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Sarcos Technology and Robotics Corporation, a manufacturer of exoskeletons and dexterous robots, released its first financial results as a public company. It reported a net loss of $37 million in the third quarter of 2021 and $1.1 million in revenue. It had a net loss of $6.9 million for the third quarter of 2020.
Sarcos reported $41.6 million in operating expenses, which is up from $8.4 million in Q3 of 2021. Sarcos said the increases in expenses and losses are due to the one-time expenses associated with the merger with Rotor Acquisition Corp.
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.
In Sarcos’ non-GAAP reporting, which excluded expenses from stock-based compensation as well as one time expenses related to the merger, it reported $8.8 million in losses. In the same quarter in 2020 it reported $8.4 million in losses.
“Our merger with Rotor Acquisition Corp. has given us the liquidity we needed to further develop our unique, award-winning technology, and we believe it will be sufficient to bring our Guardian XO industrial exoskeleton and Guardian XT industrial robotic avatar systems to market,” said Ben Wolff, chairman and CEO of Sarcos.
Sarcos ended Q3 with $239 million in unrestricted cash. It began trading on the Nasdaq Global Market under the ticker symbol STRC in September 2021.
A huge day for our entire team. Thank you, @Nasdaq. https://t.co/wJtccTWe4O
— Sarcos Technology and Robotics Corporation (@Sarcos_Robotics) September 27, 2021
In August 2021, Sarcos announced a partnership with T-Mobile to integrate T-Mobile 5G into the Guardian XT highly dexterous mobile industrial robot. This collaboration will develop a remote viewing system that would allow workers, supervisors, experts and others to watch the robot perform tasks remotely. It would also allow operators greater flexibility in performing tasks with the robots from a distance.
Sarcos expects to complete its beta version of the Guardian XT robotic system by the end of 2021. By the end of 2022, it expects to begin commercial production on the Guardian XT.
You can read Sarcos’ Q3 2021 quarterly earnings report .
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