Knightscope Inc. plunged 41% on its debut day of trading on Thursday but rebounded by the end of regular trading Friday. The Mountain View company’s stock closed for the day at $8.95, about 176% higher than its debut price of $3 Thursday morning. The company’s stock has been on a roller coaster ride since its public offering. On Wednesday, it jumped as high as $11.50 before falling back to the $10 mark by Thursday afternoon. Knightscope has struggled to generate revenue. In its last reported six-month period, the company lost $22.7 million on sales of $1.8 million. The year before, the company lost $9.1 million on $1.6 million in sales.
The $85 million raised in the stock sale is meant to be used for working capital and general corporate purposes, including research and development and funding operations. Knightscope has yet to turn a profit. The company has not yet released its first quarterly report as a public company, but it did disclose some financial information in an SEC filing. It said that it had revenue of $1.7 million for the three months ended Sept. 30.