Cash and Cash Equivalents - Cash and cash equivalents increased significantly from 9.201 million as of June 30, 2024[10] - Cash and cash equivalents at the end of June 30, 2024 were 559 thousand in the same period in 2023[18] Accounts Receivable - Accounts receivable decreased from 3.127 million, reflecting improved collections or reduced sales[10] - Accounts receivable adjustments for the nine months ended June 30, 2024 were (70) thousand in the same period in 2023[18] Inventory - Inventory decreased from 399,000, indicating better inventory management[10] - Total inventories as of June 30, 2024 were 822 thousand in September 30, 2023[32] - Inventory adjustments for the nine months ended June 30, 2024 were 687 thousand in the same period in 2023[18] Current Liabilities - Total current liabilities increased from 3.894 million, driven by a rise in short-term loans from 2.386 million[11] - The total short-term loan balance as of June 30, 2024, was 53 thousand loan balance from Stripe Capital[63] Revenue and Profit - Net revenue increased from 3.715 million for the nine months ended June 30, 2024[12] - Gross profit improved from 2.304 million, reflecting better cost management[12] - Net loss widened from 5.181 million, primarily due to increased operating expenses[12] - Net loss for the nine months ended June 30, 2024 was 2.543 million in the same period in 2023[18] - Net loss attributable to common stockholders widened to 2.543 million in 2023[49] Research and Development - Research and development expenses remained stable at 1.589 million in the previous period[12] Stockholders' Equity - Total stockholders' equity increased from 9.079 million, driven by additional paid-in capital[12] Stock Issuance and Financing - The company issued 2,142,563 shares of Class A common stock during the period, raising 50 million of Class B common stock[53] - The Purchase Agreement allows the company to terminate with five trading days' prior written notice[55] - The company received three Pre-Advances totaling 1,000,000 issued on February 15, March 18, and April 15, 2024, respectively[56] - As of June 30, 2024, the outstanding balance on the Notes was 6.00 per share, with a potential adjustment on May 28, 2024, based on the average VWAP for the preceding 5 trading days[58] - The company paid a structuring fee of 25,000 per month for six months for financial advisory services and a finder's fee of 7% of total Pre-Advances and 4% of any Advance[62] Property and Equipment - Property and equipment, net as of June 30, 2024 was 28 thousand in September 30, 2023[33] - Depreciation expense for the nine months ended June 30, 2024 was 6 thousand in the same period in 2023[33] Prepaid Expenses and Other Assets - Prepaid expenses and other current assets adjustments for the nine months ended June 30, 2024 were (162) thousand in the same period in 2023[18] - Right-of-use asset adjustments for the nine months ended June 30, 2024 were (12) thousand in the same period in 2023[18] Accounts Payable - Accounts payable adjustments for the nine months ended June 30, 2024 were (51) thousand in the same period in 2023[18] Revenue Breakdown - Robotics product revenue decreased to 2.767 million in 2023, a decline of 54.7%[39] - Service revenue increased significantly to 258 thousand in 2023, a growth of 485.3%[39] - Leasing revenue rose to 146 thousand in 2023, an increase of 313.7%[39] - Total Robotics revenue grew slightly to 3.171 million in 2023, a 6.1% increase[39] - ClouTea revenue increased to 25 thousand in 2023, a growth of 828%[39] Shares and Earnings Per Share - Weighted average shares of common stock increased to 69,683,943 in 2024 from 62,144,846 in 2023[49] - Basic and diluted net loss per share increased to 0.04 in 2023[49] Operating Leases - The company's operating lease liabilities totaled 586 thousand[66][67] - The company terminated leases for office spaces in Austin, Texas, on April 30, 2024, and received notice of lease termination for its ClouTea location effective July 31, 2024[69]
Richtech Robotics (RR) - 2024 Q3 - Quarterly Report