Kodiak AI, Inc. (KDK) presents a deeply negative liquidation recovery posture as of March 31, 2026. Total assets are $130.8 million against total liabilities of $153.6 million, producing a book-value deficit of approximately $(22.7) million before applying liquidation haircuts. Under liquidation accounting, the deficit widens materially: cash and cash equivalents of $65.0 million recover at par; restricted cash of $1.5 million recovers at par; marketable securities of $25.2 million (available-for-sale, short-duration) recover near par. Accounts receivable of $0.5 million recovers at ~90-95%. The dominant asset impairment is PP&E: gross book value of $38.0 million with $18.6 million accumulated depreciation yields a net of $29.7 million, but specialized autonomous vehicle hardware and test equipment would realistically recover 40-60 cents on the gross, implying a liquidation value of roughly $15-22 million against a $29.7 million carrying value—a haircut of $8-15 million. All intangible and R&D-embedded value (including capitalized software, the Kodiak Driver technology stack, and IP) recovers at $0 under the liquidation lens. The liability stack at face value includes $42.8 million in gross debt principal (Second Lien of $10.0 million due October 2026, 2025 Credit Facility term loan of $30.0 million due January 2030, and $1.6 million equipment facility), $223.2 million Series A Preferred Stock carried as temporary equity at liquidation-preference value, $4.7 million in operating lease liabilities, $9.1 million in vendor purchase commitments, and approximately $16.4 million in current accrued liabilities. The Series A Preferred Stock liquidation preference ranks senior to common equity and, at $223.2 million face, alone exceeds the entire asset base. MFFAIS-reported CLV of $6.1 million and LLV of $6.6 million are consistent with near-zero common equity recovery after exhausting the preferred liquidation preference and settling all debt. Operating cash burn was $(29.5) million for Q1 2026 against a combined cash and marketable securities pool of $90.2 million at period end. Management explicitly disclosed the runway extends only into Q2 2027 inclusive of $100 million gross PIPE proceeds closed May 8, 2026 (post-balance-sheet). Even with the PIPE, the company carries a going-concern qualification for fiscal years 2023, 2024, and 2025 and anticipates continued losses. The accumulated deficit stands at $(827.2) million. The $64.7 million gain on common stock warrant fair-value change in Q1 2026 is a non-cash item that does not alter the liquidation balance sheet. Filing discusses $606.8 million in potential warrant exercise proceeds in MD&A but does not separately tag this contingent inflow in XBRL. The warrant-related liability of $105.0 million at fair value (LiabilitiesFairValueDisclosure) further compresses recoverable equity. Common equity recovery in a hypothetical liquidation today is effectively nil.
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