As of December 31, 2018, we had 23 customers and 52 machines-in-network. This compares to 21 customers and 36 machines-in-network at December 31, 2017.
As of June 30, 2019, we had 25 customers and 53 machines-in-network. This compares to 32 customers and 45 machines-in-network as of June 30, 2018.
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At the end of 2016, Knightscope was aiming to have 1,500+ robots in service in 2019 yet halfway through the year, they are just at 53:
Loss $19,486,662 In 18 Months
Despite the poor growth, the company's loss from operations over the last 18 months is just under $20 million (2018 loss from operations $14,371,194 + 2019 H1 loss from operations $5,115,468).
The company is losing ~$1 million a month while struggling to sell even slightly more robots.
Less Than Million Cash On Hand
The company's liquidity and solvency are at risk, as the company acknowledges:
As of June 30, 2019, the Company also had an accumulated deficit of approximately $43.1 million, negative working capital of $2.4 million and stockholders’ deficit of $40.8 million. These factors raise substantial doubt regarding our ability to continue as a going concern... As of September 23, 2019, the Company had cash on hand of approximately $0.7 million. The Company has projected operating losses and negative cash flows of approximately $1 million per month for the next several months. [emphasis added]
Employees Down 26% In Past 6 Months
Linked shows that Knightscope headcount is down 26% in the past 6 months:
Retirement Money Into Knightscope, Says Knightscope
If you extrapolate from their numbers, it is a good thing they didn't reach their initial projections for deployed robots, or else they would have been out of business sometime around mid-2017.
At this rate, they can at least continue not selling robots and not getting customers for maybe another year if they can raise some minimal funding, and cut back some expenses (like, anyone whose job is "building robots").
I want to reach out and honor IPVM on their efforts in their broadcast of facts on this company. The facts are the facts as written by the company themselves and these articles, Im sure will save these mom & pop loses into this company. I am the CEO of the company, Ocean 10 Security and I cannot even fathom trying to acquire outside funds into a company that is obviously sideways. Shame on this CEO
Stephen for me I think the technology software and maybe some other tech that Knightscope has, may have value maybe they have patents. So from that perspective the CEO may be trying to save this company, maybe he has some other plan and maybe he is just delusional in thinking there is a business here.
What I would like to know is who are the 53 customers and what feedback can they share. What is their customer satisfaction level? This could say a lot about the potential, and maybe shed light non things like price etc.
The concept will work however Knightscope and most other robot and telepresent robot companies really need major education on sales and marketing. Being in interactive security I know that there is a developing market that can be profitable. When I speak with these " robot guys" they don't seem to understand the concept will work but their AI needs Human Intelligence (HI) backing and supporting it. They seem think that need to build a unit that does everything. I have many applications that can be money making and serviced by a robot. Now that said - Knightscope is a very poor design mechanically speaking.
Marina Hardof has resigned as Chief Financial Officer of Knightscope, Inc. (the “Company”) as of November 22, 2019. The Company has not replaced Mrs. Hardof as of the date of this report. William Santana Li will assume the responsibilities of the Company’s principal financial officer and principal accounting officer until a replacement is found.
Hardof lasted 18 months at Knightscope.
This is a bad sign for a company struggling financially and trying to raise more funds.
This is a ponzi scheme that transfers wealth from retail investors who don't do due diligence to the pockets of the company's owners who just line their own pockets with generous compensation.
Every time they need money they'll just do a massive sponsored ad campaign, which already has a proven ROI for them. They can do this almost indefinitely because of the absurd valuations that they raise at - and again - retail investors don't read.
Absolutely amazing they are still relevant. Just give the robots some "Elevated Body Temperature" detection capabilities and this will pull them out of their funk long enough to appease their investors.
You see them in the aisle of your favorite shopping locations (at an enhanced lease price point) and the overhead speakers will be fraught with a robotic voice screaming "fever on isle 2" just before it crashes into the pyramid of cheese balls.
the Chennai PD - along with some local tech companies - built this 'robot cop' (with video/audio/interactive comms, etc) to try and help interact with and observe locals during the lock down due to COVID.
they built it in four days according to this local video blogger from Chennai - The Good Fight
Revenue for the six months ended June 30, 2020 was flat as compared to the six months ended June 30, 2019, primarily because we had 23 customers and 52 machines-in-network as of June 30, 2020 compared to 25 customers and 53 machines-in-network as of June 30, 2019.
Net loss for the first 6 months of 2020 was $9+ million.
Evidently, coronavirus has not helped their revenue. There was a theory that the shift to remote monitoring and fears of using people would help them, evidently not.
I like to imagine an episode of Shark Tank where Santana Li comes out from behind the curtain with a K5 (or maybe K7?) leading him in...
I am sure that the Sharks might be initially enthralled by the technology that the K5 uses - and I bet Li would would no doubt close his pitch with his 'if we could just save one life it would be all worth it' line that he used to close with back in the day.