Delivered Fourth Quarter and Full 12 months 2022 Income on the Excessive Finish of Steering
Achieved Guardian® XM Manufacturing Objective and Debuted Prototype of Semi-Autonomous Baggage Loading System for Aviation Trade
SALT LAKE CITY, March 16, 2023 (GLOBE NEWSWIRE) — Sarcos Technology and Robotics Company (“Sarcos”) (NASDAQ: STRC and STRCW), a frontrunner within the design, improvement, and manufacture of superior robotic techniques and options that redefine human prospects, in the present day introduced monetary outcomes for the fourth quarter and full yr 2022 ended December 31, 2022.
2022 Highlights
- Achieved objective of manufacturing 10 items of the Guardian® XM within the fourth quarter
- Demonstrated the performance of the Guardian® XT™ extremely dexterous teleoperated robotics system to each authorities and industrial prospects.
- Demonstrated an outdoor-based semi-autonomous baggage loading system prototype collectively developed with Changi Airport Group
- Awarded contract for the Collaborative Sensing Platform by Air Power Analysis Laboratory
- Executed discipline trials demonstrating improved employee security and productiveness for the U.S. Navy, together with efficiently testing a STARFISH Dexterous Underwater Robotic Gripper
- Acquired and built-in RE2, a developer of autonomous and teleoperated cellular robotic techniques to be used within the aviation, development, protection, vitality and medical industries
- Appointed Drew Hamer as Chief Monetary Officer
“We ended the yr robust by assembly our objective of manufacturing 10 Guardian® XM items within the fourth quarter,” mentioned Kiva Allgood, President and CEO, Sarcos. “2022 was a yr of milestones and progress. Our acquisition and integration of RE2 expanded our capabilities, our product line and our robotics experience. We efficiently executed a number of discipline trials and demonstrations of our robotics skills in unstructured, out of doors environments in conditions that people can’t or don’t need to go. We additionally developed market particular options just like the autonomous baggage loading system prototype along side Changi Airport Group.
“Along with business leaders Mortenson, JLG Industries, Array Applied sciences, and Pratt Miller, we accomplished the validation of a system designed to reinforce security and effectivity in photo voltaic discipline development. This market validation and discipline check milestone was a mission-critical step on our path to commercializing our robotic photo voltaic discipline development resolution. Now we’re positioned to start commercialization of three core robotic techniques and our software program options and are prepared to maneuver ahead with manufacturing.”
Monetary outcomes
The dialogue on this press launch relating to Sarcos’ outcomes of operations for the three months ended December 31, 2022, contains the monetary outcomes of RE2. The dialogue of the outcomes of operations for the total yr 2022 contains the monetary outcomes of RE2 for the interval after the closing of the acquisition on April 25, 2022.
Fourth quarter 2022 whole income was $6.1 million, in comparison with $1.0 million throughout the fourth quarter of 2021. The rise was primarily because of elevated income from product improvement contract revenues. Full-year 2022 whole income elevated to $14.6 million from $5.1 million for the full-year of 2021 for a similar motive.
Complete working bills for the fourth quarter had been $101.3 million, a rise from the fourth quarter 2021 working bills of $28.6 million. The rise was primarily because of a non-cash goodwill impairment of $70.2 million, which was primarily pushed by the sustained lower within the firm’s publicly quoted share worth and market capitalization. For the full-year 2022, whole working bills elevated by $105.5 million to $191.6 million, due primarily to the aforementioned goodwill impairment. Analysis and improvement bills elevated by $16.6 million as in comparison with the prior yr because of elevated labor and overhead expense on account of elevated headcount (due partly to the RE2 acquisition) and third-party service supplier prices as the corporate centered on the event and commercialization of its Guardian XT, Guardian XM, Guardian Sea Class and Guardian XO merchandise. Value of income elevated by $7.7 million in 2022 as in comparison with 2021, primarily as a result of prices related to product improvement contracts.
Fourth quarter 2022 internet loss was $92.3 million or ($0.61) per share, in comparison with a internet lack of $34.1 million or ($0.25) per share within the fourth quarter of the prior yr. For the total yr 2022, internet loss was $157.1 million or ($1.07) per share, in comparison with $81.5 million or ($0.72) per share within the prior yr.
Fourth quarter non-GAAP internet loss was $18.0 million or ($0.12) per diluted share. Full yr non-GAAP internet loss for 2022 was $67.4 million, or ($0.46) per diluted share. Reconciliation of internet loss to non-GAAP internet loss is included on the finish of this launch.
Sarcos ended the yr with $114.5 million in unrestricted money, money equivalents, and marketable securities.
Growth outlook and monetary steerage
Sarcos believes that the manufacturing of Guardian XM and Guardian XT techniques is on schedule and that preliminary industrial variations of each techniques shall be prepared for buyer supply within the first half of 2023.
Sarcos believes that its first quarter 2023 whole income shall be roughly $2.3 million of Product Growth Contract income. For the total yr 2023, whole income is predicted to vary between $23 and $25 million. Product Growth Contract income is predicted to be roughly 80% of the combination and Product income the rest. Product gross sales are anticipated to start to ramp up within the second half of 2023.
Turning to working bills, Sarcos believes its analysis and improvement bills will lower barely in 2023 as in comparison with 2022 because of its give attention to product improvement and because the firm continues to leverage third-party service suppliers in its improvement actions. Apart from stock-based compensation expense, Sarcos expects its basic and administrative bills in 2023 to extend barely as the corporate works on its commercialization pathway and maintains public firm compliance necessities. Gross sales and advertising and marketing will enhance barely in 2023 in keeping with the anticipated income progress sooner or later.
The Firm estimates money utilized in working actions to common roughly $6 million per thirty days throughout the first quarter of 2023. For the total yr of 2023, the Firm is glad with its liquidity and presently has no plans to do an fairness financing in 2023, although administration always screens liquidity, monetary and enterprise outcomes and outlook and market circumstances and will change its plans if it determines it to be obligatory or advisable.
Convention name and webcast
A convention name and audio webcast with analysts and traders shall be held in the present day at 5:00 p.m. Jap Time/2:00 p.m. Pacific Time to debate the outcomes and reply questions.
- To entry the convention name, please pre-register utilizing this link. Registrants will obtain affirmation with dial-in particulars.
- Reside and archived webcast shall be accessible on Sarcos investor relations web site at investor.sarcos.com.
About Sarcos Expertise and Robotics Company
Sarcos Expertise and Robotics Company (NASDAQ: STRC and STRCW) designs, develops, and manufactures a broad vary of superior cellular robotic techniques that redefine human prospects and are designed to allow the most secure best workforce on this planet. Sarcos robotic techniques function in difficult, unstructured, industrial environments and embrace teleoperated robotic techniques, a powered robotic exoskeleton, and software program options that allow process autonomy. For extra data, please go to www.sarcos.com and join with us on LinkedIn at www.linkedin.com/company/sarcos.
Ahead-Trying Statements
This press launch comprises forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995, together with statements relating to Sarcos’ product improvement, commercialization and availability timing, merchandise to be commercialized, income fashions, monetary outcomes and efficiency and money use, intentions for future steerage, market alternatives and buyer demand. Ahead-looking statements are inherently topic to dangers, uncertainties, and assumptions. Typically, statements that aren’t historic info, together with statements regarding potential or assumed future actions, enterprise methods, occasions, or outcomes of operations, are forward-looking statements. These statements could also be preceded by, adopted by, or embrace the phrases “believes,” “estimates,” “expects,” “tasks,” “forecasts,” “could,” “will,” “purpose,” “ought to,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “proceed” or comparable expressions. Such forward-looking statements contain dangers and uncertainties which will trigger precise occasions, outcomes, or efficiency to vary materially from these indicated by such statements. These forward-looking statements are primarily based on Sarcos’ administration’s present expectations and beliefs, in addition to quite a few assumptions regarding future occasions. Nevertheless, there will be no assurance that the occasions, outcomes, or traits recognized in these forward-looking statements will happen or be achieved. Ahead-looking statements converse solely as of the date they’re made, and Sarcos shouldn’t be underneath any obligation and expressly disclaims any obligation, to replace, alter or in any other case revise any forward-looking assertion, whether or not on account of new data, future occasions, or in any other case, besides as required by regulation.
Readers ought to fastidiously evaluate the statements set forth within the reviews which Sarcos has filed or will file on occasion with the Securities and Change Fee (the “SEC”), particularly the dangers and uncertainties set forth within the sections of these reviews entitled “Threat Elements” and “Cautionary Be aware Relating to Ahead-Trying Statements,” for an outline of dangers dealing with Sarcos and that might trigger precise occasions, outcomes or efficiency to vary from these indicated within the forward-looking statements contained herein. The paperwork filed by Sarcos with the SEC could also be obtained freed from cost on the SEC’s web site at www.sec.gov.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in 1000’s, besides share knowledge)
| As of | ||||||||
| December 31, 2022 |
December 31, 2021 |
|||||||
| Belongings | ||||||||
| Present property: | ||||||||
| Money and money equivalents | $ | 35,159 | $ | 217,114 | ||||
| Marketable securities | 79,337 | — | ||||||
| Accounts receivable | 1,866 | 788 | ||||||
| Unbilled receivables | 4,160 | 221 | ||||||
| Inventories, internet | 3,562 | 1,006 | ||||||
| Pay as you go bills and different present property | 5,015 | 9,202 | ||||||
| Complete present property | 129,099 | 228,331 | ||||||
| Property and tools, internet | 7,640 | 7,051 | ||||||
| Intangible property, internet | 19,116 | — | ||||||
| Working lease property | 11,283 | — | ||||||
| Different non-current property | 487 | 441 | ||||||
| Complete property | $ | 167,625 | $ | 235,823 | ||||
| Liabilities and stockholders’ fairness | ||||||||
| Present liabilities: | ||||||||
| Accounts payable | $ | 3,620 | $ | 1,681 | ||||
| Accrued liabilities | 6,025 | 4,480 | ||||||
| Present working lease liabilities | 887 | — | ||||||
| Complete present liabilities | 10,532 | 6,161 | ||||||
| Working lease liabilities | 12,387 | — | ||||||
| Different non-current liabilities | 256 | 15,700 | ||||||
| Complete liabilities | 23,175 | 21,861 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ fairness: | ||||||||
| Widespread inventory, $0.0001 par worth, 990,000,000 shares approved as of December 31, 2022, and December 31, 2021; 154,252,704 and 137,722,658 shares issued and excellent as of December 31, 2022, and December 31, 2021, respectively | 15 | 14 | ||||||
| Extra paid-in capital | 447,073 | 359,439 | ||||||
| Accrued different complete loss | (17 | ) | — | |||||
| Accrued deficit | (302,621 | ) | (145,491 | ) | ||||
| Complete stockholders’ fairness | 144,450 | 213,962 | ||||||
| Complete liabilities and stockholders’ fairness | $ | 167,625 | $ | 235,823 | ||||
See Sarcos 10-Ok submitting dated March 16, 2023, for accompanying notes to the consolidated monetary statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in 1000’s, besides share and per share knowledge)
| Three Months Ended December 31, |
12 months Ended December 31, |
|||||||||||||||
| | | 2022 | 2021 | | 2022 | 2021 | ||||||||||
| Income, internet | | $ | 6,121 | $ | 1,004 | | $ | 14,569 | $ | 5,075 | ||||||
| Working bills: | | | ||||||||||||||
| Value of income (unique of things proven individually under) | 4,402 | 1,060 | 11,614 | 3,867 | ||||||||||||
| Analysis and improvement | | 10,197 | 6,118 | | 34,144 | 17,516 | ||||||||||
| Normal and administrative | | 12,896 | 18,960 | | 63,480 | 58,059 | ||||||||||
| Gross sales and advertising and marketing | | 2,747 | 2,510 | | 9,949 | 6,624 | ||||||||||
| Intangible amortization expense | 819 | — | 2,184 | — | ||||||||||||
| Goodwill impairment | 70,236 | — | 70,236 | — | ||||||||||||
| Complete working bills | | 101,297 | 28,648 | | 191,607 | 86,066 | ||||||||||
| Loss from operations | (95,176 | ) | (27,644 | ) | (177,038 | ) | (80,991 | ) | ||||||||
| Curiosity earnings (expense), internet | 866 | (4 | ) | 1,831 | (34 | ) | ||||||||||
| Achieve (loss) on warrant legal responsibility | 1,431 | (8,437 | ) | 13,442 | (4,927 | ) | ||||||||||
| Achieve on forgiveness of notes payable | — | 2,000 | — | 4,394 | ||||||||||||
| Different earnings, internet | 747 | 23 | 743 | 51 | ||||||||||||
| Loss earlier than earnings tax (expense) profit | (92,132 | ) | (34,062 | ) | (161,022 | ) | (81,507 | ) | ||||||||
| Revenue tax (expense) profit | (179 | ) | — | 3,892 | (1 | ) | ||||||||||
| Internet loss | $ | (92,311 | ) | $ | (34,062 | ) | $ | (157,130 | ) | $ | (81,508 | ) | ||||
| Internet loss per share | | | ||||||||||||||
| Fundamental and diluted | | $ | (0.61 | ) | $ | (0.25 | ) | | $ | (1.07 | ) | $ | (0.72 | ) | ||
| Weighted-average shares utilized in computing internet loss per share | | | ||||||||||||||
| Fundamental and diluted | | 152,051,799 | 137,703,090 | | 146,839,273 | 113,184,357 | ||||||||||
See Sarcos 10-Ok submitting dated March 16, 2023, for accompanying notes to the consolidated monetary statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in 1000’s)
| 12 months Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Money flows from working actions: | ||||||||
| Internet loss | $ | (157,130 | ) | $ | (81,508 | ) | ||
| Changes to reconcile internet loss to internet money utilized in working actions: | ||||||||
| Inventory-based compensation | 35,645 | 43,118 | ||||||
| Depreciation of property and tools | 1,409 | 531 | ||||||
| Amortization of intangible property | 2,184 | — | ||||||
| Change in truthful worth of warrant legal responsibility | (13,442 | ) | 4,927 | |||||
| Achieve on forgiveness of notes payable | — | (4,394 | ) | |||||
| Amortization of funding low cost | (1,494 | ) | — | |||||
| Goodwill impairment | 70,236 | — | ||||||
| Modifications in working property and liabilities | ||||||||
| Accounts receivable | (257 | ) | 263 | |||||
| Unbilled receivable | (1,972 | ) | (2 | ) | ||||
| Inventories | (2,090 | ) | (299 | ) | ||||
| Pay as you go bills and different present property | 4,440 | (8,082 | ) | |||||
| Different non-current property | 960 | (148 | ) | |||||
| Accounts payable | 1,539 | 244 | ||||||
| Accrued liabilities | (798 | ) | 2,619 | |||||
| Different non-current liabilities | (4,621 | ) | 628 | |||||
| Internet money utilized in working actions | (65,391 | ) | (42,103 | ) | ||||
| Money flows from investing actions: | ||||||||
| Purchases of property and tools | (1,498 | ) | (4,688 | ) | ||||
| Acquisition of a enterprise, internet of money acquired | (29,687 | ) | — | |||||
| Purchases of marketable securities | (177,860 | ) | — | |||||
| Maturities of marketable securities | 100,000 | — | ||||||
| Internet money utilized in investing actions | (109,045 | ) | (4,688 | ) | ||||
| Money flows from financing actions: | ||||||||
| Proceeds from notes payable | — | 2,000 | ||||||
| Proceeds from train of inventory choices | 683 | 26 | ||||||
| Shares repurchased for fee of tax withholdings | (8,107 | ) | (284 | ) | ||||
| Buy of non-controlling curiosity | — | (200 | ) | |||||
| Fee of obligations underneath capital leases | (95 | ) | (89 | ) | ||||
| Proceeds from PIPE | — | 220,000 | ||||||
| Proceeds from Merger | — | 25,359 | ||||||
| Funds for transaction prices | — | (16,571 | ) | |||||
| Internet money (utilized in) supplied by financing actions | (7,519 | ) | 230,241 | |||||
| Internet (lower) enhance in money, money equivalents | (181,955 | ) | 183,450 | |||||
| Money, money equivalents at starting of interval | 217,114 | 33,664 | ||||||
| Money, money equivalents at finish of interval | $ | 35,159 | $ | 217,114 | ||||
| Supplemental disclosure of money move data: | ||||||||
| Money paid for curiosity | $ | 6 | $ | 11 | ||||
| Money paid for earnings taxes | $ | — | $ | 2 | ||||
| Supplemental disclosure of non-cash actions: | ||||||||
| Widespread inventory and assumed fairness awards in reference to a enterprise acquisition | $ | 59,410 | $ | — | ||||
| Purchases of property and tools included in accounts payable at period-end | $ | 33 | $ | 605 | ||||
| Leasehold enhancements paid by lessor | $ | — | $ | 988 | ||||
| Unpaid transaction prices | $ | — | $ | 148 | ||||
| Assumption of warrant liabilities | $ | — | $ | 8,774 | ||||
See Sarcos 10-Ok submitting dated March 16, 2023, for accompanying notes to the consolidated monetary statements.
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
REVENUE BY TYPE
(Unaudited)
(in 1000’s)
| Three Months Ended December 31, |
12 months Ended December 31, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Product Growth Contract Income | $ | 6,036 | $ | 260 | $ | 14,239 | $ | 3,584 | ||||||||
| Product Income | 85 | 744 | 330 | 1,491 | ||||||||||||
| Income, internet | $ | 6,121 | $ | 1,004 | $ | 14,569 | $ | 5,075 | ||||||||
SARCOS TECHNOLOGY AND ROBOTICS CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
To complement our monetary statements offered in accordance with GAAP and to offer traders with further data relating to our monetary outcomes, we’ve got offered on this launch non-GAAP internet loss and non-GAAP internet loss per share, every of that are non-GAAP monetary measures. Non-GAAP internet loss and non-GAAP internet loss per share aren’t primarily based on any standardized methodology prescribed by GAAP and aren’t essentially akin to equally titled measures offered by different firms.
We outline non-GAAP internet loss as our GAAP measured internet loss excluding the impacts of stock-based compensation expense, acquire on forgiveness of notes payable, acquire or loss on change in truthful worth of spinoff devices and warrant liabilities, bills associated to a enterprise mixture, goodwill impairment and different non-recurring non-operating bills. We outline non-GAAP internet loss per share as non-GAAP internet loss divided by weighted common excellent shares.
Essentially the most immediately comparable GAAP measure to non-GAAP internet loss is internet loss. Essentially the most immediately comparable GAAP measure to non-GAAP internet loss per share is internet loss per share. We imagine excluding the affect of the beforehand listed gadgets in calculating non-GAAP internet loss and non-GAAP internet loss per share can present a helpful measure for period-to-period comparisons of our core working efficiency. We monitor, and have offered on this launch, non-GAAP internet loss and non-GAAP internet loss per share as a result of they’re every a key measure utilized by our administration and board of administrators to know and consider our working efficiency and to determine budgets. We imagine non-GAAP internet loss and non-GAAP internet loss per share assist determine underlying traits in our enterprise that might in any other case be masked by the impact of the bills that we embrace in internet loss. Accordingly, we imagine non-GAAP internet loss and non-GAAP internet loss per share present helpful data to traders, analysts and others in understanding and evaluating our working outcomes, enhancing the general understanding of our previous efficiency.
Non-GAAP internet loss and non-GAAP internet loss per share aren’t ready in accordance with GAAP and shouldn’t be thought of in isolation of, or as an alternative choice to, measures ready in accordance with GAAP. There are a selection of limitations associated to the usage of non-GAAP internet loss and non-GAAP internet loss per share relatively than internet loss and internet loss per share, which is for every essentially the most immediately comparable monetary measure calculated and offered in accordance with GAAP. As well as, the bills and different gadgets that we exclude in our calculations of non-GAAP internet loss and non-GAAP internet loss per share could differ from the bills and different gadgets, if any, that different firms could exclude from non-GAAP internet loss and non-GAAP internet loss per share after they report their working outcomes, limiting the usefulness of non-GAAP internet loss and non-GAAP internet loss per share for comparative functions.
As well as, different firms could use different measures to guage their efficiency, all of which may scale back the usefulness of non-GAAP internet loss and non-GAAP internet loss per share as instruments for comparability.
The next desk reconciles non-GAAP internet loss to internet loss, essentially the most immediately comparable monetary measure calculated and offered in accordance with GAAP (in 1000’s, besides share and per share knowledge):
| Three Months Ended December 31, |
12 months Ended December 31, |
|||||||||||||||
| | | 2022 | 2021 | | 2022 | 2021 | ||||||||||
| Internet loss | $ | (92,311 | ) | $ | (34,062 | ) | $ | (157,130 | ) | $ | (81,508 | ) | ||||
| Non-GAAP changes: | ||||||||||||||||
| Inventory-based compensation expense | 6,059 | 12,360 | 35,645 | 43,118 | ||||||||||||
| Achieve on forgiveness of notes payable | — | (2,000 | ) | — | (4,394 | ) | ||||||||||
| Achieve (loss) on warrant legal responsibility | (1,431 | ) | 8,437 | (13,442 | ) | 4,927 | ||||||||||
| Bills associated to enterprise combos(1) | — | — | 1,935 | 1,794 | ||||||||||||
| Revenue tax profit associated to enterprise combos | 179 | — | (3,892 | ) | — | |||||||||||
| Goodwill impairment | 70,236 | — | 70,236 | — | ||||||||||||
| Worker Retention Credit score | (765 | ) | — | (765 | ) | — | ||||||||||
| Different non-operational bills(2) | — | 520 | — | 520 | ||||||||||||
| Non-GAAP internet loss | $ | (18,033 | ) | $ | (14,745 | ) | $ | (67,413 | ) | $ | (35,543 | ) | ||||
| Internet loss per share | ||||||||||||||||
| Fundamental and diluted | $ | (0.61 | ) | $ | (0.25 | ) | $ | (1.07 | ) | $ | (0.72 | ) | ||||
| Non-GAAP internet loss per share | ||||||||||||||||
| Fundamental and diluted | $ | (0.12 | ) | $ | (0.11 | ) | $ | (0.46 | ) | $ | (0.31 | ) | ||||
| Weighted-average shares utilized in computing internet loss per share | ||||||||||||||||
| Fundamental and diluted | 152,051,799 | 137,703,090 | 146,839,273 | 113,184,357 | ||||||||||||
| (1) | Bills associated to our enterprise combos with RE2, Inc., throughout 2022, and Rotor Acquisition Corp., throughout 2021, are included inside basic and administrative bills inside the consolidated statements of operations and complete loss. |
| (2) | Bills associated to estimated settlements for authorized claims. These prices are included inside basic and administrative bills inside the consolidated statements of operations and complete loss. |
Investor Contact:
Moriah Shilton
310.622.8251
[email protected]
Press Contact
[email protected]
