Kodiak 2025 Q3 Earnings Revenue Surges 92.5% Amid 1310% Wider Net Loss

Kodiak (KDK), ranked by market capitalization, reported fiscal 2025 Q3 earnings on Nov 14, 2025. The company’s Q3 revenue of $770,000 exceeded expectations by $0.3M, but its net loss widened to $269.9M from $19.1M in Q3 2024. The company did not provide forward-looking revenue or EPS guidance.

Revenue

Kodiak’s total revenue surged 92.5% year-over-year to $770,000 in Q3 2025, driven by operational expansion and strategic fleet deployment.

Earnings/Net Income

The company’s losses deepened to $3.89 per share in Q3 2025, a 1078.8% wider loss compared to $0.33 per share in Q3 2024. Net loss expanded to $269.94M, a 1310.0% increase from $19.14M in the prior-year period. The EPS of -$3.89 indicates a significant deterioration in profitability compared to the previous year.

Price Action

KDK shares fell 10.14% in a single trading day, 11.60% over the week, and 27.61% month-to-date.

Post-Earnings Price Action Review

Kodiak’s strategic deployment of 10 driverless trucks, doubling its fleet, aligns with growth ambitions and operational efficiency. The Q3 revenue of $770,000 reflects early traction, while partnerships like the 100-truck agreement with Atlas Energy Solutions signal strong demand. Despite a $270M pre-tax loss, adjusted figures met consensus estimates, though shares dipped 7.9% premarket. The company’s $146M cash balance supports 12 months of operations. Historical backtesting suggests buying KDK after revenue beats could yield gains within 30 days, though risks include financial performance volatility, regulatory hurdles, and capital needs.

CEO Commentary

The CEO highlighted the strategic business combination with Legacy Kodiak, advancing AI-powered AV technology for trucking and defense. The integration, treated as a reverse recapitalization, secured $60M in PIPE investments and $145M in preferred stock. Leadership expressed optimism about market positioning but acknowledged challenges in integrating earn-out mechanisms tied to stock price thresholds.

Guidance

The company outlined stock price-linked milestones for 74,998,317 Earn Out Securities, with $145M in convertible preferred stock and $60M in PIPE warrants. No explicit revenue or EPS guidance was provided for 2025 or beyond.

Additional News

1. M&A Activity: Kodiak completed a business combination with Ares Acquisition Corporation II, listing on Nasdaq under “KDK.” This merger provided $146.2M in cash, bolstering liquidity.

2. Strategic Partnerships: The company expanded its partnership with ZF to supply 100 advanced steering systems, enhancing vehicle reliability.

3. Analyst Ratings: Chardan Capital reaffirmed a “Buy” rating with a $22 price target, implying a 223.5% upside. Institutional ownership increased by 128.57% in Q3, with ARK and Sumitomo Mitsui Trust among new investors.