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Richtech Robotics Inc. (RR-4.38%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,257,000 from $1,106,000 in the same quarter the previous year. This increase is attributed to the strategic expansion of the company's service and leasing offerings, particularly the transition to a Robotics-as-a-Service (RaaS) model.
Cost of revenue for the quarter was $123,000, representing a significant decrease from $497,000 in the same quarter of the previous year. This reduction is primarily due to the shift towards the RaaS model and favorable changes in product costs.
The company reported a gross profit of $1,134,000 for the quarter, compared to $609,000 in the previous year, with the improvement attributed to the RaaS model and reduced product costs.
Sales and marketing expenses decreased to $245,000 from $595,000, primarily due to the success of a referral program and other cost-saving measures.
General and administrative expenses increased to $4,303,000 from $1,443,000, primarily due to higher professional and legal fees and increased payroll expenses.
Net loss for the quarter was $3,548,000, compared to $2,748,000 in the previous year. The increase in net loss is primarily due to higher general and administrative expenses.
Cash provided by financing activities was $9,240,000, primarily from the issuance of common stock. Cash used in operating and investing activities was $3,599,000 and $380,000, respectively.
Richtech had cash and cash equivalents totaling $19,827,000 as of December 31, 2024, up from $14,566,000 at the end of the prior fiscal year.
The filing also details various financial agreements, including a warrant exercise inducement offer and a settlement agreement with AC Sunshine Securities LLC.
Richtech continues to focus on expanding its RaaS offerings and anticipates continued growth in service and leasing revenue as it further expands its market reach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Richtech Robotics Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.