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By Faith Ashmore, Benzinga
Robots are taking over headlines in 2024 as the world continues to advance and companies around the globe showcase innovative ways to incorporate robots into our society. The robotics market was valued at $31.38 billion in 2021 and is expected to reach $110.39 billion by 2030, with a CAGR of 15% from 2022-2030. One company that is demonstrating how robotics can be integral to public safety is Knightscope (NASDAQ: KSCP), a technology company ushering in the dawn of Autonomous Security Robots (ASRs).
Knightscopes success has garnered attention across the nation, and the company has won corporate contracts with major corporations, law enforcement agencies and even the U.S. Federal Government. These clients are among a long list of other collaborations. However, one of the most impressive aspects of these partnerships is how many continue to re-sign with Knightscope the company reports that several re-sign for 3, 4, 5, 6, 7 and even 8 consecutive years. This is a key proof point in the companys claim of recurring revenue for the recurring societal problem of crime.
In February, the company announced the renewal of its K5 ASR contract with a long-standing client in the entertainment industry. This renewal marks the eighth consecutive year of collaboration between the client who is based in North Hollywood and Knightscope. Knightscope reports that the client has consistently expressed satisfaction with the ASRs' ability to deter security threats, making it a top priority in their quarterly business reviews. Before the deployment of the ASRs, the client faced issues such as trespassing, vandalism, theft and break-ins. However, over the past seven years, these incidents have been significantly reduced to only a few isolated cases.
A Las Vegas apartment complex has also recently renewed its contract for the K5 ASR for the fourth consecutive year. The success of this deployment was previously covered by the Las Vegas Review-Journal and News 3 Las Vegas, highlighting the company's ability to maintain a dedicated customer base, reduce acquisition expenses and provide cost-efficient solutions in order to positively impact its financial outlook.
Starting from February 28, 2024, Knightscope will be participating in multiple events throughout Las Vegas. The first one is the World Game Protection Conference at the Tropicana. On March 18, 2024, EVP and Chief Client Officer Stacy Stephens will return to Mandalay Bay for Shoptalk. Stephens will be a panelist for the session titled Enhancing Store Performance, Security and Safety. Another event in April is also in the pipeline and will be announced at a later date.
Contract renewals are not just routine procedures; they exemplify Knightscope's capacity to foster growth, stability and strengthened partnerships with existing clients. In January, a Fortune 500 company located in Charlotte, NC renewed its contract with Knightscope for a third year. Since 2022, the finance company has chosen to utilize the K5 ASR for patrolling a recently built parking structure. These ongoing renewals not only validate the company's Machine-as-a-Service (MaaS) business model but also generate recurring revenue that contributes towards solving a persistent societal issue.
While the company is always looking for new business, consistent and recurring partnerships serve to highlight trust and satisfaction in Knightscope's products and business model. These renewals also provide valuable opportunities to nurture relationships and better understand evolving client needs, as well as the potential for recommendations or the expansion of business opportunities all while reducing costs and making the world safer.
Click here to read more about the companys future plans from CEO William Santana Li
Featured photo courtesy of Knightscope.
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