RICHTECH ROBOTICS INC. (RR)

CIK: 0001963685. SIC: 3569 General Industrial Machinery & Equipment, NEC. Latest 10-K as of: 2026-01-20.

SIC breadcrumb: Manufacturing > Industrial And Commercial Machinery And Computer Equipment > SIC 3569 General Industrial Machinery & Equipment, NEC

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1963685. Latest filing source: 0001213900-26-005343.

Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.

At a glance

FY2025 · period end 2025-09-30 · filed 2026-08-07 · accession 0001213900-26-086751 · source: SEC companyfacts

Revenue: 5,045,000 USD verified
Net income: -49,074,000 USD verified
Assets: 273,673,000 USD verified
Free cash flow: -14,055,000 USD computed
Revenue YoY: +18.99% computed
ROE: -19.56% computed

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

Peer & cluster context

Peer percentile fingerprint

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	5,045,000	USD	2025	2026-08-07
Net income	-49,074,000	USD	2025	2026-08-07
Assets	273,673,000	USD	2025	2026-08-07

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001963685.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Download these verified figures (annual + quarterly, with per-value filing provenance): JSON · CSV

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric	2021	2022	2023	2024	2025
Revenue		6,049,000	8,759,000	4,240,000	5,045,000
Net income		-507,000	-339,000	-1,368,000	-49,074,000
Operating income		-376,000	289,000	-7,780,000	-17,200,000
Gross profit		3,951,000	6,015,000	2,703,000	1,810,000
Diluted EPS		-0.01	-0.01	-0.02	-0.40
Operating cash flow		-2,646,000	-2,896,000	-4,941,000	-8,911,000
Capital expenditures				844,000	5,144,000
Assets		3,938,000	7,853,000	52,883,000	273,673,000
Liabilities		1,020,000	3,044,000	22,227,000	22,209,000
Stockholders' equity	1,868,000	2,918,000	4,809,000	29,870,000	250,873,000
Cash and cash equivalents		327,000	433,000	14,566,000	185,574,000
Free cash flow				-5,785,000	-14,055,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric	2022	2023	2024	2025
Net margin	-8.38%	-3.87%	-32.26%
Operating margin	-6.22%	3.30%
Return on equity	-17.37%	-7.05%	-4.58%	-19.56%
Return on assets	-12.87%	-4.32%	-2.59%	-17.93%
Liabilities / equity	0.35	0.63	0.74	0.09
Current ratio	4.73	2.42	1.82	11.78

Industry Peer Context

Each number-line places RR against the min, median, and max of latest reported values among companies in the same SIC industry when at least three peers report that ratio.

Net margin peer context

Operating margin peer context

ROE peer context

ROA peer context

Financial Bridges

Waterfall figures reconcile reported SEC companyfacts components. Missing bridges are omitted when required components are not present for the same fiscal year.

Income statement bridge from reported figures

Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0001213900-26-086751; concept Revenues; source concepts us-gaap:Revenues | Gross profit: accession 0001213900-26-086751; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0001213900-26-086751; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0001213900-26-086751; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss

Free cash flow = operating cash flow - capital expenditures

Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001213900-26-086751; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001213900-26-086751; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001213900-26-086751; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

Financial Charts

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: Revenues. Source concepts: us-gaap:Revenues.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: Assets. Source concepts: us-gaap:Assets.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: Liabilities. Source concepts: us-gaap:Liabilities.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-30; accession 0001213900-26-086751; filed 2026-08-07. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

View the filing-by-filing ledger →

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001963685.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarter	End Date	Revenue	Net Income	Diluted EPS	Method
2024-Q1	2023-12-31	1,106,000	-2,748,000	-0.04	reported discrete quarter
2024-Q2	2024-03-31	1,165,000	-1,119,000	-0.02	reported discrete quarter
2024-Q3	2024-06-30	1,443,000	-1,313,000	-0.02	reported discrete quarter
2024-Q4	2024-09-30	525,000	-2,959,000		derived Q4 = FY annual - nine-month YTD
2025-Q1	2024-12-31	1,257,000	-3,548,000	-0.04	reported discrete quarter
2025-Q2	2025-03-31	1,167,000	-4,540,000	-0.04	reported discrete quarter
2025-Q3	2025-06-30	1,177,000	-4,063,000	-0.04	reported discrete quarter
2025-Q4	2025-09-30	1,444,000	-3,594,000		derived Q4 = FY annual - nine-month YTD
2026-Q1	2025-09-30			-0.04	reported discrete quarter
2026-Q1	2025-12-31	1,147,000	-8,402,000		reported discrete quarter
2026-Q2	2026-03-31	1,501,000	-276,000	0.00	reported discrete quarter

Quarterly Charts

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-03-31; accession 0001213900-26-086762; filed 2026-08-07. Concept: Revenues. Source concepts: us-gaap:Revenues.

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-03-31; accession 0001213900-26-086762; filed 2026-08-07. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-03-31; accession 0001213900-26-086762; filed 2026-08-07. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

Business

Read RR's verbatim Item 1 Business section from its latest 10-K: Business.

Risk Factors

Read RR's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.

Latest quarter (10-Q)

Latest 10-Q source: 0001213900-26-086762.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-08-07. Report date: 2026-03-31.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our Unaudited condensed consolidated financial statements and the related notes contained elsewhere in this Report and in our other filings with the SEC. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under “Risk Factors” in our 2025 Annual Report and elsewhere in this Report. These risks could cause our actual results to differ materially from any future performance suggested below.

Overview

We are a robotics company focused on the development of embodied AI systems for manufacturing, retail, hospitality, and other sectors. We develop proprietary hardware and software that employ the latest robotics and AI innovations. Our goal is to deploy robotics at scale in business operations across our target markets.

Recent Developments

On April 1, 2026, we entered into a purchase and sale agreement with PSIF EBS Rainbow LLC to acquire a building of approximately 79,325 square feet located at 9530 S. Rainbow Blvd., Las Vegas, Nevada for a purchase price of $21,180,000, including a $600,000 earnest money deposit. The agreement provides for a 45-day inspection period during which we may terminate the agreement and receive a refund of the earnest money. Closing is expected to occur within 15 days after the inspection period, subject to customary closing conditions. The purchase was closed on May 29, 2026.

In January 2026, we launched a strategic transformation initiative referred to internally as “AI Across All” (“AAA”), under which we are transitioning our operations, software platforms, and technology infrastructure to an AI-native architecture. As part of this initiative, we undertook a comprehensive redevelopment and modernization of our existing software assets. We evaluated the impact of this transformation on the expected future economic benefits associated with certain software-related intangible assets. Based on the accelerated deployment of our next-generation AI-native systems, we determined that the remaining useful lives of certain existing software platforms have been significantly shortened. We completed the transition, redevelopment, and deployment of substantially all affected software platforms by June 30, 2026. Accordingly, we concluded that the remaining carrying value of such software-related intangible assets will no longer provide future economic benefit beyond June 30, 2026. As a result, we intend to fully amortize, write off, or otherwise recognize the remaining carrying value of these assets as research and development expense during the period ending June 30, 2026. We believe this accounting treatment appropriately reflects the successful completion of our transition to an AI-native technology platform and the replacement of legacy software assets with newly developed AI-enabled systems.

Key Business Highlights for the Second Quarter of Fiscal Year 2026

Strategic and Operational Milestones

	●	RaaS Contract Acceleration: Successfully expanded our Robots-as-a-Service (RaaS) footprint, demonstrating continued market adoption of our recurring revenue model. This growth validates our long-term strategy to shift away from one-time hardware sales toward a high-quality, predictable revenue base.
	●	Continued Investment in Research and Development: During the second quarter of fiscal year 2026, we continued to invest in research and development focused on artificial intelligence, system autonomy, and intelligent human-machine interaction across our robotic platforms. As a member of the NVIDIA Connect program, we have continued to utilize NVIDIA-based AI computing platforms and robotics software frameworks to enhance real-time perception, decision-making, and on-device autonomy.
		These efforts are intended to enhance product functionality and support scalable commercial deployment across multiple industry verticals.

Column 1	Column 2	Column 3
	●	Expansion of Hospitality Management Operations (AlphaMax): Advanced the strategic rollout of our proprietary hospitality concepts by commencing development of a new Clouffee and Tea location in the San Francisco Financial District. Site preparation and operational workflows are currently in progress, with the location scheduled to officially commence operations in the third quarter of fiscal year 2026.

Financial and Capital Milestones

Column 1	Column 2	Column 3
	●	Despite higher operating expenses from strategic investments, we achieved year-over-year improvement in net loss across both reporting periods. For the six months ended March 31, 2026, consolidated net loss narrowed to $10.4 million, a 65.1% reduction from $29.9 million in the prior-year period. This improvement was primarily driven by $6.7 million in investment income, compared to $0.7 million in the prior-year period, as well as a non-cash gain of $0.4 million from the change in fair value of warrant liabilities, compared to a non-cash loss of $21.8 million in the prior-year period. For the three months ended March 31, 2026, net loss attributable to the Company was $0.3 million, reflecting a 55% improvement from $0.6 million in the prior-year quarter. This near-breakeven result was largely propelled by $3.3 million in investment income. During both periods, we also recorded non-cash gains from the change in fair value of warrant liabilities, which are driven by fluctuations in our stock price and do not affect our operating cash flows. These results underscore our strengthened financial position, disciplined expense management, and the meaningful contribution of our investment portfolio, all of which position us well for continued progress toward sustainable profitability.

Column 1	Column 2	Column 3
	●	In January 2026, we successfully closed a private placement with an institutional investor, raising approximately $35.89 million in net proceeds by issuing 8,500,000 shares of our Class B common stock at $4.55 per share, which generated gross proceeds of approximately $38.68 million before deducting placement agent fees and offering-related expenses of $2.79 million. This capital raise reflects strong investor confidence in our strategic direction, strengthens our working capital position, and provides us with the necessary resources to advance our product development capabilities and scale robotic hardware inventory to meet growing customer demand. With this financing, we are well-positioned to execute on our growth initiatives and drive long-term shareholder value.

Factors and Trends Affecting Our Business and Results of Operations

The following trends and uncertainties either affected our financial performance historically or are likely to impact our results of operations in the future:

Column 1	Column 2	Column 3
	●	As our robotic products’ market potential is seen by others, more competitors could enter the market, which may lead to price competition and a decline in profit margins;

Column 1	Column 2	Column 3
	●	A recession could lead to a decline in customer demand in our robotic products and services;

	●	Some of our foundational hardware components continue to be manufactured and assembled by engineering partners in East Asia, which presents structural exposure to international freight disruptions, geopolitical dynamics, and regional logistical bottlenecks;
	●	We anticipate that our general and administrative expenses will trend upward as we continue to invest in organizational maturement. These expansionary costs will primarily represent enhanced compliance infrastructure, regulatory audit overhead, continuous internal control remediation (specifically surrounding accounting oversight under ASC 606 and ASC 842), and necessary adjustments to our director and officer (D&O) coverage;

Column 1	Column 2	Column 3
	●	Inflationary pressures are also a concern as it is difficult to make reliable projections for the cost of components. This means profit margins could be affected, and our pricing would need to be re-evaluated on a regular basis.

Results of Operations

Comparison of the six and three months ended March 31, 2026 and 2025

The following table summarizes our results of operations (in thousands) for the six and the three months ended March 31, 2026 and 2025, together with the dollar change in those items from period to period:

	Six months ended March 31,			Three months ended March 31,
	2026			2025			Change		2026		2025			Changes
Revenues	$	2,572			$	2,424		$	148		$	1,501			$	1,167		$	334
Cost of revenues		1,877				1,245			632			836				802			34
Gross profit		695				1,179			(484	)		665				365			300
Operating expenses:
Research and development		2,194				804			1,390			1,063				320			743
Sales and marketing		3,409				615			2,794			348				370			(22	)
General and administrative		12,497				8,771			3,726			4,288				4,757			(469	)
Total operating expenses		18,100				10,190			7,910			5,699				5,447			252
Loss from operations		(17,405	)			(9,011	)		(8,394	)		(5,034	)			(5,082	)		48
Non-operating income(expense):
Investment Income		6,737				720			6,017			3,336				387			2,949
Gain (loss) from change in fair value of warrant liability		375				(21,837	)		22,212			1,556				4,128			(2,572	)
Loss on disposition of subsidiary		(132	)			-			(132	)		(132	)			-			(132	)
Interest expenses, net		(4	)			(9	)		5			(2	)			(5	)		3
Total other expenses		6,976				(21,126	)		28,102			4,758				4,510			248
Loss before income tax expense		(10,429	)			(30,137	)		19,708			(276	)			(572	)		296
Income tax benefit/(expense)		-				-			-			-				-			-
Net loss		(10,429	)			(30,137	)		19,708			(276	)			(572	)		296
Less: Net loss Attributable to Non-Controlling Interest		(8	)			(38	)		30			-				(17	)		17
Net loss attributable to Richtech	$	(10,421	)		$	(30,099	)	$	19,678		$	(276	)		$	(555	)	$	279

Revenue

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: 0001213900-26-005343. The complete FY 2025 MD&A is published at /company/RR/mda/fy2025/.

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-01-20. Report date: 2025-09-30.

ITEM 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations

The following discussion
should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Report and
in our other Securities and Exchange Commission filings. The following discussion may contain predictions, estimates, and other forward-looking
statements that involve a number of risks and uncertainties, including those discussed under “Risk Factors” and elsewhere
in this Report. These risks could cause our actual results to differ materially from any future performance suggested below.

Overview

We are a robotics
company focused on the development of embodied AI systems for manufacturing, retail, hospitality, and other sectors. We develop proprietary
hardware and software that employ the latest robotics and AI innovations. Our goal is to deploy robotics at scale in business operations
across our target markets.

Key Business Highlights for Fiscal Year 2025

Fiscal year 2025 was a transformative period
for us, defined by the accelerated execution of our strategic shift toward a high-margin, recurring revenue business model.

Strategic and Operational Milestones

Column 1	Column 2	Column 3
	●	RaaS Contract Acceleration: Successfully secured 55 RaaS contracts, demonstrating strong market adoption of our RaaS model and validating the long-term strategy to build a high-quality, predictable recurring revenue base.

Column 1	Column 2	Column 3
	●	Expansion of Hospitality Management Segment (AlphaMax): Launched strategic initiatives under the AlphaMax subsidiary, including deployment of robots in restaurants in partnered with Walmart stores. Twofranchise agreements were secured during the period to kickstart this expansion.

Column 1	Column 2	Column 3
	●	New Brand Launch (Clouffee & Tea): Established our first self-owned robotic restaurant brand, Clouffee & Tea, which serves as a scalable franchise blueprint, a live platform for technological testing, and a new growth channel, with the inaugural location opening in Las Vegas in early 2025.

Column 1	Column 2	Column 3
	●	Corporate Restructuring and Infrastructure: The Company purchased a new corporate headquarters in Las Vegas, Nevada, optimizing its long-term operational footprint and accommodating organizational growth.

Column 1	Column 2	Column 3
	●	New Data Services: We have launched a new suite of services focused on producing robotic training datasets and embodied AI development.

Financial and Capital Milestones

Column 1	Column 2	Column 3
	●	Total Revenue Growth: Achieved a 19% increase in total net revenue, rising to $5,045 thousand for fiscal year 2025, despite the short-term revenue impact caused by the strategic shift to the RaaS model.

Column 1	Column 2	Column 3
	●	Gross Margin Expansion: Drove significant margin improvement with a 21.65% increase in Gross Profit, driven by our shift from one-time hardware sales to leasing and recurring revenue. Under the model, robots are recognized as long-lived assets and depreciated over the lease term, resulting in a structurally higher gross margin profile compared to the traditional one-time sale model.

Column 1	Column 2	Column 3
	●	Balance Sheet Strengthening (Subsequent Event): Subsequent to September 30, 2025, the Company successfully utilized its At-The-Market (“ATM”) offering program to raise $71.6 million in gross proceeds, substantially strengthening our liquidity and providing capital to accelerate the build-out of the RaaS asset fleet. A portion of these proceeds was generated through a direct sale of shares to a large institutional investor under the ATM program.

Column 1	Column 2	Column 3
	●	Deleveraging and Cost Optimization: Executed decisive corporate finance activities, resulting in an 89.1% reduction in net interest expenses, primarily through the pay-down and conversion of high-interest debt, significantly improving the Company’s structural cost of capital.

Column 1	Column 2	Column 3
	●	Continued Investment in Research and Development: Richtech Robotics remains dedicated to innovation and technological advancement, as evidenced by the increase in research and development expenses during fiscal year 2025. These investments are focused on expanding our product portfolio, enhancing existing offerings, and maintaining our competitive edge in the dynamic robotics market.

Column 1	Column 2	Column 3
	●	Expansion of Sales and Marketing Efforts: To support the RaaS model and drive customer acquisition, the Company has significantly increased its investment in sales and marketing initiatives. These efforts are crucial for educating potential customers about the benefits of leasing robotics solutions, building brand awareness, and cultivating new customer relationships.

Recent Developments

New Product Launch - Dex Humanoid Robot

October 28, 2025, we announced
Dex, our next-generation humanoid robot. Built on the NVIDIA Jetson Thor platform, Dex integrates a comprehensive suite of advanced AI
capabilities designed to transform the industrial workforce. With sophisticated perception and manipulation abilities, Dex can interact
with and operate in real-world environments, enabling it to perform tasks once considered too complex to automate.

Dex is expected to be deployment-ready
for industrial applications by mid-2026, and we anticipate that it will become a significant driver of the company’s future growth.

R&D Collaboration

Subsequent to September 30,
2025, we entered into a non-commercial technology collaboration agreement with Microsoft Corporation through the Microsoft AI
Co-Innovation Lab to support the evaluation and development of certain artificial intelligence workflows.

Subsequent Capital Raise – At-The-Market
Offering

Subsequent to September
30, 2025, we utilized our at-the-market offering program (the “September ATM”) to issue and sell an aggregate of 15,156,685
shares of Class B common stock, receiving aggregate gross proceeds of $71,622,886.31. A portion of such proceeds was generated through
a direct sale of shares to a large institutional investor under the September ATM. We intend to use the proceeds to accelerate the build-out
of our RaaS asset fleet.

Charter Amendment

On November 10, 2025, we filed an Articles of Amendment to our Articles
of Incorporation, as amended, with the Nevada Secretary of State to effect an increase the number of shares of Class B common stock that
we are authorized to issue from 200,000,000 to 1,000,000,000, effective upon filing.

Factors and Trends Affecting Our Business
and Results of Operations

The following trends and
uncertainties either affected our financial performance historically or are likely to impact our results of operations in the future:

Column 1	Column 2	Column 3
	●	As our robotic products’ market potential is seen by others, more competitors could enter the market, which may lead to price competition and a decline in profit margins;

Column 1	Column 2	Column 3
	●	A recession could lead to a decline in customer demand in our robotic products and services;

Column 1	Column 2	Column 3
	●	Some of the products are currently assembled by suppliers in China, which may delay the supply if they are affected by international shipping, epidemic, geopolitical conflicts and other factors;

Column 1	Column 2	Column 3
	●	We anticipate that our general and administrative expenses will continue to increase in the future as a result of increased costs associated with being a public company. These increases will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, attorneys, and accountants, and personnel-related stock-based compensation costs, among other expenses, and, in the case of public company-related expenses, services associated with strengthening our internal control over financial reporting, maintaining compliance with Nasdaq listing and SEC reporting requirements, director and officer liability insurance costs, and investor and public relations costs, among other expenses.

Column 1	Column 2	Column 3
	●	Inflationary pressures are also a concern as it is difficult to make reliable projections for the cost of components. This means profit margins could be affected, and our pricing would need to re-evaluated on a regular basis.

Comparison of the fiscal years ended September
30, 2025 and 2024

The following table summarizes
our results of operations (in thousands) for the fiscal years ended September 30, 2025 and 2024, together with the dollar change in those
items from period to period:

	Year ended September 30,
	2025			2024			Change
Revenue, net	$	5,045			$	4,240		$	805
Cost of revenue, net		1,756				1,520			236
Gross profit		3,289				2,720			569
Operating expenses:
Research and development		2,432				2,021			411
Sales and marketing		1,262				1,315			(53	)
General and administrative		17,539				6,457			11,082
Total operating expenses		21,233				9,793			11,440
Loss from operations		(17,944	)			(7,073	)		(10,871	)
Non-operating income(expense):
Investment Income		2,177				13			2,164
Interest expenses, net		(83	)			(762	)		679
Total other expenses		2,094				(749	)		2,843
Loss before income tax expense		(15,850	)			(7,822	)		(8,028	)
Income tax benefit/(expense)		(12	)			(318	)		306
Net loss		(15,862	)			(8,140	)		(7,722	)
Less: Net loss Attributable to Non-Controlling Interest		(108	)			-			(108	)
Net loss	$	(15,754	)		$	(8,140	)	$	(7,614	)

Revenue

Revenue, net, increased by
$805 thousand, or approximately 19.0%, from $4,240 thousand for the year ended September 30, 2024, to $5,045 thousand for the year ended
September 30, 2025.

This significant
full-year growth demonstrates the effectiveness of our ongoing strategic initiatives and indicates a successful ramp-up in the latter
half of the fiscal year. This performance is consistent with the anticipated long-term benefits of our strategic shift towards a leasing
and recurring revenue model, which is designed to build a more stable and predictable revenue foundation. The overall increase, despite
transitional challenges, reflects strong underlying customer demand for our robotics solutions.

The breakdown of revenue is as follows:

	Year ended September 30,
	2025		2024			Change
Product Sale	$	2,309		$	1,357		$	952
Leasing/Service/Rental		1,429			2,624			(1,195	)
RaaS		692			-			692
Other		615			259			356
Total	$	5,045		$	4,240		$	805

Business Model Transition and Revenue
Recognition

Historically, we generated revenue
primarily through Product Revenue (outright hardware sales), resulting in immediate revenue and immediate Cost of Revenue recognition.

During fiscal 2025, the Company fundamentally
shifted its approach to emphasize long-term rel

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A or browse all MD&A years.

MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

FY 2024 MD&A filed 2025-01-14 · accession 0001213900-25-003458
FY 2023 MD&A filed 2024-01-11 · accession 0001213900-24-003044

Macro cross-references for RR

Indicators mapped to this company's SIC classification (industry 3569 General Industrial Machinery & Equipment, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

INDPRO - Industrial Production: Total Index
TCU - Capacity Utilization: Total Index
PPIACO - Producer Price Index by Commodity: All Commodities
GDPC1 - Real Gross Domestic Product
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
FEDFUNDS - Federal Funds Effective Rate
CES0500000003 - Average Hourly Earnings of All Employees, Total Private
PAYEMS - All Employees, Total Nonfarm

Macro-to-micro threads including this sector: Inflation (CPI / PCE / PPI), US labor market, Growth & output, Money & trade, Government finances, Sector employment, Industrial orders & inventories, Trade & external.

All 71 macro indicators →

For LLMs & downloads

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