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Sarcos Technology and Robotics Corporation earned $1 million in revenue in the fourth quarter of 2021, a drop from the $3.4 million it made in Q4 2020. Sarcos suffered a net loss of $34.1 million in the quarter, compared to $3.9 million in the same quarter in 2020.
Sarcos creates exoskeletons and dexterous robots. It has already begun testing on its Guardian XO Beta unit, as well as its Guardian XT robotic avatar beta unit. It plans to begin production of commercial units of the XO and XT in 2022, with customer deliveries beginning in 2023.
For the full year 2021, Sarcos brought in $5.1 million in revenue, a decrease from the $8.8 million for the full year in 2020. Operating expenses in 2021 totalled $86.1 million, an increase from $29.8 million the year before. Much of the increase in operating expenses and the increase in net losses for the company comes from stock-based compensation, as well as higher general and administrative expenses from becoming a public company.
Sarcos merged with Rotor Acquisition Corp and went public in a SPAC merger that was finalized during Q3. This merger, announced in April 2021, came as yet another announcement of a SPAC-based public listing announcement. It began trading on the Nasdaq Global Market under the ticker symbol STRC in September 2021.
In Sarcos’ non-GAAP reporting, which excludes expenses from stock-based compensation as well as one time expenses related to the merger, it reported $14.7 million in net losses.
“The fourth quarter was one of major developments for Sarcos,” Kiva Allgood, president and CEO of Sarcos, said. “The completion of our initial Guardian XT Beta unit on schedule and the successful move into our new headquarters were testament to the hard work and dedication of the team. I’m thrilled to have joined Sarcos at this pivotal time in our product evolution and I am delighted at the progress we have continued to make as we have started initial testing of key elements of our Guardian XO beta unit. We believe that the recently announced planned combination with RE2, upon consummation, will enable us to offer a wider range of products to customers and significantly bolster our team of robotics experts, which makes us even more excited for the future.”
Sarcos announced earlier this week it is acquiring RE2 Robotics for $100 million. The deal consists of $30 million in cash and $70 million of Sarcos common stock, and is expected to close in the second quarter of 2022.