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Knightscope Inc. (KSCP-7.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Knightscope reported a net loss of $31.7 million for the year, compared to a net loss of $22.1 million in the previous year. The company has an accumulated deficit of $193.2 million as of December 31, 2024.
Revenue for the year was $10.8 million, down from $12.8 million in 2023. The decrease was primarily due to disruptions in the Emergency Communication Division (ECD) operations following restructuring initiatives.
Service revenue increased by 4% to $7.5 million, driven by an increase in the Autonomous Security Robot (ASR) installed base and higher revenue from ECD maintenance and support contracts.
Product revenue declined by 41% to $3.3 million, primarily due to decreased sales of ECDs.
Total cost of revenue decreased slightly to $14.5 million, with service costs increasing due to outsourcing field services and higher scrap costs.
Operating expenses increased to $26.0 million, with research and development costs rising due to investments in new product development and cybersecurity.
The company raised $34.5 million in net proceeds through various financing activities, including an at-the-market offering and a public offering of common stock and pre-funded warrants.
Knightscope's cash and cash equivalents increased to $11.1 million as of December 31, 2024, compared to $2.3 million at the end of 2023.
The company continues to focus on expanding its market presence and innovating its product offerings, including the development of the K7 ASR and K1 SuperTower.
Knightscope acknowledges substantial doubt about its ability to continue as a going concern and plans to seek additional financing to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Knightscope Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.