Mountain View, CA–(business wire) — Knightscope, Inc. (Nasdaq: KSCP) (“Knightscope” or “we”), a leading developer of autonomous security robots and emergency systems, today announced a path to monetization. Last month, we pledged he would reach profitability within 24 months. Today’s announcement marks the implementation of the first actions defined in our plan to reach this important milestone.
The Company recently submitted its unaudited pro forma condensed combined financial statements for the six months ended June 30, 2022 and for the year ended December 31, 2021, which are attached to its current report on Form 8-K. I submitted it to a securities company as a document. A filing was made with the Securities and Exchange Commission (“SEC”) on December 28, 2022 to effect the acquisition of CASE Emergency Systems (“CASE”). Consistent with the company’s previously announced post-CASE acquisition target range of $12 million to $14 million annualized return, if the acquisition had closed on January 1, 2021, it would have closed6 or 6 The company’s total pro forma revenue for the month was $6,996,000. As of June 30, 2022, compares favorably with the Company’s reported annual revenue of $3.407 million for the fiscal year ended December 31, 2021. Knightscope sees increased engagement through new sales deals, expansion with existing customers, contract renewals, and reseller programs. Additionally, as many supply chain issues have calmed down, we are on track to meet our multi-million dollar backlog of new orders.
After acquiring CASE on October 14, 2022, Knightscope worked to streamline operations and optimize its workforce, resulting in a reduction of approximately 20%. Actions planned for the first quarter of 2023 include reducing the company’s headcount and restructuring its service operations with new service partnerships designed to improve the ongoing support of its clients. For more information, see the company’s Current Report on Form 8-K filed with his SEC. In addition, we expect to achieve improved margins through significantly reduced assembly times, improved service operations, reconfigured facility footprints and new approaches to reducing telecommunications costs.
About night scope
Knightscope is a Silicon Valley-based advanced security technology company that builds fully autonomous security robots that deter, detect, and report. Knightscope’s long-term goal is to make the United States the safest country in the world. For more information about our company, please visit www.knightscope.com. Follow Knightscope on Facebook. twitterLinkedIn, Instagram.
This press release may contain “forward-looking statements” regarding Knightscope’s future expectations, plans, forecasts, forecasts and prospects. Such forward-looking statements “should,” “may,” “intend,” “expect,” “believe,” “estimate,” “forecast,” “anticipate,” Expressions such as “expect,” “plan,” “propose,” etc. Forward-looking statements included in this press release include statements regarding our path to profitability, our targeted annual revenue run rate, our plans for top-line growth and our ability to achieve our backlog. but not limited to: our ability to achieve increased new orders, streamlining of our planned business, the benefits of right-sizing our combined workforce, and improved margins; Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it could cause actual results to differ materially from such forward-looking statements. There are many possible risks and uncertainties. These risks and uncertainties include, among other things, the risk that restructuring costs and expenses may be greater than anticipated. the risk that our restructuring efforts may adversely affect our internal programs and our ability to recruit and retain skilled and motivated personnel and may be distracting to our employees and management; the risk that our restructuring efforts may adversely affect our business operations and our reputation with or ability to serve our customers; The risk that our restructuring efforts may not produce the intended benefits to the extent or speed expected. Readers should carefully read cautionary statements and other disclosures, including statements made under the heading “Risk Factors,” in Knightscope’s Annual Report on Form 10-K for the year ended December 31, 2021. We highly recommend you check it out and consider it. Knightscope undertakes no obligation to update any forward-looking statements, as of the date of the document in which they are included, except as required by law.
Unaudited pro forma condensed combined financial information
The unaudited pro forma condensed combined financial information included in this press release reflects preliminary estimates of the fair values of the assets acquired and liabilities assumed pending completion of the valuation process. Based on the adoption of Accounting Standards Codification 805 of the Financial Accounting Standards Board. , “business combinations”. The allocation of the purchase price to the fair values of the assets acquired and liabilities assumed is based on management’s estimates and assumptions using currently available information. These fair value estimates may be revised during the measurement period to reflect final valuations based on updated information and revised assumptions. The final valuation of intangibles may differ materially from the preliminary valuations used in the accounting reconciliation of the transaction. The purchase price allocation, and the resulting impact on our financial condition and results of operations, may change as we monitor and interpret new information that may affect the fair value of the assets acquired and liabilities assumed. may be
The unaudited pro forma condensed combined financial information included in this press release is derived from the unaudited pro forma condensed combined financial statements prepared by management in accordance with Regulation SX, Section 11, “Pro Forma Financial Information,” as amended by the final rule. It’s what you get. Adopted by the SEC on May 21, 2020, “Amendments to Financial Disclosures Regarding Acquired and Divested Businesses.” The Company provides unaudited pro forma condensed combined financial statements for illustrative purposes only and does not necessarily reflect any such pro forma information. If the CASE acquisition were to take place on the date indicated, it would be in line with our financial condition or results of operations. The company’s performance may have been different had it been consolidated during the periods presented. Specifically, the unaudited pro forma condensed combined financial statements will achieve or achieve the expected cost savings, operating synergies or earnings enhancements resulting from the acquisition of CASE does not affect the cost of The unaudited pro forma condensed combined financial information contained in this press release derived from the unaudited pro forma condensed combined financial statements would have been achieved had the companies actually been combined during the 2010 period. should not be relied upon as indicative of past results. Proposed period. In addition, the unaudited pro forma condensed combined financial information derived from the unaudited pro forma condensed combined financial statements included in this press release is not intended to predict the future financial condition or results of operations of the combined company. not intended. The unaudited pro forma condensed combined financial information included in this press release is derived from the unaudited pro forma condensed combined financial statements and the unaudited pro forma condensed combined financial information included in the company’s current reports. It should be read in conjunction with the notes accompanying the tables. Based on Form 8-K filed with the SEC on December 28, 2022. The actual financial condition and results of operations of the combined company may differ materially from the estimated amounts reflected herein due to a variety of factors.
For more information, see the company’s current report on Form 8-K filed with the SEC on December 28, 2022.