Knightscope Reports $31.7 Million Net Loss and Revenue Decline for Fiscal Year 2024

Knightscope, Inc. reported a net loss of $31.7 million for the fiscal year ending December 31, 2024, an increase from a loss of $22.1 million in the previous year. The company's total revenue decreased to $10.8 million, down from $12.8 million in 2023, primarily due to a significant decline in product revenue, which fell by 41% to $3.3 million. This decline was attributed to restructuring efforts within the Emergency Communication Devices (ECD) product line, which disrupted operations and led to decreased sales. Conversely, service revenue, which includes revenue from Machines-as-a-Service (MaaS) agreements, increased by approximately 4% to $7.5 million, driven by a growing installed base of Autonomous Security Robots (ASRs) and improved maintenance contracts.

Operationally, Knightscope undertook significant restructuring initiatives in 2024, including the consolidation of its ECD operations from Irvine, California, to its headquarters in Mountain View, California. The company also reduced its executive and senior leadership roles by approximately 40% to enhance efficiency. These changes, while aimed at long-term growth, resulted in increased operational costs and a temporary disruption in revenue. The company reported a backlog of approximately $1.8 million as of March 27, 2025, indicating ongoing demand for its products.

Knightscope's workforce consisted of 71 full-time employees as of December 31, 2024, a reduction from previous years due to the restructuring efforts. The company has also made strides in expanding its market presence, particularly in federal contracts, having received FedRAMP Authority to Operate in January 2024. This positions Knightscope to pursue contracts with various federal agencies, including the U.S. Department of Veterans Affairs and the U.S. Air Force, which could enhance its revenue streams in the future.

The company’s financial health remains a concern, with an accumulated deficit of $193.2 million as of December 31, 2024, and cash and cash equivalents of $11.1 million, up from $2.3 million in the previous year. Knightscope is actively seeking additional funding to support its operations and growth strategy, which may include equity and debt financing. The company has also issued Public Safety Infrastructure Bonds totaling approximately $4.3 million to bolster its capital resources. Looking ahead, Knightscope aims to continue its focus on innovation and product development, particularly with the anticipated launch of new ASR models, which it believes will drive future growth and profitability.