Thu, May 16, 10:11 AM (72 days ago)
Knightscope, Inc.'s Q1 2024 10-Q filing reports a challenging quarter with a net loss of $7.6 million, a significant increase from the $2.4 million loss in Q1 2023. Revenues decreased by 22% year-over-year to $2.3 million, driven by a decline in product sales. Service revenue remained flat. Cost of revenues increased due to higher service costs, including a write-off of obsolete inventory and ASRs. Operating expenses rose 8% to $6.8 million, primarily due to increased R&D and sales and marketing expenditures. The company continues to face liquidity issues with $2.5 million in cash and cash equivalents, and an accumulated deficit of $169.1 million. Knightscope is implementing cost-cutting measures and restructuring to improve financial health but remains reliant on additional fundraising to sustain operations. The company also faces potential delisting from Nasdaq due to non-compliance with the minimum bid price requirement.