Q2 2024 Knightscope Inc Earnings Call (Pre Recorded) Transcript
Thanks Bill. We know that this journey is challenging, but Knightscope is well positioned for long term success. With that, let's jump into our second quarter financial performance results. I'm Apoorv Dwivedi, EVP and CFO at Knightscope.
For the second quarter of 2024, we reported total net revenues of $3.2 million. This represents a decrease of $0.4 million or a 10% decline compared to the same period prior year, primarily because the gain in our services business was offset by lower year-over-year product revenue.
Services revenue increased by $0.1 million to reach approximately $2 million for the quarter, primarily due to a ASR subscriptions and as more clients in the K1B product line signed up for recurring maintenance. However, total product revenue, which currently consists mainly of the K1B product, declined by $0.5 million, coming in at approximately $1.3 million because a large one-time sale in the prior year did not repeat.
Moving on to costs. If you recall, the company made a few
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