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Richtech Robotics Inc. (NASDAQ: RR) is an American robotics company that develops, manufactures, and sells automated robotic solutions primarily for the service industry. Founded in 2016 and headquartered in Las Vegas, Nevada, the company specializes in autonomous mobile robots (AMRs) designed for various applications in hospitality, healthcare, and other sectors experiencing labor shortages.[1][2] As of 2025, Richtech Robotics has deployed over 350 robots worldwide, with a presence in more than 80 cities across the United States.[3] The company's mission is to "bring people together by automating the tasks that keep them apart," reflecting its goal of using automation to handle routine tasks while enhancing human interactions.[4]

History

Richtech was originally founded as Richtech Creative Displays LLC in Nevada in July 2016 by brothers Zhenwu "Wayne" Huang and Zhenqiang "Michael" Huang, who had run an electronics business for nearly two decades prior.[5] The primary business at the time of incorporation was product development work related to machine vision used to process video feed and produce usable outputs. Applications of this work included interactive projection systems, facial recognition applications such as for temperature screening, and eventually environmental image recognition, obstacle avoidance recognition, and virtual positioning analysis necessary for indoor robot navigation.[6]

From 2019 to 2020, the company designed, developed, and built indoor delivery robots. In response to the COVID-19 pandemic, it pivoted to providing temperature screening robots that utilized AI algorithms to detect faces and pinpoint the location of foreheads to take accurate temperature readings.[6]

Richtech Creative Displays LLC was converted to Richtech Robotics Inc., a Nevada corporation, in June 2022 to reflect its emphasis on robotics solutions.[7] Around this time, the company introduced its flagship humanoid robot, ADAM, which debuted as an automated barista and bartender system.[8] In the same year, the company piloted a robotic boba tea café in Las Vegas called "Cloutea," to showcase ADAM's drink-making capabilities in a retail setting.[8]

A significant milestone for the company was its initial public offering (IPO) on the Nasdaq Stock Market in November 2023, where its Class B common stock began trading under the ticker symbol "RR" at an initial price of $5.00 per share. The IPO involved 2.1 million shares and raised approximately $10.5 million in gross proceeds.[9] The public listing was intended to establish the company as a leader in the field of automation and provide capital for scaling up operations and R&D.[3]

In August and September 2024, the company completed an upsized public offering, selling approximately 15.6 million Class B shares at $1.35 each, which raised $21 million in gross proceeds.[10] The net proceeds from this offering were earmarked for working capital, general corporate purposes, the further development of its product candidates, and the procurement of inventory, specifically robotic hardware.[10]

In February 2025, Richtech Robotics launched the Richtech Accelerator Program, a collaboration with U.S. universities focused on advancing AI and robotics research. Columbia University was announced as the first institution to join this program.[11]

Business Expansion

Richtech Robotics has expanded its business model by venturing into restaurant management within Walmart stores through a partnership with Ghost Kitchens America. This initiative began with a location in Rockford, Illinois, and subsequently extended to include 20 additional Walmart-located restaurants across Arizona, Colorado, and Texas. These restaurants operate under the "One Kitchen" banner.[12][13] Through this leasing deal, Richtech added ADAM robots to Ghost Kitchen sites located in Walmart stores, where they serve as automated beverage stations in food courts that formerly housed traditional fast-food franchises.[8] Each of these automated restaurant locations is expected to generate between $700,000 and $2 million in annual revenue.[14]

On July 7, 2023, Richtech Robotics opened its first Clouffee & Tea robotic café at The Forum Shops at Caesars in Las Vegas, Nevada. The cafe features ADAM as a robotic barista serving boba tea and other drinks to tourists and shoppers on the Las Vegas Strip.[15]

In late 2024, Richtech Robotics announced plans to establish a chain of robotic coffee shops under the brand "Clouffee & Tea." This initiative involves launching up to 20 automated café locations inside Walmart stores across the U.S., where Richtech's ADAM robot would serve as the barista.[16] As of January 2025, the company had secured two initial franchise locations for Clouffee & Tea: one in Peachtree City, Georgia and another in Oceanside, California, with operations slated to begin in early 2025.[16]

The company has also actively participated in major industry events, such as the Consumer Electronics Show (CES) and ProWein, an international wine and spirits trade fair, to showcase its latest technological advancements and solutions.[1]

Mission and Values

Richtech Robotics operates with the mission to revolutionize the service industry by providing collaborative robotic solutions that improve the customer experience and empower businesses to achieve greater success.[1] Another core mission is to foster human connection by automating routine tasks that might otherwise detract from more meaningful interactions, expressed in their motto "Bringing people together by automating the tasks that keep them apart."[14]

In the context of its academic partnership program, the company aims to leverage AI robotics to alleviate strenuous human labor, thereby enhancing overall freedom through technology.[17]

The company's vision is to pioneer a future where humans and robots collaborate seamlessly within the service industry, breaking down barriers created by menial tasks and fostering stronger connections between businesses and their customers.[14] Richtech Robotics aspires to achieve this by integrating cutting-edge automation technologies to create an environment characterized by improved interactions, enhanced efficiency, and continuous innovation.[1]

Inferred values of Richtech Robotics include:

  • A commitment to continuous innovation in its AI-powered systems[18]
  • A steadfast commitment to its clients[19]
  • Solving real-world challenges through the application of AI-driven robotics[4]
  • Enhancing efficiency and productivity for its customers[4]
  • Improving the customer experience and ensuring satisfaction through its robotic solutions[1]
  • Belief in human-robot collaboration, developing intelligent automation that supports workers and improves lives[19]
  • Safety as a core principle, with technology designed to meet and exceed industry standards[18]
  • Accessibility by offering flexible, scalable, and subscription-based (RaaS) solutions[20]

Products and Technology

Richtech Robotics develops three main categories of service automation solutions: indoor transport and delivery robots, cleaning robots, and food/beverage automation robots. All of the company's robots are designed as collaborative service robots, meant to work in public environments alongside human staff.[21]

Production Robots

  • ADAM: A friendly, two-armed humanoid robot capable of performing complex barista tasks such as serving cocktails, coffee, and boba tea.[4] ADAM utilizes AI intelligence and was showcased at CES 2024 for its advanced AI capabilities, including human-like precision in tasks like pouring draft beer.[22] It operates through an integrated touchscreen point-of-sale system.[23] Developed on NVIDIA's Jetson Orin AI computing platform, ADAM features two six-degree-of-freedom robotic arms mounted on a torso-like body with a rounded exterior and a smiling digital "face" on its front display.[16] ADAM was the first robotic bartender to be installed at an MLB All-Star baseball game in 2024.[5] In July 2024, ADAM was installed at Globe Life Field in Arlington, Texas, becoming the first robot to serve drinks at a Major League Baseball All-Star Game venue.[24]
  • Scorpion: A compact AI-powered robot bartender introduced in early 2025 as a smaller sibling to ADAM.[16] Scorpion features a single robotic arm and can use gesture and face recognition to engage with users and create personalized cocktail recipes. It is marketed as a more affordable and versatile alternative to ADAM, ideal for venues with limited space or budget.[16] The Scorpion robot made its public debut on September 26, 2024, at a New York City liquor store, following a distribution deal in which partner Park 34 Liquor Store Inc. agreed to deploy a minimum of 500 Scorpion units over five years.[25]

Indoor Transport and Delivery Robots

  • Matradee: A food delivery robot designed for restaurants, capable of delivering food and returning used dishes to the kitchen.[19] It is built to navigate in tight, crowded dining areas, using sensors to avoid patrons and obstacles. A single Matradee robot can perform over 1,000 food deliveries per month in a busy restaurant setting.[16]
  • Medbot: An elevator-enabled robot developed to improve efficiency in healthcare facilities and for hospital deliveries.[19] Previously known as "Richie" and "Robbie", the Medbot features a secure storage system with multiple locking compartments to transport medications, lab samples, or supplies to different departments.[16]
  • Titan: A heavy-duty transport robot introduced in 2023 for factories and car dealerships, capable of carrying payloads of 330-440 pounds.[16] At Mercedes-Benz of Plano, Titan has been reported to save an average of two hours per day in technician time.[4] It is designed with modular attachments for customization and can navigate elevators and long corridors.[16]
  • Skylark: A service robot tailored for hotel room service and guest deliveries. Introduced around 2023, the Skylark can deliver items like linens, toiletries, luggage, or in-room meals directly to guest rooms in hotels and resorts.[16]

Sanitation Robots

  • DUST-E: Commercial cleaning robot product line that features different models (CX, SX, and MX) for vacuuming and mopping tasks.[4] Richtech also produces a UV disinfection robot known as UV Guardian for killing bacteria and viruses on surfaces.[7]

Business Models

Richtech Robotics offers a Robots-as-a-Service (RaaS) model, providing rental options for robots such as ADAM and Scorpion.[4] This approach aims to lower the initial investment costs for businesses, ensure access to cutting-edge technology, and provide predictable recurring revenue streams for Richtech.[20] The company transitioned to this model in fiscal year 2024, which caused short-term revenue recognition to decrease as sales that would have been booked upfront are now spread over months of lease payments.[8]

In addition to these robots, Richtech Robotics has been granted patents for a tray stabilizer system designed for food delivery robots (US-20230182650-A1 and US-11975656-B2).[26]

Technology and Innovation

The core of Richtech Robotics' offerings lies in its focus on AI-driven robotics.[4] The company integrates fundamental research with applied engineering to achieve advancements in autonomous service.[4] Key technologies employed by Richtech Robotics include:

  • Autonomous Navigation: Richtech's robots are autonomous mobile robots (AMRs) that use on-board intelligence to move through environments without fixed tracks or external guidance. Each robot is equipped with a suite of sensors including LiDAR, RGB-D depth cameras, ultrasonic proximity sensors, and AI-powered vision systems.[16] They use simultaneous localization and mapping (SLAM) for dynamic path planning - adjusting their route on the fly to avoid obstacles.[16]
  • AI Cloud Platform (ACP): A cloud-based management system that connects to each deployed robot, collecting data on deliveries, distances traveled, battery life, and usage patterns. Through a dashboard, business owners can monitor metrics and the platform analyzes operational data to suggest workflow improvements.[16] The ACP also allows mixed fleet coordination where multiple types of robots can operate in the same environment and be managed together.[16]
  • Artificial Intelligence: Central to the robots' functionality, enabling features such as understanding and responding to multi-language commands, providing personalized recommendations, adapting to environmental changes, learning and replicating tasks, and engaging in complex interactions.[1]
  • Machine Learning: Robots like ADAM utilize machine learning to perform tasks such as creating customized drinks by analyzing and adapting to human-like motions, thereby improving precision in catering to customer needs.[22]
  • NVIDIA AI Technology: Integral to the operation of robots like Scorpion and ADAM, powering their advanced capabilities in customer interaction, personalized service, and task learning.[1] ADAM's development utilized NVIDIA's Isaac Sim platform to train its vision and motion in virtual environments, improving efficiency before physical deployment.[27]
  • Human-Robot Interaction: A key area of focus is developing intuitive systems that allow for seamless collaboration between humans and AI. The company deliberately gives its service robots friendly, non-threatening appearances to avoid the uncanny valley effect.[16] Research includes natural language processing (NLP) to enable robots to understand and respond to natural language commands.[17]

Richtech Robotics holds over 11 patents and has several more pending in areas ranging from facial recognition to touchless interfaces.[4] The company maintains engineering teams in both the United States and China, leveraging expertise from both regions to develop its robots.[16]

Market Position and Industry

Richtech Robotics operates within the service robotics industry, primarily targeting the hospitality and healthcare sectors.[1] The company also aims to serve the retail & logistics and industrial & commercial cleaning markets,[19] with potential expansion into the automotive sector.[28]

As of April 2025, Richtech Robotics' market capitalization is reported to be between $216 million and $258 million,[26] a decrease from approximately $320.83 million around its IPO in November 2023.[29]

The company's trailing 12-month revenue is around $4.39 million.[26] For the fiscal year 2024, revenue was approximately $4.2 million, down from $8.8 million in fiscal year 2023, primarily due to the company's strategic shift towards a Robots-as-a-Service (RaaS) model.[30] Despite the revenue decline, the shift is intended to build a steadier recurring revenue stream. The company's net loss in 2024 widened to $8.1 million (from $0.34 million in 2023) as it increased spending on product development and marketing.[30]

Industry reports indicate a strong growth forecast for the global robotics market, with projections reaching $283 billion by 2032 and an annual growth rate of nearly 15%.[20] Key competitors in the broader industrial machinery sector include Paul Mueller, L.B. Foster, Palladyne AI, and ZJK Industrial,[31] while Serve Robotics is a competitor in the autonomous delivery service space.[32]

Achievements and Recognition

Richtech Robotics has deployed over 350 robots worldwide across a diverse range of sectors, including restaurants, retail stores, hotels, healthcare facilities, casinos, senior living homes, and factories.[1] The company also claims to have over 1000 B2B clients in the USA and partnerships in more than 120 countries.[19]

The company has established partnerships with major clients across various sectors, such as Texas Rangers' Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and Formula 1 (F1).[1][33] A significant achievement is their strategic partnership with NVIDIA to integrate advanced AI technology into their robots.[34]

Richtech Robotics holds an A+ rating from the Better Business Bureau (BBB).[14] The company's technology was featured at the MLB All-Star Game[35] and has made television appearances, including on "The Kardashians" on Hulu (Season 3, Episode 1), increasing the company's mainstream visibility.[33]

In March 2025, Forbes published a feature article on how robotics is reshaping the hospitality industry, highlighting companies like Richtech that offer AI-powered robots to handle tasks traditionally performed by humans.[36]

Partnerships and Collaborations

Richtech Robotics has established several strategic partnerships and collaborations:

Richtech Robotics Key Partnerships
Partner Nature of Partnership Reference
MAC USA Integration of Richtech robots with MAC USA's POS systems [37]
Columbia University Richtech Accelerator Program for AI and robotics research [38]
Ghost Kitchens America Operation of automated restaurants within Walmart stores [39]
NVIDIA Integration of NVIDIA AI technology into Richtech robots [1]
Park 34 Liquor Store Inc. Distribution agreement for 500 Scorpion robots over five years [25]
Ziphaus Joint venture to launch robot-operated cafes in hospitals, airports, and universities [40]

In February 2025, Richtech Robotics launched the Richtech Accelerator Program to bolster AI and robotics research at U.S. universities. Columbia University was announced as the first institution to join this program, with Professor Zhou Yu's team focusing on localizing NLP models within Richtech robots to enable them to understand and execute spoken commands in a flexible way.[11] The program offers both fully funded and partially funded spots for participating universities, aiming to spur innovation and real-world applications of service robotics.[38]

References

  1. ^ a b c d e f g h i j k "Richtech Robotics to Showcase AI-Driven Service Automation at ProWein 2025, Signaling Strategic Global Expansion", GlobeNewswire, accessed April 8, 2025.
  2. ^ "Richtech Robotics Inc Company Profile", Association for Advancing Automation, accessed April 8, 2025.
  3. ^ a b "Las Vegas robotics company makes public trading debut", Las Vegas Review-Journal, accessed April 8, 2025.
  4. ^ a b c d e f g h i j "AI-driven robotics to solve real-world challenges", Richtech Robotics, accessed April 8, 2025.
  5. ^ a b "Humanoid Robots Will Be Serving You Soon", EEJournal, accessed April 8, 2025.
  6. ^ a b "SEC Filing", U.S. Securities and Exchange Commission, accessed April 8, 2025.
  7. ^ a b "Richtech Robotics Inc. – Company Profile", OneFinance/Yahoo Finance, accessed April 8, 2025.
  8. ^ a b c d "A robot barista represents a larger vision for retail robotics", Modern Retail, accessed April 8, 2025.
  9. ^ "Richtech Robotics Announces Closing of Upsized IPO", GlobeNewswire, accessed April 8, 2025.
  10. ^ a b "Richtech Robotics Announces Closing of $21 Million Public Offering", Richtech Robotics, accessed April 8, 2025.
  11. ^ a b "Richtech Robotics Launches Accelerator Program", GlobeNewswire, accessed April 8, 2025.
  12. ^ "Richtech Robotics & Ghost Kitchens Plan to Install 240 Robots in Locations Nationwide", Richtech Robotics, accessed April 8, 2025.
  13. ^ "Richtech Robotics to open 20 more automated restaurants inside Walmart stores", Restaurant Dive, accessed April 8, 2025.
  14. ^ a b c d "Investor Relations | Richtech Robotics", Richtech Robotics, accessed April 8, 2025.
  15. ^ "A large robot now serves up tea drinks on the Strip", Las Vegas Review-Journal, July 7, 2023.
  16. ^ a b c d e f g h i j k l m n o p "Richtech Robotics SEC Filing (Form S-3, 2025)", StreetInsider, accessed April 8, 2025.
  17. ^ a b "Richtech Robotics Launches the Richtech Accelerator Program to Bolster AI and Robotics Research at U.S. Universities", Richtech Robotics, accessed April 8, 2025.
  18. ^ a b "Pioneering AI Driven Robotics Technology", Richtech Robotics, accessed April 8, 2025.
  19. ^ a b c d e f "About Richtech Robotics | Full Service Robotics Companies", Richtech Robotics, accessed April 8, 2025.
  20. ^ a b c "Unlocking Human Potential: The Robotics Revolution and Physical AI Breakthrough", Richtech Robotics, accessed April 8, 2025.
  21. ^ "Richtech Robotics business description", MarketScreener, accessed April 8, 2025.
  22. ^ a b "Richtech Robotics Unveils Advanced AI Capabilities, Elevating Human-Like Performance for Robot Bartender at CES 2024", Richtech Robotics, accessed April 8, 2025.
  23. ^ "Walmart installs drinks-making robot from Richtech Robotics", Robotics and Automation, accessed April 8, 2025.
  24. ^ "Robot bartender ready for its All-Star Game close-up at Globe Life Field", SportsBusiness Journal, accessed April 8, 2025.
  25. ^ a b "Richtech Robotics Introduces Scorpion, an AI-Powered Single-Arm Beverage Service Robot, and Announces Distribution Partnership for 500 Robots Over Five Years", StockTitan, accessed April 8, 2025.
  26. ^ a b c "Richtech Robotics 2025 Company Profile: Stock Performance & Earnings", PitchBook, accessed April 8, 2025.
  27. ^ "Richtech Robotics Opens a Café With a Talking Humanoid Barista", Food On Demand, accessed April 8, 2025.
  28. ^ "Richtech's mission is to transform the service industry through collaborative robotic solutions: President", AlphaStreet, accessed April 8, 2025.
  29. ^ "Richtech Robotics - IPOScoop", IPOScoop, accessed April 8, 2025.
  30. ^ a b "Richtech Robotics Inc. (RR) reports earnings", Quartz, accessed April 8, 2025.
  31. ^ "Richtech Robotics (Nasdaq:RR) - Stock Price, News & Analysis", Simply Wall St, accessed April 8, 2025.
  32. ^ "A Deep Dive into Richtech Robotics' Collaboration with Ghost Kitchens: Financial Insights and Stock Potential", Reddit, accessed April 8, 2025.
  33. ^ a b "Richtech Robotics LinkedIn Company Page", LinkedIn, accessed April 8, 2025.
  34. ^ "Richtech Robotics Inc (RR): Navigating the Future of Robotics & Automation", Kavout, accessed April 8, 2025.
  35. ^ "Richtech Robotics I'm extremely bullish on it! But I'm interested in your thoughts.", Reddit, accessed April 8, 2025.
  36. ^ "From Kitchen to Table: Robotics Is Reshaping Hospitality", Forbes, accessed April 8, 2025.
  37. ^ "Richtech Robotics Forges Strategic Partnership with MAC USA, Revolutionizing Service Industry Dynamics", Richtech Robotics, accessed April 8, 2025.
  38. ^ a b "Richtech Robotics Inc. Launches Accelerator Program with Columbia University as First Partner", Nasdaq, accessed April 8, 2025.
  39. ^ "Richtech to Operate 'Robot-Powered Restaurants' at 20 More Walmart Locations", PYMNTS, accessed April 8, 2025.
  40. ^ "Richtech Robotics Announces Joint Venture with Zipphaus to Launch Robot-Operated Cafes", GlobeNewswire, accessed April 8, 2025.

[[Category:Robotics companies of

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