LAS VEGAS, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Richtech Robotics Inc. (Nasdaq: RR), ("Richtech Robotics" or the "Company"), a Nevada-based provider of AI-driven service robots, today announced the pricing of an upsized public offering of an aggregate of 15,555,557 shares of its Class B common stock (or Class B common stock equivalents in lieu thereof), warrants to purchase up to 15,555,557 shares of Class B common stock (the "Warrants"), at a combined public offering price of $1.35 per share (or per Class B c ...

Cash and Cash Equivalents - Cash and cash equivalents increased significantly from $433,000 to $9.201 million as of June 30, 2024[10] - Cash and cash equivalents at the end of June 30, 2024 were $9.201 million, up from $559 thousand in the same period in 2023[18] Accounts Receivable - Accounts receivable decreased from $5.576 million to $3.127 million, reflecting improved collections or reduced sales[10] - Accounts receivable adjustments for the nine months ended June 30, 2024 were $2.448 million, compared to $(70) thousand in the same period in 2023[18] Inventory - Inventory decreased from $822,000 to $399,000, indicating better inventory management[10] - Total inventories as of June 30, 2024 were $399 thousand, down from $822 thousand in September 30, 2023[32] - Inventory adjustments for the nine months ended June 30, 2024 were $424 thousand, compared to $687 thousand in the same period in 2023[18] Current Liabilities - Total current liabilities increased from $2.89 million to $3.894 million, driven by a rise in short-term loans from $845,000 to $2.386 million[11] - The total short-term loan balance as of June 30, 2024, was $2,386 thousand, including a $53 thousand loan balance from Stripe Capital[63] Revenue and Profit - Net revenue increased from $3.364 million to $3.715 million for the nine months ended June 30, 2024[12] - Gross profit improved from $1.844 million to $2.304 million, reflecting better cost management[12] - Net loss widened from $2.543 million to $5.181 million, primarily due to increased operating expenses[12] - Net loss for the nine months ended June 30, 2024 was $5.181 million, compared to $2.543 million in the same period in 2023[18] - Net loss attributable to common stockholders widened to $5.181 million in 2024 from $2.543 million in 2023[49] Research and Development - Research and development expenses remained stable at $1.633 million compared to $1.589 million in the previous period[12] Stockholders' Equity - Total stockholders' equity increased from $4.809 million to $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 $10.713 million[13] - The company entered into a Standby Equity Purchase Agreement for up to $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 $3,000,000, with each Pre-Advance of $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 $2,333,000, which was fully repaid in July 2024[56] - Each Note accrues interest at 8% per annum and has a maturity date of February 15, 2025, with monthly repayments starting in May 2024[57] - The Conversion Price for converting Notes into shares is initially $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 and issued 259.350 shares of Class B common stock as a commitment fee in April 2024[61] - The company agreed to pay Revere Securities $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 $21 thousand, down from $28 thousand in September 30, 2023[33] - Depreciation expense for the nine months ended June 30, 2024 was $9 thousand, up from $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 $15 thousand, compared to $(162) thousand in the same period in 2023[18] - Right-of-use asset adjustments for the nine months ended June 30, 2024 were $(288) thousand, compared to $(12) thousand in the same period in 2023[18] Accounts Payable - Accounts payable adjustments for the nine months ended June 30, 2024 were $(111) thousand, compared to $(51) thousand in the same period in 2023[18] Revenue Breakdown - Robotics product revenue decreased to $1.252 million in 2024 from $2.767 million in 2023, a decline of 54.7%[39] - Service revenue increased significantly to $1.510 million in 2024 from $258 thousand in 2023, a growth of 485.3%[39] - Leasing revenue rose to $604 thousand in 2024 from $146 thousand in 2023, an increase of 313.7%[39] - Total Robotics revenue grew slightly to $3.366 million in 2024 from $3.171 million in 2023, a 6.1% increase[39] - ClouTea revenue increased to $232 thousand in 2024 from $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 $0.07 in 2024 from $0.04 in 2023[49] Operating Leases - The company's operating lease liabilities totaled $603 thousand as of June 30, 2024, with future minimum lease payments of $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 (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]