MOUNTAIN VIEW, Calif. - Knightscope, Inc. (NASDAQ:KSCP), a developer of advanced security technologies utilizing robotics and AI, has announced the deployment of additional K5 Autonomous Security Robots (ASRs) with three current clients. These deployments, which occurred at a hotel in Louisville, KY, a casino in Kansas City, KS, and a storage facility in Richmond, CA, signify an increased reliance on Knightscope's security solutions.
The Louisville hotel, operated by Knightscope Authorized Partner The Car Park, has added its fifth K5 ASR, enhancing guest safety and experience. The robot's presence is intended to deter criminal activities and ensure the wellbeing of hotel patrons and staff.
In Kansas City, a casino under a master agreement with an entertainment and casino operator has received its K5 ASR. This agreement, announced in 2023, plans for Knightscope technologies to be expanded across 43 properties in the United States.
Additionally, a rapidly growing self-storage company has deployed a K5 ASR at its fifth location in Richmond, CA. This is part of a broader initiative that has seen previous K5 deployments in Oregon, Florida, and two other California locations. The robots not only provide security but also serve as brand ambassadors, broadcasting messages to those nearby.
Knightscope's long-term goal is to enhance public safety and strive to make the United States the safest country in the world. The company offers a suite of public safety technologies, including the K1 Laser and various Autonomous Security Robots, as well as a Blue Light Emergency Communication System and Automated Gunshot Detection Services.
This expansion reflects the growing trust in Knightscope's innovative approach to security. The company's statement, based on a press release, emphasizes the factual increase in deployments but does not include any forward-looking statements or promotional language.
In other recent news, Knightscope, a security technology company, has been making significant strides with its latest business developments. The company has reported a Q2 gross loss, but confirmed an increase in the CASE business and expressed optimism about future opportunities with federal agencies and law enforcement. Knightscope has also implemented a 1-for-50 reverse stock split for both its Class A and Class B Common Stock, following stockholder approval at the Annual Meeting.
The company has also deployed an upgraded K5 Autonomous Security Robot (K5v5) at a California hospital and expanded its contract with the same healthcare provider, adding another K5 ASR to its fleet. Knightscope has also renewed its contract with a top commercial real estate brokerage and property management firm in Texas, securing a large parking structure with one K1 Hemisphere and one K1 Tower.
The company's annual stockholders meeting saw the re-election of board members William Santana Li, William G. Billings, Robert A. Mocny, and Melvin W. Torrie, and the ratification of BPM LLP as Knightscope's independent registered public accounting firm for the fiscal year ending December 31, 2024. These are recent developments that may shape Knightscope's future operations.
InvestingPro Insights
As Knightscope, Inc. (NASDAQ:KSCP) continues to expand its footprint with the deployment of K5 Autonomous Security Robots, investors and stakeholders may be curious about the company's financial health and market performance. According to InvestingPro data, Knightscope has a market capitalization of 15.89M USD, which provides a sense of the company's size in the financial markets. Despite the innovative nature of its products and the increasing deployments, the company has faced challenges, as indicated by a negative P/E ratio of -0.34, reflecting the market's concerns about profitability.
Furthermore, Knightscope's revenue growth over the last twelve months stands at 16.7%, demonstrating an ability to increase sales. However, this growth is contrasted with a decline in quarterly revenue growth of -10.1%. This mixed financial performance is also mirrored in the company's stock price, which has seen a significant downturn over the last month with a -61.29% return, aligning with the InvestingPro Tip that the stock generally trades with high price volatility.
Investors considering Knightscope's stock should be aware that the company is currently not profitable, as highlighted by another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. Additionally, the stock has not been a strong performer over the past year, with the price having fallen significantly. Those interested in a deeper dive into the company's financials and market performance can explore over 15 additional InvestingPro Tips available at https://www.investing.com/pro/KSCP.
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