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 financial results for the fourth
quarter and full year 2022 ended December 31, 2022.
2022 Highlights
- Achieved goal of producing 10 units of the Guardian® XM in the
fourth quarter
- Demonstrated the functionality of the Guardian® XT™ highly
dexterous teleoperated robotics system to both government and
commercial customers.
- Demonstrated an outdoor-based semi-autonomous baggage loading
system prototype jointly developed with Changi Airport Group
- Awarded contract for the Collaborative Sensing Platform by Air
Force Research Laboratory
- Executed field trials demonstrating improved worker safety and
productivity for the U.S. Navy, including successfully testing a
STARFISH Dexterous Underwater Robotic Gripper
- Acquired and integrated RE2, a developer of autonomous and
teleoperated mobile robotic systems for use in the aviation,
construction, defense, energy and medical industries
- Appointed Drew Hamer as Chief Financial Officer
“We ended the year strong by meeting our goal of producing 10
Guardian® XM units in the fourth quarter,” said Kiva Allgood,
President and CEO, Sarcos. “2022 was a year of milestones and
progress. Our acquisition and integration of RE2 expanded our
capabilities, our product line and our robotics expertise. We
successfully executed multiple field trials and demonstrations of
our robotics abilities in unstructured, outdoor environments in
situations that humans can’t or don’t want to go. We also developed
market specific solutions like the autonomous baggage loading
system prototype in conjunction with Changi Airport Group.
“Together with industry leaders Mortenson, JLG Industries, Array
Technologies, and Pratt Miller, we completed the validation of a
system designed to enhance safety and efficiency in solar field
construction. This market validation and field test milestone was a
mission-critical step on our path to commercializing our robotic
solar field construction solution. Now we’re positioned to begin
commercialization of three core robotic systems and our software
solutions and are ready to move forward with production.”
Financial resultsThe discussion in this press
release regarding Sarcos’ results of operations for the three
months ended December 31, 2022, includes the financial results of
RE2. The discussion of the results of operations for the full year
2022 includes the financial results of RE2 for the period after the
closing of the acquisition on April 25, 2022.
Fourth quarter 2022 total revenue was $6.1 million, compared to
$1.0 million during the fourth quarter of 2021. The increase was
primarily due to increased revenue from product development
contract revenues. Full-year 2022 total revenue increased to $14.6
million from $5.1 million for the full-year of 2021 for the same
reason.
Total operating expenses for the fourth quarter
were $101.3 million, an increase from the fourth quarter 2021
operating expenses of $28.6 million. The increase was mainly due to
a non-cash goodwill impairment of $70.2 million, which was
primarily driven by the sustained decrease in the company’s
publicly quoted share price and market capitalization. For the
full-year 2022, total operating expenses increased by $105.5
million to $191.6 million, due mainly to the aforementioned
goodwill impairment. Research and development expenses increased by
$16.6 million as compared to the prior year due to increased labor
and overhead expense as a result of increased headcount (due in
part to the RE2 acquisition) and third-party service provider costs
as the company focused on the development and commercialization of
its Guardian XT, Guardian XM, Guardian Sea Class and Guardian XO
products. Cost of revenue increased by $7.7 million in 2022 as
compared to 2021, mainly due to the costs associated with product
development contracts.
Fourth quarter 2022 net loss was $92.3 million or ($0.61) per
share, compared to a net loss of $34.1 million or ($0.25) per share
in the fourth quarter of the prior year. For the full year 2022,
net loss was $157.1 million or ($1.07) per share, compared to $81.5
million or ($0.72) per share in the prior year.
Fourth quarter non-GAAP net loss was $18.0 million or ($0.12)
per diluted share. Full year non-GAAP net loss for 2022 was $67.4
million, or ($0.46) per diluted share. Reconciliation of net loss
to non-GAAP net loss is included at the end of this release.
Sarcos ended the year with $114.5 million in unrestricted cash,
cash equivalents, and marketable securities.
Development outlook and financial
guidanceSarcos 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 believes that its first quarter 2023 total revenue will
be approximately $2.3 million of Product Development Contract
revenue. For the full year 2023, total revenue is expected to range
between $23 and $25 million. Product Development Contract revenue
is expected to be approximately 80% of the mix and Product revenue
the remainder. Product sales are expected to begin to ramp up in
the second half of 2023.
Turning to operating expenses, Sarcos believes its research and
development expenses will decrease slightly in 2023 as compared to
2022 due to its focus on product development and as the company
continues to leverage third-party service providers in its
development activities. With the exception of stock-based
compensation expense, Sarcos expects its general and administrative
expenses in 2023 to increase slightly as the company works on its
commercialization pathway and maintains public company compliance
requirements. Sales and marketing will increase slightly in 2023 in
line with the expected revenue growth in the future.
The Company estimates cash used in operating activities to
average approximately $6 million per month during the first quarter
of 2023. For the full year of 2023, the Company is satisfied with
its liquidity and currently has no plans to do an equity financing
in 2023, though management constantly monitors liquidity, financial
and business results and outlook and market conditions and could
change its plans if it determines it to be necessary or
advisable.
Conference call and webcastA conference call
and audio webcast with analysts and investors will be held today at
5:00 p.m. Eastern Time/2:00 p.m. Pacific Time to discuss the
results and answer questions.
- To access the conference call,
please pre-register using this link. Registrants will receive
confirmation with dial-in details.
- Live and archived webcast will be
available on Sarcos investor relations website at
investor.sarcos.com.
About Sarcos Technology and Robotics
CorporationSarcos 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’ product development,
commercialization and availability timing, products to be
commercialized, revenue models, financial results and performance
and cash use, intentions for future guidance, market 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,” “aim,” “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.
SARCOS TECHNOLOGY AND ROBOTICS
CORPORATIONCONSOLIDATED BALANCE
SHEETS(Unaudited)(in thousands, except
share data)
|
|
As of |
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
35,159 |
|
|
$ |
217,114 |
|
Marketable securities |
|
|
79,337 |
|
|
|
— |
|
Accounts receivable |
|
|
1,866 |
|
|
|
788 |
|
Unbilled receivables |
|
|
4,160 |
|
|
|
221 |
|
Inventories, net |
|
|
3,562 |
|
|
|
1,006 |
|
Prepaid expenses and other current assets |
|
|
5,015 |
|
|
|
9,202 |
|
Total
current assets |
|
|
129,099 |
|
|
|
228,331 |
|
Property
and equipment, net |
|
|
7,640 |
|
|
|
7,051 |
|
Intangible assets, net |
|
|
19,116 |
|
|
|
— |
|
Operating lease assets |
|
|
11,283 |
|
|
|
— |
|
Other
non-current assets |
|
|
487 |
|
|
|
441 |
|
Total
assets |
|
$ |
167,625 |
|
|
$ |
235,823 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,620 |
|
|
$ |
1,681 |
|
Accrued liabilities |
|
|
6,025 |
|
|
|
4,480 |
|
Current operating lease liabilities |
|
|
887 |
|
|
|
— |
|
Total
current liabilities |
|
|
10,532 |
|
|
|
6,161 |
|
Operating lease liabilities |
|
|
12,387 |
|
|
|
— |
|
Other non-current liabilities |
|
|
256 |
|
|
|
15,700 |
|
Total
liabilities |
|
|
23,175 |
|
|
|
21,861 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common
stock, $0.0001 par value, 990,000,000 shares authorized as of
December 31, 2022, and December 31, 2021; 154,252,704 and
137,722,658 shares issued and outstanding as of December 31, 2022,
and December 31, 2021, respectively |
|
|
15 |
|
|
|
14 |
|
Additional paid-in capital |
|
|
447,073 |
|
|
|
359,439 |
|
Accumulated other comprehensive loss |
|
|
(17 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(302,621 |
) |
|
|
(145,491 |
) |
Total
stockholders’ equity |
|
|
144,450 |
|
|
|
213,962 |
|
Total
liabilities and stockholders’ equity |
|
$ |
167,625 |
|
|
$ |
235,823 |
|
See Sarcos 10-K filing dated March 16, 2023, for
accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS
CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(in thousands,
except share and per share data)
|
|
Three Months
EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue, net |
|
$ |
6,121 |
|
|
$ |
1,004 |
|
|
$ |
14,569 |
|
|
$ |
5,075 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of items shown separately below) |
|
|
4,402 |
|
|
|
1,060 |
|
|
|
11,614 |
|
|
|
3,867 |
|
Research and development |
|
|
10,197 |
|
|
|
6,118 |
|
|
|
34,144 |
|
|
|
17,516 |
|
General and administrative |
|
|
12,896 |
|
|
|
18,960 |
|
|
|
63,480 |
|
|
|
58,059 |
|
Sales and marketing |
|
|
2,747 |
|
|
|
2,510 |
|
|
|
9,949 |
|
|
|
6,624 |
|
Intangible amortization expense |
|
|
819 |
|
|
|
— |
|
|
|
2,184 |
|
|
|
— |
|
Goodwill impairment |
|
|
70,236 |
|
|
|
— |
|
|
|
70,236 |
|
|
|
— |
|
Total operating expenses |
|
|
101,297 |
|
|
|
28,648 |
|
|
|
191,607 |
|
|
|
86,066 |
|
Loss
from operations |
|
|
(95,176 |
) |
|
|
(27,644 |
) |
|
|
(177,038 |
) |
|
|
(80,991 |
) |
Interest
income (expense), net |
|
|
866 |
|
|
|
(4 |
) |
|
|
1,831 |
|
|
|
(34 |
) |
Gain
(loss) on warrant liability |
|
|
1,431 |
|
|
|
(8,437 |
) |
|
|
13,442 |
|
|
|
(4,927 |
) |
Gain on
forgiveness of notes payable |
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
|
|
4,394 |
|
Other
income, net |
|
|
747 |
|
|
|
23 |
|
|
|
743 |
|
|
|
51 |
|
Loss
before income tax (expense) benefit |
|
|
(92,132 |
) |
|
|
(34,062 |
) |
|
|
(161,022 |
) |
|
|
(81,507 |
) |
Income
tax (expense) benefit |
|
|
(179 |
) |
|
|
— |
|
|
|
3,892 |
|
|
|
(1 |
) |
Net
loss |
|
$ |
(92,311 |
) |
|
$ |
(34,062 |
) |
|
$ |
(157,130 |
) |
|
$ |
(81,508 |
) |
Net loss
per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.61 |
) |
|
$ |
(0.25 |
) |
|
$ |
(1.07 |
) |
|
$ |
(0.72 |
) |
Weighted-average shares used in computing net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
152,051,799 |
|
|
|
137,703,090 |
|
|
|
146,839,273 |
|
|
|
113,184,357 |
|
See Sarcos 10-K filing dated March 16, 2023, for
accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS
CORPORATIONCONSOLIDATED STATEMENT OF CASH
FLOWS(Unaudited)(in thousands)
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(157,130 |
) |
|
$ |
(81,508 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
35,645 |
|
|
|
43,118 |
|
Depreciation of property and equipment |
|
|
1,409 |
|
|
|
531 |
|
Amortization of intangible assets |
|
|
2,184 |
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
(13,442 |
) |
|
|
4,927 |
|
Gain on forgiveness of notes payable |
|
|
— |
|
|
|
(4,394 |
) |
Amortization of investment discount |
|
|
(1,494 |
) |
|
|
— |
|
Goodwill impairment |
|
|
70,236 |
|
|
|
— |
|
Changes
in operating assets and liabilities |
|
|
|
|
|
|
Accounts receivable |
|
|
(257 |
) |
|
|
263 |
|
Unbilled receivable |
|
|
(1,972 |
) |
|
|
(2 |
) |
Inventories |
|
|
(2,090 |
) |
|
|
(299 |
) |
Prepaid expenses and other current assets |
|
|
4,440 |
|
|
|
(8,082 |
) |
Other non-current assets |
|
|
960 |
|
|
|
(148 |
) |
Accounts payable |
|
|
1,539 |
|
|
|
244 |
|
Accrued liabilities |
|
|
(798 |
) |
|
|
2,619 |
|
Other non-current liabilities |
|
|
(4,621 |
) |
|
|
628 |
|
Net cash
used in operating activities |
|
|
(65,391 |
) |
|
|
(42,103 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,498 |
) |
|
|
(4,688 |
) |
Acquisition of a business, net of cash acquired |
|
|
(29,687 |
) |
|
|
— |
|
Purchases of marketable securities |
|
|
(177,860 |
) |
|
|
— |
|
Maturities of marketable securities |
|
|
100,000 |
|
|
|
— |
|
Net cash
used in investing activities |
|
|
(109,045 |
) |
|
|
(4,688 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from notes payable |
|
|
— |
|
|
|
2,000 |
|
Proceeds from exercise of stock options |
|
|
683 |
|
|
|
26 |
|
Shares repurchased for payment of tax withholdings |
|
|
(8,107 |
) |
|
|
(284 |
) |
Purchase of non-controlling interest |
|
|
— |
|
|
|
(200 |
) |
Payment of obligations under capital leases |
|
|
(95 |
) |
|
|
(89 |
) |
Proceeds from PIPE |
|
|
— |
|
|
|
220,000 |
|
Proceeds from Merger |
|
|
— |
|
|
|
25,359 |
|
Payments for transaction costs |
|
|
— |
|
|
|
(16,571 |
) |
Net cash
(used in) provided by financing activities |
|
|
(7,519 |
) |
|
|
230,241 |
|
Net
(decrease) increase in cash, cash equivalents |
|
|
(181,955 |
) |
|
|
183,450 |
|
Cash,
cash equivalents at beginning of period |
|
|
217,114 |
|
|
|
33,664 |
|
Cash,
cash equivalents at end of period |
|
$ |
35,159 |
|
|
$ |
217,114 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash
paid for interest |
|
$ |
6 |
|
|
$ |
11 |
|
Cash
paid for income taxes |
|
$ |
— |
|
|
$ |
2 |
|
Supplemental disclosure of non-cash
activities: |
|
|
|
|
|
|
Common
stock and assumed equity awards in connection with a business
acquisition |
|
$ |
59,410 |
|
|
$ |
— |
|
Purchases of property and equipment included in accounts payable at
period-end |
|
$ |
33 |
|
|
$ |
605 |
|
Leasehold improvements paid by lessor |
|
$ |
— |
|
|
$ |
988 |
|
Unpaid
transaction costs |
|
$ |
— |
|
|
$ |
148 |
|
Assumption of warrant liabilities |
|
$ |
— |
|
|
$ |
8,774 |
|
See Sarcos 10-K filing dated March 16, 2023, for
accompanying notes to the consolidated financial statements.
SARCOS TECHNOLOGY AND ROBOTICS
CORPORATIONREVENUE BY
TYPE(Unaudited)(in thousands)
|
|
Three Months
EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Product Development Contract Revenue |
|
$ |
6,036 |
|
|
$ |
260 |
|
|
$ |
14,239 |
|
|
$ |
3,584 |
|
Product
Revenue |
|
|
85 |
|
|
|
744 |
|
|
|
330 |
|
|
|
1,491 |
|
Revenue, net |
|
$ |
6,121 |
|
|
$ |
1,004 |
|
|
$ |
14,569 |
|
|
$ |
5,075 |
|
SARCOS TECHNOLOGY AND ROBOTICS
CORPORATIONNON-GAAP FINANCIAL
MEASURES(Unaudited)
To supplement our financial statements presented in accordance
with GAAP and to provide investors with additional information
regarding our financial results, we have presented in this release
non-GAAP net loss and non-GAAP net loss per share, each of which
are non-GAAP financial measures. Non-GAAP net loss and non-GAAP net
loss per share are not based on any standardized methodology
prescribed by GAAP and are not necessarily comparable to similarly
titled measures presented by other companies.
We define non-GAAP net loss as our GAAP measured net loss
excluding the impacts of stock-based compensation expense, gain on
forgiveness of notes payable, gain or loss on change in fair value
of derivative instruments and warrant liabilities, expenses related
to a business combination, goodwill impairment and other
non-recurring non-operating expenses. We define non-GAAP net loss
per share as non-GAAP net loss divided by weighted average
outstanding shares.
The most directly comparable GAAP measure to non-GAAP net loss
is net loss. The most directly comparable GAAP measure to non-GAAP
net loss per share is net loss per share. We believe excluding the
impact of the previously listed items in calculating non-GAAP net
loss and non-GAAP net loss per share can provide a useful measure
for period-to-period comparisons of our core operating performance.
We monitor, and have presented in this release, non-GAAP net loss
and non-GAAP net loss per share because they are each a key measure
used by our management and board of directors to understand and
evaluate our operating performance and to establish budgets. We
believe non-GAAP net loss and non-GAAP net loss per share help
identify underlying trends in our business that could otherwise be
masked by the effect of the expenses that we include in net loss.
Accordingly, we believe non-GAAP net loss and non-GAAP net loss per
share provide useful information to investors, analysts and others
in understanding and evaluating our operating results, enhancing
the overall understanding of our past performance.
Non-GAAP net loss and non-GAAP net loss per share are not
prepared in accordance with GAAP and should not be considered in
isolation of, or as an alternative to, measures prepared in
accordance with GAAP. There are a number of limitations related to
the use of non-GAAP net loss and non-GAAP net loss per share rather
than net loss and net loss per share, which is for each the most
directly comparable financial measure calculated and presented in
accordance with GAAP. In addition, the expenses and other items
that we exclude in our calculations of non-GAAP net loss and
non-GAAP net loss per share may differ from the expenses and other
items, if any, that other companies may exclude from non-GAAP net
loss and non-GAAP net loss per share when they report their
operating results, limiting the usefulness of non-GAAP net loss and
non-GAAP net loss per share for comparative purposes.
In addition, other companies may use other measures to evaluate
their performance, all of which could reduce the usefulness of
non-GAAP net loss and non-GAAP net loss per share as tools for
comparison.
The following table reconciles non-GAAP net loss
to net loss, the most directly comparable financial measure
calculated and presented in accordance with GAAP (in thousands,
except share and per share data):
|
|
Three Months
EndedDecember 31, |
|
|
Year EndedDecember 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net loss |
|
$ |
(92,311 |
) |
|
$ |
(34,062 |
) |
|
$ |
(157,130 |
) |
|
$ |
(81,508 |
) |
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
6,059 |
|
|
|
12,360 |
|
|
|
35,645 |
|
|
|
43,118 |
|
Gain on forgiveness of notes payable |
|
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
|
|
(4,394 |
) |
Gain (loss) on warrant liability |
|
|
(1,431 |
) |
|
|
8,437 |
|
|
|
(13,442 |
) |
|
|
4,927 |
|
Expenses related to business combinations(1) |
|
|
— |
|
|
|
— |
|
|
|
1,935 |
|
|
|
1,794 |
|
Income tax benefit related to business combinations |
|
|
179 |
|
|
|
— |
|
|
|
(3,892 |
) |
|
|
— |
|
Goodwill impairment |
|
|
70,236 |
|
|
|
— |
|
|
|
70,236 |
|
|
|
— |
|
Employee Retention Credit |
|
|
(765 |
) |
|
|
— |
|
|
|
(765 |
) |
|
|
— |
|
Other non-operational expenses(2) |
|
|
— |
|
|
|
520 |
|
|
|
— |
|
|
|
520 |
|
Non-GAAP
net loss |
|
$ |
(18,033 |
) |
|
$ |
(14,745 |
) |
|
$ |
(67,413 |
) |
|
$ |
(35,543 |
) |
Net loss
per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.61 |
) |
|
$ |
(0.25 |
) |
|
$ |
(1.07 |
) |
|
$ |
(0.72 |
) |
Non-GAAP
net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.31 |
) |
Weighted-average shares used in computing net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
152,051,799 |
|
|
|
137,703,090 |
|
|
|
146,839,273 |
|
|
|
113,184,357 |
|
(1) |
Expenses
related to our business combinations with RE2, Inc., during 2022,
and Rotor Acquisition Corp., during 2021, are included within
general and administrative expenses within the consolidated
statements of operations and comprehensive loss. |
(2) |
Expenses related to estimated settlements for legal claims.
These costs are included within general and administrative expenses
within the consolidated statements of operations and comprehensive
loss. |
Investor Contact: Moriah
Shilton310.622.8251STRC@finprofiles.com
Press Contactmediarelations@sarcos.com
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