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.

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.