AI Software Platform to be Launched by
mid-2024; Leverages Years of Sarcos R&D and Recent Momentum
from U.S. Department of Defense Contract Wins
Reduction in Force to Align Resources with AI
Focus
Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ:
STRC and STRCW), a leader in advanced robotic technology designed
to increase the intelligence, efficiency, capability and
productivity of advanced robotic systems through applied autonomy,
today announced that it is pivoting its business to focus on the
larger, near-term opportunity of its robotic artificial
intelligence (AI) and machine learning (ML) software platform.
“The underlying power of what Sarcos offers is in the software
we have developed over many years,” said Laura Peterson, President
and Chief Executive Officer of Sarcos. “After continued extensive
analysis of our business that led to a deeper understanding of the
risks and work necessary to bring our robotic systems to market, we
determined that our AI software platform offers the greatest
risk-adjusted revenue opportunity for the company in the near- and
mid-term. We believe that our AI software platform will enable, for
the majority of the industrial robots being sold around the world,
a dramatic reduction in robotic training times while also making
industrial robots far more agile, meaning they can perform more
tasks with greater variability similar to how humans can perform a
wide variety of tasks. In our lab environment and in simulations,
we have trained commercially available robotic arms to do simple
tasks in minutes.
“Our DNA is robotics, which gives us a unique and valuable
perspective on how to use software to tackle the challenges
associated with training and managing industrial robots in complex
and dynamic environments. With the large number of robotic systems
throughout the world and a product that we believe is unlike
anything else currently available, we see a broad addressable
market and an opportunity to build a robust software business that
is scalable at a substantially faster rate than our hardware
solutions.”
Sarcos’s vision for its AI software platform began in 2017 and
progressed to its first CYTAR™ (Cybernetic Training for Autonomous
Robots) government proposal in 2019. Significant design and
development work began in 2020 when Chief Technology Officer Dr.
Denis Garagić joined the Company. AI software development contracts
with the U.S. Air Force provide funding for the development of the
AI software platform and opportunities to test the platform in
real-world use cases. Sarcos anticipates bringing a version of its
AI software platform, compatible with most industrial robots being
sold today, to market in the first half of 2024. A subsequent
version with additional features is planned for release by the end
of 2024.
“With the need to ensure we have sufficient financial resources
to pursue our software opportunity, we have made the difficult
decision to suspend for the foreseeable future commercialization
efforts on our subsea, aviation and solar robotics hardware
programs. We will, however, continue to address these markets
through our AI/ML software platform,” Peterson said. “By
de-coupling our AI and ML software from our own robotic systems, we
believe we can reach a much broader market more quickly. We believe
this is the right decision for both the short-term and long-term
health of and opportunities for the business. We can run a leaner
business that is more efficient, reduce our cash usage and put
ourselves in a stronger position to reach profitability without the
need to raise additional financing.”
As a result of streamlining its business, Sarcos will reduce its
workforce by approximately 150 employees. Affected employees will
receive 60 days’ notice of termination, as required by the Worker
Adjustment and Retraining Notification (WARN) Act. Also, Sarcos
intends to close its Pittsburgh office and consolidate operations
in Salt Lake City. Sarcos had previously announced that it would
cease manufacturing operations in its Pittsburgh location.
“While it is always a difficult decision to make staffing cuts,
especially one this significant, it is important that Sarcos is
resourced appropriately and that we are good stewards of our
capital,” Peterson said. “We believe the prioritization of our AI
software platform meets our previously announced goal of pursuing
significant near-term revenue tied to acute customer needs, reduces
our capital requirements and related risks in line with available
resources, and will lead to long-term stockholder value
creation.”
About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and
STRCW) is a leader in advanced robotic technology designed to
increase the intelligence, efficiency, capability and productivity
of advanced robotic systems. Sarcos robotic artificial intelligence
and machine learning software enables generalizable autonomy to
address challenging, dynamic, environments for industries that
require a high degree of adaptability and efficiency. For more
information, please visit www.sarcos.com and connect with us on
LinkedIn at www.linkedin.com/company/sarcos.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding Sarcos’ prioritization of its
AI software platform, product capabilities, robotic training time
reductions, the timing of product development and release, market
size, robots compatible with the software, potential to scale the
software business, availability and sufficiency of available
resources, whether additional financing will be needed, time to
significant revenue, the scope of the planned reduction in force,
funding from government contracts and the closing of the Pittsburgh
facilities. Forward-looking statements are inherently subject to
risks, uncertainties, and assumptions. Generally, statements that
are not historical facts, including statements concerning possible
or assumed future actions, business strategies, events, or results
of operations, are forward-looking statements. These statements may
be preceded by, followed by, or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or “continue” or similar expressions. Such forward-looking
statements involve risks and uncertainties that may cause actual
events, results, or performance to differ materially from those
indicated by such statements. These forward-looking statements are
based on Sarcos’ management’s current expectations and beliefs, as
well as a number of assumptions concerning future events. However,
there can be no assurance that the events, results, or trends
identified in these forward-looking statements will occur or be
achieved. Forward-looking statements speak only as of the date they
are made, and Sarcos is not under any obligation and expressly
disclaims any obligation, to update, alter or otherwise revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the
reports which Sarcos has filed or will file from time to time with
the Securities and Exchange Commission (the “SEC”), in particular
the risks and uncertainties set forth in the sections of those
reports entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements,” for a description of risks facing
Sarcos and that could cause actual events, results or performance
to differ from those indicated in the forward-looking statements
contained herein. The documents filed by Sarcos with the SEC may be
obtained free of charge at the SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20231114367537/en/
Sarcos PR and Investor Contacts: Press Contact:
Tricia Ross Financial Profiles 310.622.8226
STRC@finprofiles.com
Investor Contact: Julie Kegley Financial Profiles
310.622.8246 STRC@finprofiles.com
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