NASDAQ
11 days, 4 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, 3 hours ago 
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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
52 days, 22 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, 5 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, 1 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, 5 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, 4 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, 5 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
176 days, 15 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, 5 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: Richtech Robotics Reports Fiscal Year 2024 Results, Transitions to RaaS Model

Sentiment:
 Annual Results
 14 January 2025 4:53 PM

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
  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. 

Summary
  • Richtech Robotics' 10-K filing covers the fiscal year ended September 30, 2024.
  • The company is transitioning to a Robotics-as-a-Service (RaaS) business model.
  • A binding Letter of Intent (LOI) was signed with Ghost Kitchens America to operate 20 Walmart-located One Kitchen restaurants.
  • A public offering in August 2024 generated approximately $19.4 million in net proceeds, intended for working capital, product development, and inventory.
  • The company's product lines include indoor transport and delivery, sanitation, and food and beverage automation robots.
  • The company is expanding into healthcare and automotive verticals.
  • The first Clouffee & Tea franchise store is expected to open in Las Vegas in late January 2025.
  • The company faces challenges including market competition, customer education, service coverage costs, labor shortages, and rising raw material costs.
  • Total revenue for fiscal year 2024 was $4.24 million, a decrease from $8.759 million in fiscal year 2023, primarily due to the shift to RaaS.
  • The company reported a net loss of $8.14 million for fiscal year 2024, compared to a net loss of $0.339 million for fiscal year 2023.
  • As of September 30, 2024, cash and cash equivalents totaled $14.6 million.
  • The company had $6.78 million in U.S. federal net operating loss carryforwards as of September 30, 2024.
  • The company is subject to various governmental laws and regulations, including those related to data protection and export controls.
  • The company is an emerging growth company and has taken advantage of reduced disclosure requirements.
  • The company is a controlled company under Nasdaq rules.
  • The company is implementing strategic initiatives designed to grow the business.
  • The company is expanding its presence in international markets, including Asia, Australia, and Europe.
Sentiment

Score: 5

Explanation: The document presents a mixed sentiment. While there are positive aspects such as the transition to RaaS and expansion into new markets, the significant decrease in revenue and increased net loss raise concerns.

Highlights
  • Richtech Robotics is transitioning to a RaaS model to create a more predictable and recurring revenue stream.
  • The company secured significant RaaS contracts, including one for 25 ADAM units, valued at $5.25 million over 60 months.
  • A public offering in August 2024 generated approximately $19.4 million in net proceeds.
  • The company plans to launch 20 robotic restaurant locations in Walmart stores.
  • The company is expanding into healthcare and automotive verticals, with pilot installations scheduled for Q1 2025 at major health systems.
  • The first Clouffee & Tea franchise store is expected to open in Las Vegas in late January 2025.
  • Total revenue for fiscal year 2024 was $4.24 million, a decrease from $8.759 million in fiscal year 2023, primarily due to the shift to RaaS.
  • The company reported a net loss of $8.14 million for fiscal year 2024, compared to a net loss of $0.339 million for fiscal year 2023.
  • As of September 30, 2024, cash and cash equivalents totaled $14.6 million.
Positives
  • The transition to a RaaS model is expected to generate a more predictable and recurring revenue stream.
  • The company secured significant RaaS contracts, including one for 25 ADAM units, valued at $5.25 million over 60 months.
  • A public offering in August 2024 generated approximately $19.4 million in net proceeds.
  • The company plans to launch 20 robotic restaurant locations in Walmart stores.
  • The company is expanding into healthcare and automotive verticals, with pilot installations scheduled for Q1 2025 at major health systems.
  • The first Clouffee & Tea franchise store is expected to open in Las Vegas in late January 2025.
  • As of September 30, 2024, cash and cash equivalents totaled $14.6 million.
  • The company has remediated a material weakness in internal controls over financial reporting related to IT general controls.
Negatives
  • Total revenue for fiscal year 2024 was $4.24 million, a decrease from $8.759 million in fiscal year 2023, primarily due to the shift to RaaS.
  • The company reported a net loss of $8.14 million for fiscal year 2024, compared to a net loss of $0.339 million for fiscal year 2023.
  • The company faces challenges including market competition, customer education, service coverage costs, labor shortages, and rising raw material costs.
Risks
  • The company operates in an emerging market with rapid technological change and increasing competition.
  • The company's business plans require a significant amount of capital, and future capital needs may require the sale of additional equity or debt securities.
  • Unforeseen safety issues with the company's products could result in injuries to people.
  • The company relies on third-party manufacturers/suppliers, which increases the risk of insufficient product quantities or unacceptable costs.
  • The company's products incorporate certain components from sole source suppliers.
  • The company's robots are highly technical and could be vulnerable to hardware errors or software bugs.
  • The company may become subject to new or changing governmental regulations.
  • The company is subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations.
  • The company may be affected by cyber-attacks and other means of gaining unauthorized access to its products, systems, and data.
  • The company's management has limited experience in operating a public company.
  • The market price and trading volume of the company's Class B common stock may continue to be highly volatile.
  • The dual-class structure of the company's common stock has the effect of concentrating voting power.
  • The company's directors, executive officers and principal stockholders have substantial control over the company and could delay or prevent a change of corporate control.
  • Anti-takeover provisions contained in the company's second amended and restated articles of incorporation and second amended and restated bylaws, as well as provisions of Nevada law, could impair a takeover attempt.
  • The company has never paid dividends on its capital stock, and it may not pay any dividends in the foreseeable future.
Future Outlook

The company aims to expand its RaaS customer base, penetrate the hotel market, launch and scale its robotics franchise brand, establish enterprise partnerships, expand its R&D team, and pursue international expansion.

Management Comments
  • Since becoming a public company in November of 2023, we at Richtech have been focused on executing on our business objectives.
  • The company has made a full transition to offer primarily RaaS products to build a sustainable and scalable business model.
  • We have deployed our restaurant robotic concepts at strategic high-visibility locations.
  • Our diverse customer base and pipeline spans businesses from healthcare to automotive.
  • At Richtech, we continue to lean into our competitive advantages to bring exceptional value to end users.
  • As we continue to drive innovation and expand our market presence, we are strategically positioned to capitalize on multiple growth avenues across our business.
Industry Context

The company operates in the service robotics market, which is experiencing growth due to labor shortages and the need for automation in various sectors, including hospitality, healthcare, and automotive.

Comparison to Industry Standards
  • The document mentions competitors such as Bear Robotics, Pudu Technology, Savioke/Relay Robotics, Avidbots Corp, Tennant Company, Miso Robotics Inc., and Cafe X Technologies, Inc.
  • Richtech Robotics believes it has a first-mover advantage in the restaurant service robotics space with its Matradee robot.
  • The company claims its ACP platform provides a unique advantage in data collection and analysis compared to competitors.
  • Richtech Robotics aims to offer a broader range of robotic solutions than competitors who focus on a single robot or type of robot.
Stakeholder Impact
  • Shareholders may be concerned about the decrease in revenue and increased net loss.
  • Employees may be affected by the company's strategic shifts and expansion plans.
  • Customers may benefit from the RaaS model and the company's focus on innovation.
  • Suppliers may be impacted by the company's supply chain management and cost control efforts.
Next Steps
  • Expand RaaS customer base and sales pipeline.
  • Focus on operational robotics restaurants and partnership with Ghost Kitchens.
  • Pursue strategic partnerships and new initiatives.
  • Expand globally across key markets.
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 2016: Richtech Creative Displays LLC founded in Nevada.
  • June 2022: Richtech Creative Displays LLC converted to Richtech Robotics Inc.
  • August 20, 2024: Existing franchise agreement amended, relocating franchise to Oceanside, California.
  • August 29, 2024: Company entered into a Securities Purchase Agreement with institutional investors.
  • September 3, 2024: Public offering closed.
  • September 10, 2024: Company signed a franchise agreement for a new location in Peachtree City, Georgia.
  • October 4, 2024: Company entered into a new lease agreement for retail space in Las Vegas.
  • October 16, 2024: Company entered into a binding Letter of Intent with Ghost Kitchens America.
  • Late January 2025: Clouffee & Tea to open its inaugural franchise store in Las Vegas, Nevada.
Keywords
robotics, RaaS, automation, service robots, Richtech Robotics, financial results, 10-K, ADAM, Ghost Kitchens, Alphamax Management, Clouffee & Tea
RR 
Richtech Robotics INC 
NASDAQ
Sector: Industrials
 
Filings with Classifications
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
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
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
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).
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.
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.
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.

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.