Richtech Robotics (NASDAQ:RR) stock is rocketing higher on Wednesday despite a lack of news concerning the robot maker. There are no press releases or filings with the Securities and Exchange Commission (SEC) that explain why RR stock is rising today. The same also holds true for analyst coverage of the shares. However, investors will note that RR stock is seeing heavy trading on Wednesday. This has more than 138 million shares of the stock changing hands as of this writing. That's well above its daily aver ...

onurdongel Serve Robotics Inc. (SERV) is a developer of self-driving delivery robots. The stock has been on fire recently, with the announcement on July 19th of NVIDIA Corporation (NVDA) having taken a small investment stake being the prime catalyst for this two week nun. Richtech Robotics Inc. (NASDAQ:RR) has been the beneficiary of some sympathy play run-off, with the stock price increasing from $1.13 to $1.49 over the last week. In addition to developing delivery robots, RR also bas worker and cleaning r ...

Richtech Robotics' AI service robot ADAM worked alongside Delaware North at Texas Rangers' Globe Life Field Setting a new precedent for robots in hospitality, ADAM creates a more efficient workstream so stadium workers can focus on engaging and creating memorable fan experiences. Combining AI, advanced sensors, and two robotic arms – as well as a wide range of customizable drinks – ADAM seamlessly emulates human actions with exceptional accuracy. ADAM will reside within a stadium bar serving cocktails and m ...

This installation took place at the Ghost Kitchens restaurant inside the Dawsonville, Ga. Walmart (NYSE:WMT). That has the ADAM robot able to take orders and payments from customers while engaging in AI-powered conversation and preparing drinks. Matt Casella, president of Richtech Robotics, said the following about the news. How This Affects RR Stock Today RR stock is up 40.1% as of Monday morning. More Monday Stock Market News Richtech Robotics (NASDAQ:RR) stock is rocketing higher on Monday after the comp ...

ADAM's integration at Ghost Kitchens marks the start of a 240-location rollout across the US. Located inside a Walmart, the Dawsonville Ghost Kitchens is the first of 240 planned locations to integrate ADAM into its operations. ADAM, equipped with cutting-edge AI technology, commenced operation on June 13th, 2024, serving a variety of traditional and specialty coffee drinks to customers at the Dawsonville Ghost Kitchens, including the crowd-favorite Iced Foamy Hazelnut Latte. With this installation, Richtec ...

Rolls-Royce (LON: RR) share price has slumped for three straight days, becoming one of the worst-performing companies in the FTSE 100 index. It has crashed from this month's high of 488p to the current 456p. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. 440.0 360.0 280.0 180.00 Rolls-Royce stock price chart 0/10 500.0 420.0 340.0 260.0 160.00 The stock has pulled back after Airbus, the biggest aircraft manufacturer in the world, published a mixed f ...

Amid a nationwide shortage of pharmacy staff, the company is addressing critical healthcare facility challenges by automating the safe and secure delivery of medications LAS VEGAS, May 14, 2024 (GLOBE NEWSWIRE) -- – Richtech Robotics Inc. (NASDAQ:RR) ("Richtech Robotics"), a Nevada company and a provider of AI-driven service robots, today announces the launch of its latest robot: Medbot, an elevator delivery robot designed to streamline pharmacy operations with uninterrupted, 24/7 medications delivery. With ...

Revenue and Profitability - Revenue for the six months ended March 31, 2024 increased to $2.272 million, up from $2.054 million in the same period in 2023[16] - Gross profit for the six months ended March 31, 2024 was $1.290 million, compared to $1.146 million in the same period in 2023[16] - Total revenue for the six months ended March 31, 2024, was $2,272 thousand, up from $2,054 thousand in the same period in 2023[48] - Robotics revenue increased to $2,058 thousand in the six months ended March 31, 2024, compared to $2,001 thousand in the same period in 2023, driven by growth in service and leasing revenues[48] - Cloutea, the company's boba tea store utilizing the ADAM robot, generated $158 thousand in revenue since its opening in May 2023[48] Net Loss and Expenses - Net loss for the six months ended March 31, 2024 was $3.868 million, compared to $1.879 million in the same period in 2023[16] - Total operating expenses for the six months ended March 31, 2024 increased to $4.498 million, up from $3.024 million in the same period in 2023[16] - Net loss for the six months ended March 31, 2024 was $3.868 million, compared to $1.879 million in the same period in 2023[24] - The company's net loss attributable to common stockholders widened to $3,868 thousand in the six months ended March 31, 2024, from $1,879 thousand in the same period in 2023[59] - Basic and diluted net loss per share increased to $0.06 in the six months ended March 31, 2024, compared to $0.03 in the same period in 2023[59] Cash and Assets - Cash and cash equivalents as of March 31, 2024 were $8.195 million, a significant increase from $433,000 as of September 30, 2023[14] - Total assets as of March 31, 2024 were $13.221 million, compared to $7.853 million as of September 30, 2023[14] - Cash, cash equivalents, and restricted cash increased from $433,000 at the beginning of the period to $8.195 million at the end of March 2024[24] - The company received $9.278 million from stockholder capital injections during the first half of 2024[24] Liabilities and Equity - Total liabilities as of March 31, 2024 were $3.002 million, slightly down from $3.044 million as of September 30, 2023[14] - Total stockholders' equity as of March 31, 2024 was $10.219 million, up from $4.809 million as of September 30, 2023[14] - The company's short-term loan balance totaled $2,053 thousand as of March 31, 2024, including a $53 thousand loan from Stripe Capital[77] - The company issued a third Note to the Investor with a principal amount of $1,000,000 and a purchase price of $960,000, representing a 4% original issue discount, bearing interest at 8% per annum, and maturing on February 15, 2025[85] - The company issued 259,350 Commitment Shares to the Investor, which may have potential dilutive effects on future earnings per share calculations[86] Research and Development - Research and development expenses for the six months ended March 31, 2024 were $1.247 million, slightly down from $1.272 million in the same period in 2023[16] Sales and Marketing - Sales and marketing expenses for the six months ended March 31, 2024 increased significantly to $787,000, up from $166,000 in the same period in 2023[16] Inventory and Property - Total inventories decreased from $822,000 in September 2023 to $292,000 in March 2024, with raw materials dropping from $164,000 to $58,000 and finished goods from $658,000 to $234,000[39] - Property and equipment, net decreased from $28,000 in September 2023 to $24,000 in March 2024[41] Accounts Receivable and Cash Flow - Accounts receivable adjustments contributed $1.823 million to operating cash flows in the first half of 2024, compared to a $201,000 reduction in the same period of 2023[24] Revenue Recognition and Accounting Standards - Revenue is recognized upon customer acquisition of control, aligning with shipment or delivery dates as per contract terms[45] - The company maintains an emerging growth company status under the JOBS Act, allowing delayed adoption of new accounting standards[29] - The company adopted new accounting standards for leases (ASU 2016-02) and income taxes (ASU 2019-12), with no material impact on financial statements[54][55] Related Party Transactions - The company's related party balances included $171 thousand due from related parties and $90 thousand due to related parties as of March 31, 2024[78] Internal Controls and IT Systems - The company implemented QuickBooks Online to centralize transaction documentation, automate key accounting processes, and enhance data security[135] - The company integrated QuickBooks' inventory management module to improve real-time visibility, reduce calculation errors, and enhance accuracy[135] - The company established more specific controls for SaaS reports to address Complementary User Entity Controls arising from SaaS vendor audits[135] - The company expanded management oversight and controls within its IT systems to enhance IT governance[135] - The company implemented specific controls to ensure the completeness and accuracy of information produced by the entity (IPE), especially spreadsheets used in financial statement preparation[135] - The company improved access management by implementing enhanced controls for internal user access, including provisioning, periodic review, and timely removal[135] - The company evaluated the effectiveness of its ICFR based on the 2013 COSO framework and took decisive actions to address a previously identified material weakness[134] - There were no changes in the company's internal control over financial reporting during the fiscal quarter ended March 31, 2024 that materially affected or are likely to materially affect its internal control over financial reporting[139] Stock Issuance and Agreements - The company issued 2,327,847 new Class B shares during the first quarter of 2024[21] - The company entered into a Standby Equity Purchase Agreement allowing the purchase of up to $50 million of Class B common stock over 24 months, with shares priced at 96% of the lowest VWAP[63] Tax and Financial Reporting - The company recorded zero income tax benefit/expense for both six-month periods ended March 31, 2024 and 2023, with no material uncertain tax positions[61][62] Business Operations and Market Presence - Richtech Robotics operates in over 80 US cities, providing robotic solutions for delivery, cleaning, and food service across various industries[27]

Financial Performance - Net revenue increased to $1,106 thousand in Q4 2023, up from $946 thousand in Q4 2022[16] - Net loss widened to $2,748 thousand in Q4 2023 compared to $1,202 thousand in Q4 2022[16] - Total operating expenses rose to $2,872 thousand in Q4 2023 from $1,701 thousand in Q4 2022[16] - Total revenue for the three months ended December 31, 2023, was $1,106 thousand, compared to $946 thousand in the same period in 2022[47] - Robotics revenue increased from $936 thousand in 2022 to $999 thousand in 2023, driven by service revenue growth[47] - Cloutea, the boba tea store, generated $61 thousand in revenue since its opening in May 2023[47] - Net loss attributable to common stockholders increased to $2.748 million in Q4 2023 from $1.202 million in Q4 2022, representing a 129% increase[59] - Basic and diluted net loss per share was $(0.04) in Q4 2023 compared to $(0.02) in Q4 2022[59] - Total revenue increased by 20% to $1.106 million in Q4 2023 from $946 thousand in Q4 2022, driven by a 244% increase in service revenue[77] - Robotics revenue grew by 7% to $999 thousand in Q4 2023, with service revenue increasing by $567 thousand (244%) while product revenue decreased by $426 thousand (69%)[78] - Cost of revenue increased by $50 thousand (11%) to $496 thousand in Q4 2023, driven by higher robotics service revenue[79] - Gross profit margin improved to 61% in Q4 2023 from 53% in Q4 2022, primarily due to higher-margin robotics service revenue[80] - R&D expenses remained stable at $834 thousand in Q4 2023, with an anticipated increase of 20-30% in 2024 and 2025[81] - Sales and marketing expenses surged by $516 thousand (653%) to $595 thousand in Q4 2023 due to increased advertising and social media marketing[81] - General and administrative expenses rose by $676 thousand (88%) to $1,443 thousand in Q4 2023, mainly due to professional service fees for maintaining public company status[82] - Total other expense increased by $485 thousand (48,500%) to $486 thousand in Q4 2023, driven by interest expenses from short-term loans[83] Cash Flow and Financing - Cash and cash equivalents decreased from $7,535 thousand to $433 thousand between December 31, 2023, and September 30, 2023[14] - Net cash provided by financing activities was $8,339 thousand in Q4 2023, compared to $1,489 thousand in Q4 2022[23] - The company entered into ten short-term loan agreements totaling $1.853 million in 2023, with a remaining balance of $50 thousand as of December 31, 2023[63] - Operating cash outflows were $1,212 thousand in Q4 2023, with working capital at $10,665 thousand as of December 31, 2023[85] - Net cash provided by financing activities totaled $8,339 thousand in Q4 2023, primarily from the issuance of ordinary shares[91] Assets and Liabilities - Accounts receivable decreased from $5,576 thousand to $3,144 thousand between September 30, 2023, and December 31, 2023[14] - Total assets increased to $12,311 thousand as of December 31, 2023, from $7,853 thousand as of September 30, 2023[14] - Total liabilities rose to $3,044 thousand as of September 30, 2023, from $964 thousand as of December 31, 2023[14] - Stockholders' equity increased to $11,347 thousand as of December 31, 2023, from $4,809 thousand as of September 30, 2023[14] - Accounts receivable include unbilled receivables expected to be billed and collected within twelve months[35] - Allowance for doubtful accounts was $165 as of December 31, 2023, and $333 as of September 30, 2023[36] - Total inventories decreased from $822 thousand in September 2023 to $654 thousand in December 2023[38] - Property and equipment, net, decreased from $28 thousand in September 2023 to $24 thousand in December 2023[40] Operational Highlights - The company operates in over 80 cities across the United States, providing robotic solutions for various industries[26] - Cloutea, the company's boba tea store utilizing the ADAM robot, generated $61 thousand in revenue since its opening in May 2023[77] - The company anticipates increased general and administrative expenses due to costs associated with being a public company, including compliance, insurance, and investor relations[75] - Inflationary pressures and rising interest rates are expected to impact component costs, profit margins, and future borrowing costs[75] Accounting and Compliance - Cash and cash equivalents are placed in highly liquid instruments with financial institutions having high credit ratings[34] - Research and development costs are expensed as incurred, primarily consisting of employee-related expenses and facilities costs[49] - The company adopted new lease accounting standards effective January 1, 2022, recognizing right-of-use assets and lease liabilities[53] - Operating lease costs increased to $90 thousand in Q4 2023 from $37 thousand in Q4 2022, with total future minimum lease payments of $280 thousand as of December 31, 2023[69] - The company identified a material weakness in IT controls over third-party systems relevant to financial reporting[105] - Management is implementing remediation measures to address the material weakness in internal controls over financial reporting[109] - No litigation currently pending or contemplated against the company, its officers, or directors[115] - No material changes to previously disclosed risk factors as of the report date[116] - No unregistered sales of equity securities or use of proceeds reported[117] - No defaults upon senior securities reported[118] - Mine safety disclosures are not applicable to the company[119] - No other information disclosed in the report[120] - Exhibits filed include certifications under the Sarbanes-Oxley Act and Inline XBRL documents[122] - Certifications furnished under Section 906 of the Sarbanes-Oxley Act[123] - Report signed by Zhenwu Huang, CEO, and Zhenqiang Huang, CFO, on February 14, 2024[127] Stock and Equity - The company registered 6,000,000 shares of Class B common stock for its Employee Stock Option Plan, expected to be granted and effective in March 2024[71]

Revenue Growth and Financial Performance - Revenue increased by $2.71 million (45%) from $6.05 million in 2022 to $8.76 million in 2023[232] - Robotics revenue grew by $3.17 million (60%) from $5.30 million in 2022 to $8.46 million in 2023, driven by the launch of the ADAM robot and increased adoption among small to medium businesses[234] - Net loss improved by $168 thousand from $507 thousand in 2022 to $339 thousand in 2023[232] - Product sales accounted for 91.0% of revenue in FY2023, up from 61.7% in FY2022, while service sales decreased to 5.7% from 31.0%[63] - Percentage of sales attributable to enterprise customers increased from 2.06% in fiscal year 2022 to 3.82% in fiscal year 2023[19] - Percentage of sales attributable to MSA customers increased from 0.77% in fiscal year 2022 to 3.40% in fiscal year 2023[19] Cost and Expense Management - Cost of revenue increased by $646 thousand (31%) from $2.10 million in 2022 to $2.74 million in 2023, primarily due to higher robotics revenue[235] - Research and development expenses rose by $207 thousand (12%) from $1.77 million in 2022 to $1.98 million in 2023, reflecting increased investment in new product development[237] - Sales and marketing expenses decreased by $59 thousand (20%) from $297 thousand in 2022 to $238 thousand in 2023, due to improved targeting efficiency and reduced need for marketing after reaching manufacturing capacity[238] - The company spent $1.98 million on R&D in FY 2023, compared to $1.772 million in FY 2022, focusing on the Universal Smart Mobile Platform (USMP) to accelerate robot development[80] Cash Flow and Financing Activities - Net cash used in operating activities for 2022 was $2.65 million, primarily due to a net loss of $507 thousand and a $2.20 million decrease in net operating assets and liabilities[247] - Net cash provided by financing activities in 2023 totaled $3.03 million, including $2.23 million from the issuance of ordinary shares and $845 thousand from short-term loans[249] - Cash and cash equivalents increased to $433,000 in 2023 from $327,000 in 2022[385] - The company completed an IPO of 2,100,000 shares of Class B common stock at $5.00 per share, generating $10.5 million in gross proceeds[442] - Underwriters purchased an additional 42,563 shares of Class B common stock at $5.00 per share, adding $212,815 in gross proceeds[442] Internal Controls and Financial Reporting - The company identified a material weakness in internal control over financial reporting, which did not result in material misstatements but led to the conclusion that internal controls were not effective as of September 30, 2023[266] - The company identified material weaknesses in IT general controls and report reviews, particularly in SaaS vendor audit responses and IPE controls[268] - Remediation measures are being implemented to address IT control deficiencies, including enhanced user access management and governance over IT systems[269][274] - The company is developing and implementing internal controls over financial reporting as it transitions to a public reporting company[270] Executive Compensation and Stock Plans - CEO Zhenwu (Wayne) Huang's total compensation for FY 2023 was $120,816, including a salary of $120,016 and a bonus of $800[320] - CFO Zhenqiang (Michael) Huang's total compensation for FY 2023 was $50,000, with no bonus or equity awards[320] - COO Phil Zheng's total compensation for FY 2023 was $120,679, including a salary of $104,800 and a bonus of $15,879[320] - The company has adopted the Richtech Robotics Inc. 2023 Stock Option Plan, with 6,000,000 shares of Class B common stock available for issuance[330] - Non-employee directors will receive an initial award of 6,427 restricted shares of Class B common stock, vesting ratably over four years[344] - The Incentive Plan allows for the granting of stock options, restricted stock awards, and restricted stock units[332] - The exercise price for incentive stock options cannot be less than 100% of the fair market value of Class B common stock on the grant date[334] - The maximum term for stock options is 10 years, with a $100,000 limit on the aggregate fair market value of shares exercisable by any one individual in a calendar year[334] - The Incentive Plan became effective on November 16, 2023, and will continue for a term of 10 years unless terminated[342] Assets and Liabilities - Accounts receivable (net) rose significantly to $5,576,000 in 2023 from $1,656,000 in 2022[385] - Total current assets grew to $6,982,000 in 2023 compared to $3,505,000 in 2022[385] - Total liabilities increased to $3,044,000 in 2023 from $1,020,000 in 2022[385] - Additional paid-in capital expanded to $4,608,000 in 2023 from $2,378,000 in 2022[385] - Allowance for doubtful accounts increased to $333,000 in 2023 from $86,000 in 2022[406] - Amounts due from related parties increased to $134,000 as of September 30, 2023, compared to $108,000 in the previous year[435] - Amounts due to related parties decreased to $238,000 as of September 30, 2023, from $284,000 in the previous year[435] - Phil Zheng provided an interest-free and non-maturity loan to the company in May 2023[438] Product Development and Deployment - The company's ADAM food and beverage automation system was successfully launched in 2022 and deployed at multiple events, including for a "Big Four" accounting firm and a global alcoholic beverage company[20] - As of September 30, 2023, the company recognized $306,914 in revenue under a Master Service Agreement (MSA) with a top U.S. casino company[19] - The company received a lease order of $9,000 under an MSA with one of the nation's largest restaurant chains with over 2,000 U.S. locations as of September 30, 2023[19] - The company deployed ADAM in Los Angeles, Las Vegas, and New York in late 2022 and the first half of 2023, with additional deployments ongoing in New Jersey, San Francisco, and Oakland[21][23] - The company is on track to reveal new versions and models of robots by the end of 2023[21] - The company's ADAM system is being used for coffee in a Los Angeles hotel lobby, boba tea in Las Vegas, and an upcoming smoothie stall in New Jersey[23] - The company's robots perform over 1,000 deliveries monthly in busy environments, targeting hospitality sectors like restaurants, hotels, and casinos[17] - The company's AI Cloud Platform (ACP) aims to optimize workflows, lower management complexity, and minimize labor dependency through robotic fleet management[18] - The Matradee robot performs over 1,000 deliveries per month in busy restaurants, with a carrying capacity equivalent to 3-4 waiters per trip[30][31] - Richie and Robbie robots can traverse over 850,000 sq. ft. and are elevator-enabled, making them suitable for large buildings and hospitals[34][38] - The CX cleaning robot is designed for spaces under 10,000 sq. ft., while the SX handles areas up to 100,000 sq. ft., and the MX can clean spaces up to 500,000 sq. ft.[41][42][44] - ADAM, the food and beverage automation robot, is capable of making beverages autonomously and is planned to add noodle-making functionality in Q2 2024[47][48] - The ACP service collects and analyzes robot utilization metrics, providing clients with detailed operational data and advanced features like delivery playback and preemptive maintenance scheduling[28][36][45] - The Matradee robot can operate for 8-14 hours on a single charge and is designed for easy deployment, typically completed within 3-4 hours[31][32] - Richie and Robbie robots are equipped with advanced safety features, including 360-degree sensors, anti-trip mechanisms, and delivery security with pin-based and biometric access[37] - The SX cleaning robot features a high-power vacuum and multi-roller system, achieving one-pass cleaning efficiency and precise localization with a wall gap of just 3 centimeters[42] - ADAM has been deployed at corporate and celebrity events, including a "Big Four" accounting firm and a major U.S. celebrity, showcasing its versatility in food and beverage automation[48] - The company has deployed close to 200 robots across 34 states in the U.S., serving diverse environments including restaurants, hotels, casinos, schools, and senior living facilities[64] - The company is developing a new line of medical delivery robots for healthcare facilities, addressing the lack of skilled nurses in senior care[84] - The ADAM system, the company's first non-AMR robot, is a key focus of R&D efforts in 2023, aimed at accelerating robotic adoption in the service sector[83] Market Opportunities and Sales Strategy - The U.S. has over 660,000 restaurants and 130,000 hotels, with 97% of hotel members reporting a worker shortage, creating significant market opportunities for robotic solutions[51] - 20-30% of total revenue in 2022 was generated through distribution channels with over 30 regional and national distributors[54] - The company has executed MSAs with enterprise customers representing over 9,000 restaurants and hotels, and ongoing pilot programs with ten enterprises covering over 40,000 locations[54] - The company plans to expand its sales teams and has already connected with external regional sales teams in the food and beverage space[54] - The company expects to deploy thousands of robots across the United States after formal agreements with hotel enterprise customers[54] - The company has secured a space in The Forum Shops at Caesars Palace, Las Vegas, as the first location for its robotics-based restaurant franchise[54] - The company provides discounts ranging from 5% to 30% for bulk orders and offers 10% commission for referrals[67] - The company plans to expand into the consumer sector with the launch of the ADAM robotic franchise[68] - The company currently has 12 certified distributors in the U.S., 35 certified independent sales agents, and an internal enterprise sales team of 5[76] - Each robot saves clients an average of $36,856 per year in labor costs, as highlighted in client testimonials[78] Supply Chain and Manufacturing - The company has over 20 major suppliers, primarily located in the United States and China, and outsources manufacturing for most products[73] - SUNWING INDUSTRIES LIMITED was the largest supplier in 2023, providing $486,284 in materials, followed by NANJING YUDINGXIN ELECTRONIC with $80,900, UFACTORY TECHNOLOGY with $71,500, MINGSHILI INTELLIGENT SYSTEM with $70,700, and ARO ROBOTICS with $69,613[74] - The company's logistics team uses freight carriers like FedEx, TrumpCard, and Pegasus Logistics Group to ship robots, which typically weigh between 200 to 700 pounds[79] - The company's manufacturing process involves selecting suppliers and OEM/ODM partners, with most production and R&D operations based in China[86][89] Intellectual Property and Patents - The company holds several pending patents, including for tray stabilizer systems, service robots, and cleaning robots, as well as registered trademarks like RICHTECH and RICHTECH ROBOTICS[91][92] Legal and Regulatory Matters - No material litigation or regulatory matters impacting financial results were reported as of September 30, 2023[441] Employment and Workforce - The company employs 51 full-time employees, with 16 (31.4%) being dispatched workers managed through a third-party[93] Real Estate and Leasing - The company leases office facilities in Las Vegas through August 2027 and in Austin through April 2024[439] - The ClouTea store lease in Las Vegas will transition to a month-to-month agreement after January 2024[439] Leadership and Experience - Zhenwu Huang, CEO, has 20 years of experience in technology industries and previously led a company with over 100 million subscribers[278] - Zhenqiang Huang, CFO, oversees finance, accounting, and procurement, with a background in international business development[279] - Phil Zheng, COO, manages operations, business development, and R&D processes, with a focus on scaling business units[280] Future Plans and Capital Raising - The company plans to seek additional capital to expand operations, advance products, and scale sales and marketing capabilities, potentially through equity or convertible debt issuances[243] - The company expects to enter into new employment arrangements with its named executive officers following the offering[322]