Financial Performance - Revenue for the six months ended March 31, 2025, was $2,424,000, a 6.7% increase from $2,272,000 in the same period of 2024[17] - Gross profit for the three months ended March 31, 2025, was $713,000, compared to $680,000 for the same period in 2024, reflecting a growth of 4.9%[17] - The net loss attributable to the company for the six months ended March 31, 2025, was $8,088,000, compared to a loss of $3,868,000 in the same period of 2024, representing a 109% increase in losses[17] - For the six months ended March 31, 2025, the net loss was $8,126 thousand, compared to a net loss of $3,868 thousand for the same period in 2024, representing a 110% increase in losses[23] - Basic and diluted net loss per share of common stock was $0.08 for the six months ended March 31, 2025, compared to $0.06 for the same period in 2024[17] - The company reported a consolidated net loss of $8,126 thousand for the six months ended March 31, 2025, compared to a net loss of $3,868 thousand for the same period in 2024[75] Operating Expenses - Operating expenses surged to $10,684,000 for the six months ended March 31, 2025, compared to $4,498,000 in the prior year, indicating a significant increase of 137%[17] - General and administrative expenses increased by $6,801 thousand, or approximately 275.9%, to $9,265 thousand for the six months ended March 31, 2025, compared to $2,464 thousand for the same period in 2024[93] - Research and development expenses for the six months ended March 31, 2025, were $804,000, down 35.6% from $1,247,000 in the same period of 2024[17] Cash Flow and Assets - Cash and cash equivalents decreased to $11,126,000 as of March 31, 2025, down from $14,566,000 on September 30, 2024, a decline of 23%[15] - Cash provided by operating activities was negative $8,076 thousand for the six months ended March 31, 2025, compared to negative $2,540 thousand for the same period in 2024[23] - The company reported cash, cash equivalents, and restricted cash of $11,126 thousand at the end of the period, down from $14,566 thousand at the beginning of the period[23] - As of March 31, 2025, cash and cash equivalents totaled $11.1 million, a decrease of approximately $3.5 million from $14.6 million at the end of the prior fiscal year[104] Investments and Financing - The company raised $19,792 thousand from the issuance of ordinary shares during the financing activities for the six months ended March 31, 2025[23] - Net cash provided by financing activities totaled $19,766 thousand for the six months ended March 31, 2025, compared to $10,339 thousand for the same period in 2024[110] - The company generated gross proceeds of approximately $3,644,726 from the exercise of warrants for 2,699,797 shares of Class B common stock in February 2025[45] Assets and Equity - Total assets increased to $57,179,000 as of March 31, 2025, up from $42,651,000 on September 30, 2024, representing a growth of 34%[15] - Total stockholders' equity increased to $55,859,000 as of March 31, 2025, from $41,738,000 on September 30, 2024, marking a growth of 33.8%[15] - The allowance for credit losses decreased to $103 thousand as of March 31, 2025, from $197 thousand as of September 30, 2024, indicating improved credit risk management[37] Revenue Streams - For the six months ended March 31, 2025, product revenue increased by $744 thousand, or approximately 111.0%, to $1,414 thousand, compared to $670 thousand in 2024[88] - Service/Rental revenue decreased significantly, reflecting the ongoing strategic shift towards the RaaS model[83] - Leasing revenue showed a notable increase over the six-month period, demonstrating the growing adoption of the RaaS model[83] Strategic Initiatives - The company has implemented robotic solutions in over 80 cities across the United States, addressing labor shortages in various service sectors[26] - The company aims to be a long-term partner to clients by providing a range of robotic solutions to enhance operational efficiency[26] - The company signed a Master Services Agreement (MSA) in April 2025 with a car retailer group with over 150 locations, marking a significant milestone in the expansion of its Robotics-as-a-Service (RaaS) strategy[70] - A new joint venture named Boyu Artificial Intelligence (Beijing) Technology Co., Ltd. was established in December 2024, focusing on the Asian market for service robots[65] Compliance and Reporting - The registrant filed various certifications in accordance with the Sarbanes-Oxley Act of 2002, including those from the Principal Executive Officer and Principal Financial Officer[31.1][31.2][32.1][32.2] - The report includes Inline XBRL Instance Document and Taxonomy Extension Documents for enhanced data presentation and analysis[101.INS][101.SCH][101.CAL][101.DEF][101.LAB][101.PRE] - The report was signed by the Chief Executive Officer and Chief Financial Officer on May 14, 2025, indicating compliance with regulatory requirements[130][131]
Richtech Robotics (RR) - 2025 Q2 - Quarterly Report