10-K/A - RICHTECH ROBOTICS INC. (0001963685) (Filer)

Wed, Mar 27, 10:05 AM (396 days ago)

Richtech Robotics Inc., a Nevada-based developer of advanced robotic technologies for the service industry, reported significant financial and strategic developments for the fiscal year ended September 30, 2023. The company's revenue increased by 45% to $8,759,000, up from $6,049,000 in the previous year, primarily due to the expansion of its customer base and increased sales from existing customers. The gross profit margin improved to 69% from 65%, reflecting higher-margin service revenues. Operating expenses rose to $5,726,000, driven by increased general and administrative costs related to preparing for an initial public offering and higher sales commissions. The company experienced a net loss of $339,000, an improvement from a $507,000 loss in the prior year, attributed to higher revenues and a $106,000 income tax benefit. Richtech Robotics has focused on addressing the labor shortage in the US service industry by offering robotic solutions for delivery, commercial cleaning, food & beverage service, and customization. These solutions are designed to automate repetitive tasks, allowing clients to reallocate labor hours to more value-adding roles. The company's products have been deployed in over 80 cities across the United States in various sectors, including restaurants, hotels, casinos, and senior living homes. The company's liquidity and capital resources are deemed sufficient to fund operations for at least the next twelve months, with plans to seek additional capital for expansion and product development. Richtech Robotics operates under a dual-class stock structure, with significant control held by its co-founders, which could impact investor influence on corporate decisions. The company has identified a material weakness in its internal control over financial reporting but is taking steps to address this issue. Future plans include expanding operations, advancing products, and scaling sales and marketing capabilities.