Sarcos reports preliminary Q4 rev $6.1M, FY rev $14.6M; shifts to direct sales model

Palladyne AI Corp.

2022-FY EPS reported -$1.07 revenue$14,569,000

Preliminary Q4 2022 revenue $6.1M, full year $14.6M, both at high end of guidance.
Cash and cash equivalents $114.5M as of Dec 31, 2022.
Shift from RaaS to direct sales model; expects additional capital needs <$50M to break-even.
Commercializing Guardian XT, XM, Sea Class systems; initial deliveries expected H1 2023.
Production capacity 300-500 robots; plans to partner with contract manufacturer.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Palladyne AI Corp. reported fourth quarter 2022 results: revenue $6.1 million.

Period: fourth quarter 2022
Revenue: $6.1 million
Result: preliminary results

Exact text from the filing

announced preliminary fourth quarter 2022 revenue of $6.1 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Palladyne AI Corp. reported full year 2022 results: revenue $14.6 million.

Period: full year 2022
Revenue: $14.6 million
Result: preliminary results

Exact text from the filing

X-99 Exhibit 99.1 Sarcos Commercializing and Expanding its Line of Teleoperated Robotics and Software Solutions Expects Revenue of $6.1 Million for Q4 and $14.6 Million for the Full Year 2022 SALT LAKE CITY— February 23, 2023— 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.

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Source: SEC EDGAR

accession 0000950170-23-004162

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