months ended March 31, 2026, and 2025. The Company’s effective tax rate for the three months ended March 31, 2026, and 2025 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.

- 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
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 55
-Paragraph 231
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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-Paragraph 1
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+ Details

Debt - Schedule of Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
2026 (remaining nine months)	$ 10,704
2027	808
2028	8,378
2029	20,000
2030	2,867
Total principal debt payments and final payment fee	42,757
Less: unamortized debt discount	(929)
Less: unamortized final payment fee	(1,140)
Less: Debt, current portion	(10,936)
Debt, net of current portion	29,752	$ 29,878
Second Lien Loans
Debt Instrument [Line Items]
2026 (remaining nine months)	10,000
2027	0
2028	0
2029	0
2030	0
Total principal debt payments and final payment fee	10,000
Less: unamortized debt discount	0
Less: unamortized final payment fee	0
Less: Debt, current portion	(10,000)
Debt, net of current portion	0
Other Debt
Debt Instrument [Line Items]
2026 (remaining nine months)	704
2027	808
2028	8,378
2029	20,000
2030	2,867
Total principal debt payments and final payment fee	32,757
Less: unamortized debt discount	(929)
Less: unamortized final payment fee	(1,140)
Less: Debt, current portion	(936)
Debt, net of current portion	$ 29,752

Warrant Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Warrant Liabilities [Abstract]

Schedule of Common Stock Warrant Liabilities

As of March 31, 2026, the Company had the following liability classified warrants to purchase shares of its common stock outstanding (in thousands, except exercise price per share):


	Shares Underlying Warrants	Exercise Price Per Share		Expiration Date
PIPE Warrants	17,769	$	12.00	9/24/2031
NRA Warrants	7,607	$	12.00	9/24/2031
Total outstanding	25,376

Commitment and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

8. 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 March 31, 2026, 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 March 31, 2026, were as follows (in thousands):


Year ended December 31,	Amount
2026 (remaining nine months)	$	5,530
2027	3,113
2028	349
2029	130
Total	$	9,122

Net Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Common Share

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


	Three Months Ended March 31,
	2026		2025
Numerator
Net income (loss)	$	26,490	$	(128,185)
Less: cumulative dividends to preferred stockholders	(3,424)		—
Less: undistributed earnings to participating securities	(1,763)		—
Net income (loss) attributable to common stockholders, basic	21,303		(128,185)
Add: adjustments to undistributed earnings to participating securities	304		—
Net income (loss) attributable to common stockholders, diluted	$	21,607	$	(128,185)
Denominator
Weighted-average common shares outstanding, basic	176,349		59,256
Effect of dilutive stock options and RSUs	39,818		—
Weighted-average common shares outstanding, diluted	216,167		59,256
Net income (loss) per common share, basic	$	0.12	$	(2.16)
Net income (loss) per common share, diluted	$	0.10	$	(2.16)

Schedule of Dilutive Common Stock Equivalents

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


	Three Months Ended March 31,
	2026	2025
Common stock warrants	64,839	258
Redeemable convertible preferred stock	14,960	62,240
Common stock options and RSUs	9,928	49,223
Redeemable convertible preferred stock warrants	—	1,305
Total	89,727	113,026

Segment	3 Months Ended
Segment	Mar. 31, 2026
Segment Reporting [Abstract]
Segment	16. 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 chief operating decision maker (“CODM”), its chief executive officer, to allocate resources and evaluate financial performance. Net income (loss) is the key measure of segment profit and loss that the CODM uses to allocate resources and assess performance. The CODM uses net income (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 income (loss) include research and development, general and administrative, truck and freight operations and sales and marketing, which are separately presented on the Company’s condensed consolidated statements of operations and comprehensive income (loss). The Company’s long-lived assets are located in the United States.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrant Liabilities

3 Months Ended

Mar. 31, 2026

Warrant Liabilities [Abstract]

Warrant Liabilities

9. Warrant Liabilities

Common Stock Warrant Liabilities

As of March 31, 2026, the Company had the following liability classified warrants to purchase shares of its common stock outstanding (in thousands, except exercise price per share):


	Shares Underlying Warrants	Exercise Price Per Share		Expiration Date
PIPE Warrants	17,769	$	12.00	9/24/2031
NRA Warrants	7,607	$	12.00	9/24/2031
Total outstanding	25,376

PIPE Warrants

At the Closing, and in connection with a financing transaction (see Note 10), the Company issued PIPE Warrants to purchase shares of its common stock that were immediately exercisable upon issuance. The PIPE Warrants are subject to standard anti-dilution provisions, a reset of the exercise price six and nine months after the Closing Date based on the trailing 45-day VWAP of the Company's stock as well as down-round provisions that provide for adjustments upon the expiration or termination of certain Company securities. As a result of the down-round provisions, which may result in adjustments triggered by events that are not an input into the fair value model, the PIPE Warrants did not meet the requirements for equity classification and were therefore classified as liabilities, subject to remeasurement each reporting period (see Note 5).

NRA Warrants

The NRA Warrants have substantially the same terms as the PIPE Warrants, including the standard anti-dilution provisions, a reset of the exercise price as well as down-round provisions that provide for adjustments upon the expiration or termination of certain Company securities as described above. Similarly, the NRA Warrants did not meet the requirements for equity classification and were therefore classified as liabilities, subject to remeasurement each reporting period (see Note 5).

In connection with the private placement of common stock and warrants on May 8, 2026, the exercise price of the PIPE Warrants and NRA Warrants was adjusted to $6.00 per share (see Note 17).

Legacy Kodiak Warrant Liabilities - Redeemable Convertible Preferred Stock Warrants

At the Closing, certain Legacy Kodiak warrants to purchase shares of redeemable convertible preferred stock that had previously been issued were net settled, resulting in the issuance of 614,799 shares of Kodiak common stock. In addition, certain Legacy Kodiak warrants to purchase shares of redeemable convertible preferred stock were assumed by the Company and became 558,559 shares to purchase its common stock, or the Assumed Kodiak Warrants (see Note 3).

Upon the Closing, the Kodiak Assumed Warrants were remeasured and reclassified to equity as the criteria for equity classification were met (see Note 11).

Net Income (Loss) Per Common Share - Schedule of Dilutive Common Stock Equivalents (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total antidilutive securities (in shares)	89,727	113,026
Warrant \| Common stock warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total antidilutive securities (in shares)	64,839	258
Warrant \| Redeemable convertible preferred stock warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total antidilutive securities (in shares)	0	1,305
Redeemable convertible preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total antidilutive securities (in shares)	14,960	62,240
Common stock options and RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total antidilutive securities (in shares)	9,928	49,223

Stockholders’ Deficit (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance as of March 31, 2026 was as follows (in thousands).


			March 31, 2026
Earn Out Securities			74,998
Common stock warrants1			64,839
Outstanding stock options			53,107
Shares available for issuance under equity incentive plan			25,961
Cumulative redeemable convertible preferred stock2			14,960
Shares available for issuance under the ESPP			7,456

Total			241,321
____________________
1 Common stock warrants include both equity-classified and liability-classified warrants (see Note 9).
2 Includes shares issuable for accrued interest paid-in-kind (see Note 10).

Schedule of Outstanding Warrants

As of March 31, 2026, the Company had the following equity-classified common stock warrants outstanding (in thousands, except exercise price per share):


	Shares Underlying Warrants	Exercise Price Per Share		Expiration Date
Public Warrants	24,604	$	9.28	9/24/2030
Private Placement Warrants	14,300	$	9.28	9/24/2030
Assumed Kodiak Warrants	559	$	2.24	12/31/2028, 6/30/2031
Total outstanding	39,463

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization	$ 1,412	$ 532

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

15. Net Income (Loss) Per Common Share

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


	Three Months Ended March 31,
	2026		2025
Numerator
Net income (loss)	$	26,490	$	(128,185)
Less: cumulative dividends to preferred stockholders	(3,424)		—
Less: undistributed earnings to participating securities	(1,763)		—
Net income (loss) attributable to common stockholders, basic	21,303		(128,185)
Add: adjustments to undistributed earnings to participating securities	304		—
Net income (loss) attributable to common stockholders, diluted	$	21,607	$	(128,185)
Denominator
Weighted-average common shares outstanding, basic	176,349		59,256
Effect of dilutive stock options and RSUs	39,818		—
Weighted-average common shares outstanding, diluted	216,167		59,256
Net income (loss) per common share, basic	$	0.12	$	(2.16)
Net income (loss) per common share, diluted	$	0.10	$	(2.16)


	Three Months Ended March 31,
	2026	2025
Common stock warrants	64,839	258
Redeemable convertible preferred stock	14,960	62,240
Common stock options and RSUs	9,928	49,223
Redeemable convertible preferred stock warrants	—	1,305
Total	89,727	113,026

The 74,998,317 shares and 6,250,000 shares of common stock equivalent subject to the remaining Earn Out Securities and Sponsor Earn Out Securities, respectively, are excluded from the anti-dilutive table above as of March 31, 2026 as the underlying shares remain contingently issuable as the triggering events have not been satisfied (see Note 3).

Excluded from common stock warrants in the anti-dilutive table above as of March 31, 2026 and 2025 were those warrants with a nominal exercise price, which were included in the computation of basic and diluted net income (loss) per share on the date all necessary conditions were satisfied for issuance, which was from the date any service-based vesting conditions were met.

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses and other receivables	$ 3,541	$ 4,064
Restricted cash	600	0	$ 0
Payroll tax credit receivable	400	400
Deferred contract costs	105	0
Total prepaid expenses and other current assets	$ 4,646	$ 4,464

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Sep. 24, 2025
Assets
U.S. Treasury securities	$ 25,242	$ 69,908
Total assets measured at fair value	85,929	103,228
Liabilities
Second lien loan	11,346	10,872
Total liabilities measured at fair value	105,034	169,218
PIPE Warrants
Liabilities
Warrant liability, fair value	65,605	110,881	$ 86,400
NRA Warrants
Liabilities
Warrant liability, fair value	28,083	47,465
Level 1
Assets
Total assets measured at fair value	60,687	33,320
Liabilities
Second lien loan	0	0
Total liabilities measured at fair value	0	0
Level 1 \| PIPE Warrants
Liabilities
Warrant liability, fair value	0	0
Level 1 \| NRA Warrants
Liabilities
Warrant liability, fair value	0	0
Level 2
Assets
Total assets measured at fair value	25,242	69,908
Liabilities
Second lien loan	0	0
Total liabilities measured at fair value	0	0
Level 2 \| PIPE Warrants
Liabilities
Warrant liability, fair value	0	0
Level 2 \| NRA Warrants
Liabilities
Warrant liability, fair value	0	0
Level 3
Assets
Total assets measured at fair value	0	0
Liabilities
Second lien loan	11,346	10,872
Total liabilities measured at fair value	105,034	169,218
Level 3 \| PIPE Warrants
Liabilities
Warrant liability, fair value	65,605	110,881
Level 3 \| NRA Warrants
Liabilities
Warrant liability, fair value	28,083	47,465
U.S. Treasury securities
Assets
U.S. Treasury securities	25,242	69,908
U.S. Treasury securities \| Level 1
Assets
U.S. Treasury securities	0	0
U.S. Treasury securities \| Level 2
Assets
U.S. Treasury securities	25,242	69,908
U.S. Treasury securities \| Level 3
Assets
U.S. Treasury securities	0	0
Money market funds
Assets
Estimated Fair Value	60,687	33,320
Money market funds \| Level 1
Assets
Estimated Fair Value	60,687	33,320
Money market funds \| Level 2
Assets
Estimated Fair Value	0	0
Money market funds \| Level 3
Assets
Estimated Fair Value	$ 0	$ 0

Cash Equivalents and Marketable Securities - Schedule of Amortized Cost And Fair Value of the Company’s Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 64,950	$ 50,761	$ 17,667
Amortized Cost	25,244	69,886
Gross Unrealized Gain	0	22
Gross Unrealized Loss	(2)	0
Estimated Fair Value	25,242	69,908
U.S. Treasury securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	25,244	69,886
Gross Unrealized Gain	0	22
Gross Unrealized Loss	(2)	0
Estimated Fair Value	25,242	69,908
Total cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	60,687	33,320
Estimated Fair Value	60,687	33,320
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	60,687	33,320
Estimated Fair Value	$ 60,687	$ 33,320

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

7. Debt

Second Lien Loans

In connection with the Merger, certain second lien loans automatically converted into Kodiak common stock. The remaining $10.0 million in principal, which originated from the exchange of a SAFE from an affiliate of AACT (see Note 3), remained outstanding as of March 31, 2026, with a fair value of $11.3 million and a maturity date of October 1, 2026.

The second lien loans bear interest at an interest rate per annum equal to the prime rate plus 9.00%, subject to a minimum rate of 13.75%. Interest accrues on the first business day of each month, and is capitalized and included in the principal balance due at maturity. The interest rate applicable to the second lien loans was 16.50%. The Company was in compliance with its covenants as of March 31, 2026.

2025 Credit Facility

In December 2025, the Company entered into a venture loan and security agreement (the “2025 Credit Facility”), which amended and restated its then-existing venture loan and security agreement originally executed in September 2022 (the “2022 Credit Facility”). The 2025 Credit Facility provided for secured term loans of up to an aggregate principal amount of $30.0 million, which was drawn in full upon execution. The proceeds (i) were used to repay the then-outstanding principal balance of $15.0 million and the final repayment fee of $1.2 million under the 2022 Credit Facility, and (ii) are being used for working capital and general corporate purposes. Borrowings under the 2025 Credit Facility are secured by substantially all of the assets of the Company, including the Company's intellectual property, subject to certain customary exceptions. The 2025 Credit Facility contains customary covenants and customary events of default. The Company was in compliance with its covenants as of March 31, 2026.

Borrowings under the 2025 Credit Facility mature in January 2030 and provide for interest-only payments from February 1, 2026 to July 1, 2028. Consecutive payments of principal and interest are due beginning on August 1, 2028 once the interest-only period elapses. The 2025 Credit Facility bears interest that is payable monthly at 3.50% plus the greater of (i) 6.50% and (ii) the prime rate. The interest rate under the 2025 Credit Facility was 10.25%. 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 balance of the debt subject to a prepayment fee ranging from 1.0% to 2.0% depending on the timing of such repayments.

Total debt issuance costs related to the 2025 Credit Facility of $0.8 million were recorded as a debt discount, which included $0.5 million for the fair value of 45,906 shares of common stock issued to the lender concurrently with the execution of the 2025 Credit Facility and a commitment fee of $0.3 million. The debt discount, together with the final payment fee and $0.1 million of unamortized debt issuance costs related to the 2022 Credit Facility is recognized as interest expense using the effective interest method over the term of the loan.

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 (the “2022 Equipment Facility”) pursuant to which it borrowed at various dates an aggregate principal

amount of $8.5 million. Borrowings under the 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 March 31, 2026.

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 March 31, 2026, and December 31, 2025, the aggregate principal amount outstanding was $1.6 million and $1.9 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 and other issuance costs. The debt discount is recognized as interest expense using the effective interest method.

As of March 31, 2026, 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
2026 (remaining nine months)	$	10,000	$	704	$	10,704
2027	—		808		808
2028	—		8,378		8,378
2029	—		20,000		20,000
2030	—		2,867		2,867
Total principal debt payments and final payment fee	10,000		32,757		42,757
Less: unamortized debt discount	—		(929)		(929)
Less: unamortized final payment fee	—		(1,140)		(1,140)
Less: Debt, current portion	(10,000)		(936)		(10,936)
Debt, net of current portion	$	—	$	29,752	$	29,752

- 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
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-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
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-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
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-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Temporary equity, outstanding (in shares)	142,000	142,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,980,000,000	1,980,000,000
Common stock, shares issued (in shares)	177,476,000	175,440,000
Common stock, shares outstanding (in shares)	177,476,000	175,440,000
Series A cumulative redeemable convertible preferred stock
Temporary equity par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	20,000,000	20,000,000
Temporary equity, issued (in shares)	142,000	142,000
Temporary equity, outstanding (in shares)	142,000	142,000
Sponsor Earn Out Securities
Reverse recapitalization, contingent consideration, (in shares)	6,250,000	6,250,000

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

Customers representing 10% or more of the Company’s revenue for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
Customer A	—	%	68	%
Customer B	82	%	12	%

Segment (Details)	3 Months Ended
Segment (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Subsequent Events (Details) - $ / shares	May 08, 2026	May 07, 2026	Mar. 31, 2026
NRA Warrants
Subsequent Event [Line Items]
Shares underlying warrants (in shares)			7,607,000
Warrant exercise price (in dollars per share)			$ 12.00
PIPE Warrants
Subsequent Event [Line Items]
Shares underlying warrants (in shares)			17,769,000
Warrant exercise price (in dollars per share)			$ 12.00
Subsequent Event \| PIPE Transaction
Subsequent Event [Line Items]
Sale of stock, number of shares authorized (in shares)		15,384,609
Sale of stock, price per share (in dollars per share)		$ 6.50
Subsequent Event \| PIPE Transaction Warrants
Subsequent Event [Line Items]
Shares underlying warrants (in shares)		15,384,609
Warrant exercise price (in dollars per share)		$ 6.00
Subsequent Event \| NRA Warrants
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 6.00
Subsequent Event \| PIPE Warrants
Subsequent Event [Line Items]
Warrant exercise price (in dollars per share)	$ 6.00

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	241,321,000
Share-based payment arrangement, amount capitalized	$ 0.5	$ 0.4
Shares available for issuance under equity incentive plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	25,961,262
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	7,455,905
Common stock options and RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 56.2
Nonvested award, cost not yet recognized, period for recognition (in years)	2 years 8 months 12 days
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested award, cost not yet recognized, period for recognition (in years)	3 years 10 months 24 days
Nonvested award, excluding option, cost not yet recognized, amount	$ 18.4

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	60,687	$	—	$	—	$	60,687
U.S. Treasury securities	—		25,242		—		25,242
Total assets measured at fair value	$	60,687	$	25,242	$	—	$	85,929
Liabilities
Common stock warrants
PIPE Warrants	$	—	$	—	$	65,605	$	65,605


NRA Warrants	—		—		28,083		28,083
Second lien loan	—		—		11,346		11,346
Total liabilities measured at fair value	$	—	$	—	$	105,034	$	105,034


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	33,320	$	—	$	—	$	33,320
U.S. Treasury securities	—		69,908		—		69,908
Total assets measured at fair value	$	33,320	$	69,908	$	—	$	103,228
Liabilities
Common stock warrants
PIPE Warrants	$	—	$	—	$	110,881	$	110,881
NRA Warrants	—		—		47,465		47,465
Second lien loan	—		—		10,872		10,872
Total liabilities measured at fair value	$	—	$	—	$	169,218	$	169,218

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 warrant liabilities (see Note 9) and second lien loans (see Note 7) at fair value based on significant inputs not observable in the market and therefore represent Level 3 inputs.

The valuations of the warrant liabilities and second lien loans 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 were recognized in other income (expenses) in the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Warrant Liabilities - PIPE Warrants and NRA Warrants

The Company determined the fair value of each of its PIPE Warrants and NRA Warrants using a Monte Carlo simulation model. The key assumptions used to determine the fair value as of March 31, 2026 and December 31, 2025 included a risk-free rate of 3.9% and 3.8%, respectively, and volatility of 55.0% for both periods. Changes in the fair value were recorded under change in fair value of common stock warrants in the condensed consolidated statements of operations and comprehensive income (loss).

Second Lien Loans

The Company determined the fair value of the outstanding second lien loans with a principal amount of $10.0 million using a pay-off-to-maturity method. The key valuation assumptions used to determine the fair value as of March 31, 2026 and December 31, 2025 included an implied discount rate of 26.3% and 23.7%, respectively.

Fair Value Remeasurement

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


	PIPE Warrants		NRA Warrants		Second Lien Loans
Balance as of December 31, 2025	$	110,881	$	47,465	$	10,872

Fair value remeasurement	(45,276)		(19,382)		474
Balance as of March 31, 2026	$	65,605	$	28,083	$	11,346


	SAFE1		Legacy Kodiak Redeemable Convertible Preferred Stock Warrants1
Balance as of December 31, 2024	$	59,301	$	1,619
Issuance during the year	21,660		—


Fair value remeasurement	108,375		115

Balance as of March 31, 2025	$	189,336	$	1,734
____________________
1 In connection with the Closing, these instruments were fully converted, exercised, or assumed and reclassified to equity (see Note 3). Accordingly, there were no outstanding balances as of March 31, 2026 and December 31, 2025.

- 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
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Previously Reported	Reverse recapitalization	Common Stock	Common Stock Previously Reported	Common Stock Reverse recapitalization	Additional Paid-In Capital	Additional Paid-In Capital Previously Reported	Additional Paid-In Capital Reverse recapitalization	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated Deficit Reverse recapitalization	Accumulated Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024	62,240	93,963	(31,723)
Beginning balance at Dec. 31, 2024	$ 170,648	$ 170,648	$ 0
Ending balance (in shares) at Mar. 31, 2025	62,240
Ending balance at Mar. 31, 2025	$ 170,648
Beginning balance (in shares) at Dec. 31, 2024				58,057	87,646	(29,589)
Beginning balance at Dec. 31, 2024	(250,835)	$ (250,835)	$ 0	$ 6	$ 0	$ 6	$ 17,303	$ 17,309	$ (6)	$ (268,144)	$ (268,144)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock warrants (in shares)				17
Issuance of common stock upon exercise of stock options (in shares)				942
Issuance of common stock upon exercise of stock options	508						508
Stock-based compensation	1,878						1,878
Net income	(128,185)									(128,185)
Ending balance (in shares) at Mar. 31, 2025				59,016
Ending balance at Mar. 31, 2025	$ (376,634)			$ 6			19,689			(396,329)			0
Beginning balance (in shares) at Dec. 31, 2025	142
Beginning balance at Dec. 31, 2025	$ 223,185
Ending balance (in shares) at Mar. 31, 2026	142
Ending balance at Mar. 31, 2026	$ 223,185
Beginning balance (in shares) at Dec. 31, 2025	175,440			175,440
Beginning balance at Dec. 31, 2025	$ (283,052)			$ 17			570,578			(853,669)			22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock warrants (in shares)				386
Issuance of common stock upon exercise of common stock warrants	$ 3,584						3,584
Issuance of common stock upon exercise of stock options (in shares)	1,650			1,650
Issuance of common stock upon exercise of stock options	$ 973			$ 1			972
Stock-based compensation	6,111						6,111
Other comprehensive loss	(24)												(24)
Net income	$ 26,490									26,490
Ending balance (in shares) at Mar. 31, 2026	177,476			177,476
Ending balance at Mar. 31, 2026	$ (245,918)			$ 18			$ 581,245			$ (827,179)			$ (2)

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalent, and Investment

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major category for the periods presented (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	60,687	$	—	$	—	$	60,687
Total cash equivalents	$	60,687	$	—	$	—	$	60,687
Marketable securities:
U.S. Treasury securities	$	25,244	$	—	$	(2)	$	25,242
Total marketable securities	$	25,244	$	—	$	(2)	$	25,242


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	33,320	$	—	$	—	$	33,320
Total cash equivalents	$	33,320	$	—	$	—	$	33,320
Marketable securities:
U.S. Treasury securities	$	69,886	$	22	$	—	$	69,908
Total marketable securities	$	69,886	$	22	$	—	$	69,908

Redeemable Convertible Preferred Stock	3 Months Ended
Redeemable Convertible Preferred Stock	Mar. 31, 2026
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	10. Redeemable Convertible Preferred Stock Series A Cumulative Redeemable Convertible Preferred Stock At the Closing, the Company issued an aggregate of 142,155 shares of the Series A Preferred Stock and 17,769,375 freestanding PIPE Warrants for total gross proceeds of $145.0 million (see Note 3). The Company determined the fair value of the Series A Preferred Stock and the PIPE Warrants (see Note 5) at issuance using a Monte Carlo simulation model. The valuation of the Series A Preferred Stock incorporated key assumptions, including a dividend rate of 9.99% (payable in kind), a five-year redemption period, a discount rate of 25%, and a volatility assumption of 55%. The valuations indicated an aggregate fair value of $315.6 million, consisting of $229.2 million for the Series A Preferred Stock and $86.4 million for the PIPE Warrants. As the aggregate fair value exceeded the $145.0 million of proceeds received, the Company recognized a total loss of $170.6 million during the third quarter of 2025. As it is probable that the Series A Preferred Stock will become redeemable based on the passage of time as the holders may redeem at any time after the 5-year anniversary of the Closing Date, the Series A Preferred Stock was recorded in mezzanine equity in the condensed consolidated balance sheet. The Company elected to record changes in the redemption value as they occur and adjust the carrying amount equal to the redemption amount. As the carrying value of the Series A Preferred Stock of $223.2 million was greater than its redemption value (and liquidation preference) of $179.5 million as of March 31, 2026, no change in redemption value was required to be recorded for the three months ended March 31, 2026. The significant rights and preferences of the Series A Preferred Stock are as follows: Dividends The Series A Preferred Stock accrues dividends daily at an annual rate of 9.99% when dividends are paid in additional shares of preferred stock, or 7.99% when paid in cash. Dividends compound on a semi-annual basis, payable on June 1 and December 1 each year, and accumulate whether or not declared. Dividends accrued as of December 1, 2025 were paid in kind, which resulted in the accrued value of the Series A Preferred Stock increasing from a stated value $1,200.0 to $1,222.7 per share. As of March 31, 2026, dividends had accrued from December 2, 2025 through period-end but had not yet been paid or compounded. Voting Rights Holders of Series A Preferred Stock are entitled to vote together with common stock holders as a single class on most matters. Each holder is entitled to a number of votes equal to the number of common shares into which their preferred shares are convertible (i.e., as-converted basis). Additionally, the Company cannot take certain actions, such as liquidating, amending its charter in a way that is materially adverse to the preferred stock, or creating a new senior security, without the approval of a majority of the outstanding Series A Preferred Stock. Liquidation Preference Upon any liquidation or deemed liquidation event, holders of the Series A Preferred Stock are entitled to receive, before any distribution to holders of common stock or other junior securities, an amount per share equal to the greater of (i) the original issue price of the preferred stock plus any accumulated and unpaid dividends through the most recent semi-annual dividend date, or (ii) the amount that would have been received if all shares of Series A Preferred Stock had been converted into common stock immediately prior to the liquidation event. Conversion Each share of Series A Preferred Stock is convertible into shares of the Company’s common stock at any time at the option of the holder. The number of shares issuable upon conversion is determined by dividing the carrying amount of the preferred share, including any accrued but unpaid dividends, by the applicable conversion price. The initial conversion price is $12.00 per share, subject to adjustment for stock dividends, stock splits, combinations, and similar events, as well as customary anti-dilution provisions. In connection with the private placement of common stock and warrants on May 8, 2026, the conversion price was adjusted to $6.00 per share (see Note 17). Holder Redemption Rights Holders of Series A Preferred Stock possess a right of redemption that can be exercised at any time after the fifth anniversary of the Closing Date, unless such a distribution is prohibited by applicable law. Upon a request for redemption, the Company is obligated to redeem the shares at a price equal to the original issue price of the preferred stock, plus any accrued and unpaid dividends. Company Redemption Rights The Company possesses a right of redemption for the Series A Preferred Stock, which can be exercised at any time, unless prohibited by applicable law. The redemption price varies depending on when the right is exercised: specifically, the price is 150% of the sum of the Stated Value per share and all dividends paid in additional shares of preferred stock, plus any accrued and unpaid dividends, prior to the first anniversary of the Closing Date. This redemption price decreases over time: to 140% from the first to second anniversary, to 130% from the second to third anniversary, to 120% from the third to fourth anniversary, to 110% from the fourth to fifth anniversary, and to 100% after the fifth anniversary of the Closing Date. The price is subject to adjustment for any stock dividends, stock splits, combinations, or other similar recapitalizations involving the Series A Preferred Stock.

Reverse Recapitalization (Tables)

3 Months Ended

Mar. 31, 2026

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization

The number of shares of Kodiak common stock issued and outstanding following the consummation of the Merger was as follows (in thousands):


						Shares
AACT public shares						49,360
Less: redemptions of AACT public shares						(43,867)
AACT public shares, net of redemptions						5,493
AACT Sponsor shares outstanding						6,250
Total shares of AACT common stock outstanding prior to the Merger						11,743
Legacy Kodiak common stock						161,754
NRA Shares						368
Legacy Kodiak Advisor Shares						1,092
Total Kodiak common stock outstanding subsequent to the Merger						174,957

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Performance obligation	$ 28.8
Customer liability	$ 1.7		$ 0.7
Revenue Benchmark \| Customer Concentration Risk \| U.S. DaaS Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	82.00%
Revenue Benchmark \| Customer Concentration Risk \| U.S. Freight Delivery Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	15.00%	20.00%
Revenue Benchmark \| Customer Concentration Risk \| U.S. Ground Autonomy Solutions Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		68.00%

- Definition

+ References + Details

- 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
-SubTopic 10
-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
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-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

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

+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

6. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Prepaid expenses and other receivables	$	3,541	$	4,064
Restricted cash	600		—
Payroll tax credit receivable	400		400
Deferred contract costs	105		—
Total prepaid expenses and other current assets	$	4,646	$	4,464

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Equipment and hardware	$	19,403	$	14,708
Leasehold improvements	7,317		7,317
Vehicles	7,297		7,297
Technology infrastructure	3,213		3,195
Other	816		804
Total property and equipment	38,046		33,321
Less: accumulated depreciation	(18,632)		(17,151)
Construction in progress	10,332		10,383
Total property and equipment, net	$	29,746	$	26,553

Depreciation and amortization expense was $1.4 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025

Accrued bonus	$	4,533	$	5,349
Accrued payroll and related expenses	1,565		1,622
Other current liabilities and accrued expenses	3,709		4,203
Deferred revenue	1,010		180
Total accrued expenses and other current liabilities	$	10,817	$	11,354