Free cash flow remains deeply negative, evidenced by a quarterly outflow of $80 million in 2025Q3 and a capital expenditure-to-revenue ratio that peaked at 188.2% in 2024Q3.
| Cash from Operations | -123.62M | -94.44M | -50.96M | -43.84M |
| Operating CF Margin % | - | -2487.28% | -341.26% | -258.72% |
| Operating CF Growth % | -84.56% | -85.32% | -16.24% | - |
| Net Income | -430.85M | -585.52M | -69.46M | -56.95M |
| Depreciation & Amortization | 2.31M | 0 | 4.62M | 4.11M |
| Stock-Based Compensation | 0 | 0 | 5.55M | 5.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 197.2M | 495.46M | 5.92M | 1.92M |
| Working Capital Changes | -6.34M | -4.38M | 2.42M | 1.67M |
| Change in Receivables | 3.22M | 401K | -1.04M | 9K |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 78K | -717K | -811K | 558K |
| Cash from Investing | -51.96M | -91.43M | -3.21M | 17.28M |
| Capital Expenditures | -27.56M | -22.03M | -3.19M | -3.27M |
| CapEx % of Revenue | 663.07% | 580.09% | 21.38% | 19.3% |
| Acquisitions | 0 | - | - | - |
| Investments | 26.09M | 71.36M | 0 | 0 |
| Other Investing | 45M | 0 | -20K | 0 |
| Cash from Financing | 224.14M | 219.93M | 43.13M | 12.03M |
| Debt Issued (Net) | 0 | - | - | - |
| Equity Issued (Net) | 151.08M | 146.5M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 33.28M | 33.28M | 45.36M | 10.29M |
| Net Change in Cash | 64.89M | 49.79M | -11.05M | -14.54M |
| Free Cash Flow | -151.17M | -116.47M | -54.15M | -47.11M |
| FCF Margin % | -3637.51% | -3067.37% | -362.64% | -278.01% |
| FCF Growth % | -97.45% | -115.07% | -14.95% | - |
| FCF per Share | -0.70 | -1.28 | -0.93 | -0.75 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.16x | 0.73x | 0.77x |
| Interest Paid | 931K | 0 | 4.56M | 4.61M |
| Taxes Paid | 0 | 0 | 3K | 5K |
Insolvency risk from burn
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio fluctuating from -1.11 to 1.87, indicating that accounting earnings provide little visibility into the actual cash-generating capacity of the underlying autonomous trucking business.
The extreme volatility in the conversion of net income to operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items or timing differences in milestone recognition. Investors should monitor this divergence, as it implies that the firm's operational reality is significantly more cash-intensive than the income statement might otherwise suggest.
Based on the provided quarterly data, KDKRW has consistently reported negative free cash flow, with quarterly outflows reaching as high as $80 million in 2025Q3, reflecting a business model that remains in a deep-tech development phase without a self-sustaining commercial engine.
The trajectory of free cash flow shows no clear path to breakeven, as the company continues to consume significant capital to fund its R&D and operational overhead. This persistent cash burn warrants further investigation into the company's ability to reach commercial scale before exhausting its current liquidity reserves.
According to recent SEC filings, the company's capital expenditure relative to revenue has been highly volatile, peaking at 188.2% in 2024Q3, which underscores the heavy hardware-related investment required to maintain its autonomous vehicle fleet and testing infrastructure.
The high capital intensity relative to revenue suggests that the firm is still in a heavy asset-deployment phase rather than a mature software-licensing model. This level of spending appears to be a structural necessity for the business, potentially limiting the company's ability to achieve positive free cash flow in the near term.
As indicated by the quarterly cash flow data, working capital changes have swung from a $14.1 million outflow to a $9.3 million inflow, suggesting that the company's cash position is highly sensitive to the timing of project-based payments and vendor obligations.
The erratic nature of working capital movements may indicate a reliance on lumpy, project-based revenue streams that are difficult to forecast. This volatility complicates the assessment of the company's underlying liquidity, as cash inflows appear to be tied to specific contract milestones rather than a steady operational cycle.
Based on the provided financial data, the cash flow statement obscures the true cost of operations by potentially burying significant maintenance and testing expenses within R&D, as evidenced by the lack of meaningful depreciation and amortization relative to the company's heavy hardware footprint.
The absence of significant D&A in several periods suggests that the company may be expensing hardware costs immediately or utilizing accounting treatments that do not reflect the true economic wear and tear of its autonomous fleet. This practice may be masking the true unit economics of the company's operations, making it difficult to gauge the long-term viability of its business model.
Quick answers to the most common questions about buying KDKRW stock.
Kodiak AI, Inc. Warrants (KDKRW) generated $-94.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kodiak AI, Inc. Warrants (KDKRW) reported negative free cash flow of $116.5M in 2025, indicating capital requirements exceeded cash from operations.
Kodiak AI, Inc. Warrants (KDKRW) 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.