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Knightscope Reports FY 2024 Results

Published a day ago via Business Wire

Transformation Year Drives Key Milestones, Federal Wins, and Strengthened Financial Position

Knightscope, Inc. (NASDAQ: KSCP), a leading developer of autonomous security robots and AI-powered technologies, today announced financial results for the fiscal year ended December 31, 2024. The Company also outlined operational milestones that strengthen its position for long-term, scalable growth across both commercial and federal sectors.

Fiscal Year 2024 Financial Highlights

  • Revenue: $10.8 million vs. $12.8 million in 2023, impacted by ECD product line restructuring and facility consolidation.
  • Service Revenue: Up 4% YoY to $7.5 million, driven by improved ASR uptime and expanded ECD maintenance contracts.
  • Gross Loss: Increased to $(3.7) million from $(2.0) million, primarily due to third-party service costs and inventory write-downs.
  • Operating Loss: $(29.7) million vs. $(26.3) million in 2023, reflecting deliberate investments in R&D, compliance, and elimination of executive positions.
  • Net Loss: $(31.7) million or $(10.97) per share vs. $(22.1) million or $(16.77) per share in 2023; non-cash warrant liability adjustments were a key driver.
  • Cash Balance: Strengthened to $11.1 million, supported by $34.5 million in capital raised during the year.

Strategic and Operational Highlights

Federal Expansion

  • Achieved FedRAMP Authority to Operate, unlocking direct federal sales.
  • Launched first K5 GOV unit with the U.S. Department of Veterans Affairs.
  • Awarded a Phase 1 SBIR contract with the U.S. Air Force.

Backlog Efficiency

  • Current backlog: $1.8 million as of March 27, 2025 (ASRs: $0.5M; ECDs: $1.3M), improved from $5.2 million in the prior 10-K.

Product Innovation

  • Continued development of K7 Multi-Terrain ASR and K1 Super Tower, both targeting 2026 commercial availability.

Leadership Overhaul

  • Appointed new CFO and independent board members.
  • Reduced executive headcount ~40% to enhance agility and operational focus.

Client-Focused Execution

  • Replaced legacy K5 ASRs at no cost to clients, reinforcing product quality and trust.

Market Outlook

Knightscope continues to scale its Machine-as-a-Service (MaaS) subscription model, driving predictable recurring revenue and long-term client engagement. The Company is actively expanding its federal pipeline with early traction at the VA and USAF, and is pursuing multiple additional agency opportunities through its new Washington Office.

With nearly 10,000 Machines-in-Network deployed nationwide, Knightscope is well positioned to address rising labor costs, public safety concerns, and increased demand for automated physical security solutions.

Executive Commentary

“2024 was a pivotal year,” said William Santana Li, Chairman and CEO. “We made dozens of transformative changes across the business—technologically, operationally, and financially. These foundational moves, combined with our entry into the federal market, set the stage for strong growth in 2025 and beyond. The era of Physical AI and Robotics is accelerating, and Knightscope is positioned to lead.”

“We have made material improvements up and down the income statement and significant improvement to our balance sheet and capital structure, providing for a much stronger foundation for growth,” said Apoorv S Dwivedi, EVP and CFO. “We believe new product development coupled with market drivers for automation and our extensive experience in public safety and autonomy, provides us a unique opportunity for substantial growth,” continued Dwivedi.

About Knightscope

Knightscope is transforming public safety with cutting-edge robotics and AI technologies. From autonomous security robots to advanced detection systems, Knightscope is committed to building safer communities where you live, work, study and visit. Our long-term ambition is bold but simple: to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as "should," "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," "proposes" and similar expressions. Forward-looking statements contained in this press release and other communications include, but are not limited to, statements about the Company’s goals, profitability, growth, prospects, reduction of expenses, and outlook. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements, including the factors discussed under the heading "Risk Factors" in Knightscope’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by its other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements, except as may be required by law.

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