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MOUNTAIN VIEW, Calif. - Knightscope , Inc. (NASDAQ:KSCP), known for its autonomous security robots and artificial intelligence technology, announced today that it has achieved full Authority to Operate (ATO) under the Federal Risk and Authorization Management Program (FedRAMP). The company, currently valued at $42 million and trading near $10 per share, has seen its stock decline by over 64% in the past year. According to InvestingPro analysis, the company faces significant financial challenges with negative EBITDA of -$27.2 million in the last twelve months. This new authorization enables the company to expand its deployment of autonomous security solutions across a wide range of federal agencies.
The FedRAMP authorization is a testament to Knightscope’s stringent security infrastructure and compliance with the federal government’s strict cybersecurity standards. Federal agencies can now confidently adopt Knightscope’s security technologies, assured of their adherence to robust cybersecurity criteria.
Mercedes Soria, EVP and Chief Intelligence Officer / CISO at Knightscope, stated, "Achieving full FedRAMP authorization represents a significant milestone in our mission to make the United States the safest country in the world." She emphasized that this authorization will facilitate the company’s efforts to provide its autonomous security capabilities to agencies responsible for safeguarding the nation’s critical assets and facilities.
This authorization builds on Knightscope’s previous ATO from the Department of Veterans Affairs, showcasing the company’s dedication to fulfilling the specific security and compliance needs of federal clients. Knightscope is now well-positioned to cater to the entire federal government marketplace that requires FedRAMP-authorized vendors. With revenue of $11 million in the last twelve months and a concerning gross profit margin of -41.55%, the company faces significant operational challenges. InvestingPro subscribers can access 16 additional key insights about Knightscope’s financial health and growth prospects.
With this full FedRAMP authorization, Knightscope is set to accelerate the deployment of its K5 Autonomous Security Robot (ASR) and other security technologies throughout government facilities. The FedRAMP Marketplace will offer federal agencies a streamlined procurement process, significantly simplifying the acquisition of security technology.
William Santana Li, Chairman and CEO of Knightscope, highlighted the multi-year effort behind this achievement, saying, "Our successful completion of the FedRAMP process further validates our technology’s readiness for mission-critical federal security applications." For investors seeking comprehensive analysis of Knightscope’s market position and growth potential, InvestingPro offers detailed research reports covering key metrics, analyst forecasts, and financial health indicators among the 1,400+ US equities available on the platform.
The information presented in this article is based on a press release statement from Knightscope, Inc.
In other recent news, Knightscope, Inc. has been making strides in its mission to enhance public safety through advanced robotics and AI technologies. The company reported multiple contract renewals and upgrades among its clientele, with seven clients renewing their service agreements for Autonomous Security Robots (ASRs) and Emergency Communication Devices (ECDs). Five of these clients have upgraded to the fifth generation K5 Autonomous Security Robot (K5v5), which offers improved quality and faster construction.
Knightscope also announced the completion of its K7 Autonomous Security Robot (ASR) alpha prototype, a larger and faster model than its predecessor, the K5. This development is part of the company’s ongoing technological improvements, which include the retirement of the K5v3 model and its replacement with the new K5v5 in nearly all field machines.
The company has secured contracts for the deployment of its K5 ASRs and K1B Emergency Communication Devices (ECDs) across 12 U.S. states, expanding its reach in sectors such as government, education, utilities, and commercial real estate. Knightscope’s collaboration with Verizon (NYSE:VZ) Frontline (NYSE:FRO) ensures priority access to cellular bandwidth for users of its ECDs, a critical factor in emergency response times.
On the financial front, Knightscope announced its intention to conduct an underwritten public offering of its Class A common stock and potentially pre-funded warrants, subject to market conditions. The proceeds from this offering will be directed toward general corporate purposes, including working capital. Titan Partners Group, under American Capital Partners (WA:CPAP), will serve as the sole bookrunner for the offering. These are among the recent developments in Knightscope’s ongoing efforts to enhance public safety through advanced technology.
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