Liquidity is rapidly depleting, with cash reserves falling from $146.2 million in 2025Q3 to $65.5 million in 2026Q1, while the OCF/NI ratio of -1.11 highlights a disconnect between reported earnings and actual cash generation.
| Cash from Operations | -142.22M | -94.44M | -50.96M | -43.84M |
| Operating CF Margin % | - | -2487.28% | -341.26% | -258.72% |
| Operating CF Growth % | -44180.6% | -85.32% | -16.24% | - |
| Net Income | -430.85M | -585.52M | -69.46M | -56.95M |
| Depreciation & Amortization | 2.13M | 0 | 4.62M | 4.11M |
| Stock-Based Compensation | 3.01M | 0 | 5.55M | 5.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 293.83M | 495.46M | 5.92M | 1.92M |
| Working Capital Changes | -10.34M | -4.38M | 2.42M | 1.67M |
| Change in Receivables | 2.91M | 401K | -1.04M | 9K |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 78K | -717K | -811K | 558K |
| Cash from Investing | -60.54M | -91.43M | -3.21M | 17.28M |
| Capital Expenditures | -30.47M | -22.03M | -3.19M | -3.27M |
| CapEx % of Revenue | 733.23% | 580.09% | 21.38% | 19.3% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 39.34M | 0 | -20K | 0 |
| Cash from Financing | 254.42M | 219.93M | 43.13M | 12.03M |
| Debt Issued (Net) | 35.86M | 40.15M | -2.24M | 1.74M |
| Equity Issued (Net) | 141.46M | 146.5M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 77.11M | 33.28M | 45.36M | 10.29M |
| Net Change in Cash | 67.99M | 49.79M | -11.05M | -14.54M |
| Free Cash Flow | -172.69M | -116.47M | -54.15M | -47.11M |
| FCF Margin % | -4155.31% | -3067.37% | -362.64% | -278.01% |
| FCF Growth % | -450.01% | -115.07% | -14.95% | - |
| FCF per Share | -0.80 | -1.28 | -0.30 | -0.26 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.16x | 0.73x | 0.77x |
| Interest Paid | 0 | 0 | 4.56M | 4.61M |
| Taxes Paid | 0 | 0 | 3K | 5K |
Unsustainable cash burn rate
According to quarterly financial data, KDK's operating cash flow consistently trails net income, with the OCF/NI ratio reaching -1.11 in 2026Q1, indicating that reported earnings are not supported by actual cash generation and that the company's accrual-based accounting masks significant underlying cash outflows.
The persistent divergence between net income and operating cash flow suggests that the company is heavily reliant on non-cash adjustments or timing differences to present its financial position. Investors should monitor this gap closely, as it implies that the firm's path to profitability is obscured by accounting treatments that do not reflect the reality of its cash-burning operations.
As reported in recent financial statements, KDK's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $80.0M in 2025Q3, reflecting a business model that requires substantial external capital to sustain its current R&D-heavy autonomous vehicle development and pilot program deployments.
The consistent negative FCF margins, which hit -103.9% in 2025Q3, indicate that the company is not yet generating sufficient commercial value to cover its capital expenditures. This trend suggests that the firm remains in a high-risk phase where cash preservation is secondary to technical validation, leaving it vulnerable to capital market volatility.
Based on the provided figures, KDK's capital expenditure intensity is disproportionately high relative to its revenue, with CapEx/Rev ratios peaking at 157.7% in 2025Q1, which suggests that the company is aggressively investing in hardware and infrastructure to support its autonomous driving platform.
The high level of capital spending relative to top-line intake implies that the company is essentially building its own operational infrastructure from scratch. This capital-intensive approach warrants further investigation into whether these investments will eventually yield a scalable software-based model or if they represent a permanent, high-cost burden on the balance sheet.
As evidenced by the quarterly cash flow statements, KDK's working capital changes are highly erratic, swinging from a $14.1M outflow in 2025Q3 to a $429K inflow in 2026Q1, which appears to be a direct consequence of the company's reliance on lumpy, milestone-based defense and industrial contracts.
This volatility suggests that the company's cash position is highly sensitive to the timing of contract payments and project milestones. Such fluctuations make it difficult to forecast liquidity needs, and investors should be wary of the potential for working capital to become a drag on cash flow during periods of project delays.
Quick answers to the most common questions about buying KDK stock.
Kodiak AI, Inc. Common Stock (KDK) generated $-94.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kodiak AI, Inc. Common Stock (KDK) reported negative free cash flow of $116.5M in 2025, indicating capital requirements exceeded cash from operations.
Kodiak AI, Inc. Common Stock (KDK) spent $22.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.