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Berkshire Grey, a provider of AI-enabled robotic solutions that automate online order fulfillment and store replenishment operations, revealed its 2022 Q2 results. The company brought in $23.4 million in revenue during the quarter, but had a net loss of $29 million.
The company’s revenue saw a large increase from Q1 2022 when it brought in $5.5 million, but its losses also increased. In Q1, the company had a net loss of $23.6 million. Its revenue in Q2 2022 was $18.9 million higher than its revenue in the same quarter in 2021.
Berkshire Grey saw $20 million in new orders in Q2 and through July 2022. It currently has a backlog of $100 million in orders, which also includes orders through July 2022. The company has $108 million in cash and cash equivalents at the end of Q2 on June 30, 2022.
During the second quarter, the company worked to expand its strategic partnership with FedEx. In August, it announced that FedEx would be purchasing $200 million of Berkshire Grey robots, which plan to be executed by the end of 2022. Additionally, the company announced it would be developing new automation solutions to help improve safety and efficiency at FedEx.
FedEx was also granted a warrant to purchase Berkshire Grey’s common stock. This vests incrementally and is subject to certain terms, including ordering and payment for Berkshire Grey’s products and services at any time before December 31, 2025.
“We continue to execute against our large and growing market opportunity by expanding our relationships with our strategic customers and securing new accounts,” Tom Wagner, CEO of Berkshire Grey, said. “Our ongoing momentum reflects the value of our AI-enabled robotic solutions for the world’s most prestigious retailers, package handling companies, eCommerce providers and logistics companies.”
The company hopes to bring in $70-80 million by the end of the year. It ended 2021 with $51 million in revenue. Berkshire Grey began trading on the NASDAQ in July 2021 via a special purpose acquisition company (SPAC).
Berkshire Grey won a 2022 RBR50 Robotics Innovation Award for its robotic putwall from our sister publication Robotics Business Review. The system was launched in September 2021 to help meet surging e-commerce demands and mitigate labor shortages. The company said it can sort up to 240 orders at the same time.