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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41248

Knightscope, Inc.

(Exact name of registrant as specified in its charter)

​

​ | ​
Delaware | 46-2482575
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

​

3 05 North Mathilda Avenue

Sunnyvale, CA 94085

(Address of Principal Executive Offices) (Zip Code)

(650) 924-1025

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class | Trading symbol(s) | Name of each exchange on which registered
Class A Common Stock, $0.001 Par Value per Share | KSCP | The Nasdaq Capital Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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​ | ​ | ​ | ​ | ​ | ​
Large accelerated filer | ☐ | Accelerated filer | ☐ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | Emerging growth company | ☒

​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 7, 2025, there were 11,172,438 shares of the registrant’s Class A Common Stock outstanding and 336,424 shares of the registrant’s Class B Common Stock outstanding.

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Table of Contents

TABLE O F CONTENTS

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​ | ​ |
​ | ​ | Page
Part I | Financial Information | 5
​ | ​ | ​
Item 1. | Financial Statements | 5
​ | ​ | ​
​ | Condensed Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited) | 5
​ | ​ | ​
​ | Condensed Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited) | 6
​ | ​ | ​
​ | Condensed Statements of Preferred Stock and Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2025 and 2024 (Unaudited) | 7
​ | ​ | ​
​ | Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited) | 9
​ | ​ | ​
​ | Notes to Condensed Financial Statements (Unaudited) | 10
​ | ​ | ​
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28
​ | ​ | ​
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 37
​ | ​ | ​
Item 4. | Controls and Procedures | 37
​ | ​ | ​
Part II | Other Information | 38
​ | ​ | ​
Item 1. | Legal Proceedings | 38
​ | ​ | ​
Item 1A. | Risk Factors | 38
​ | ​ | ​
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 38
​ | ​ | ​
Item 3. | Defaults Upon Senior Securities | 38
​ | ​ | ​
Item 4. | Mine Safety Disclosures | 38
​ | ​ | ​
Item 5. | Other Information | 38
​ | ​ | ​
Item 6. | Exhibits | 39
​ | ​ | ​
Signatures | ​ | 40

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2

Table of Contents

Cautionary Note on Forward-Looking Statements

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This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, including profitability, our business strategy and plans, market growth, product and service releases, the status of product development, compliance with applicable listing requirements or standards of The Nasdaq Capital Market (“Nasdaq”), demand for our products and services, and our objectives for future operations, are forward-looking statements. In some cases, the words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms and similar expressions are intended to identify forward-looking statements.

​

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

​

| ● | The success of our products, which will require significant capital resources and years of development efforts;

​

| ● | Our deployments and market acceptance of our products;

​

| ● | Our ability to protect our intellectual property and to develop, maintain and enhance a strong brand;

​

| ● | Our limited operating history by which performance can be gauged;

​

| ● | Our ability to continue as a going concern;

​

| ● | Our ability to comply with all applicable listing requirements or standards of The Nasdaq Capital Market;

​

| ● | Our ability to operate and collect digital information on behalf of our clients, which is dependent on the privacy laws of jurisdictions in which our Autonomous Security Robots (“ASR”) and Emergency Communication Devices (“ECD”) operate, as well as the corporate policies of our clients, which may limit our ability to fully deploy our technologies in various markets;

​

| ● | Our ability to raise capital; and

​

| ● | Our ability to manage our research, development, expansion, growth, and operating expenses.

​

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, and assumptions and other important factors that could cause actual results to differ materially from those stated, including:

​

| ● | We have not yet generated any profits or significant revenues, anticipate that we will incur continued losses for the foreseeable future, and may never achieve profitability.

​

| ● | The report of our independent registered public accounting firm associated with the Annual Report on Form 10-K, expresses substantial doubt about our ability to continue as a going concern, and we may not be able to continue to operate the business if we are not successful in securing additional funding.

​

| ● | We expect to experience future losses as we execute on our business strategy and will need to generate significant revenues to achieve profitability, which may not occur.

​

| ● | We may not be able to comply with all applicable listing requirements or standards of The Nasdaq Capital Market, and Nasdaq could delist our Class A Common Stock.

3

Table of Contents

​

| ● | We are subject to potential fluctuations in operating results due to our sales cycle.

​

| ● | If we are unable to acquire new customers, our future revenues and operating results will be harmed. Likewise, potential customer turnover in the future, or costs we incur to retain our existing customers, could materially and adversely affect our financial performance.

​

| ● | We are subject to the loss of contracts, due to terminations, non-renewals or competitive re-bids, which could adversely affect our results of operations and liquidity, including our ability to secure new contracts from other customers.

​

| ● | Our future operating results are difficult to predict and may be affected by a number of factors, many of which are outside of our control.

​

| ● | Our financial results will fluctuate in the future, which makes them difficult to predict.

​

| ● | Shifts in global economic conditions-including, but not limited to, changes in inflation, interest rates, tariffs, and other trade restrictions-could reduce customer spending and impact the financial stability of our clients and business partners. These effects may, in turn, negatively influence our financial health, operational performance, and available cash resources.

​

| ● | Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions, could adversely affect our business, financial condition or results of operations.

​

| ● | We have a limited number of deployments, and limited market acceptance of our products could harm our business.

​

| ● | We cannot assure you that we will effectively manage our growth.

​

| ● | Our operating costs may grow more quickly than our revenues as we research and develop new products, harming our business and profitability.

​

| ● | Any debt arrangements that we enter into may impose significant operating and financial restrictions on us, which may prevent us from capitalizing on business opportunities. A breach of any of the restrictive covenants under such debt arrangements may cause us to be in default under our debt arrangements, and our lenders could foreclose on our assets.

​

Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

​

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Our forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q, and we undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or revised expectations, except as required by applicable law.

​

In this Quarterly Report on Form 10-Q, the words “we,” “us,” “our,” the “Company” and “Knightscope” refer to Knightscope, Inc., unless the context requires otherwise.

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Table of Contents

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

KNIGHTSCOPE, INC.

Condensed Balance Sheets

(In thousands, except share and per share data)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, |  | December 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (unaudited) | ​ | (1) | ​
ASSETS | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: |  | ​ |  |  | ​ |  |
Cash and cash equivalents | ​ | $ | 20,389 | ​ | $ | 11,124 | ​
Restricted cash | ​ |  | — | ​ |  | 102 | ​
Accounts receivable, net of allowance for credit losses of $95 and $139 as of September 30, 2025 and December 31, 2024, respectively | ​ |  | 2,464 | ​ |  | 1,731 | ​
Inventory | ​ | ​ | 1,818 | ​ | ​ | 1,797 | ​
Prepaid expenses and other current assets | ​ |  | 1,141 | ​ |  | 345 | ​
Total current assets | ​ |  | 25,812 | ​ |  | 15,099 | ​
Autonomous Security Robots, net | ​ |  | 7,952 | ​ |  | 8,765 | ​
Property, equipment and software, net | ​ |  | 904 | ​ |  | 661 | ​
Operating lease right-of-use-assets | ​ |  | 2,877 | ​ |  | 407 | ​
Goodwill | ​ | ​ | 1,922 | ​ | ​ | 1,922 | ​
Intangible assets, net | ​ | ​ | 1,003 | ​ | ​ | 1,241 | ​
Other assets | ​ |  | 592 | ​ |  | 90 | ​
Total assets | ​ | $ | 41,062 | ​ | $ | 28,185 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY | ​ |  |  | ​ |  |  | ​
Current liabilities: | ​ |  |  | ​ |  |  | ​
Accounts payable | ​ | $ | 2,639 | ​ | $ | 2,812 | ​
Accrued expenses and other current liabilities | ​ |  | 2,648 | ​ |  | 1,794 | ​
Deferred revenue | ​ |  | 1,416 | ​ |  | 1,883 | ​
Operating lease liabilities, current | ​ |  | 320 | ​ |  | 412 | ​
Debt obligations, current | ​ | ​ | 105 | ​ | ​ | 1,364 | ​
Total current liabilities | ​ |  | 7,128 | ​ |  | 8,265 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current liabilities: | ​ |  |  | ​ |  |  | ​
Debt obligations, net of debt issuance costs of $258 and $316 as of September 30, 2025 and December 31, 2024, respectively | ​ |  | 3,995 | ​ |  | 3,952 | ​
Operating lease liabilities, noncurrent | ​ |  | 2,954 | ​ |  | — | ​
Other noncurrent liabilities | ​ | ​ | 88 | ​ | ​ | 187 | ​
Total liabilities | ​ |  | 14,165 | ​ |  | 12,404 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments and contingencies (Note 7) | ​ |  |  | ​ |  |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ equity: | ​ |  |  | ​ |  |  | ​
Preferred Stock, $0.001 par value; 40,000,000 shares authorized, no shares issued or outstanding | ​ | ​ | — | ​ | ​ | — | ​
Class A Common Stock, $0.001 par value, 228,000,000 shares authorized as of September 30, 2025 and December 31, 2024, 10,063,815 and 4,065,347 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | ​ |  | 10 | ​ |  | 4 | ​
Class B Common Stock, $0.001 par value, 30,000,000 shares authorized as of September 30, 2025 and December 31, 2024, 336,424 and 336,759 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | ​ |  | — | ​ |  | — | ​
Additional paid-in capital | ​ |  | 242,844 | ​ |  | 208,969 | ​
Accumulated deficit | ​ |  | (215,957) | ​ |  | (193,192) | ​
Total stockholders’ equity | ​ |  | 26,897 | ​ |  | 15,781 | ​
Total liabilities and stockholders’ equity | ​ | $ | 41,062 | ​ | $ | 28,185 | ​

​

| (1) | The condensed balance sheet as of December 31, 2024 was derived from the audited balance sheet as of that date.

The accompanying notes are an integral part of these condensed financial statements.

​

5

Table of Contents

KNIGHTSCOPE, INC.

Condensed Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenue, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service | ​ | $ | 1,906 | ​ | $ | 1,861 | ​ | $ | 6,093 | ​ | $ | 5,502 | ​
Product | ​ | ​ | 1,225 | ​ | ​ | 674 | ​ | ​ | 2,704 | ​ | ​ | 2,490 | ​
Total revenue, net | ​ | ​ | 3,131 | ​ | ​ | 2,535 | ​ | ​ | 8,797 | ​ | ​ | 7,992 | ​
Cost of revenue, net | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Service | ​ | ​ | 3,505 | ​ | ​ | 2,382 | ​ | ​ | 9,105 | ​ | ​ | 8,256 | ​
Product | ​ | ​ | 1,196 | ​ | ​ | 659 | ​ | ​ | 2,848 | ​ | ​ | 2,169 | ​
Total cost of revenue, net | ​ | ​ | 4,701 | ​ | ​ | 3,041 | ​ | ​ | 11,953 | ​ | ​ | 10,425 | ​
Gross loss | ​ | ​ | (1,570) | ​ | ​ | (506) | ​ | ​ | (3,156) | ​ | ​ | (2,433) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Research and development | ​ |  | 3,773 | ​ |  | 1,770 | ​ |  | 7,997 | ​ |  | 4,976 | ​
Sales and marketing | ​ |  | 1,089 | ​ |  | 1,000 | ​ |  | 3,432 | ​ |  | 4,043 | ​
General and administrative | ​ |  | 3,076 | ​ |  | 4,432 | ​ |  | 8,008 | ​ |  | 10,883 | ​
Restructuring charges | ​ | ​ | — | ​ | ​ | 33 | ​ | ​ | 11 | ​ | ​ | 447 | ​
Total operating expenses | ​ |  | 7,938 | ​ |  | 7,235 | ​ |  | 19,448 | ​ |  | 20,349 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss from operations | ​ |  | (9,508) | ​ |  | (7,741) | ​ |  | (22,604) | ​ |  | (22,782) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Change in fair value of warrant and derivative liabilities | ​ |  | — | ​ |  | (2,966) | ​ |  | — | ​ |  | (1,515) | ​
Interest income (expense), net | ​ | ​ | 59 | ​ | ​ | (130) | ​ | ​ | (95) | ​ | ​ | (323) | ​
Other income (expense), net | ​ |  | (90) | ​ |  | (67) | ​ |  | (66) | ​ |  | (147) | ​
Total other income (expense) | ​ |  | (31) | ​ |  | (3,163) | ​ |  | (161) | ​ |  | (1,985) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss before income tax expense | ​ |  | (9,539) | ​ |  | (10,904) | ​ |  | (22,765) | ​ |  | (24,767) | ​
Income tax expense | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Net loss | ​ | $ | (9,539) | ​ | $ | (10,904) | ​ | $ | (22,765) | ​ | $ | (24,767) | ​
Basic and diluted net loss per common share | ​ | $ | (0.98) | ​ | $ | (3.58) | ​ | $ | (3.08) | ​ | $ | (10.19) | ​
Weighted average shares used to compute basic and diluted net loss per share | ​ | ​ | 9,761,298 | ​ | ​ | 3,042,301 | ​ | ​ | 7,402,958 | ​ | ​ | 2,431,269 | ​

​

The accompanying notes are an integral part of these condensed financial statements.

​

​

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Table of Contents

KNIGHTSCOPE, INC.

Condensed Statements of Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands, except share and per share data)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series m | ​ | Series m-2 | ​ | Series S | ​ | Series A | ​ | Series B | ​ | Class A | ​ | Class B | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common | ​ | Common | ​ | Additional | ​ | ​ | ​ | Total
​ | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Paid-in | ​ | Accumulative | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | capital |  | Deficit |  | Equity (Deficit)
Balance as of June 30, 2024 | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 2,339,348 | ​ | $ | 2 | ​ | 334,515 | ​ | $ | — | ​ | $ | 186,495 | ​ | $ | (175,321) | ​ | $ | 11,176
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — | ​ | ​ | — | ​ | ​ | 724 | ​ | ​ | — | ​ | ​ | 724
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options exercised | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | (2,260) | ​ | ​ | — | ​ | 2,260 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fractional share adjustment due to reverse stock split | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | (7,771) | ​ | ​ | — | ​ | (16) | ​ | ​ | — | ​ | ​ | (78) | ​ | ​ | — | ​ | ​ | (78)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from Equity Sale, net of issuance costs |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | 906,492 |  | ​ | 1 |  | — | ​ | ​ | — | ​ | ​ | 8,336 | ​ | ​ | — | ​ | ​ | 8,337
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10,904) | ​ | ​ | (10,904)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of September 30, 2024 |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | — |  | 3,235,809 | ​ | $ | 3 |  | 336,759 | ​ | $ | — | ​ | $ | 195,477 | ​ | $ | (186,225) | ​ | $ | 9,255

​

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series m | ​ | Series m-2 | ​ | Series S | ​ | Series A | ​ | Series B | ​ | Class A | ​ | Class B | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common | ​ | Common | ​ | Additional | ​ | ​ | ​ | ​ | Total
​ | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Paid-in | ​ | Accumulative | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | capital |  | Deficit |  | Equity (Deficit)
Balance as of December 31, 2023 | ​ | 35,593 | ​ | $ | 4,621 | ​ | 3,200 | ​ | $ | 480 | ​ | 52,844 | ​ | $ | 21,390 | ​ | 28,368 | ​ | $ | 614 | ​ | 69,977 | ​ | $ | 7,098 | ​ | 1,603,772 | ​ | $ | 2 | ​ | 187,156 | ​ | $ | — | ​ | $ | 134,822 | ​ | $ | (161,458) | ​ | $ | (26,634)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 1,327 | ​ | ​ | — | ​ | ​ | 1,327
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reclassification of warrant liabilities | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 4,762 | ​ | ​ | — | ​ | ​ | 4,762
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options exercised | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 2,260 | ​ | ​ | — | ​ | ​ | 18 | ​ | ​ | — | ​ | ​ | 18
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fractional share adjustment due to reverse stock split | ​ | ​ | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | (7,771) | ​ | ​ | — | ​ | (16) | ​ | ​ | — | ​ | ​ | (78) | ​ | ​ | — | ​ | ​ | (78)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from Equity Sale, net of issuance costs | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 1,470,537 | ​ | ​ | 1 | ​ | — | ​ | ​ | — | ​ | ​ | 20,425 | ​ | ​ | — | ​ | ​ | 20,426
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share conversion to common stock | ​ | (35,593) | ​ | ​ | (4,621) | ​ | (3,200) | ​ | ​ | (480) | ​ | (52,844) | ​ | ​ | (21,390) | ​ | (28,368) | ​ | ​ | (614) | ​ | (69,977) | ​ | ​ | (7,098) | ​ | 169,271 | ​ | ​ | — | ​ | 147,359 | ​ | ​ | — | ​ | ​ | 34,203 | ​ | ​ | — | ​ | ​ | 34,203
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share conversion costs | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | (2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (24,767) | ​ | ​ | (24,767)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of September 30, 2024 | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 3,235,809 | ​ | $ | 3 | ​ | 336,759 | ​ | $ | — | ​ | $ | 195,477 | ​ | $ | (186,225) | ​ | $ | 9,255

​

Note: Share amounts have been adjusted to reflect the impact of a 1-for-50 reverse stock split of the Company’s common stock effected in September 2024 as discussed in Note 1.

​

7

Table of Contents

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series m | ​ | Series m-2 | ​ | Series S | ​ | Series A | ​ | Series B | ​ | Class A | ​ | Class B | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common | ​ | Common | ​ | Additional | ​ | ​ | ​ | ​ | Total
​ | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Paid-in | ​ | Accumulative | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | capital |  | Deficit |  | Equity
Balance as of June 30, 2025 | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 7,096,350 | ​ | $ | 7 | ​ | 336,759 | ​ | $ | — | ​ | $ | 221,526 | ​ | $ | (206,418) | ​ | $ | 15,115
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — | ​ | ​ | — | ​ | ​ | 376 | ​ | ​ | — | ​ | ​ | 376
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from Equity Sale, net of issuance costs | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 2,967,130 | ​ | ​ | 3 | ​ | — | ​ | ​ | — | ​ | ​ | 20,942 | ​ | ​ | — | ​ | ​ | 20,945
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share conversion to common stock | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 335 | ​ | ​ | — | ​ | (335) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | — |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9,539) | ​ | ​ | (9,539)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of September 30, 2025 |  | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 10,063,815 | ​ | $ | 10 | ​ | 336,424 | ​ | $ | — | ​ | $ | 242,844 | ​ | $ | (215,957) | ​ | $ | 26,897

​

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series m | ​ | Series m-2 | ​ | Series S | ​ | Series A | ​ | Series B | ​ | Class A | ​ | Class B |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common | ​ | Common |  | Additional | ​ | ​ | ​ | ​ | Total
​ | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock | ​ | Stock |  | Paid-in |  | Accumulative | ​ | Stockholders’
​ |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | capital |  | Deficit |  | Equity
Balance as of December 31, 2024 | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 4,065,347 | ​ | $ | 4 | ​ | 336,759 | ​ | $ | — | ​ | $ | 208,969 | ​ | $ | (193,192) | ​ | $ | 15,781
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 1,183 | ​ | ​ | — | ​ | ​ | 1,183
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from Equity Sale, net of issuance costs | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 4,746,850 | ​ | ​ | 4 | ​ | — | ​ | ​ | — | ​ | ​ | 31,215 | ​ | ​ | — | ​ | ​ | 31,219
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from Direct Registration Offering | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 625,000 | ​ | ​ | 1 | ​ | — | ​ | ​ | — | ​ | ​ | 1,435 | ​ | ​ | — | ​ | ​ | 1,436
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Issuance of vendor warrants for consulting services | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 43
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prefunded warrants exercised | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 626,283 | ​ | ​ | 1 | ​ | — | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share conversion costs | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 335 | ​ | ​ | — | ​ | (335) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (22,765) | ​ | ​ | (22,765)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of September 30, 2025 | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | — | ​ | $ | — | ​ | 10,063,815 | ​ | $ | 10 | ​ | 336,424 | ​ | $ | — | ​ | $ | 242,844 | ​ | $ | (215,957) | ​ | $ | 26,897

​

The accompanying notes are an integral part of these condensed financial statements.

​

​

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KNIGHTSCOPE, INC.

Condensed Statements of Cash Flows

(In thousands)

(Unaudited)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
Cash Flows From Operating Activities | ​ | ​ | ​ | ​ | ​ | ​
Net loss |  | $ | (22,765) |  | $ | (24,767)
Adjustments to reconcile net loss to net cash used in operating activities: | ​ |  |  | ​ |  |
Depreciation and amortization | ​ |  | 1,937 | ​ |  | 1,894
Loss on disposal of Autonomous Security Robots | ​ |  | 761 | ​ |  | 1,075
(Gain)/Loss on disposal of property and equipment | ​ |  | (10) | ​ |  | —
Stock compensation expense | ​ |  | 1,183 | ​ |  | 1,327
Warrants issued in exchange for consulting services | ​ | ​ | 43 | ​ | ​ | —
Change in fair value of warrant and derivative liabilities | ​ |  | — | ​ |  | 1,515
Accrued interest | ​ | ​ | 315 | ​ | ​ | 264
Amortization of debt discount | ​ |  | 58 | ​ |  | 51
Changes in operating assets and liabilities: | ​ |  | ​ | ​ |  | ​
Accounts receivable, net | ​ |  | (733) | ​ |  | (265)
Inventory | ​ | ​ | (21) | ​ | ​ | (576)
Prepaid expenses and other assets | ​ |  | (707) | ​ |  | 474
Accounts payable | ​ |  | (210) | ​ |  | 676
Accrued expenses and other current liabilities | ​ |  | 494 | ​ |  | 275
Deferred revenue | ​ |  | (467) | ​ |  | 736
Lease liabilities and other noncurrent liabilities | ​ |  | 387 | ​ |  | (56)
Net cash used in operating activities | ​ |  | (19,735) | ​ |  | (17,377)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities | ​ |  |  | ​ |  |
Purchases and related costs incurred for Autonomous Security Robots | ​ |  | (1,480) | ​ |  | (2,468)
Purchases of property and equipment | ​ | ​ | (412) | ​ | ​ | (12)
Net cash used in investing activities | ​ |  | (1,892) | ​ |  | (2,480)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities | ​ |  |  | ​ |  |
Proceeds from stock options exercised | ​ |  | — | ​ |  | 18
Cash paid for fractional shares | ​ | ​ | — | ​ | ​ | (78)
Proceeds from equity sale, net of issuance costs | ​ |  | 31,219 | ​ |  | 20,426
Proceeds from issuance of Public Safety Infrastructure Bonds, net of issuance costs | ​ |  | — | ​ |  | 2,639
Proceeds from Direct Registration Offering | ​ |  | 1,436 | ​ |  | —
Repayments of debt obligations | ​ | ​ | (1,865) | ​ | ​ | (227)
Share conversion costs | ​ | ​ | — | ​ | ​ | (2)
Net cash provided by financing activities | ​ |  | 30,790 | ​ |  | 22,776
Net change in cash, cash equivalents and restricted cash | ​ |  | 9,163 | ​ |  | 2,919
Cash, cash equivalents and restricted cash at beginning of the period | ​ |  | 11,226 | ​ |  | 2,382
Cash, cash equivalents and restricted cash at end of the period | ​ | $ | 20,389 | ​ | $ | 5,301
Supplemental Disclosure of Cash Flow Information | ​ |  |  | ​ |  |
Capital expenditures in accounts payable, accruals and other long-term liabilities | ​ | $ | 82 | ​ | $ | 53
Preferred stock warrant reclassification to equity | ​ | $ | — | ​ | $ | 4,762
Operating lease liabilities arising from obtaining right-of-use-assets | ​ | $ | 3,049 | ​ | $ | —
Promissory note issued in exchange for cancellation of Class A Common Stock Warrants | ​ | $ | — | ​ | $ | 3,000
Financing of insurance premiums | ​ | $ | 591 | ​ | $ | —
Conversion of preferred stock to common stock | ​ | $ | — | ​ | $ | 34,203

​

The accompanying notes are an integral part of these condensed financial statements.

​

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Table of Contents

KNIGHTSCOPE, INC.

Notes to Condensed Financial Statements

(Unaudited)

​

NOTE 1: The Company and Summary of Significant Accounting Policies

​

Description of Business

​

Knightscope, Inc. (the “Company”, “we”, “us” or “our”), a Delaware corporation, is a public safety innovator that builds Autonomous Security Robots (“ASR”) and Emergency Communication Devices (“ECD”). The Company designs, manufactures, and deploys its technologies to improve public safety and to protect the places people live, work, study and visit. The Company provides its cutting-edge solutions, including remote monitoring capabilities, to both the private sector and to government clients, including law enforcement.

​

The Company operates in a highly fragmented U.S. public safety market that is experiencing strong demand for automation and artificial intelligence-driven solutions due to rising labor costs, staffing shortages, inconsistent service quality, and challenging crime rates. The Company’s solutions combine proactive physical deterrence with critical emergency response tools and remote monitoring, offering an integrated approach to public safety.

​

The Company was founded in April 2013 and is headquartered in Sunnyvale, California.

​

Basis of Presentation and Liquidity

​

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s fiscal year end is December 31.

​

The unaudited condensed financial statements have been prepared in accordance U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year or for any future interim periods. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025. The Company’s significant accounting policies are described in Note 1 to those audited financial statements.

​

In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that these condensed financial statements are issued.

​

The condensed financial statements of the Company have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business. Cash and cash equivalents on hand were $20.4 million as of September 30, 2025, compared to $11.1 million as of December 31, 2024. The Company has historically incurred losses and negative cashflows from operations. As of September 30, 2025, the Company also had an accumulated deficit of approximately $216.0 million and stockholders’ equity of approximately $26.9 million. The Company is dependent on additional fundraising in order to sustain its ongoing operations. Based on current operating levels, the Company will need to raise additional funds in the next twelve months by selling additional equity or incurring debt. New financings may not be available to the Company on commercially acceptable terms, or at all. If the Company is unable to obtain additional capital, the Company will assess its capital resources and may be required to delay, reduce the scope of, or eliminate some or all of its operations, including capital expenditures, or downsize its organization, any of which may have a material adverse effect on its business, financial condition, results of operations, and ability to operate as a going

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concern. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months from the date of this report.

​

Reverse Stock Split

​

On August 16, 2024, stockholders approved a reverse stock split at a ratio between 1-for-5 and 1-for-50. On September 4, 2024, the Board of Directors set the final ratio at 1-for-50 for both Class A and Class B Common Stock. The split became effective on September 13, 2024, following the filing of an amendment to the Company’s Certificate of Incorporation in Delaware. No fractional shares were issued; instead, affected stockholders received a cash payment based on the September 13 closing price on Nasdaq, totaling approximately $0.1 million. All outstanding stock options were adjusted accordingly, and all share and per-share amounts in financial statements were retroactively updated to reflect the split.

Segments

​

The Company has one operating segment and one reportable segment as its chief operating decision maker (“CODM”), who is its Chief Executive Officer, reviews financial information on a regular basis for purposes of allocating resources and evaluating financial performance. All long-lived assets are located in the United States and substantially all revenue is attributed to sellers and buyers based in the United States.

​

Reclassifications

​

Certain reclassifications have been made to the fiscal year 2024 condensed financial statements to conform to the fiscal year 2025 presentation. The Company reclassified certain expenses between cost of revenue, net – service and general and administrative expenses. The amounts were not considered material to the condensed financial statements. The reclassifications had no impact on total assets, total liabilities, stockholders’ equity or net loss.

​

Comprehensive Loss

​

Net loss was equal to comprehensive loss for the three and nine months ended September 30, 2025 and 2024.

​

Use of Estimates

​

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Specific accounts that require management estimates include, but are not limited to, estimating the useful lives of the Company’s ASRs, property and equipment and intangible assets, certain estimates required within revenue recognition, warranty and allowance for credit losses, determination of deferred tax valuation allowances, estimating fair values of the Company’s share-based awards, warrant liability, and derivative liabilities, inclusive of any contingent assets and liabilities. Actual results could differ from those estimates and such differences may be material to the condensed financial statements.

​

Cash and Cash Equivalents

​

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company places its cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings.

​

Restricted Cash

​

The Company had restricted cash as collateral for the Company’s corporate credit card program which was discontinued during the first quarter of 2025. As of September 30, 2025 and December 31, 2024, the carrying value of restricted cash was $0 and $0.1 million, respectively.

​

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Table of Contents

Concentrations of Credit Risk

​

The Company extends credit to clients in the normal course of business and performs ongoing credit evaluations of its clients. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the financial statements. The Company does not require collateral from its clients to secure accounts receivable.

​

Accounts receivable was derived from the leasing of proprietary ASRs along with access to browser-based interface Knightscope Security Operations Center (“KSOC”) as well as the sale of ECDs. The Company reviews its receivables for collectibility based on historical loss patterns, aging of the receivables, and assessments of specific identifiable client accounts considered at risk or uncollectible and provides allowances for potential credit losses, as needed. The Company also considers any changes to the financial condition of its clients and any other external market factors that could impact the collectibility of the receivables in the determination of the allowance for credit losses. Based on these assessments, the Company recorded a $0.1 million allowance for credit losses on its accounts receivable as of September 30, 2025 and December 31, 2024.

​

As of September 30, 2025, the Company had two clients whose accounts receivable balance totaled 10% or more (24% and 19%, respectively) of the Company’s total accounts receivable compared with one client as of December 31, 2024 (13%).

​

For the three and nine months ended September 30, 2025, the Company had one client who individually accounted for 10% or more of the Company’s total revenue, net (24% and 20%, respectively), compared with one client who individually accounted for 10% of total revenue, net for the three months ended September 30, 2024 (12%) and no clients who individually accounted for 10% or more of the total revenue for the nine months ended September 30, 2024.

​

Inventory

​

Inventory, principally purchased components, is stated at the lower of cost or net realizable value. Cost is determined using an average cost, which approximates actual cost on a first-in, first-out basis. Inventory in excess of salable amounts and inventory which is considered obsolete based upon changes in existing technology is written off. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the new cost basis. The following table presents the components of inventory (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Raw materials | ​ | $ | 1,592 | ​ | $ | 1,539
Work in process | ​ |  | 93 | ​ |  | 123
Finished goods | ​ |  | 133 | ​ |  | 135
​ | ​ | $ | 1,818 | ​ | $ | 1,797

​

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Autonomous Security Robots, net

​

ASRs consist of materials, ASRs in progress and finished ASRs. ASRs in progress and finished ASRs include materials, labor and other direct and indirect costs used in their production. Finished ASRs are valued using a discrete bill of materials, which includes an allocation of labor and direct overhead based on assembly hours. Depreciation expense on ASRs is recorded using the straight-line method over their estimated expected lives, which currently ranges from 3 to 5 years. Depreciation expense of finished ASRs is included in research and development expense, sales and marketing expense, and cost of revenue, net on the Company’s condensed statements of operations. Depreciation expense on finished ASRs was $0.5 million for the three months ended September 30, 2025 and 2024. Depreciation expense on finished ASRs was $1.5 million for the nine months ended September 30, 2025 and 2024.

​

ASRs, net, consisted of the following (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Raw materials | ​ | $ | 2,677 | ​ | $ | 2,465
ASRs in progress | ​ |  | 163 | ​ |  | 322
Finished ASRs | ​ |  | 12,165 | ​ |  | 11,790
​ | ​ |  | 15,005 | ​ |  | 14,577
Less: accumulated depreciation on Finished ASRs | ​ |  | (7,053) | ​ |  | (5,812)
ASRs, net | ​ | $ | 7,952 | ​ | $ | 8,765

The components of the Finished ASRs, net are as follows (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
ASRs on lease or available for lease | ​ | $ | 10,849 | ​ | $ | 10,553
Demonstration ASRs | ​ |  | 392 | ​ | ​ | 587
Research and development ASRs | ​ |  | 546 | ​ | ​ | 102
Charge boxes | ​ | ​ | 378 | ​ | ​ | 548
​ | ​ |  | 12,165 | ​ | ​ | 11,790
Less: accumulated depreciation | ​ |  | (7,053) | ​ | ​ | (5,812)
Finished ASRs, net | ​ | $ | 5,112 | ​ | $ | 5,978

Intangible Assets

​

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands, except years):

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 30, 2025
​ | ​ | Amortization | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Period | ​ | carrying | ​ | Accumulated | ​ | Carrying
Intangible assets with determinable lives |  | (years) |  | amount |  | amortization |  | amount, net
Developed technology |  | 5 | ​ | $ | 990 | ​ | $ | (586) | ​ | $ | 404
Customer relationships |  | 8 | ​ |  | 950 | ​ |  | (351) | ​ |  | 599
Total | ​ | ​ | ​ | $ | 1,940 | ​ | $ | (937) | ​ | $ | 1,003

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​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | December 31, 2024
​ | ​ | Amortization | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Period | ​ | carrying | ​ | Accumulated | ​ | Carrying
Intangible assets with determinable lives | ​ | (years) |  | amount |  | amortization |  | amount, net
Developed technology |  | 5 | ​ | $ | 990 | ​ | $ | (437) |  | $ | 553
Customer relationships |  | 8 | ​ |  | 950 | ​ |  | (262) |  |  | 688
Total | ​ | ​ | ​ | $ | 1,940 | ​ | $ | (699) |  | $ | 1,241

Intangible assets amortization expense totaled $0.1 million for the three months ended September 30, 2025 and 2024. Intangible assets amortization was recorded in sales and marketing and cost of revenue, net - service on the Company’s condensed statements of operations.

​

Intangible assets amortization expense totaled $0.2 million for the nine months ended September 30, 2025 and 2024. Intangible assets amortization was recorded in sales and marketing and cost of revenue, net - service on the Company’s condensed statements of operations.

​

As of September 30, 2025, future intangible assets amortization expense for each of the next five years and thereafter is as follows (in thousands):

​

​ | ​ | ​ | ​
Year ending December 31, |  | Amount
2025 (remaining 3 months) | ​ | $ | 79
2026 | ​ |  | 317
2027 | ​ |  | 275
2028 | ​ |  | 118
2029 | ​ |  | 119
2030 | ​ | ​ | 95
Total | ​ | $ | 1,003

Accrued Expenses and Other Current Liabilities

​

Accrued expenses and other current liabilities consisted of the following (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Legal, consulting and financial services | ​ | $ | 1,041 | ​ | $ | 58
Sales tax | ​ | ​ | 68 | ​ | ​ | 378
Warranty liability | ​ | ​ | 386 | ​ |  | 364
Payroll and payroll taxes | ​ | ​ | 119 | ​ | ​ | 364
Customer deposits | ​ |  | 203 | ​ |  | 82
Credit cards | ​ |  | 183 | ​ | ​ | 128
Accrued interest | ​ | ​ | 315 | ​ | ​ | —
Other | ​ |  | 333 | ​ |  | 420
​ | ​ | $ | 2,648 | ​ | $ | 1,794

Warranty Liability

​

The liability for estimated warranty claims is accrued at the time of sale and the expense is recorded in the condensed statements of operations in cost of revenue, net - product. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability.

​

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Change in the warranty liability for the nine months ended consisted of the following (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30,
​ | ​ | 2025 |  | 2024
Balance January 1, | ​ | $ | 364 | ​ | $ | 406
Provision for warranties issued | ​ |  | 224 | ​ |  | 331
Warranty services provided | ​ |  | (202) | ​ |  | (291)
​ | ​ | $ | 386 | ​ | $ | 446

Convertible Preferred Warrant Liabilities and Common Stock Warrants

​

Freestanding warrants to purchase shares of the Company’s preferred stock were classified as liabilities on the balance sheets at their estimated fair value because the underlying shares of preferred stock were contingently redeemable and, therefore, may have obligated the Company to transfer assets at some point in the future. The preferred stock warrants were recorded at fair value upon issuance and were subject to remeasurement to their respective estimated fair values. At the end of each reporting period, changes in the estimated fair value of the preferred stock warrants were recorded in the condensed statements of operations. The Company adjusted the liability associated with the preferred stock warrants for changes in the estimated fair value until the earlier of the exercise or conversion. On May 15, 2024, the preferred stock warrants converted into warrants to purchase common stock and any liabilities recorded for the preferred stock warrants were reclassified to additional paid-in capital and are no longer subject to remeasurement. Common stock warrants that are not considered derivative liabilities are accounted for at fair value at the date of issuance in additional paid-in capital.

​

Stock-Based Compensation

​

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation, which requires that the estimated fair value on the date of grant be determined using the Black-Scholes option pricing model with the fair value recognized over the requisite service period of the awards, which is generally the option vesting period. The Company’s determination of the fair value of the stock-based awards on the date of grant, using the Black-Scholes option pricing model, is affected by the fair value of the Company’s common stock as well as other assumptions regarding a number of highly complex and subjective variables. These variables include but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee option exercise behaviors. Because there is insufficient historical information available to estimate the expected term of the stock-based awards, the Company adopted the simplified method of estimating the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company recognizes forfeitures as they occur when calculating stock-based compensation for its equity awards.

​

Basic and Diluted Net Loss per Share

​

Net loss per share of common stock is computed using the two-class method required for participating securities based on their participation rights. All series of convertible preferred stock are participating securities as the holders are entitled to participate in common stock dividends with common stock on an as converted basis. The voting, dividend, liquidation and other rights and powers of the common stock are subject to and qualified by the rights, powers and preferences of any series of preferred stock as may be designated by the Company’s Board of Directors and outstanding from time to time. In accordance with the two-class method, earnings allocated to these participating securities, which include participation rights in undistributed earnings with common stock, are subtracted from net loss to determine net loss attributable to common stockholders upon their occurrence.

​

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Basic net loss per share is computed by dividing net loss attributable to common stockholders (net adjusted for preferred stock dividends declared or accumulated) by the weighted average number of common shares outstanding during the period. All participating securities are excluded from basic weighted average shares outstanding. In computing diluted net loss attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by diluted weighted average shares outstanding, including potentially dilutive securities, unless anti-dilutive. Potentially dilutive securities that were excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2025 and 2024 consist of the following:

​

​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | September 30,
​ | ​ | 2025 |  | 2024
Warrants to purchase common stock (convertible to Class A Common Stock) | ​ | 186,411 | ​ | 150,111
Stock options |  | 319,493 |  | 298,863
Total potentially dilutive shares |  | 505,904 |  | 448,974

​

The weighted average number of shares of common stock outstanding as of September 30, 2025 includes the weighted average effect of the 15,238 vendor warrants (as defined in Note 5 - Capital Stock and Warrants) because the exercise of such warrants requires nominal consideration ($0.001 per share). As of September 30, 2025, none of the vendor warrants have been exercised and are not included in the table above.

​

As all potentially dilutive securities are anti-dilutive as of September 30, 2025 and 2024, diluted net loss per common share is the same as basic net loss per common share for each period.

​

On May 15, 2024 (the “Preferred Stock Conversion Date”), pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, as amended to date (the “Certificate of Incorporation”) each share of the Company’s Super Voting Preferred Stock (as defined in the Certificate of Incorporation) was automatically converted into fully-paid, non-assessable shares of Class B Common Stock and each share of the Company’s Ordinary Preferred Stock (together with the Super Voting Preferred Stock, the “Preferred Stock”) was automatically converted into fully-paid, non-assessable shares of Class A Common Stock, in each case at the then effective applicable Conversion Rate, (as defined in the Certificate of Incorporation), as a result of the receipt by the Company of a written request for such conversion from the holders of a majority of the voting power of the Preferred Stock then outstanding. As a result, no shares of previously authorized Preferred Stock remain outstanding.

​

Accounting Pronouncements Adopted in 2025

​

None.

​

Accounting Pronouncements Not Yet Adopted

​

On December 14, 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. The amendment is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the new standards on the financial statements and related disclosures.

​

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires entities to disclose specified information about certain expenses in the notes to the financial statements, including employee compensation. It is effective on a prospective basis for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. Management does not believe the implementation of this standard will have a material impact on the Company’s financial statements.

​

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In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of the adoption and the impact of the new standard on the financial statements and related disclosures.

​

Management has reviewed other recently issued accounting pronouncements issued or proposed by the FASB and does not believe any of these accounting pronouncements has had or will have a material impact on the condensed financial statements.

​

NOTE 2: Revenue and Deferred Revenue

​

Revenue Recognition

​

ASR related revenues

​

The Company derives its revenues from lease of proprietary ASRs along with access to the browser-based interface KSOC through contracts under the lease accounting that typically have a twelve (12)-month term. In addition, the Company derives non-lease revenue items such as professional services related to ASRs’ deployments, special decals, shipping costs and training if any, recognized when control of these services is transferred to the clients, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

​

ECD related revenues

​

The Company also derives revenues from sales of its ECDs and related services, such as installation, maintenance, and upgrades. Revenue is recognized when clients sign a full or partial certificate of completion, at which point, the Company can generate an invoice for its products and services. Clients also have the option to sign up for ongoing preventative and maintenance agreements. The maintenance revenue is recognized in the period the service is performed and the Company has determined that the term of the contracts has been fulfilled. Installation or upgrades revenue are recognized upon completion of the project/contracts. In certain cases, deferred revenue is recognized to account for unfinished contracts.

​

The Company determines revenue recognition through the following steps:

​

| ● | identification of the contract, or contracts, with a client;

​

| ● | identification of the performance obligations in the contract

​

| ● | determination of the transaction price;

​

| ● | allocation of the transaction price to the performance obligations in the contract; and

​

| ● | recognition of revenue when, or as, the Company satisfies a performance obligation.

​

ASR subscription revenue

​

The Company recognizes ASR subscription revenue as follows:

​

ASR subscription revenue is generated from the lease of proprietary ASRs along with access to the browser-based interface KSOC through contracts that typically have 12-month terms. These revenue arrangements adhere to lease accounting guidance and are classified as leases for revenue recognition purposes. Currently, all revenue arrangements qualify as operating leases where consideration allocated to the lease deliverables is recognized ratably over the lease term.

​

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Deferred revenue

In connection with the Company’s Machine-as-a-Service (“MaaS”) subscription for the Company’s ASRs, the Company’s standard billing terms are annual in advance. In these situations, the Company records the invoices as deferred revenue and amortizes the subscription amount when the services are delivered, which generally is a 12-month period. In addition, the Company refers certain transactions to financing companies, whereby the financing company advances the full value of the MaaS subscription to the Company, less a processing fee. The advanced payment is recorded in deferred revenue and amortized over the term of the subscription once the ASR is delivered to the deployment site.

​

The Company derives its revenue from the lease subscription of its proprietary ASRs along with access to its browser and mobile based software interface, KSOC. MaaS subscription agreements typically have a 12-month term.

​

The Company also records deferred revenue from unfinished contracts for certain ECD related services.

​

Deferred revenue includes billings in excess of revenue recognized. Revenue recognized at a point in time generally does not result in significant increases in deferred revenue. Revenue recognized over a period generally results in a majority of the increases in deferred revenue as the performance obligations are fulfilled after the billing event. Deferred revenue was as follows (in thousands):

​

​ | ​ | ​ | ​
​ |  | September 30, 2025
Deferred revenue - short term | ​ | $ | 1,416
Revenue recognized in the nine months ended related to amounts included in deferred revenue at the beginning of the period | ​ | $ | 1,674

Deferred revenue represents amounts invoiced to customers for contracts for which revenue has yet to be recognized based for subscription services to be delivered to the Company’s clients. Typically, the timing of invoicing is based on the terms of the contract.

​

Customer Deposits

​

Customer deposits primarily relate to sales of ECDs to certain customers dependent upon creditworthiness. The customer deposits are recorded as current liabilities and reclassed as a contra accounts receivable account at the time that the final invoice for the sale is generated following the completion of the revenue recognition criteria.

​

Disaggregation of revenue

​

The Company disaggregates revenue from contracts with customers into the timing of the transfers of goods and services by product line.

​

The following table summarizes revenue by product line and timing of recognition (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ | ​ | 2025 | ​ | 2024
​ |  | Point in time |  | Over time |  | Total |  | Point in time |  | Over time |  | Total
ASRs | ​ | $ | 6 | ​ | $ | 1,044 | ​ | $ | 1,050 | ​ | $ | 20 | ​ | $ | 1,123 | ​ | $ | 1,143
ECDs | ​ | ​ | 1,848 | ​ | ​ | 233 | ​ |  | 2,081 | ​ | ​ | 1,191 | ​ | ​ | 201 | ​ |  | 1,392
Total | ​ | $ | 1,854 | ​ | $ | 1,277 | ​ | $ | 3,131 | ​ | $ | 1,211 | ​ | $ | 1,324 | ​ | $ | 2,535

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2025 | ​ | 2024
​ |  | Point in time |  | Over time |  | Total |  | Point in time |  | Over time |  | Total
ASRs | ​ | $ | 26 | ​ | $ | 3,352 | ​ | $ | 3,378 | ​ | $ | 67 | ​ | $ | 3,078 | ​ | $ | 3,145
ECDs | ​ | ​ | 4,711 | ​ | ​ | 708 | ​ |  | 5,419 | ​ | ​ | 4,345 | ​ | ​ | 502 | ​ |  | 4,847
Total | ​ | $ | 4,737 | ​ | $ | 4,060 | ​ | $ | 8,797 | ​ | $ | 4,412 | ​ | $ | 3,580 | ​ | $ | 7,992

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Product Revenue, net

​

Product revenue, net includes point of sale transactions related to the ECDs, including product, shipping, and installation.

​

Other revenue, net

​

Other non-ASR service-related revenues such as deployment services, decals and training revenue are recognized when services are delivered. Revenue from these transactions has been immaterial for all periods presented and is included in service revenue, net.

NOTE 3: Fair Value Measurement

​

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are three levels of inputs that may be used to measure fair value:

| ● | Level 1 – Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

​

| ● | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

​

| ● | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

​

In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities that are measured at fair value on a recurring basis consist of the convertible preferred stock warrant liabilities.

​

The following tables summarize, for each category of assets or liabilities carried at fair value, the respective fair value as of September 30, 2025 and December 31, 2024, and the classification by level of input within the fair value hierarchy (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2025 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market funds | ​ | $ | 20,344 | ​ | $ | 20,344 | ​ | $ | — | ​ | $ | —

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash equivalents and restricted cash: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market funds | ​ | $ | 10,638 | ​ | $ | 10,638 | ​ | $ | — | ​ | $ | —

During the nine-month periods ended September 30, 2025 and 2024, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and the valuation techniques used did not change compared to the Company’s established practice.

​

As of September 30, 2025 and December 31, 2024, there were no liabilities measured and recognized at fair value on a recurring basis.

​

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The following table sets forth a summary of the changes in the fair value of Company’s Level 3 warrant and derivative liabilities during the nine-month period ended 2024, which were measured at fair value on a recurring basis (in thousands):

​

​ | ​ | ​ | ​
​ | ​ | September 30,
​ | ​ | 2024
Beginning Balance |  | $ | 6,247
Warrants cancelled | ​ |  | (3,000)
Revaluation of Series m-3 and S Preferred Stock warrants | ​ | ​ | (1,214)
Reclassification of Series m-3 and S Preferred Stock warrants | ​ | ​ | (4,762)
Revaluation of common stock warrants | ​ | ​ | 2,729
Ending Balance | ​ | $ | —

​

​

NOTE 4: Debt Obligations

​

Public Safety Infrastructure Bonds

On September 29, 2023, the Company filed an Offering Circular on Form 1-A/A (File No. 024-12314) (the “Offering Circular”) for the issuance of up to $10.0 million in Public Safety Infrastructure Bonds (the “Bonds”) pursuant to Regulation A of the Securities Act. The Offering Circular was qualified with the SEC on October 2, 2023. The price per Bond is $1,000. The Bonds are unsecured, bearing interest at 10% per annum, payable annually on December 31 each year, starting on December 31, 2024, with the Bonds maturing on the fifth anniversary of the initial issuance.

August 2024 Note

​

On October 10, 2022, the Company entered into a Securities Purchase Agreement (the “2022 Purchase Agreement”) with Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B (the “Holder”), pursuant to which the Company issued and sold to the Holder in a private placement (i) senior secured convertible notes (the “2022 Notes”), and (ii) warrants (the “2022 Warrants”) to purchase up to 1,138,446 shares of the Company’s Class A Common Stock. The 2022 Warrants included an adjustment mechanism, whereby the exercise price and number of shares issuable upon the exercise of the 2022 Warrants (the “Warrant Exercise Price”) were subject to adjustment from time to time, such that immediately after an issuance of shares of Class A Common Stock (a “Stock Issuance”), excluding an At The Market offering, at any price per share of Class A Common Stock that was lower than the then in effect Warrant Exercise Price (the “Reset Price”), the Warrant Exercise Price would be reduced to equal the Reset Price, and the number of shares issuable upon the exercise of the 2022 Warrants would be increased to the number necessary to maintain the value of the 2022 Warrants immediately prior to such Stock Issuance. In connection with the entry into the 2022 Purchase Agreement, the Company and the Holder also entered into a registration rights agreement (the “2022 Registration Rights Agreement”), pursuant to which the Company agreed to provide the Holder with certain registration rights under the Securities Act.

​

On August 1, 2024 (the “Issuance Date”), the Company and the Holder entered into an Agreement and Waiver (the “Waiver”), pursuant to which, on the Issuance Date, the Company issued to the Holder a Senior Secured Promissory Note due on July 1, 2025, in an aggregate amount equal to $3.0 million (the “Principal”) in exchange for the cancellation of the Holder’s 2022 Warrants (the “August 2024 Note”). The Company has agreed to pay the Principal in two separate installments: the first installment in an amount equal to $2.5 million payable in 11 equal consecutive monthly installments beginning on September 1, 2024, and the second installment in an amount equal to $0.5 million payable on the earlier of (x) October 15, 2024, and (y) upon any issuance by the Company or any of its subsidiaries of common stock or common stock equivalents for cash consideration, indebtedness or a combination of units thereof (other than pursuant to a customary at the-market offering program and equity line of credits). Upon the occurrence of a Change of Control (as defined in the August 2024 Note), the Holder may, at its option, exercisable at any time commencing on the public announcement of such Change of Control until the 30th day after the consummation thereof, require the Company to repay the August 2024 Note in full. The August 2024 Note shall not bear interest; provided, however, upon the occurrence and during the continuance of an Event of Default (as defined in the August 2024 Note), the outstanding principal amount of the Principal shall, automatically upon the occurrence and during the continuance of such Event of Default, bear interest at a rate equal to ten

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percent of the amount payable per annum until such date that the Event of Default is cured or the August 2024 Note is paid in full.

​

Additionally, pursuant to the Waiver, the Holder agreed that the Company’s obligations under the 2022 Notes, the 2022 Purchase Agreement, the 2022 Registration Rights Agreement, the 2022 Warrants, and the other Transaction Documents (as defined in the 2022 Purchase Agreement) have been satisfied in full and such documents are terminated, except that the Company shall continue to comply with and perform Section 4.10 of the 2022 Purchase Agreement and Section 6 of the 2022 Registration Rights Agreement, in each case which provide for indemnification, and which in each case survive and shall remain in full force and effect.

​

The Waiver and August 2024 Note contain various representations and warranties, affirmative and negative covenants, financial covenants, events of default and other provisions and obligations.

​

In connection with the entry into the Waiver and the August 2024 Note, on the Issuance Date, the Company and the Holder entered into a security agreement, pursuant to which the Company granted to the Holder a security interest in substantially all current and future properties, assets, and rights of the Company.

​

The August 2024 Note was paid in full, therefore as of September 30, 2025 and December 31, 2024, the outstanding balance was $0 and $1.4 million, respectively and was included in the current portion of debt obligations.

​

Insurance Notes

​

On October 26, 2024, the Company financed $0.3 million in business insurance premiums to be repaid in eleven installments of $24 thousand with a borrowing rate of 7.39%. On February 4, 2025, the Company financed additional business insurance premiums of $0.4 million to be repaid in eleven installments of $35 thousand with a borrowing rate of 7.39%. As of September 30, 2025, the outstanding balance on the financing for the insurance premiums was $0.1 million.

​

The amortized carrying amount of the Company’s debt obligations consists of the following (in thousands):

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Bonds, net of unamortized issuance costs of $258 and $316, respectively | ​ | $ | 3,995 | ​ | $ | 3,952
August 2024 Note | ​ | ​ | — | ​ | ​ | 1,364
Insurance Notes | ​ | ​ | 105 | ​ | ​ | —
Total debt | ​ |  | 4,100 | ​ |  | 5,316
Less: current portion of debt obligations | ​ |  | (105) | ​ |  | (1,364)
Non-current portion of debt obligations | ​ | $ | 3,995 | ​ | $ | 3,952

​

​

NOTE 5: Capital Stock and Warrants

​

On the Preferred Stock Conversion Date of May 15, 2024, pursuant to the terms of the Company’s Certificate of Incorporation, each share of the Company’s Super Voting Preferred Stock (as defined in the Certificate of Incorporation) was automatically converted into fully-paid, non-assessable shares of Class B Common Stock and each share of the Company’s Ordinary Preferred Stock (as defined in the Certificate of Incorporation) was automatically converted into fully-paid, non-assessable shares of Class A Common Stock, in each case at the then effective applicable Conversion Rate (as defined in the Certificate of Incorporation), as a result of the receipt by the Company of a written request for such conversion from the holders of a majority of the voting power of the Preferred Stock then outstanding. As a result, there were no shares of Preferred Stock outstanding after the Preferred Stock Conversion Date.

​

For periods subsequent to May 15, 2024, the preferred warrants were no longer subject to contractual modification provisions and were reclassified from a liability classification to an equity classification on the condensed balance sheets.

​

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On August 16, 2024, the Company held an annual meeting of stockholders at which the Company’s stockholders approved, among other items, amendments to the Certificate of Incorporation, to authorize 40,000,000 shares of “blank check” preferred stock, issuable in one or more series, and (ii) implement ancillary and conforming changes in connection with the authorization of “blank check” preferred stock and to remove provisions related to the Company’s former Super Voting Preferred Stock and Ordinary Preferred Stock, which are no longer outstanding. The term “blank check” preferred stock refers to preferred stock, the creation and issuance of which is authorized in advance by a company’s stockholders and the terms, rights and features of which are determined by the Board of Directors of a company without seeking further actions or vote of the stockholders.

​

Pre-funded Warrants and Underwriter Warrants

​

On November 21, 2024, the Company priced a public offering of Class A Common Stock and pre-funded warrants, generating gross proceeds of approximately $12.1 million. The Company sold 393,659 shares of Class A Common Stock and pre-funded warrants exercisable for 816,341 shares at public offering prices of $10.00 per share and $9.999 per warrant, respectively; each warrant was immediately exercisable at $0.001 per share and remained outstanding until exercised. The securities were issued under our effective Form S-3 shelf registration statement (File No. 333-269493) and related prospectus supplements, and the offering closed on November 25, 2024.

​

The transaction was completed pursuant to an underwriting agreement with Titan Partners Group LLC (“Titan”), a division of American Capital Partners, LLC, as sole book-runner; under that agreement the Company also issued Titan a five-year warrant, first exercisable 180 days after the agreement date and will be exercisable for a period of five years from the date of the agreement, to acquire 36,300 shares of Class A Common Stock at $18.29 per share. The agreement includes customary representations, warranties, covenants, and indemnification provisions.

​

All pre-funded warrants issued in this offering were exercised in full as of September 30, 2025.

​

Vendor Warrants

​

On January 6, 2025, we issued unregistered warrants to a consultant hired for advisory services, strategic communications, national security consulting, and government engagement support related to the Company’s products and services. The warrants are exercisable for such number of shares of our Class A Common Stock which equals $15 thousand per month (for a total of $0.1 million) divided by the 30-day weighted average trading price per share, and have a term of 6 years. The offer and issuance of the warrants was made in reliance on an exemption from registration pursuant to, and in accordance with the procedures set forth in, Rule 144A, under the Securities Act.

​

A summary of the Company’s outstanding warrants as of September 30, 2025 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Class of shares |  | Number of Warrants |  | Exercise Price |  | Expiration Date
Class A Common Stock (previously Series m-3 Preferred Stock) |  | 28,656 | ​ | $ | 200.00 | ​ | December 31, 2027
Class A Common Stock (previously Series S Preferred Stock) |  | 121,455 | ​ | $ | 93.87 | ​ | December 31, 2027
Class A Common Stock (Vendor Warrants) | ​ | 15,238 | ​ | $ | 0.001 | ​ | 6 years from each issuance
Class A Common Stock (Underwriter Warrants) | ​ | 36,300 | ​ | $ | 18.29 | ​ | November 21, 2029

​

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Common Stock Reserved for Future Issuance

​

Shares of common stock reserved for future issuance relate to outstanding preferred stock, warrants and stock options as follows:

​

​ | ​ | ​
​ |  | September 30,
​ | ​ | 2025
Stock options to purchase common stock |  | 319,493
Warrants outstanding for future issuance of common stock |  | 201,649
Stock options available for future issuance |  | 289,024
Total shares of Class A Common Stock reserved |  | 810,166

At-the-Market Offering Program

​

On February 1, 2023, we entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which we may offer and sell from time-to-time shares of Class A Common Stock through or to Wainwright acting as sales agent or principal (the “ATM Facility”). We initially filed a prospectus supplement on February 9, 2023, for sales under the ATM Facility up to $20.0 million, which was further supplemented on April 8, 2024, June 7, 2024, October 11, 2024, and November 14, 2024.

​

On April 4, 2025, we filed a new shelf registration statement on Form S-3, pursuant to which we may, from time to time in one or more offerings, offer and sell up to $100.0 million in the aggregate of Class A Common Stock, preferred stock, debt securities, warrants and/or units, in any combination. The new shelf registration statement was declared effective on April 11, 2025. On July 18, 2025, we filed a new prospectus supplement for additional sales under the ATM Facility up to $50.0 million of shares of Class A Common Stock. As of November 7, 2025, we have approximately $35.6 million remaining to be sold pursuant to the new prospectus supplement and the accompanying prospectus related to the ATM Facility.

​

For the nine months ended September 30, 2025, we have sold an aggregate of 4,746,850 shares of Class A Common Stock under the ATM Facility for net proceeds of approximately $31.2 million, after deducting sales agent fees and expenses of approximately $0.9 million.

​

​

NOTE 6: Stock-Based Compensation

​

Equity Incentive Plans

​

In April 2014, the Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”) allowing for the issuance of up to 40,000 shares of common stock through grants of options, stock appreciation rights, restricted stock or restricted stock units. In December 2016, the 2014 Plan was terminated, and the Company’s Board of Directors adopted a new equity incentive plan defined as the 2016 Equity Incentive Plan (the “2016 Plan”) in which the remaining 38,720 shares available for issuance under the 2014 Plan at that time were transferred to the 2016 Plan. Awards outstanding under the 2014 Plan at the time of the 2014 Plan’s termination will continue to be governed by their existing terms. The shares underlying any awards that are forfeited, canceled, repurchased or are otherwise terminated by the Company under the 2014 Plan will be added back to the shares of common stock available for issuance under the 2016 Plan. The 2016 Plan provides for the granting of stock awards such as incentive stock options, non - statutory stock options, stock appreciation rights, restricted stock or restricted stock units to employees, directors and outside consultants as determined by the Board of Directors.

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On June 23, 2022, following approval by the Board of Directors, the Company’s stockholders adopted the 2022 Equity Incentive Plan (the “2022 Plan”) allowing for the issuance of up to 100,000 shares of Class A Common Stock through grants of options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other stock or cash-based awards. In connection with the adoption of the 2022 Plan, shares previously available for issuance under the 2016 Plan became available for issuance under the 2022 Plan. The number of shares authorized under the 2022 Plan will be increased each January 1st, beginning January 1, 2023 and ending on (and including) January 1, 2032, by an amount equal to the lesser of (a) 5% of our Class A Common Stock and Class B Common Stock outstanding on December 31st of the immediately preceding calendar year (rounded up to the nearest whole share) and (b) a number of shares determined

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by the plan administrator. Shares subject to awards (including under the 2016 Plan and the 2014 Plan) that lapse, expire, terminate, or are canceled prior to the issuance of the underlying shares or that are subsequently forfeited to or otherwise reacquired by us will be added back to the shares of common stock available for issuance under the 2022 Plan.

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The Board of Directors may grant stock options under the 2022 Plan at an exercise price of not less than 100% of the fair market value of the Company’s common stock on the date the option is granted. Options generally have a term of ten years from the date of grant. Incentive stock options granted to employees who, on the date of grant, own stock representing more than 10% of the voting power of all of the Company’s classes of stock, are granted at an exercise price of not less than 110% of the fair market value of the Company’s common stock. The maximum term of incentive stock options granted to employees who, on the date of grant, own stock having more than 10% of the voting power of all of the Company’s classes of stock, may not exceed five years. The Board of Directors also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Options granted under the 2022 Plan may vest upon the passage of time, generally four years, or upon the attainment of certain performance criteria established by the Board of Directors. The Company may from time-to-time grant options to purchase common stock to non-employees for advisory and consulting services. At each measurement date, the Company will remeasure the fair value of these stock options using the Black - Scholes option pricing model and recognize the expense ratably over the vesting period of each stock option award. Stock options comprise all of the awards granted since the 2022 Plan’s inception.

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Stock option activity under all of the Company’s equity incentive plans for the nine-month period ended September 30, 2025 is as follows:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​
​ | ​ | Shares | ​ | Number of | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Available for | ​ | Shares | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ | ​ | Grant | ​ | Outstanding | ​ | Price | ​ | Life (Years) | ​ | Value (000’s)
Available and outstanding as of December 31, 2024 | ​ | 92,020 | ​ | 296,391 | ​ | $ | 50.50 | ​ | 7.97 | ​ | $ | 26
2022 Equity incentive plan increase | ​ | 220,106 | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Granted |  | (45,090) |  | 45,090 | ​ |  | 4.89 |  | ​ |  | ​ | ​
Forfeited |  | 21,988 |  | (21,988) | ​ |  | 112.14 |  | ​ |  | ​ | ​
Available and outstanding as of September 30, 2025 | ​ | 289,024 | ​ | 319,493 | ​ | $ | 38.12 | ​ | 7.54 | ​ | $ | 40
Vested and exercisable as of September 30, 2025 |  | ​ | ​ | 182,079 | ​ | $ | 51.15 |  | 6.51 | ​ | $ | —

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The aggregate intrinsic value in the table above represents the total intrinsic value based on the Company’s closing stock price of $5.77 as of September 30, 2025, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted average grant date fair value of options granted during the nine-month period ended September 30, 2025 was $2.63 per share. There were no options exercised during the nine-month period ended September 30, 2025 compared to 2,260 options exercised during the nine-month period ended September 30, 2024. The fair value of stock options that vested during the nine months ended September 30, 2025, and 2024 was $1.4 million and $1.1 million, respectively.

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The determination of the fair value of options granted during the three and nine months ended September 30, 2025 and 2024 is computed using the Black-Scholes option pricing model with the following weighted average assumptions:

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ |  | Nine Months Ended | ​
​ | ​ | September 30, | ​ | ​ | September 30, | ​
​ | ​ | 2025 |  | 2024 |  | ​ | 2025 |  | 2024 |
Risk-free interest rate |  | 3.82 | % | 4.20 | % |  | 3.86 | % | 4.20 | %
Expected dividend yield |  | — | % | — | % |  | — | % | — | %
Expected volatility | ​ | 52.36 | % | 54.30 | % |  | 52.99 | % | 54.35 | %
Expected term (in years) |  | 6.1 |  | 5.8 | ​ |  | 6.1 |  | 5.7 | ​

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A summary of stock-based compensation expense recognized in the Company’s condensed statements of operations is as follows (in thousands):

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
Cost of revenue, net | ​ | $ | 39 | ​ | $ | 75 | ​ | $ | 125 | ​ | $ | 140
Research and development | ​ |  | 104 | ​ |  | 146 | ​ |  | 367 | ​ |  | 414
Sales and marketing | ​ |  | 22 | ​ |  | 24 | ​ |  | 65 | ​ |  | 104
General and administrative | ​ |  | 211 | ​ |  | 479 | ​ |  | 626 | ​ |  | 669
Total | ​ | $ | 376 | ​ | $ | 724 | ​ | $ | 1,183 | ​ | $ | 1,327

As of September 30, 2025, the Company had unamortized stock-based compensation expense of $1.2 million that will be recognized over the weighted average remaining vesting term of options of 1.2 years. Option pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on the analysis of volatilities of the Company’s selected public peer group over a period commensurate with the expected term of the options. The expected term of the employee stock options represents the weighted average period the stock options are expected to remain outstanding and is based on the contractual terms, the vesting period and the expected remaining term of the outstanding options. The risk-free interest rate is based on the U.S. Treasury interest rates whose term in consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future.

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NOTE 7: Commitments and Contingencies

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Leases

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The Company leases facilities for office space under non-cancelable operating lease agreements. In April 2025, the Company entered into a new operating lease for its current headquarters in Sunnyvale, California, with a lease term through June 30, 2030. Upon commencement of this new lease in April 2025, the Company paid a refundable lease deposit of $0.5 million on and recognized operating lease right-of-use asset and operating lease liability of $2.9 million, each. The annual base rent under the new lease is $0.9 million. In addition to base rent, the Company is also responsible for covering its share of the common area expenses and property taxes associated with the building. During the last three months of 2025, the Company expects to use cash for leasehold improvements to build out and furnish the new space.

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As of September 30, 2025 and December 31, 2024, the components of the Company’s leases and lease costs were as follows (in thousands):

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​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024
Operating leases |  | ​ |  | ​
Operating lease right-of-use assets | ​ | $ | 2,877 | ​ | $ | 407
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities, current portion | ​ | $ | 320 | ​ | $ | 412
Operating lease liabilities, non-current portion | ​ |  | 2,954 | ​ |  | —
Total operating lease liabilities | ​ | $ | 3,274 | ​ | $ | 412
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs | ​ | $ | 1,087 | ​ | $ | 989

Operating lease costs were approximately $0.4 million and $0.3 million for the three-month periods ended September 30, 2025 and 2024, respectively, and approximately $1.1 million and $0.8 million for nine-month periods ended September 30, 2025 and 2024, respectively.

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As of September 30, 2025, future minimum operating lease payments were as follows (in thousands):

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​ | ​ | ​ | ​
Years ending December 31, | ​ | Amount
2025 (remaining three months) | ​ | $ | 33
2026 | ​ | ​ | 1,010
2027 | ​ | ​ | 999
2028 | ​ | ​ | 1,029
2029 | ​ | ​ | 1,060
2030 | ​ | ​ | 496
Total future minimum lease payments | ​ |  | 4,627
Less – Interest | ​ |  | (1,353)
Present value of lease liabilities | ​ | $ | 3,274

As of September 30, 2025, the weighted average remaining lease term is 4.6 years and the weighted average discount rate is 14.7%.

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Purchase Commitments

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The Company executed a purchase agreement on September 13, 2024, in order to secure the acquisition of raw materials essential to ASR production. This agreement stipulates a total expenditure of $0.8 million before December 31, 2026. In the nine months ended September 30, 2025, the Company made payments totaling $0.1 million pursuant to this commitment.

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Legal Matters

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The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business; however, no such claims have been identified as of September 30, 2025 that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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The Company from time to time enters into contracts that contingently require the Company to indemnify parties against third party claims. These contracts primarily relate to: (i) arrangements with clients which generally include certain provisions for indemnifying clients against liabilities if the services infringe a third party’s intellectual property rights, (ii) the Regulation A Issuer Agreement where the Company may be required to indemnify the placement agent for any loss, damage, expense or liability incurred by the other party in any claim arising out of a material breach (or alleged breach) as a result of any potential violation of any law or regulation, or any third party claim arising out of any investment or potential investment in the offering, and (iii) agreements with the Company’s officers and directors, under which the Company may be required to indemnify such persons from certain liabilities arising out of such persons’ relationships with the Company. The Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the condensed financial statements as of September 30, 2025 and December 31, 2024.

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Sales Tax Contingencies

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The Company has historically not collected state sales tax on the sale of its MaaS product offering but has paid sales tax and use tax on all purchases of raw materials and in conjunction with the financing arrangement of the Company’s ASRs with Farnam Street Financial. The Company’s MaaS product offering may be subject to sales tax in certain jurisdictions. If a taxing authority were to successfully assert that the Company has not properly collected sales or other transaction taxes, or if sales or other transaction tax laws or the interpretation thereof were to change, and the Company was unable to enforce the terms of their contracts with clients that give the right to reimbursement for the assessed sales taxes, tax liabilities in amounts that could be material may be incurred. Based on the Company’s assessment, the Company has recorded a use tax liability of $0.1 million and $0.4 million as of September 30, 2025 and December 31, 2024 which has been included in other current liabilities on the accompanying condensed balance sheets. The Company continues to analyze possible sales tax exposure but does not currently believe that any individual claim or aggregate claims that might arise will ultimately have a material effect on its results of operations, financial position or cash flows.

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NOTE 8: Segment Information

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Management identifies reportable segments based on how it manages the Company’s operations. As such, the Company operates as one segment for reporting purposes. The accounting policies of the Company’s segment are the same as those described in Note 1.

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The CODM assesses performance at a Company level and decides how to allocate resources based on net loss. The measure of segment assets is reported on the condensed balance sheets as total assets. The measure of significant segment expenses is listed on the condensed statements of operations. The CODM evaluates performance and allocates resources for its reportable segment using segment income or loss. This metric is used to evaluate the overall financial performance of the segment, make operational and strategic decisions, prepare the Company’s annual plan, and allocate resources.

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NOTE 9: Subsequent Events

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At-the-market offering program

From October 1, 2025 to November 7, 2025, the Company sold 1,108,623 shares of Class A Common Stock, generating approximately $7.1 million of proceeds, net of commissions and other issuance costs, under the Company’s ATM facility, resulting in cash on hand of $22.3 million as of November 7, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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The following discussion of our financial condition and results of operations should be read in conjunction with the (1) unaudited condensed financial statements and the related notes thereto included elsewhere in this report, and (2) the audited financial statements and the related notes thereto and management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024 included in our Annual Report on Form 10-K.

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The historical results presented below are not necessarily indicative of the results that may be expected for any future period. Forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties, and assumptions, and other important factors. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, as updated by our other filings with the SEC, and the section titled “Cautionary Note on Forward-Looking Statements” included elsewhere herein.

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Overview

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Knightscope is dedicated to transforming public safety through AI-driven robotics, emergency communication solutions, and real-time monitoring. Our comprehensive suite of solutions includes Autonomous Security Robots (“ASR”), advanced AI-powered detection, emergency communication devices (“ECD”), and the cloud-based Knightscope Security Operations Center (“KSOC”), providing organizations with scalable, 24/7 autonomous monitoring. Our products are manufactured in the United States and are designed to protect people and assets across various environments, including workplaces, schools, and public areas.

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Our core technologies are a unique combination of autonomy, robotics, artificial intelligence and electric vehicle technology:

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Business Environment

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Knightscope operates in a dynamic and evolving trade environment that can impact both material sourcing and manufacturing costs. Knightscope strongly supports efforts to revitalize domestic manufacturing and is committed to scaling U.S.-based engineering and production operations. While we strive to manufacture our ASRs and ECDs domestically, global material availability and supplier delivery performance may present challenges. These supply chain constraints have, at times, impacted the timing of equipment production and delivery to our clients.

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In addition, the evolving global tariff environment continues to influence input costs for certain components and materials. While the overall financial impact to date has been deemed immaterial, we remain vigilant and proactive in mitigating future cost pressures.

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To address these challenges, we are actively investing in our new, larger production facility in Sunnyvale, California, and taking targeted actions to enhance throughput, strengthen yield, and improve overall delivery performance. We are optimizing our procurement and production strategies, leveraging existing supplier relationships, and evaluating alternative sourcing options where appropriate. Additionally, Knightscope continues to maintain disciplined cost controls and may implement selective pricing adjustments as needed to offset residual tariff-related pressures while preserving value for our clients.

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Recent Developments

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Extinguishment of Warrants with Anti-Dilution Features - On October 10, 2022, the Company issued senior secured convertible notes and warrants to purchase 22,768 Class A shares under a Securities Purchase Agreement with Alto Opportunity Master Fund. The warrants included anti-dilution provisions adjusting the exercise price and share quantity if lower-priced stock was later issued. On August 1, 2024, the Company and the holder entered into a waiver agreement, canceling the 2022 warrants in exchange for a $3.0 million senior secured promissory note due July 1, 2025.

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On June 30, 2025, the senior secured promissory note was paid in full.

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Strengthened Liquidity – As of September 30, 2025, cash and cash equivalents of approximately $20.4 million, represent a $15.2 million year-over-year increase. This improvement is largely attributable to disciplined expense management and strategically executed financing.

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Investment in growth and innovation

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New, Larger Facility - In April 2025, Knightscope signed a lease for a newly expanded corporate headquarters at 305 North Mathilda Avenue, Sunnyvale, California, securing approximately 33,355 square feet—more than double our former facility. This expanded footprint establishes a strategic hub for enhanced engineering, manufacturing, and client support efforts while the consolidation enables improved internal collaboration and streamlined deployment workflows.

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Focused Investment in Innovation - Consistent with our long-term growth strategy, research and development (“R&D”) investments remain strategically directed toward development of the K7 platform and ECD products, advancements in autonomous navigation, and integration of AI-powered analytics. These efforts are designed to drive sustainable, high-margin growth as we enhance our product roadmap and competitive differentiation.

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Operational Efficiency

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The Company is focused on scaling its business and on implementing strategies to decrease net loss over time.

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Production Improvements – The Company’s continued investment in continuous improvements of our production processes have yielded overtime labor cost reduction, improved capacity utilization, and shorter delivery timelines. Our attention remains focused on converting backlog into billings and cash receipts in the coming periods.

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Cost Discipline - Despite continued investment in R&D for the next-generation technology platforms, overall operating expense growth remains tightly managed, aligning with our financial strategy of controlling overhead while investing in innovation.

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Facility Consolidation and Inventory Assessment – As part of our transition to the new, larger Sunnyvale facility, we completed a comprehensive review of our inventory, manufacturing processes, and legacy systems. This effort is expected to enhance operational efficiency and support long-term scalability; in connection with these efforts, we identified obsolete, slow-moving, or excess inventory and recorded a non-cash inventory write-off of approximately $0.6 million during the three months ended September 30, 2025. This cost is recognized in the Company’s Statements of Operations in Cost of revenue, net - service. These actions are part of a broader initiative to streamline operations and align inventory with current and future product roadmaps.

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Supply Chain Challenges

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During the third quarter of 2025, the Company experienced improved availability of key electronic components used in its ECD product assemblies as a result of the supply chain mitigation measures implemented earlier in the year. These actions - including supplier diversification and proactive material replenishment mechanisms - enabled the Company to fulfill certain delayed orders and increase product revenue during the period.

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While overall supply conditions have improved relative to the prior quarter, the Company continues to monitor potential volatility in the global electronics and logistics markets that could affect lead times, component pricing, and production schedules. The Company believes that its current procurement and inventory management processes have positioned it to better respond to potential disruptions; however, the timing and magnitude of future supply constraints remain uncertain and could continue to impact operating results in the near term.

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As of November 10, 2025, the Company had a total backlog of approximately $2.8 million, comprised of $2.3 million related to orders for ECDs and $0.5 million related to ASR orders.

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Legislative and Regulatory Developments

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On July 4, 2025, President Trump signed the tax law referred to as One-Big-Beautiful-Bill-Act (“OBBBA”), which includes comprehensive U.S. corporate tax legislation. The legislation includes the modification and extension of prior tax law under the Tax Cuts and Jobs Act and the introduction of new provisions. Examples include the extension of so-called permanently restoring bonus depreciation allowances, permanent changes in the limitations for deducting business interest expense and permanent expensing of domestic research and development costs. The impact on current and deferred taxes for tax law changes is reported in continuing operations in the interim period which includes the enactment date. The Company has done a preliminary analysis of the changes impacting its business and has determined that the aggregate impact, assuming various state tax legislation conforms to the OBBBA, would not have a material impact to the Company.

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Results of Operations

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Comparison of the Three Months Ended September 30, 2025 and 2024

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The following table sets forth selected condensed statements of operations data and such data as a percentage of total revenue.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |
(in thousands, except percentages) | ​ | 2025 |  | % of Revenue |  | 2024 |  | % of Revenue |
Revenue, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service | ​ | $ | 1,906 | ​ | 61 | % | $ | 1,861 | ​ | 73 | %
Product | ​ | ​ | 1,225 | ​ | 39 | % | ​ | 674 | ​ | 27 | %
Total revenue, net | ​ | ​ | 3,131 | ​ | 100 | % | ​ | 2,535 | ​ | 100 | %
Cost of revenue, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service | ​ | ​ | 3,505 | ​ | 112 | % | ​ | 2,382 | ​ | 94 | %
Product | ​ | ​ | 1,196 | ​ | 38 | % | ​ | 659 | ​ | 26 | %
Total cost of revenue, net | ​ | ​ | 4,701 | ​ | 150 | % | ​ | 3,041 | ​ | 120 | %
Gross loss | ​ |  | (1,570) |  | (50) | % |  | (506) |  | (20) | %
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ |  | 3,773 |  | 121 | % |  | 1,770 |  | 70 | %
Sales and marketing | ​ |  | 1,089 |  | 35 | % |  | 1,000 |  | 39 | %
General and administrative | ​ |  | 3,076 |  | 98 | % |  | 4,432 |  | 175 | %
Restructuring charges | ​ | ​ | — | ​ | — | % | ​ | 33 | ​ | 1 | %
Total operating expenses | ​ |  | 7,938 |  | 254 | % |  | 7,235 |  | 285 | %
Loss from operations | ​ |  | (9,508) |  | (304) | % |  | (7,741) |  | (305) | %
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of warrant and derivative liabilities | ​ |  | — |  | — | % |  | (2,966) |  | (117) | %
Interest income (expense), net | ​ | ​ | 59 | ​ | 2 | % | ​ | (130) | ​ | (5) | %
Other income (expense), net | ​ |  | (90) |  | (3) | % |  | (67) |  | (3) | %
Total other income (expense) | ​ |  | (31) |  | (1) | % |  | (3,163) |  | (125) | %
Net loss before income tax expense | ​ |  | (9,539) |  | (305) | % |  | (10,904) |  | (430) | %
Income tax expense | ​ |  | — |  | — | % |  | — |  | — | %
Net loss | ​ | $ | (9,539) |  | (305) | % | $ | (10,904) |  | (430) | %

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Revenue, net

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Total revenue, net for the three months ended September 30, 2025 increased by approximately $0.6 million compared to the same period in the prior year primarily due to a $0.6 million increase in product revenue. Service revenue was relatively flat for the quarter. The increase in product revenue was largely attributable to the timing of deliveries, as the Company was able to fulfill orders delayed from the second quarter of 2025 following the resolution of certain material shortages that had previously constrained production.

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Cost of revenue, net

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Total cost of revenue, net of $4.7 million for the three months ended September 30, 2025, increased approximately $1.7 million compared to the same period in the prior year. This was due to $1.1 million higher service cost and $0.5 million higher product cost than prior year. Cost of revenue, net – service includes a $0.6 million write-off of obsolete ASR raw materials, $0.4 million in higher materials and labor costs, and $0.1 million higher compensation expense. The increase in cost of revenue, net – product was due to $0.5 million higher materials cost.

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Gross Loss

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The revenue and cost of revenue described above resulted in a gross loss for the three months ended September 30, 2025 of approximately $1.6 million, compared to $0.5 million for the three months ended September 30, 2024.

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As a percentage of net revenue, gross loss increased to approximately 50% from 20% for the three months ended September 30, 2025 and 2024 respectively. The increase in loss was primarily due to the previously mentioned write-off of ASR raw materials and lower ASR revenue.

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Research and Development

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
Research and development | ​ | $ | 3,773 | ​ | $ | 1,770 | ​ | $ | 2,003 |  | 113 | %
Percentage of total revenue | ​ |  | 121 | % |  | 70 | % |  |  |  |  | ​

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Research and development expenses increased by approximately $2.0 million, or approximately 113%, for the three months ended September 30, 2025, as compared to the same period in the prior year. The increase reflects the Company’s continued investment in advancing product innovation, primarily in the development of the K7 four-wheeled autonomous robot designed to patrol large, outdoor areas.

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Sales and Marketing

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
Sales and marketing | ​ | $ | 1,089 | ​ | $ | 1,000 | ​ | $ | 89 |  | 9 | %
Percentage of total revenue | ​ |  | 35 | % |  | 39 | % |  |  |  |  | ​

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Sales and marketing expenses increased by approximately $0.1 million, or approximately 9%, for the three months ended September 30, 2025, as compared to the same period in the prior year. The increase over the prior year was primarily due to increased payroll costs associated with our additional sales and marketing personnel.

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General and Administrative

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
General and administrative | ​ | $ | 3,076 | ​ | $ | 4,432 | ​ | $ | (1,356) |  | (31) | %
Percentage of total revenue | ​ |  | 98 | % |  | 175 | % |  |  |  |  | ​

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General and administrative expenses decreased by approximately $1.4 million, or approximately 31%, for the three months ended September 30, 2025, as compared to the same period in the prior year. The decrease was primarily due to $0.2 million lower investor relations fees, $0.3 million lower stock-based compensation expenses, $0.3 million lower consumable supplies costs, $0.2 million lower credit loss expense and $0.5 million lower third-party professional fees, primarily legal and finance services. These decreases were partially offset by $0.2 million higher rent expense.

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Restructuring Charges

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) |  | 2025 |  | 2024 |  | $ Change |  | % Change |
Restructuring Charges | ​ | $ | — | ​ | $ | 33 | ​ | $ | (33) |  | (100) | %
Percentage of total revenue | ​ |  | — | % |  | 1 | % |  |  |  |  | ​

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Restructuring charges were immaterial for both the three-month periods ended September 30, 2025 and 2024.

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Other Income (expense)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) |  | 2025 |  | 2024 |  | $ Change |  | % Change |
Change in fair value of warrant and derivative liability | ​ | $ | — | ​ | $ | (2,966) | ​ | $ | 2,966 |  | 100 | %
Interest expense, net | ​ | ​ | 59 | ​ | ​ | (130) | ​ | ​ | 189 | ​ | 145 | %
Other income (expense), net | ​ | ​ | (90) | ​ | ​ | (67) | ​ | ​ | (23) | ​ | (34) | %
Total other income (expense) | ​ | $ | (31) | ​ | $ | (3,163) | ​ | $ | 3,132 | ​ | (99) | %

​

Total other income (expense) decreased by approximately $3.1 million, or 99%, for the three months ended September 30, 2025 as compared to the same period in the prior year as non-cash expense from change in the fair value of warrant and derivative liabilities in 2024 was not repeated in 2025. The Company extinguished its outstanding warrant liability in 2024.

​

​

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Comparison of the Nine Months Ended September 30, 2025 and 2024

​

The following table sets forth selected condensed statements of operations data and such data as a percentage of total revenue.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30, |
(in thousands, except percentages) | ​ | 2025 |  | % of Revenue |  | 2024 |  | % of Revenue |
Revenue, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service | ​ | $ | 6,093 | ​ | 69 | % | $ | 5,502 | ​ | 69 | %
Product | ​ | ​ | 2,704 | ​ | 31 | % | ​ | 2,490 | ​ | 31 | %
Total revenue, net | ​ | ​ | 8,797 | ​ | 100 | % | ​ | 7,992 | ​ | 100 | %
Cost of revenue, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service | ​ | ​ | 9,105 | ​ | 104 | % | ​ | 8,256 | ​ | 103 | %
Product | ​ | ​ | 2,848 | ​ | 32 | % | ​ | 2,169 | ​ | 27 | %
Total cost of revenue, net | ​ | ​ | 11,953 | ​ | 136 | % | ​ | 10,425 | ​ | 130 | %
Gross loss | ​ |  | (3,156) |  | (36) | % |  | (2,433) |  | (30) | %
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development | ​ |  | 7,997 |  | 91 | % |  | 4,976 |  | 62 | %
Sales and marketing | ​ |  | 3,432 |  | 39 | % |  | 4,043 |  | 51 | %
General and administrative | ​ |  | 8,008 |  | 91 | % |  | 10,883 |  | 136 | %
Restructuring charges | ​ | ​ | 11 | ​ | — | % | ​ | 447 | ​ | 6 | %
Total operating expenses | ​ |  | 19,448 |  | 221 | % |  | 20,349 |  | 255 | %
Loss from operations | ​ |  | (22,604) |  | (257) | % |  | (22,782) |  | (285) | %
Other income (expense): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in fair value of warrant and derivative liabilities | ​ |  | — |  | — | % |  | (1,515) |  | (19) | %
Interest income (expense), net | ​ | ​ | (95) | ​ | (1) | % | ​ | (323) | ​ | (4) | %
Other income (expense), net | ​ |  | (66) |  | (1) | % |  | (147) |  | (2) | %
Total other income (expense) | ​ |  | (161) |  | (2) | % |  | (1,985) |  | (25) | %
Net loss before income tax expense | ​ |  | (22,765) |  | (259) | % |  | (24,767) |  | (310) | %
Income tax expense | ​ |  | — |  | — | % |  | — |  | — | %
Net loss | ​ | $ | (22,765) |  | (259) | % | $ | (24,767) |  | (310) | %

​

​

Revenue, net

​

Total revenue, net for the nine months ended September 30, 2025 increased by approximately $0.8 million compared to the same period in the prior year due to a $0.6 million increase in service revenue and a $0.2 million increase in product revenue. Service revenue increased across both product lines as ASR deployments increased $0.2 million year-over-year and ECD services revenue grew $0.4 million over the same period due to pricing changes and the increased adoption of full-service maintenance plans by our clients.

​

Cost of revenue, net

​

Total cost of revenue, net of $12.0 million for the nine months ended September 30, 2025 increased by approximately $1.5 million compared to the same period in the prior year. This increase was due to higher cost of revenue in services of $0.8 million, and higher costs of revenues in product of $0.7 million.

​

Service cost of revenue, net for the nine months ended September 30, 2025 increased by approximately $0.8 million as compared to the same period in 2024 primarily due to $0.5 million in higher third-party expenses and approximately $0.3 million in higher materials costs. Third party expenses are related to the strategic decision we made in March 2024 to outsource field services to third party partners. The higher expense in 2025 reflects three full quarters of expenses compared to only two quarters of expenses in 2024.

​

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Product cost of revenue, net for the nine months ended September 30, 2025 of $2.8 million was $0.7 million higher than the prior year due to higher material costs.

​

Gross Loss

​

The revenue and cost of revenue described above resulted in a gross loss for the nine months ended September 30, 2025 of approximately $3.2 million, compared to $2.4 million for the nine months ended September 30, 2024.

​

As a percentage of net revenue, gross loss increased to 36% from 30% for the nine months ended September 30, 2025 and 2024, respectively.

​

Research and Development

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
Research and development | ​ | $ | 7,997 | ​ | $ | 4,976 | ​ | $ | 3,021 |  | 61 | %
Percentage of total revenue | ​ |  | 91 | % |  | 62 | % |  |  |  |  | ​

​

​

Research and development expenses increased by approximately $3.0 million, or approximately 61%, for the nine months ended September 30, 2025, as compared to the same period in the prior year. The increase is primarily attributable to the Company’s investment in the development of its next-generation K7 autonomous security robot platform – a four-wheeled vehicle designed to operate at higher patrol speeds, traverse multi-terrain surfaces, cover expanded ranges and larger site footprints, and enable enhanced remote monitoring capabilities. While the K7 has not been commercially deployed yet, the Company believes this investment positions it for future growth opportunities in larger environments.

​

Sales and Marketing

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
Sales and marketing | ​ | $ | 3,432 | ​ | $ | 4,043 | ​ | $ | (611) |  | (15) | %
Percentage of total revenue | ​ |  | 39 | % |  | 51 | % |  |  |  |  | ​

​

​

Sales and marketing expenses decreased by approximately $0.6 million, or approximately 15%, for the nine months ended September 30, 2025, as compared to the same period in the prior year. The decrease was primarily due to a decline in advertising and promotional costs compared to the same period in the prior year.

​

General and Administrative

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended |  | ​ | ​ |  |  |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) | ​ | 2025 |  | 2024 | ​ | $ Change | ​ | % Change |
General and administrative | ​ | $ | 8,008 | ​ | $ | 10,883 | ​ | $ | (2,875) |  | (26) | %
Percentage of total revenue | ​ |  | 91 | % |  | 136 | % |  |  |  |  | ​

​

​

General and administrative expenses decreased by approximately $2.9 million, or approximately 26%, for the nine months ended September 30, 2025, as compared to the same period in the prior year. The decrease was primarily due to $1.6 million lower investor relations fees that the Company spent in the prior year to support its funding efforts, including the Public Safety Infrastructure Bonds, $1.5 million lower third-party professional fees, primarily legal and finance services, and $0.2 million in lower credit loss expense. These decreases were partially offset by $0.2 million higher consulting costs and $0.5 million higher rent expense related to our new, larger facility in Sunnyvale, CA.

​

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Restructuring Charges

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30, | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) |  | 2025 |  | 2024 |  | $ Change |  | % Change |
Restructuring Charges | ​ | $ | 11 | ​ | $ | 447 | ​ | $ | (436) |  | (98) | %
Percentage of total revenue | ​ |  | — | % |  | 6 | % |  |  |  |  | ​

​

Restructuring charges were immaterial for the nine months ended September 30, 2025 compared to $0.4 million for the same period in the prior year.

​

Other Income (expense)

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​ | ​ | ​ | ​ | ​ |
​ | ​ | September 30 | ​ | ​ | ​ | ​ | ​ |
(in thousands, except percentages) |  | 2025 |  | 2024 |  | $ Change |  | % Change |
Change in fair value of warrant and derivative liabilities | ​ | $ | — | ​ | $ | (1,515) | ​ | $ | 1,515 |  | 100 | %
Interest expense, net | ​ | ​ | (95) | ​ | ​ | (323) | ​ | ​ | 228 | ​ | 71 | %
Other income (expense), net | ​ | ​ | (66) | ​ | ​ | (147) | ​ | ​ | 81 | ​ | 55 | %
Total other income (expense) | ​ | $ | (161) | ​ | $ | (1,985) | ​ | $ | 1,824 | ​ | (92) | %

​

​

Total other income (expense) decreased by approximately $1.8 million, or 92%, for the nine months ended September 30, 2025 as compared to the same period in the prior year as non-cash expense from change in the fair value of warrant and derivative liabilities in 2024 was not repeated in 2025. The Company extinguished its outstanding warrant liability in 2024.

​

Liquidity and Capital Resources

​

Our operations have been financed primarily through net proceeds from the sale of securities and from borrowings.

​

As of September 30, 2025 and December 31, 2024, we had $20.4 million and $11.1 million, respectively, of cash and cash equivalents. As of September 30, 2025, the Company had additional paid-in capital of $242.8 million, partially offset by an accumulated deficit of approximately $216.0 million, working capital of approximately $18.7 million and total stockholders’ equity of approximately $26.9 million.

​

We have generated significant losses from operations as reflected in our accumulated deficit. Additionally, we have generated negative cash flows from operations and investing activities as we continue to support the growth of our business. We anticipate continuing to make significant capital investments over the next several years to focus on ramping up production to support anticipated growth. We also anticipate continuing to make investments in future growth initiatives, including new product development across ASRs and ECDs as well as other technology and software.

​

Our future operating losses and capital needs may differ materially from current plans and will depend on factors such as revenue growth, R&D and growth-related spending, manufacturing scale-up, cost-reduction efforts, product launch timing, customer adoption, and broader economic conditions. We may require additional financing through debt or equity. Equity sales could dilute existing stockholders, while debt could impose repayment obligations and restrictive covenants. There is no assurance we can obtain financing on favorable terms or at all, and failure to do so could adversely impact our business objectives.

​

These factors raise substantial doubt about our ability to continue as a going concern. There can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its future operations. If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company may have to significantly reduce its operations, delay, scale back or discontinue the development of one or more of its platforms or discontinue operations completely.

​

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At-the-Market Offering Program

​

On February 1, 2023, we entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which we may offer and sell from time-to-time shares of Class A Common Stock through or to Wainwright acting as sales agent or principal (the “ATM Facility”). We initially filed a prospectus supplement on February 9, 2023, for sales under the ATM Facility up to $20.0 million, which was further supplemented on April 8, 2024, June 7, 2024, October 11, 2024, and November 14, 2024.

​

On April 4, 2025, we filed a new shelf registration statement on Form S-3, pursuant to which we may, from time to time in one or more offerings, offer and sell up to $100.0 million in the aggregate of Class A common stock, preferred stock, debt securities, warrants and/or units, in any combination. The new shelf registration statement was declared effective on April 11, 2025. On July 18, 2025, we filed a new prospectus supplement for additional sales under the ATM Facility up to $50.0 million of shares of Class A Common Stock. As of November 7, 2025, we have approximately $35.6 million remaining to be sold pursuant to the new prospectus supplement and the accompanying prospectus related to the ATM Facility.

​

For the three months ended September 30, 2025, we have sold an aggregate of 2,967,130 shares of Class A Common Stock under the ATM Facility for net proceeds of approximately $20.9 million, after deducting sales agent fees and expenses of approximately $0.5 million.

​

For the nine months ended September 30, 2025, we have sold an aggregate of 4,746,850 shares of Class A Common Stock under the ATM Facility for net proceeds of approximately $31.2 million, after deducting sales agent fees and expenses of approximately $0.9 million.

​

Securities Purchase Agreement

​

On March 27, 2025, the Company entered into a securities purchase agreement with a certain institutional investor, pursuant to which the Company agreed to issue and sell in a registered direct offering, 625,000 shares of the Company’s Class A Common Stock, par value $0.001 per share, at a purchase price of $2.75 per share. The gross proceeds to the Company from the offering were approximately $1.7 million before deducting placement agent fees and other offering expenses paid by the Company.

​

Cash Flow

​

The table below, for the periods indicated, provides selected cash flow information:

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended
​ | ​ | September 30,
(in thousands) | ​ | 2025 |  | 2024
Net cash used in operating activities | ​ | $ | (19,735) | ​ | $ | (17,377)
Net cash used in investing activities | ​ |  | (1,892) | ​ |  | (2,480)
Net cash provided by financing activities | ​ |  | 30,790 | ​ |  | 22,776
Net change in cash, cash equivalents and restricted cash | ​ | $ | 9,163 | ​ | $ | 2,919

​

Net Cash Used in Operating Activities

​

Net cash used in operating activities represents use of cash to pay our suppliers, employees and local, state and federal government organizations. This is partially offset by customer-related activities, primarily cash collections from product or service sales.

​

Net cash used in operating activities was approximately $19.7 million for the nine months ended September 30, 2025. Net cash used in operating activities resulted from a net loss of approximately $22.8 million and changes in assets and liabilities and non-cash charges.

​

Net cash used in operating activities for the nine months ended September 30, 2025 increased by approximately $2.4 million as compared to the same period of the prior year. This was primarily a result of a change in assets and liabilities of approximately $2.5 million, a decrease in the change in fair value of warrant and derivative liabilities of approximately $1.5

36

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million, decreased loss on the disposal of ASR of $0.3 million, and a decrease in stock-based compensation of approximately $0.1 million, partially offset by a decrease in the net loss of approximately $2.0 million.

​

Net Cash Used in Investing Activities

​

Our primary investing activities have consisted of capital expenditures and investment in ASRs. As our business grows, we expect our capital expenditures to continue to increase.

​

Net cash used in investing activities for the nine months ended September 30, 2025 and 2024 was approximately $1.9 million and $2.5 million, respectively.

​

Net Cash Provided by Financing Activities

​

Net cash provided by financing activities was approximately $30.8 million for the nine months ended September 30, 2025, an increase of approximately $8.0 million as compared to the same period of the prior year. Our financing activities for the nine months ended September 30, 2025 consisted primarily of net proceeds from the issuance of Class A Common Stock under our at-the-market offering program with Wainwright of approximately $31.2 million, net proceeds from the issuance of common stock under a direct registration offering of approximately $1.4 million, partially offset by repayments of debt obligations of $1.9 million. In the prior year period, our financing activities consisted primarily of net proceeds resulting from our at-the-market agreement with Wainwright of approximately $20.4 million and the issuance of our Public Safety Infrastructure Bonds of approximately $2.6 million.

​

Critical Accounting Estimates

​

There have been no material changes to our critical accounting estimates from what was reported in the Annual Report on Form 10-K. Please see Note 1 to our condensed financial statements elsewhere in this Quarterly Report on Form 10-Q.

​

Item 3. Quantitative and Qualitative Disclosures About Market Risk

​

As we are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act we are not required to provide information under this item.

​

Item 4. Controls and Procedures

​

Limitations on Effectiveness of Controls and Procedures

​

In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

​

Evaluation of Disclosure Controls and Procedures

​

Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures, (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective at the reasonable assurance level.

​

Changes in Internal Control over Financial Reporting

​

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

​

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

​

From time to time, the Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The Company is not presently a party to any litigation that it believes to be material and the Company is not aware of any pending or threatened litigation against the Company that it believes could have a material adverse effect on its business, operating results, financial condition or cash flows.

​

Item 1A. Risk Factors

​

You should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our 2024 Annual Report on Form 10-K which could materially affect our business, financial condition, cash flows or future results. There have been no material changes in our risk factors included in our Annual Report on Form 10-K. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

​

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

​

None.

​

Item 3. Defaults Upon Senior Securities

​

Not applicable.

​

Item 4. Mine Safety Disclosures

​

Not applicable.

​

Item 5. Other Information

​

| (a) | Disclosure in lieu of reporting on a Current Report on Form 8-K.

​

None.

​

| (b) | Material changes to the procedures by which security holders may recommend nominees to the Board of Directors

​

None.

​

| (c) | Insider trading arrangements and policies.

​

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

​

38

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Item 6. Exhibits

Exhibit No. |  | Description
​ | ​ | ​
3.1 | ​ | Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 2.1 to Knightscope, Inc.’s Regulation A Offering Statement on Form 1-A (File No. 024-11004)).
​ | ​ | ​
3.2 | ​ | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Knightscope, Inc., dated April 5, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8 - K (File No. 001 - 41248) filed on April 8, 2024).
​ | ​ | ​
3.3 | ​ | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Knightscope, Inc., dated September 13, 2024 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K (File No. 001-41248) filed on September 16, 2024).
​ | ​ | ​
3.4 | ​ | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Knightscope, Inc., dated September 13, 2024 (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K (File No. 001-41248) filed on September 16, 2024).
​ | ​ | ​
3.5 | ​ | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Knightscope, Inc., dated September 13, 2024 (incorporated by reference to Exhibit 3.3 to our Current Report on Form 8-K (File No. 001-41248) filed on September 16, 2024).
​ | ​ | ​
3.6 | ​ | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Knightscope, Inc., dated September 13, 2024 (incorporated by reference to Exhibit 3.4 to our Current Report on Form 8-K (File No. 001-41248) filed on September 16, 2024).
​ | ​ | ​
3.7 | ​ | Bylaws (incorporated by reference to Exhibit 2.2 to Knightscope, Inc.’s Regulation A Offering Statement on Form 1-A (File No. 024-11004)).
​ | ​ | ​
3.8 | ​ | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K (File No. 001-41248) filed on July 21, 2025).
​ | ​ | ​
31.1† | ​ | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​ | ​ | ​
31.2† | ​ | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​ | ​ | ​
32.1+ | ​ | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​ | ​ | ​
32.2+ | ​ | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​ | ​ | ​
101.INS† | ​ | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
​ | ​ | ​
101.SCH† | ​ | Inline XBRL Taxonomy Extension Schema Document
​ | ​ | ​
101.CAL† | ​ | Inline XBRL Taxonomy Extension Calculation Linkbase Document
​ | ​ | ​
101.DEF† | ​ | Inline XBRL Taxonomy Extension Definition Linkbase Document
​ | ​ | ​
101.LAB† | ​ | Inline XBRL Taxonomy Extension Label Linkbase Document
​ | ​ | ​
101.PRE† | ​ | Inline XBRL Taxonomy Extension Presentation Linkbase Document
​ | ​ | ​
104† | ​ | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

† | Filed herewith.

* | Certain confidential information contained in this exhibit has been omitted because it is both (i) not material and (ii) the type that the Registrant treats as private or confidential

+ | Furnished herewith. ​

​

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto, duly authorized.

Date: November 12, 2025

​

​ | ​ | ​
​ | KNIGHTSCOPE, INC.
​ | ​ | ​
​ | By: | /s/ William Santana Li
​ | Name: | William Santana Li
​ | Title: | Chairman, Chief Executive Officer and President
​ | ​ | (Principal Executive Officer)
​ | ​ | ​
​ | By: | /s/ Apoorv Dwivedi
​ | Name: | Apoorv Dwivedi
​ | Title: | Executive Vice President and Chief Financial Officer and Secretary
​ | ​ | (Principal Financial Officer)

​

​

40