NASDAQ
11 days, 22 hours ago 
RR
Richtech Robotics INC
8-K: Richtech Robotics to Establish New Headquarters with $4.1 Million Land Purchase
Richtech Robotics Inc. has entered into an agreement to purchase a 20,000 square foot property in Las Vegas for $4.1 million, intended to serve as its new headquarters and integrate domestic operations.
NASDAQ
39 days, 20 hours ago 
RR
Richtech Robotics INC
Form 4: RichTech Robotics President Matthew Casella Reports Stock Transactions
Matthew Casella, President of RichTech Robotics, reports the acquisition of 60,000 shares of Class B Common Stock on November 28, 2024, and the subsequent sale of 60,000 shares on March 13, 2025.
NASDAQ
53 days, 15 hours ago 
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Richtech Robotics INC
10-K/A: Richtech Robotics Files Amendment No. 2 to Form 10-K/A to Correct Share Count and Revise Disclosures
Richtech Robotics files an amendment to its annual report to correct the number of Class B common stock shares outstanding, revise disclosures, and update exhibits.
Worse than expected
 
Capital raise
 
NASDAQ
70 days, 22 hours ago 
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Richtech Robotics INC
10-Q: Richtech Robotics Reports Increased Revenue and Strategic Shift to Robotics-as-a-Service in Q1 2025
Richtech Robotics saw a 14% increase in revenue in Q1 2025, driven by a strategic transition to a Robotics-as-a-Service (RaaS) model and expansion into new markets.
Worse than expected
 
Capital raise
 
NASDAQ
74 days, 18 hours ago 
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Richtech Robotics INC
8-K: Richtech Robotics Issues Inducement Warrants to Encourage Exercise of Existing Warrants
Richtech Robotics entered into an agreement with a warrant holder to induce the exercise of existing warrants in exchange for new warrants, generating approximately $3.64 million in gross proceeds.
Capital raise
 
NASDAQ
77 days, 22 hours ago 
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Richtech Robotics INC
10-K/A: Richtech Robotics Files Amendment to 10-K, Corrects Accounting Firm Date and Adds Clawback Policy Disclosure
Richtech Robotics files an amendment to its 2024 annual report to correct a typographical error, add disclosure about its compensation recovery policy, and include the policy as an exhibit.
NASDAQ
101 days, 21 hours ago 
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Richtech Robotics INC
10-K: Richtech Robotics Reports Fiscal Year 2024 Results, Transitions to RaaS Model
Richtech Robotics' 10-K filing reveals a strategic shift to a Robotics-as-a-Service (RaaS) model amidst a year of transitions and expansion into new markets.
Worse than expected
 
NASDAQ
176 days, 23 hours ago 
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Richtech Robotics INC
8-K: Richtech Robotics Faces Nasdaq Delisting Notice After Share Price Falls Below $1
Richtech Robotics has received a notice from Nasdaq for failing to maintain a minimum share price of $1.00, potentially leading to delisting if not rectified by April 23, 2025.
Worse than expected
 
NASDAQ
177 days, 8 hours ago 
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Richtech Robotics INC
Form 4: King Bliss Ltd Sells 2,200,000 Shares of RicTech Robotics Inc.
King Bliss Ltd, a 10% owner of RicTech Robotics Inc., sold 2,200,000 shares of Class B Common Stock on August 8, 2024.
NASDAQ
185 days, 22 hours ago 
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Richtech Robotics INC
8-K: Richtech Robotics to Expand Restaurant Operations with 20 New Walmart Locations
Richtech Robotics has signed a Letter of Intent to acquire exclusive rights to operate 20 Walmart-located restaurants, aiming to optimize operations with robotics and AI.
RR 
Richtech Robotics INC 
NASDAQ

10-K/A: Richtech Robotics Files Amendment No. 2 to Form 10-K/A to Correct Share Count and Revise Disclosures

Sentiment:
 Annual Report Amendment
 3 March 2025 10:38 PM

Richtech Robotics files an amendment to its annual report to correct the number of Class B common stock shares outstanding, revise disclosures, and update exhibits.

Worse than expected
  The company's total revenue decreased from $8,759 thousand in 2023 to $4,240 thousand in 2024.  The company experienced a net loss of $8,140 thousand in 2024, compared to a net loss of $339 thousand in 2023. 

Capital raise
  On September 3, 2024, the Company issued the following securities to certain institutional investors, pursuant to that certain Securities Purchase Agreement, dated as of August 29, 2024, and to certain retail purchasers (together with the institutional investors, the Investors), pursuant to the Companys prospectus, dated August 29, 2024, as filed with the SEC on August 30, 2024, in a public offering: (i) an aggregate of 13,242,963 shares of the Companys Class B common stock, (ii) pre-funded warrants to purchase up to 2,312,594 shares of Class B common stock (the Pre-Funded Warrants), and (iii) warrants to purchase up to 15,555,557 shares of Class B common stock (the Common Warrants), at a purchase price per share and accompanying Common Warrant of $1.35. 

Summary
  • Richtech Robotics Inc. filed Amendment No. 2 to its Annual Report on Form 10-K/A to correct the number of Class B common stock shares outstanding as of January 14, 2024.
  • The amendment also removes disclosures regarding RaaS sales models, revises disclosures about disclosure controls and procedures, and provides management's conclusion on the effectiveness of internal control over financial reporting as of September 30, 2024.
  • Additionally, the amendment corrects typographical errors, revises disclosures regarding stockholders' equity, adds material issuances to Note 6, and updates Exhibit 10.6 to reflect the Amended and Restated Richtech Robotics, Inc. 2023 Stock Option Plan.
  • As of January 14, 2025, there were 39,934,846 shares of Class A common stock outstanding and 71,484,551 shares of Class B common stock outstanding.
Sentiment

Score: 4

Explanation: The document presents a mixed picture. While there are positive developments such as the remediation of a material weakness and updates to the stock option plan, the significant decrease in revenue and net loss raise concerns about the company's financial performance. The reliance on future growth and international expansion also introduces uncertainty.

Highlights
  • Richtech Robotics filed an amendment to its annual report to correct the number of Class B common stock shares outstanding.
  • The company is correcting typographical errors and revising disclosures related to controls and procedures.
  • The amendment updates Exhibit 10.6 to reflect the Amended and Restated Richtech Robotics, Inc. 2023 Stock Option Plan.
  • As of January 14, 2025, there were 39,934,846 shares of Class A common stock outstanding and 71,484,551 shares of Class B common stock outstanding.
Positives
  • The company is taking steps to ensure accurate financial reporting by correcting errors in its filings.
  • The company is updating its stock option plan, which could incentivize employees and align their interests with those of shareholders.
  • The company has remediated a material weakness in its IT general controls over third-party information systems and applications.
Negatives
  • The filing of an amendment suggests that there were inaccuracies in the original report.
  • The company experienced a net loss of $8,140 thousand in 2024, compared to a net loss of $339 thousand in 2023.
  • The company's total revenue decreased from $8,759 thousand in 2023 to $4,240 thousand in 2024.
Risks
  • The company operates in an emerging market, which makes it difficult to evaluate its business and prospects.
  • The company faces pressure from competitors, particularly in the restaurant space, which puts pressure on margins and increases marketing and sales costs.
  • The company relies on third-party manufacturers/suppliers, which increases the risk that it will not have sufficient quantities of its products or such quantities at an acceptable cost.
  • The company's robots are highly technical and could be vulnerable to hardware errors or software bugs, which may harm its reputation and its business.
  • The company may become involved in legal and regulatory proceedings and commercial or contractual disputes, which could have an adverse effect on its profitability and financial position.
Future Outlook

The company expects to generate a more predictable and recurring revenue stream over the long term through its RaaS model. The company plans to expand its presence in international markets, including Asia, Australia, and Europe. The company expects to sign new MSAs in fiscal year 2025.

Management Comments
  • Richtech Robotics remains dedicated to innovation and technological advancement.
  • The company is committed to sound financial management and reducing its reliance on related party financing.
Industry Context

The company operates in the service robotics market, which is new and has a limited number of competitors. The company believes it is in a strong position to win a large portion of the market and establish itself as the premier provider of service robotics in the hospitality space.

Comparison to Industry Standards
  • The Matradee robot competes with Bear Robotics' Servi robot, but Richtech claims its tray is 40% larger and has one extra tray, providing 60% more capacity.
  • The Medbot competes with Savioke's Relay robot, but Richtech claims its robots have larger carrying capacities and accessory functions.
  • The DUST-E MX competes with Avidbots' Neo, but Richtech claims the MX offers similar functionality for over $10,000 less and lower maintenance costs.
  • The ADAM robot competes with Miso Robotics' Flippy and Cafe X Technologies' robotic coffee bar, but Richtech claims ADAM is able to provide a wider array of food and beverage choices to customers.
Stakeholder Impact
  • The company's strategic transition to a RaaS model may impact customers by changing the way they access and pay for robotic solutions.
  • The company's expansion into new markets and industries may create new opportunities for employees and partners.
  • The company's financial performance and stock price volatility may impact investors.
Next Steps
  • The company plans to open its first robotic franchise location in early 2025 in Las Vegas for its Clouffee & Tea Robotic restaurant brand.
  • The company expects to expand this business with additional franchisees through fiscal year 2025.
  • The company plans to launch a food trailer project with its partners, targeting mobile food services, starting in 2025.
Legal Proceedings
  • On December 13, 2024, the Company received a Notice of Breach from AC Sunshine Securities LLC (ACSS), pursuant to which ACSS alleges that the Company breached an exclusivity provision in that certain Follow-On Offering Engagement Letter, by and between the Company and ACSS, and ACSS is seeking payment of fees and expenses.
Related Party Transactions
  • During the year ended September 30, 2024, the Company repaid all outstanding loans from related parties.
Key Dates
  • July 19, 2016: Richtech Creative Displays, LLC was established.
  • June 22, 2022: Richtech Creative Displays, LLC converted to Richtech Robotics Inc.
  • November 21, 2023: Richtech Robotics Inc. completed its initial public offering.
  • January 14, 2024: Original date for share count on the cover of the original report.
  • August 29, 2024: The Company entered into a Securities Purchase Agreement with certain institutional investors.
  • September 3, 2024: The Offering closed.
  • September 10, 2024: The Company signed a franchise agreement for a new location in Peachtree City, Georgia.
  • October 16, 2024: The Company entered into a binding Letter of Intent (the LOI) with Ghost Kitchens America.
  • January 2025: The Peachtree City, Georgia location is slated to commence operations.
  • Late January 2025: Clouffee & Tea, will open its inaugural franchise store in Las Vegas, Nevada.
  • March 3, 2025: Date of filing of the amended report.
Keywords
Richtech Robotics, Form 10-K/A, amendment, Class B common stock, RaaS, disclosure controls, internal control, financial reporting, robotics, financials
RR 
Richtech Robotics INC 
NASDAQ
Sector: Industrials
 
Filings with Classifications
Capital raise
3 March 2025 10:38 PM
Annual Report Amendment
  • On September 3, 2024, the Company issued the following securities to certain institutional investors, pursuant to that certain Securities Purchase Agreement, dated as of August 29, 2024, and to certain retail purchasers (together with the institutional investors, the Investors), pursuant to the Companys prospectus, dated August 29, 2024, as filed with the SEC on August 30, 2024, in a public offering: (i) an aggregate of 13,242,963 shares of the Companys Class B common stock, (ii) pre-funded warrants to purchase up to 2,312,594 shares of Class B common stock (the Pre-Funded Warrants), and (iii) warrants to purchase up to 15,555,557 shares of Class B common stock (the Common Warrants), at a purchase price per share and accompanying Common Warrant of $1.35.
Worse than expected
3 March 2025 10:38 PM
Annual Report Amendment
  • The company's total revenue decreased from $8,759 thousand in 2023 to $4,240 thousand in 2024.
  • The company experienced a net loss of $8,140 thousand in 2024, compared to a net loss of $339 thousand in 2023.
Capital raise
14 February 2025 4:05 PM
Quarterly Report
  • The company issued an aggregate of 3,814,611 shares of Class B common stock and received aggregate proceeds of $5,149,724.85 in January 2025.
  • The company entered into a warrant exercise inducement offer letter with a holder of Existing Warrants exercisable for an aggregate of 2,699,797 shares of its Class B common stock, to exercise its Existing Warrants at the existing exercise price of $1.35 per share, generating gross proceeds of approximately $3,644,726 before deducting financial advisory fees.
  • In consideration for the immediate exercise of the Existing Warrants, the Company issued to such holder 2,699,797 new warrants (the Inducement Warrants) with an exercise price of $4.00 per share, which are immediately exercisable and valid for five years from issuance (the Armistice Warrant Inducement).
Worse than expected
14 February 2025 4:05 PM
Quarterly Report
  • The company reported a net loss of $3.548 million, which is worse than the net loss of $2.750 million in the same period last year.
Capital raise
10 February 2025 8:01 PM
Current Report
  • Richtech Robotics is set to receive approximately $3.64 million in gross proceeds from the exercise of existing warrants.
  • The company is issuing new warrants with an exercise price of $4.00 per share as an inducement for the warrant holder to exercise their existing warrants.
Worse than expected
14 January 2025 4:53 PM
Annual Results
  • The company's revenue decreased significantly due to the transition to a RaaS model.
  • The company's net loss increased substantially compared to the previous year.
Worse than expected
31 October 2024 4:30 PM
Current Report
  • The company's stock price falling below $1.00 for 30 consecutive days is worse than expected and triggers a delisting notice from Nasdaq.
Capital raise
5 September 2024 4:58 PM
Public Offering Announcement
  • The company completed a public offering of 13,242,963 shares of Class B common stock, pre-funded warrants for 2,312,594 shares, and warrants for 15,555,557 shares.
  • The offering generated approximately $19.4 million in net proceeds for the company.
  • The company is restricted from issuing common stock or equivalents for 90 days and from variable rate transactions for one year, with some exceptions.
Capital raise
29 August 2024 9:50 PM
Registration Statement
  • Richtech Robotics is seeking to raise up to $1,087,502.30 through the sale of Class B common stock, pre-funded warrants, warrants, and placement agent warrants.
  • The offering is being conducted to raise additional capital for the company.
  • The Placement Agent is acting as the placement agent on behalf of the Company on a best efforts basis.
Capital raise
27 August 2024 9:24 AM
Registration Statement
  • Richtech Robotics is conducting a public offering to sell up to 14,492,753 shares of Class B common stock and warrants to purchase an equal number of shares.
  • The company is also offering pre-funded warrants as an alternative to shares for investors who might exceed beneficial ownership limits.
  • The assumed combined offering price is $1.38 per share and accompanying warrant, based on the stock's price on August 23, 2024.
  • The company aims to raise up to $20 million through this offering.
Capital raise
14 August 2024 6:16 PM
Quarterly Report
  • The company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. for up to $50 million.
  • The company received $3 million in pre-advances via convertible promissory notes, which were fully repaid in July 2024.
  • The company issued 259,350 shares of Class B common stock as a commitment fee.
Worse than expected
14 August 2024 6:16 PM
Quarterly Report
  • The company reported a net loss of $5.181 million for the nine months ended June 30, 2024, which is worse than the loss of $2.543 million for the same period in 2023.
  • Product revenue decreased by 55% due to the transition to a RaaS model, which is worse than the previous period.
Capital raise
14 May 2024 5:41 PM
Quarterly Report
  • The company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., which could provide up to $50 million in funding over 24 months.
  • The company issued three convertible promissory notes for $1 million each, with the first two in February and March 2024, and the third in April 2024.
  • The company issued 259,350 shares of Class B common stock to the investor as a commitment fee.
Worse than expected
14 May 2024 5:41 PM
Quarterly Report
  • The company's net loss increased significantly compared to the same period last year, indicating worse than expected financial performance.
  • Product revenue decreased by 59%, which is a significant drop and worse than expected.
Capital raise
22 April 2024 5:50 PM
Debt Financing Agreement
  • The promissory note represents a $1 million capital raise for Richtech Robotics.
  • The company may need to raise additional capital through share sales to meet its monthly payment obligations under the note.
  • The conversion feature of the note could result in a future capital raise through the issuance of new shares to the investor.
Capital raise
29 March 2024 8:23 PM
S-1/A Filing
  • Richtech Robotics has a standby equity purchase agreement with YA II PN, Ltd. for up to $50 million.
  • The company may issue up to 12,983,208 shares of Class B common stock to the investor.
  • The company can obtain pre-advances up to $3 million via convertible notes.
Better than expected
26 March 2024 8:43 PM
Annual Report Amendment
  • The company's revenue increased by 45% year-over-year, indicating better than expected growth.
  • The company's gross profit margin increased from 65% to 69%, indicating improved profitability.
  • The company's net loss decreased from $507 thousand to $339 thousand, indicating improved financial performance.
Capital raise
22 March 2024 5:02 PM
Debt Financing Agreement
  • The company has raised $1 million through a promissory note.
  • The note can be converted into Class B common stock, potentially leading to further equity issuance.
  • The company may need to issue shares to cover monthly payments if it does not have sufficient cash.
Capital raise
15 March 2024 6:13 PM
S-1 Filing
  • The document details a potential capital raise of up to $50 million through a standby equity purchase agreement with YA II PN, Ltd.
  • The agreement allows Richtech to sell shares of Class B common stock to the investor over a 24-month period.
  • The company can also receive pre-advances of up to $3 million via convertible promissory notes.
Capital raise
15 March 2024 4:15 PM
Material Definitive Agreement Amendment
  • The agreement involves a potential $50 million share purchase agreement with YA II PN, Ltd.
  • The company has received a $1 million pre-advance and is expected to receive two additional $1 million pre-advances upon the satisfaction of certain conditions.
Capital raise
15 March 2024 4:05 PM
Financing Agreement Announcement
  • Richtech Robotics has entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. for up to $50 million.
  • The company has also secured a pre-advance facility of up to $3 million.
  • The company will issue shares to the investor as part of the agreement.
Capital raise
21 February 2024 4:08 PM
Standby Equity Purchase Agreement
  • The document details a Standby Equity Purchase Agreement for up to $50 million.
  • The agreement includes a pre-advance of up to $3 million, with the first $1 million already advanced.
  • The company can issue shares to the investor over a 24-month period, subject to certain conditions and limitations.
Worse than expected
14 February 2024 5:01 PM
Quarterly Report
  • The company's net loss increased significantly compared to the same period last year, indicating worse than expected financial performance.
Worse than expected
11 January 2024 5:28 PM
Annual Report
  • The company reported a net loss of $339 thousand in 2023, compared to a net loss of $507 thousand in 2022, indicating that while losses have decreased, the company is still not profitable.
Capital raise
11 January 2024 5:28 PM
Annual Report
  • The company anticipates that it will need additional funding in connection with its continuing operations after twelve months.
  • The company expects to finance its future cash needs through public or private equity or debt financings, third-party funding, and other arrangements.
  • The company will continue seeking additional capital to expand its operations, advance its products, and scale its sales and marketing capabilities.
  • The company will continue seeking additional financing sources to meet its working capital requirements, make investment in research and development and make capital expenditures needed to maintain and expand its business.
  • If the company raises additional funds through further issuances of equity or convertible debt securities, its existing stockholders could suffer significant dilution.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.