Summary by Moomoo AI
Richtech Robotics Inc. reported financial results for Q2 2024, with revenue increasing 10% YoY to $1.44 million. The company is transitioning to a Robotics-as-a-Service (RaaS) model, resulting in a temporary decrease in product sales but significant growth in service and leasing revenue. Gross profit margin improved to 70% from 53% in Q2 2023.Operating expenses rose 46% YoY to $1.91 million, primarily due to increased marketing and public company costs. The company reported a net loss of $1.31 million for Q2 2024, compared to a $663,000 loss in Q2 2023. Richtech ended the quarter with $9.2 million in cash and cash equivalents.Richtech made progress in commercial robot deployment, including the ADAM robot at Ghost Kitchens and the launch of Medbot for healthcare facilities. The company entered a $50 million Standby Equity Purchase Agreement to support growth initiatives. Management remains focused on expanding its RaaS model and developing innovative robotic solutions for the service industry.
