KDK · CIK 0001853138
What Kodiak AI, Inc. told the SEC could break it.
Kodiak AI's revenue is concentrated in a few customers, most notably the US Army, which was 26% of FY2025 revenue — down sharply from 89% in the prior two years — with limited remaining contracted deliverables before that work expires in October 2026. Its hardware supply is also concentrated: some components for its Kodiak Driver come from single or limited-source suppliers located in China, the EU and Mexico, exposing the supply chain to disruption. That same footprint makes it tariff-exposed, with Section 232 and Section 301 tariffs of 7.5% to 100% — prominently on China — applying to the commodities and components it uses.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. Army 26% of FY2025 revenue; few customershigh
Revenue concentrated in a few customers; the U.S. Army was 26% of FY2025 revenue (down from 89% in 2024/2023) with limited remaining contracted deliverables before Oct 2026 expiration.
“For example, for the years ended December 31, 2025, 2024, and 2023, we recognized revenue from the U.S. Army of .0 million, .3 million, and .0 million , respectively, which represented 26%, 89%, and 89% , respectively, of our revenues in such periods.”
SEC filing →As of 2026
Regulatory & policy
- Section 232/301 tariffs on imported componentsmedium
Exposed to Section 232 and Section 301 tariffs (7.5%-100%, prominently on China) on commodities and components used in its hardware.
“The U.S. Government has also imposed, increased, or maintained Section 301 tariffs of 7.5%-100% on certain commodities from certain U.S. trading partners, most prominently China and Brazil.”
Supplier concentration
- single/limited-source suppliers in China, EU, Mexicomedium
Some Kodiak Driver hardware components come from single or limited-source suppliers located in China, the EU and Mexico, exposing the supply chain to tariffs and disruption.
“While we plan to obtain components from multiple sources whenever available and desirable, some of the components used in our hardware and technology are currently purchased from a single or limited number of suppliers. These single or limited source suppliers are located in China, the European Union and Mexico.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Additionally, we work with some of the largest fleets in the United States, including J.B. Hunt, Werner Enterprises, C.R. England and Martin Brower. As of December 31, 2025, our customers have utilized Kodiak-owned autonomous trucks to deliver more than 12,600 revenue-generating loads across the southern United States.”
Cited →Martin Brower
“Additionally, we work with some of the largest fleets in the United States, including J.B. Hunt, Werner Enterprises, C.R. England and Martin Brower. As of December 31, 2025, our customers have utilized Kodiak-owned autonomous trucks to deliver more than 12,600 revenue-generating loads across the southern United States.”
Cited →“Additionally, we work with some of the largest fleets in the United States, including J.B. Hunt, Werner Enterprises, C.R. England and Martin Brower. As of December 31, 2025, our customers have utilized Kodiak-owned autonomous trucks to deliver more than 12,600 revenue-generating loads across the southern United States.”
Cited →Atlas Energy Solutions
“For example, for the year ended December 31, 2025 , we recognized revenue from Atlas of $1.8 million, which represented 46% of our total revenue.”
Cited →C.R. England
“Additionally, we work with some of the largest fleets in the United States, including J.B. Hunt, Werner Enterprises, C.R. England and Martin Brower. As of December 31, 2025, our customers have utilized Kodiak-owned autonomous trucks to deliver more than 12,600 revenue-generating loads across the southern United States.”
Cited →
Its suppliers
Robert Bosch GmbH
“Further, our agreement with Bosch provides for certain exclusivity rights should components reach certain quality, pricing, volume and other levels.”
Cited →
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