California Multifamily Community Expands Knightscope Contract

Rhea-AI Summary

Knightscope (Nasdaq: KSCP) has successfully upgraded a K5 Autonomous Security Robot (ASR) to its fifth generation at a San Diego multifamily residential community. This upgrade, deployed by Knightscope Authorized Partner JDS Security, marks progress towards the company's 'Road to Profitability' goal.

The client, a top-ranked multifamily housing owner and developer by the National Multifamily Housing Council, has expanded its contract by adding a K1 Hemisphere ASR. With over 37 years in the sector, the client manages 41,000 units across 30 markets, representing significant expansion potential for Knightscope.

The K1 Hemisphere deployment coincides with the K5 upgrade, enhancing safety measures for the community. Knightscope continues to focus on public safety through robotics and AI technologies, offering services including Risk & Threat Exposure Analysis, Blue Light Emergency Communication Systems, and Automated Gunshot Detection.

Adds K1 Hemisphere and Receives Fifth Generation K5 Upgrade

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Knightscope, Inc. [Nasdaq: KSCP] (“Knightscope” or the “Company”), an innovator in robotics and artificial intelligence (“AI”) technologies focused on public safety, today announces the successful upgrade of Knightscope Authorized Partner (“KAP”) JDS Security’s first K5 Autonomous Security Robot (“ASRs”) deployed at a multi-family residential community in San Diego, California. This latest upgrade to the fifth generation of the K5 ASR brings the Company one step closer to reaching a major milestone in the ‘Road to Profitability’ announced during its first annual Innovation Week earlier this year.

California Multifamily Community Expands Contract (Photo: Business Wire)

This client is one of the top multifamily housing owners, developers and property managers in the U.S., as ranked by the National Multifamily Housing Council (“NMHC”). The company has over 37 years in the multifamily sector, has acquired or developed 1,015 communities consisting of over 285,000 units and almost $40 billion in total project costs with current property management at 41,000 units in over 30 markets nationally (as of September 30, 2022). Clients with such strong portfolios offer great expansion opportunities for Knightscope as the Company continues to execute on its growth plan.

As a result of the success of the K5, the client elected to increase their coverage by adding a K1 Hemisphere ASR (“Hemisphere”) to their contract. The K1 was deployed concurrently with the upgrade of the K5 and will expand the scope of capabilities aimed at elevating the safety of both the people and property of this southern California community.

Get Expert Help

To learn more about Knightscope’s Risk & Threat Exposure Analysts or any of its Autonomous Security Robot, Blue Light Emergency Communication System or Automated Gunshot Detection Services, book a discovery call or demonstration today at www.knightscope.com/discover.

About Knightscope

Knightscope builds cutting-edge technologies to improve public safety, and our long-term ambition is to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. Forward-looking statements contained in this press release and other communications include, but are not limited to, statements about the Company’s goals, profitability, growth, prospects, reduction of expenses, and outlook. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements, including the factors discussed under the heading “Risk Factors” in Knightscope’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by its other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240724016764/en/

Public Relations:

Stacy Stephens

Knightscope, Inc.

(650) 924-1025

Source: Knightscope, Inc.

FAQ

What new contract expansion did Knightscope (KSCP) announce for its California client?

Knightscope announced that a San Diego multifamily residential community client expanded their contract by adding a K1 Hemisphere Autonomous Security Robot (ASR) in addition to upgrading their existing K5 ASR to the fifth generation.

How does the K5 ASR upgrade relate to Knightscope's (KSCP) profitability goals?

The upgrade of the K5 ASR to its fifth generation brings Knightscope closer to reaching a major milestone in its 'Road to Profitability' plan, which was announced during the company's first annual Innovation Week.

What is the significance of the client's portfolio for Knightscope (KSCP)?

The client, ranked by the National Multifamily Housing Council, manages 41,000 units across 30 markets. This large portfolio offers significant expansion opportunities for Knightscope as it executes its growth plan.

What services does Knightscope (KSCP) offer besides Autonomous Security Robots?

In addition to ASRs, Knightscope offers Risk & Threat Exposure Analysis, Blue Light Emergency Communication Systems, and Automated Gunshot Detection Services.