Free cash flow remains deeply negative, with a peak outflow of $12.4 million in 2026Q1, reflecting a business model where capital expenditure frequently exceeds 20% of revenue.
Knightscope, Inc. (KSCP) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -41.58M | -30.34M | -22.45M | -24.16M | -24.06M | -20.11M | -15.17M | -8.52M | -13.17M |
| Operating CF Margin % | - | -267.71% | -207.8% | -188.76% | -427.35% | -590.14% | -454.84% | -281.68% | -448.1% |
| Operating CF Growth % | -366.64% | -35.15% | 7.05% | -0.38% | -19.69% | -32.55% | -78.01% | 35.29% | - |
| Net Income | -45M | -33.81M | -31.73M | -22.12M | -25.64M | -43.84M | -19.34M | -11.96M | -13.39M |
| Depreciation & Amortization | 3.28M | 2.56M | 2.62M | 2.36M | 1.71M | 1.55M | 1.35M | 1.46M | 1.21M |
| Stock-Based Compensation | 1.35M | 1.54M | 1.71M | 2.73M | 3.54M | 1.27M | 519K | 468.58K | 338.51K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.3M | 1.05M | 2.76M | -4.05M | -6.72M | 19.23M | 3.97M | 1.04M | 2.6M |
| Working Capital Changes | -5.52M | -1.68M | 2.2M | -3.08M | 3.05M | 1.68M | -1.67M | 459.45K | -431.12K |
| Change in Receivables | -450K | -484K | 359K | -720K | 181K | -315K | -219K | 522.97K | -833.32K |
| Change in Inventory | -943K | -522K | 523K | 240K | -41K | 0 | 0 | 0 | 0 |
| Change in Payables | -183K | -355K | 950K | -599K | 944K | 1.28M | -736K | 164.24K | 96.14K |
| Cash from Investing | -8.55M | -2.52M | -3.18M | -5.12M | -9.93M | -2.33M | -632K | -1.16M | -1.22M |
| Capital Expenditures | -869K | -654K | -43K | -5.12M | -111K | -117K | 0 | -16.82K | -1.22M |
| CapEx % of Revenue | 4.2% | 5.77% | 0.4% | 40.02% | 1.97% | 3.43% | - | 0.56% | 41.59% |
| Acquisitions | -5.48M | 19K | 0 | 0 | -5.42M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.8M | 0 | -3.13M | 0 | -4.4M | -2.22M | -632K | -1.15M | 0 |
| Cash from Financing | 50.08M | 42.21M | 34.48M | 26.85M | 27.96M | 26.13M | 22.25M | 8.83M | 4.38M |
| Debt Issued (Net) | -812K | -2.06M | -1.64M | 677K | 3.16M | 9.58M | 715K | 5.86M | -661.85K |
| Equity Issued (Net) | 50.89M | 42.83M | 36.09M | 26.17M | 22.5M | 16.55M | 21.53M | 2.98M | 5.05M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 1.44M | 16K | 0 | 2.29M | 0 | 3K | -4.15K | 0 |
| Net Change in Cash | -51K | 9.34M | 8.84M | -2.43M | -6.04M | 3.69M | 6.45M | -849.73K | -10.01M |
| Free Cash Flow | -42.9M | -31M | -22.5M | -29.28M | -24.18M | -20.22M | -15.17M | -8.54M | -14.39M |
| FCF Margin % | -207.14% | -273.48% | -208.2% | -228.78% | -429.32% | -593.57% | -454.84% | -282.23% | -489.69% |
| FCF Growth % | -91.98% | -37.8% | 23.16% | -21.1% | -19.54% | -33.32% | -77.66% | 40.67% | - |
| FCF per Share | -2.39 | -0.37 | -7.77 | -22.20 | -31.52 | -95.11 | -74.44 | -41.92 | -70.69 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.90x | 0.71x | 1.09x | 0.94x | 0.46x | 0.78x | 0.71x | 0.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 769K | 718.45K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 800 | 0 |
Quick answers to the most common questions about buying KSCP stock.
Knightscope, Inc. (KSCP) generated $-30.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Knightscope, Inc. (KSCP) reported negative free cash flow of $31.0M in 2025, indicating capital requirements exceeded cash from operations.
Knightscope, Inc. (KSCP) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent negative operating cash
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
As reported in financial statements, Knightscope's operating cash flow consistently tracks closely with net losses, with an OCF/NI ratio frequently near or exceeding 1.0, indicating that the company lacks the non-cash accrual buffers typically seen in more mature, capital-intensive industrial firms.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based operating expenses rather than non-cash accounting charges. This implies that the business model is currently unable to generate the internal cash flow necessary to offset its high burn rate, leaving the company entirely dependent on external financing.
Free Cash Flow Remains Deeply Negative
Based on the provided quarterly data, Knightscope's free cash flow has remained consistently negative over the last ten quarters, with a peak outflow of $12.4 million in 2026Q1, highlighting the significant cash requirements needed to sustain current operations and fleet expansion.
The persistent negative free cash flow trajectory underscores the structural difficulty in achieving self-sustaining unit economics. Investors should monitor whether the recent acquisition of CASE Emergency Systems provides any meaningful relief to this cash burn or if it merely adds further complexity to the existing capital requirements.
Capital Intensity Outpacing Revenue Growth
According to recent SEC filings, Knightscope's capital expenditure as a percentage of revenue has been highly volatile, reaching as high as 51.1% in 2023Q4, which suggests that the company is forced to reinvest heavily in hardware just to maintain its existing fleet.
The high capital intensity relative to revenue indicates that the company's hardware-as-a-service model is not yet achieving the economies of scale required to lower unit costs. This ongoing need for capital investment to support the physical fleet may continue to pressure liquidity until the company can demonstrate a clear path to hardware profitability.
Working Capital Volatility Signals Operational Friction
As evidenced by the quarterly cash flow data, working capital changes have fluctuated significantly, ranging from a $2.6 million outflow in 2026Q1 to a $1.7 million inflow in 2024Q3, reflecting the inherent challenges in managing inventory and receivables within a nascent autonomous security business.
These swings in working capital suggest potential inefficiencies in the collection cycle or inventory management, which are common in early-stage hardware deployments. The inability to consistently generate positive working capital inflows may indicate that the company is struggling to optimize its cash conversion cycle as it attempts to scale.