The company's revenue volatility is underscored by a 74.57% year-over-year decline, while a -552.38% gross margin indicates that direct service costs currently exceed revenue generation.
| Sales/Revenue | 4.16M | 3.8M | 14.93M | 16.95M |
| Revenue Growth % | -74% | -74.57% | -11.88% | - |
| Cost of Goods Sold | 17.87M | 24.77M | 0 | 0 |
| COGS % of Revenue | - | 652.38% | - | - |
| Gross Profit | -13.72M | -20.97M | 14.93M | 16.95M |
| Gross Margin % | -330.08% | -552.38% | 100% | 100% |
| Gross Profit Growth % | - | -240.45% | -11.88% | - |
| Operating Expenses | 118.16M | 91.65M | 76.65M | 70.8M |
| OpEx % of Revenue | - | 2413.77% | 513.31% | 417.77% |
| Selling, General & Admin | 55.11M | 41.49M | 33.22M | 31.33M |
| SG&A % of Revenue | - | 1092.81% | 222.43% | 184.86% |
| Research & Development | 57.57M | 50.16M | 43.44M | 39.47M |
| R&D % of Revenue | - | 1320.96% | 290.87% | 232.91% |
| Other Operating Expenses | 1M | 0 | 0 | 0 |
| Operating Income | -131.88M | -112.63M | -61.72M | -53.85M |
| Operating Margin % | -3173.17% | -2966.16% | -413.31% | -317.77% |
| Operating Income Growth % | - | -82.48% | -14.61% | - |
| EBITDA | -127.73M | -109.38M | -57.1M | -49.73M |
| EBITDA Margin % | -3073.29% | -2880.62% | -382.39% | -293.49% |
| EBITDA Growth % | -115.26% | -91.54% | -14.81% | - |
| D&A (Non-Cash Add-back) | 4.15M | 3.25M | 4.62M | 4.11M |
| EBIT | -131.88M | -112.63M | -64.51M | -51.53M |
| Net Interest Income | -2.43M | -2.2M | -4.06M | -3.21M |
| Interest Income | 1.29M | 1.9M | 895K | 2.19M |
| Interest Expense | 3.73M | 4.1M | 4.95M | 5.41M |
| Other Income/Expense | -298.97M | -472.9M | -7.74M | -3.09M |
| Pretax Income | -430.85M | -585.52M | -69.46M | -56.94M |
| Pretax Margin % | -10366.96% | -15420.65% | -465.13% | -335.98% |
| Income Tax | -1K | 3K | 1K | 9K |
| Effective Tax Rate % | 0% | -0% | -0% | -0.02% |
| Net Income | -430.85M | -585.52M | -69.46M | -56.95M |
| Net Margin % | -10366.94% | -15420.73% | -465.14% | -336.04% |
| Net Income Growth % | -139.83% | -742.98% | -21.98% | - |
| Net Income (Continuing) | -430.85M | -585.52M | -69.46M | -56.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.99 | -6.42 | -0.38 | -0.31 |
| EPS Growth % | -312.11% | -1589.47% | -22.58% | - |
| EPS (Basic) | - | -6.42 | -0.38 | -0.31 |
| Diluted Shares Outstanding | 216.17M | 91.22M | 181.21M | 181.21M |
| Basic Shares Outstanding | 176.35M | 91.22M | 181.21M | 181.21M |
| Dividend Payout Ratio | - | - | - | - |
Unsustainable cash burn rate
As reported in recent financial filings, KDK experienced a significant 74.57% year-over-year revenue decline, highlighting the company's reliance on lumpy, project-based R&D contracts rather than a stable, recurring software licensing model that would typically provide more predictable top-line growth for an application software firm.
The erratic revenue performance suggests that KDK is currently trapped in a cycle of pilot-heavy deployments that lack scalability. Investors should interpret this contraction as a potential signal that the company is struggling to convert technical validation into sustained commercial traction.
Based on the company's latest income statement, KDK reported a gross margin of -552.38%, which indicates that the direct costs of servicing current autonomous pilot programs significantly exceed the revenue generated from these initiatives, suggesting a fundamentally broken unit economic structure at this stage.
This extreme margin profile implies that the company is effectively subsidizing its real-world data collection through high-cost hardware and manual oversight. Without a transition to a pure-play software licensing model, it appears unlikely that the company can achieve the gross margin expansion necessary for long-term viability.
According to the provided data, KDK's operating margin of -2966.16% demonstrates that operating expenses, particularly R&D, are scaling far beyond the company's ability to generate gross profit, leaving the firm with no meaningful operating leverage to offset its heavy investment in autonomous technology.
The lack of efficiency in SG&A and R&D spending suggests that the company is prioritizing technical development at the expense of operational discipline. This structure warrants further investigation into whether the current headcount and burn rate are aligned with the actual market demand for its platform.
As evidenced by the income statement, KDK's cost structure is dominated by aggressive R&D spending, which has consistently outpaced revenue and contributed to a net margin of -15420.73%, reflecting a high-burn strategy that leaves the company highly sensitive to external capital market conditions.
The concentration of costs in specialized engineering talent suggests that the company is in a high-stakes race to achieve technical milestones. Investors should monitor whether this expense discipline can be maintained without further dilutive equity rounds given the current revenue contraction.
Based on the reported figures, the primary risk to the KDK narrative is the potential for a 'burn-to-zero' scenario, as the company's current operating losses and negative gross margins suggest that its business model may not be commercially viable without a significant pivot.
Short-sellers would likely focus on the disconnect between the company's high-valuation aspirations and the reality of its declining revenue and negative margins. The reliance on lumpy, non-recurring contracts creates a high probability of further financial distress if the pipeline fails to materialize.
Quick answers to the most common questions about buying KDK stock.
For fiscal year 2025, Kodiak AI, Inc. Common Stock (KDK) reported total revenue of $3.8M. This represents a 77.6% decline compared to $16.9M in 2023.
Kodiak AI, Inc. Common Stock (KDK) reported a net loss of $585.5M for the fiscal year ending 2025.
Kodiak AI, Inc. Common Stock (KDK) reported an operating income of $-112.6M, resulting in an operating profit margin of -2966.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Kodiak AI, Inc. Common Stock (KDK) generated $-21.0M in gross profit for the year, representing a gross profit margin of -552.4%. This demonstrates the company's core pricing power and production efficiency.