Expects Revenue of $6.1 Million for Q4 and
$14.6 Million for the Full Year 2022
Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ:
STRC and STRCW), a leader in the design, development, and
manufacture of advanced robotic systems and solutions that redefine
human possibilities, today announced preliminary fourth quarter
2022 revenue of $6.1 million and full year 2022 revenue of $14.6
million, each at the high end of its guidance range, and provided
an update on its product commercialization efforts.
As part of its product commercialization efforts, Sarcos has
expanded its Guardian® product line, adding the Guardian® XM
intelligent robotic system and Guardian® Sea Class robotic system
to its lineup, which also includes the Guardian® XT™ dexterous
robotic system. The Guardian XM and Guardian Sea Class come from
Sarcos’ acquisition of RE2, Inc. (“RE2”) in April 2022, after which
the company integrated RE2’s Sapien products into its portfolio.
Sarcos is now commercializing its Guardian XT system, Guardian XM
system (previously named the Sapien 6M), and Guardian Sea Class
system (previously named the Sapien Sea Class).
“Sarcos is a pioneer in robotics and has helped shape the
industry since its founding in 1983,” said Kiva Allgood, President
and CEO, Sarcos. “R&D has been our focus, and it got us where
we are today. Now it’s time to leverage our $375 million R&D
investment and commercialize our teleoperated robotic systems and
semi-autonomous solutions for which our customer pipeline is ready.
We expect to fulfill near-term customer demand for our robotic
systems and generate revenue through sales of our three core
systems, the Guardian XT, Guardian XM, and Guardian Sea Class
systems, and our market-specific robotic solutions. We are
continuing to develop our Guardian® XO® exoskeleton.
“Tight labor markets mean employers have an immediate need to
optimize their workforces. As a result, we see immediate demand for
the Guardian XT, Guardian XM, and Guardian Sea Class due to their
ability to significantly improve worker productivity, specifically
in the power and utilities, aviation, defense, and solar
construction markets.”
Sarcos achieved its objective of producing 10 Guardian XM robot
manipulators in the fourth quarter of 2022. The company believes
that the production of Guardian XM and Guardian XT systems is on
schedule and that initial commercial versions of both systems will
be ready for customer delivery in the first half of 2023. Sarcos’
facilities in Salt Lake City and Pittsburgh can produce 300 to 500
robots, depending on the mix. The company plans to expand
production capacity by partnering with a contract manufacturer.
Sarcos’ robotic systems include baseline software enabling basic
controls, teleoperation, and semi-autonomous capabilities. Sarcos
will provide additional software options, such as supervised
autonomy as an incremental service. Sarcos’ supervised autonomy
framework uses multi-modal sensor data to optimally perceive,
interact, and conceptualize unstructured environments. Combined
with our success-based learning AI approach, the supervised
autonomy framework harnesses the power of real-time and
learned-behavior data inputs that enable Sarcos’ robots to execute
task-specific autonomy in unstructured environments successfully.
Our advanced, success-based AI enables human workers' flexibility,
creativity, and improvisation skills to deliver improved workflow
performance and safer interactions between humans and machines for
jobs in unstructured environments. In addition, Sarcos intends to
offer its software solutions separately for sale or license.
Drew Hamer, CFO of Sarcos, said, “We see strong demand to
purchase Sarcos’ robotic systems. We expect to sell solutions for
specific markets and use cases based on our customers’ needs and
applications.
“We’re also seeing customers gravitate toward purchasing access
to our software as a standalone service. Given customer interest in
purchasing our systems and solutions, we do not expect Robot as a
Service (RaaS) to be a focus of our business model going forward.
If needed in the future, we will support our customers in
identifying capital providers to finance their purchases of robotic
systems.
“We closed the year with $114.5 million in cash and cash
equivalents, which will allow us to scale up production quickly.
Additionally, our shift from a RaaS model to a direct sales model
will lower our expected additional capital requirements to achieve
cash flow break-even to less than $50 million,” Hamer
concluded.
Management will provide additional information and updated
guidance on next month's fourth quarter and fiscal year 2022
results call.
The Guardian XM, Guardian Sea Class, and Guardian XT robotic
systems are for sale. For inquiries, please email sales@sarcos.com.
For more information on Sarcos products, visit www.sarcos.com.
About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and
STRCW) designs, develops, and manufactures a broad range of
advanced mobile robotic systems that redefine human possibilities
and are designed to enable the safest most productive workforce in
the world. Sarcos robotic systems operate in challenging,
unstructured, industrial environments and include teleoperated
robotic systems, a powered robotic exoskeleton, and software
solutions that enable task autonomy. For more information, please
visit www.sarcos.com and connect with us on LinkedIn at
www.linkedin.com/company/sarcos.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding Sarcos’ financial results,
capital requirements, product development, commercialization and
availability, robotic system and software features, revenue models
and opportunities and customer demand. Forward-looking statements
are inherently subject to risks, uncertainties, and assumptions.
Generally, statements that are not historical facts, including
statements concerning possible or assumed future actions, business
strategies, events, or results of operations, are forward-looking
statements. These statements may be preceded by, followed by, or
include the words “believes,” “estimates,” “expects,” “projects,”
“forecasts,” “may,” “will,” “should,” “seeks,” “plans,”
“scheduled,” “anticipates,” “intends” or “continue” or similar
expressions. Such forward-looking statements involve risks and
uncertainties that may cause actual events, results, or performance
to differ materially from those indicated by such statements. These
forward-looking statements are based on Sarcos’ management’s
current expectations and beliefs, as well as a number of
assumptions concerning future events. However, there can be no
assurance that the events, results, or trends identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Sarcos is not under any obligation and expressly disclaims any
obligation, to update, alter or otherwise revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the
reports which Sarcos has filed or will file from time to time with
the Securities and Exchange Commission (the “SEC”), in particular
the risks and uncertainties set forth in the sections of those
reports entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements,” for a description of risks facing
Sarcos and that could cause actual events, results or performance
to differ from those indicated in the forward-looking statements
contained herein. The documents filed by Sarcos with the SEC may be
obtained free of charge at the SEC’s website at www.sec.gov.
Furthermore, we are in the process of finalizing our financial
results for the fourth quarter and fiscal year ended December 31,
2022, and therefore our finalized and audited results and final
analysis of those results are not yet available. The preliminary
expectations regarding fourth quarter and full year 2022 revenue
and year-end cash, cash equivalents and short-term investment
balances are the responsibility of management, are subject to
management’s review and actual results could differ from
management’s expectations. The actual results are also subject to
audit by our independent registered public accounting firm and no
assurance is given by our independent registered public accounting
firm on such preliminary expectations. You should not draw any
conclusions as to any other financial results as of and for the
year ended December 31, 2022 based on the foregoing estimates.
The information that can be accessed through hyperlinks or
website addresses included herein is deemed not to be incorporated
in or part of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230223005826/en/
Investor Contact: Moriah Shilton Financial Profiles
310.622.8251 STRC@finprofiles.com
Press Contact mediarelations@sarcos.com
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