Kodiak AI, Inc.
For the period ended Dec 31, 2025. Filed Mar 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 11, 2026
KDK$1.21-16.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(585,525) | $(69,459) | $(56,945) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 3,248 | 4,616 | 4,114 |
| Stock-based compensation | 19,082 | 5,550 | 5,399 |
| Non-cash lease expense | 1,853 | 1,832 | 2,164 |
| Accretion of discount on marketable securities | (480) | — | (909) |
| Transaction costs allocated to common stock warrants | 3,223 | — | — |
| Change in fair value of second lien loans | 24,387 | — | — |
| Change in fair value of simple agreements for future equity | 190,075 | 4,109 | — |
| Change in fair value of redeemable convertible preferred stock warrant liabilities | 7,272 | (426) | (126) |
| Change in fair value of common stock warrants | 35,018 | — | — |
| Loss on issuance of equity instruments | 210,722 | — | — |
| Non-cash interest expense | 795 | 402 | 788 |
| Loss on disposal of property and equipment | 265 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 401 | (1,044) | 9 |
| Prepaid expenses and other current assets | (2,180) | 645 | (484) |
| Other assets | (105) | 276 | (276) |
| Accounts payable | (717) | (811) | 558 |
| Accrued expenses and other current liabilities | (407) | 5,102 | 3,833 |
| Operating lease liabilities | (1,861) | (1,796) | (2,222) |
| Other liabilities | 492 | 43 | 255 |
| Net cash used in operating activities | (94,442) | (50,961) | (43,842) |
| Investing activities: | |||
| Proceeds from maturities of marketable securities | — | — | 51,000 |
| Purchases of marketable securities | (69,406) | — | (30,452) |
| Purchases of property and equipment | (22,026) | (3,192) | (3,270) |
| Payment of deposits | — | (20) | — |
| Net cash (used in) provided by investing activities | (91,432) | (3,212) | 17,278 |
| Financing activities: | |||
| Proceeds from the issuance of debt, net of issuance costs | 29,662 | — | 3,671 |
| Repayment of debt | (33,381) | (2,238) | (1,934) |
| Proceeds from issuance of second lien loans | 43,865 | — | — |
| Proceeds from issuance of simple agreements for future equity | 23,660 | 45,192 | 10,000 |
| Proceeds from issuance of Series A cumulative redeemable convertible preferred stock | 145,000 | — | — |
| Proceeds from the reverse recapitalization, net of transaction costs | 26,239 | — | — |
| Proceeds from exercise of stock options | 1,422 | 172 | 292 |
| Proceeds from exercise of common stock warrants | 77 | — | — |
| Payments for deferred offering costs | (16,618) | — | — |
| Net cash provided by financing activities | 219,926 | 43,126 | 12,029 |
| Net change in cash and cash equivalents and restricted cash | 34,052 | (11,047) | (14,535) |
| Cash and cash equivalents and restricted cash at beginning of period | 18,159 | 29,206 | 43,741 |
| Cash and cash equivalents and restricted cash at end of period | $52,211 | $18,159 | $29,206 |
| Components of cash and restricted cash at period end: | |||
| Cash and cash equivalents | $50,761 | $16,709 | $27,756 |
| Restricted cash | 1,450 | 1,450 | 1,450 |
| Total cash and cash equivalents and restricted cash | $52,211 | $18,159 | $29,206 |
| Supplemental disclosure of cash activities: | |||
| Cash paid for interest | $3,303 | $4,561 | $4,606 |
| Cash paid for income taxes | $— | $3 | $5 |
| Supplemental disclosure of non-cash activities: | |||
| Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | $1,360 | $118 | $— |
| Operating lease right-of-use asset obtained in exchange for operating lease liability upon modification of operating lease | $— | $1,881 | $2,388 |
| Operating lease right-of-use asset obtained in exchange for operating lease liability upon new operating lease | $— | $1,146 | $— |
| Proceeds from exercise of stock options included in prepaid and other current assets | $12 | $— | $14 |
| Proceeds from exercise of common stock warrants included in prepaid and other current assets | $9 | $— | $— |
| Conversion of simple agreements for future equity into common stock in connection with reverse recapitalization | $263,036 | $— | $— |
| Conversion of redeemable preferred stock into common stock in connection with reverse recapitalization | $170,648 | $— | $— |
| Conversion of second lien loans into common stock in connection with reverse recapitalization | $67,379 | $— | $— |
| Settlement of transaction costs in common stock in connection with reverse recapitalization | $12,500 | $— | $— |
| Exchange of simple agreements for future equity for second lien loan | $10,000 | $— | $— |
| Net exercise of warrants in connection with reverse recapitalization | $8,891 | $— | $— |
| Issuance of non-redemption common stock in connection with reverse recapitalization | $3,220 | $— | $— |
| Liabilities assumed from reverse recapitalization | $31 | $— | $— |
| Issuance of common stock in connection with a debt agreement | $499 | $— | $— |
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