Sarcos

Sarcos Robotics is Now Palladyne AI

Retrieved on: 
Monday, March 18, 2024
Robotics, Data Management, Technology, Artificial Intelligence, Software, Intelligence, DNA, History, Sarcos, AI, Human, STRC, Medical device

Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW) is pleased to announce that effective today, the company has changed its name to Palladyne AI Corp .

Key Points: 
  • Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW) is pleased to announce that effective today, the company has changed its name to Palladyne AI Corp .
  • (Palladyne AI).
  • With innovations ranging from award winning humanoid robots and powered exoskeletons to animatronic robotics at theme parks, Sarcos’ DNA in robotics runs deep.
  • Palladyne AI will continue to leverage this rich history of innovation and global recognition for the Sarcos name by continuing to brand its defense business as Sarcos Defense.

Sarcos Technology and Robotics Corporation Announces Third Quarter 2023 Financial Results

Retrieved on: 
Tuesday, November 14, 2023
Behavior, Employment, Robotics, STRC, Atmosphere of Earth, Acceleration, Air force, Research, Intelligence, Machine learning, Environment, Government, Management, Medical device, Video game, Pharmaceutical industry, Sarcos

SALT LAKE CITY, Nov. 14, 2023 (GLOBE NEWSWIRE) -- 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 financial results for the quarter ended September 30, 2023.

Key Points: 
  • SALT LAKE CITY, Nov. 14, 2023 (GLOBE NEWSWIRE) -- 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 financial results for the quarter ended September 30, 2023.
  • Total operating expenses for the third quarter of 2023 were $32.6 million, compared to operating expenses of $31.9 million during the third quarter of 2022.
  • Third quarter 2023 gross margin was 33%, compared to 23% in the third quarter of 2022.
  • We anticipate incurring additional restructuring expenses, related to the restructuring actions taken during 2023, in the range of $22 million to $24 million during the fourth quarter of 2023 and the first quarter of 2024.

Sarcos Pivots to Robotics AI Software Near-Term Opportunity

Retrieved on: 
Tuesday, November 14, 2023
Hardware, Other Defense, Contracts, Security, Manufacturing, Technology, Robotics, Defense, Artificial Intelligence, Maritime, Transport, Other Manufacturing, Science, Other Science, Research, DNA, WARN, Workforce, Atmosphere of Earth, Autonomous robot, Intelligence, Machine learning, Health, Software, Human, Aviation, AI, 3D printing, Medical device, Sarcos

“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.

Key Points: 
  • “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.
  • 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.
  • “By de-coupling our AI and ML software from our own robotic systems, we believe we can reach a much broader market more quickly.

Sarcos Appoints Laura Peterson as President and Chief Executive Officer

Retrieved on: 
Wednesday, October 25, 2023
Data Management, Technology, Robotics, Security, Apps, Applications, Software, Artificial Intelligence, Networks, Internet, Mobile, Wireless, Hardware, GSAT, Boeing Commercial Airplanes, Stanford University, NYSE, Sprint, Business development, University, Sarcos, Clearwire, Vista Equity Partners, MBA, Globalstar, Engineering, Peterson, Wharton School of the University of Pennsylvania, ATSG, Executive, Boeing, BCA, Management

Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a technology leader in advanced robotic systems, solutions, and software that redefine human possibilities, today announced that the Company’s interim President and Chief Executive Officer, Laura Peterson, has been appointed to serve as the Company’s permanent President and Chief Executive Officer.

Key Points: 
  • Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a technology leader in advanced robotic systems, solutions, and software that redefine human possibilities, today announced that the Company’s interim President and Chief Executive Officer, Laura Peterson, has been appointed to serve as the Company’s permanent President and Chief Executive Officer.
  • The Company also announced that Sarcos co-founder, current director and former Chief Executive Officer, Ben Wolff, has re-joined the executive team as Executive Vice Chairman.
  • Peterson has served as interim President and Chief Executive Officer since May 2023 and has served on the Board of Directors since September 2021.
  • Wolff led the company from 2015 to 2021 as Chairman, President, and Chief Executive Officer and has served on the Company’s Board of Directors since 2015, including as Executive Chairman from December 2021 to January 2023.

Sarcos Announces Delivery of Guardian® Sea Class Robotic System to UK Supplier Atlantas Marine

Retrieved on: 
Tuesday, October 17, 2023
Technology, Robotics, Manufacturing, Maritime, Defense, Transport, Other Science, Research, Other Defense, Contracts, Hardware, Science, Other Manufacturing, Security, Sarcos, Risk, Arm, Sea, Maintenance, Software, Sale, Surveying, VideoRay UROVs

Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacturing of advanced robotic systems, solutions, and software that redefine human possibilities, announced today that it fulfilled an order from Atlantas Marine (“Atlantas”) for two Guardian Sea Class robotic systems and a support package.

Key Points: 
  • Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacturing of advanced robotic systems, solutions, and software that redefine human possibilities, announced today that it fulfilled an order from Atlantas Marine (“Atlantas”) for two Guardian Sea Class robotic systems and a support package.
  • The Guardian Sea Class is a teleoperated, dual-armed manipulation system with six-function dexterity per arm and performs in depths of up to one kilometer (1,000 meters).
  • The use of the Guardian Sea Class system reduces the need for divers to work in dangerous underwater conditions, allowing for safer, faster operations.
  • “We are looking forward to putting the integrated Sarcos and VideoRay underwater system to work,” said Charlie Foll, Chief Executive Officer, Atlantas Marine.

Sarcos Awarded $13.8 Million USD Contract by U.S. Air Force for Advancement of Its Artificial Intelligence and Machine Learning Software

Retrieved on: 
Thursday, September 28, 2023
Technology, Other Defense, Contracts, Military, Software, Government Technology, Robotics, Data Management, Defense, Artificial Intelligence, STRC, Interim, Human, U.S. Department of Defense Strategy for Operating in Cyberspace, United States Air Force, USAF, Robins Air Force Base, Deep learning, United States Department of Defense, ML, Intelligence, Behavior, AFRL, Warner Robins Air Logistics Complex, Machine learning, Algorithm, The, Artificial intelligence, Air force, AI, AFWERX, Mua, Airman, Environment, Department of the Air Force Office of Special Investigations, Safety, Medical device, Guardian, Sarcos

This contract will support development, integration, and validation of Sarcos’ artificial intelligence (AI) and machine learning (ML) software framework, the AI Computational Service, for success-based reinforcement learning in the Sarcos Guardian® line of robotic systems.

Key Points: 
  • This contract will support development, integration, and validation of Sarcos’ artificial intelligence (AI) and machine learning (ML) software framework, the AI Computational Service, for success-based reinforcement learning in the Sarcos Guardian® line of robotic systems.
  • This contract will span a period of four years, during which Sarcos will continue to advance its software technology to benefit the Department of the Air Force.
  • Throughout the duration of the contract, Sarcos will conduct Military Utility Assessments (MUAs) at various U.S. Air Force locations, including Warner Robins Air Force Base, to test intelligent algorithms implemented on Sarcos robots.
  • “This contract represents a tremendous opportunity for Sarcos as we continue to focus on and invest heavily in the development of our artificial intelligence and machine learning software technology,” said Laura Peterson, Interim President and CEO, Sarcos.

Sarcos Technology and Robotics Corporation Announces Second Quarter 2023 Financial Results

Retrieved on: 
Wednesday, August 9, 2023
STRC, Workforce, Interim, Software as a service, VideoRay UROVs, Air Force Research Laboratory, Aviation, Sarcos, SALT, AFRL, Acquisition, Robotics, Artificial intelligence, Growth, AI, Research, Honda advanced technology, RE2, Software, Mobile phone, Cryptocurrency, Pharmaceutical industry

SALT LAKE CITY, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced financial results for the quarter ended June 30, 2023.

Key Points: 
  • SALT LAKE CITY, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced financial results for the quarter ended June 30, 2023.
  • We believe we have sufficient liquidity to operate into 2025 without additional financing.”
    Second quarter 2023 total revenue was $1.3 million, compared to $3.0 million during the second quarter of 2022.
  • Total operating expenses for the second quarter of 2023 were $31.2 million, compared to operating expenses of $32.0 million during the second quarter of 2022.
  • Second quarter 2023 gross margin was 26%, compared to negative 4% in the second quarter of 2022.

Sarcos Awarded Artificial Intelligence Contract by Air Force Research Laboratory

Retrieved on: 
Wednesday, July 26, 2023
Aerospace, Technology, Manufacturing, Robotics, Software, Military, Artificial Intelligence, Government Technology, Other Defense, Defense, Contracts, Aircraft, Learning, Communication, Software as a service, Human, Semey, U.S. Department of Defense Strategy for Operating in Cyberspace, HSN, Air Force Research Laboratory, United States Department of Defense, Data collection, ML, Sarcos, Unmanned aerial vehicle, AFRL, Advanced technology, Machine learning, Algorithm, Sound, Artificial intelligence, Growth, AI, Prince Sultan Advanced Technology Research Institute, Department of Defence, Safety, Instrumentation, Medical device

Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions, and software that redefine human possibilities, announced today the award of an expanded contract (FA8750-22-C-1005) from the Air Force Research Laboratory (AFRL) for continued development of artificial intelligence (AI)-driven methods and techniques that autonomously control a Heterogeneous Sensing Network (HSN).

Key Points: 
  • Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the design, development, and manufacture of advanced robotic systems, solutions, and software that redefine human possibilities, announced today the award of an expanded contract (FA8750-22-C-1005) from the Air Force Research Laboratory (AFRL) for continued development of artificial intelligence (AI)-driven methods and techniques that autonomously control a Heterogeneous Sensing Network (HSN).
  • “Sarcos’ unique approach to reinforced learning and AI enables autonomous systems to work together more effectively,” said Dr. Peter Zulch, AFRL.
  • “This continued work is critical to advancing our AI platform to benefit customers across industries,” said Dr. Denis Gargic, chief technology officer, Sarcos.
  • “Dynamic and unstructured environments present an exciting opportunity for AI innovation,” said Laura Peterson, interim president and CEO, Sarcos.

Sarcos and Blattner Company Sign Agreement for Development of Autonomous Robotic Solar Construction System

Retrieved on: 
Wednesday, July 19, 2023
Software, Hardware, Electronic Design Automation, Robotics, Data Management, Alternative Energy, Apps, Applications, Energy, Technology, Artificial Intelligence, Engineering, Manufacturing, Solar Energy Industries Association, Workforce, Interim, Partnership, Senior, U.S. Department of Defense Strategy for Operating in Cyberspace, SEIA, Photovoltaics, Transformative Innovation for Development and Emergency Support, Multimedia, Sarcos, PV, Development, Blattner, Safety, Automation, Renewable energy

The agreement focuses on the development and refinement of Sarcos’ autonomous mobile robotic system designed to optimize employee safety and enhance the efficiency of the installation of photovoltaic (PV) modules for utility-scale solar projects.

Key Points: 
  • The agreement focuses on the development and refinement of Sarcos’ autonomous mobile robotic system designed to optimize employee safety and enhance the efficiency of the installation of photovoltaic (PV) modules for utility-scale solar projects.
  • View the full release here: https://www.businesswire.com/news/home/20230719625043/en/
    Sarcos and Blattner Company Sign Agreement for Development of Autonomous Robotic Solar Construction System (Photo: Business Wire)
    “Like many industries, the solar construction industry is experiencing significant worker shortages post-COVID and has not yet recovered,” said Laura Peterson, Interim President and CEO, Sarcos.
  • “Our autonomous robotic solar construction system is expected to ease these workforce challenges while improving overall safety and speed in the solar installation process.”
    Robotic technology is becoming critical to the global effort to increase solar power output, given worker shortages and the labor-intensive solar installation process.
  • Improving construction speed: The O-AMPP system will enable faster installation speeds of PV modules, often the most labor-intensive task when constructing a PV site.

Sarcos Takes Steps to Improve Efficiency, Reduce Cash Spend

Retrieved on: 
Wednesday, July 12, 2023
Aircraft, STRC, Workforce, Aircraft systems, Interim, Semey, Aviation, ML, Unmanned aerial vehicle, SALT, Robotics, Machine learning, Growth, AI, Advanced Technology Research Council, Software, Medical device, Renewable energy, Guardian, VideoRay UROVs, Sarcos

This division will continue to advance Sarcos’ AI platform to support a broad range of industrial robots, Unmanned Aircraft Systems (UASs) and Unmanned Aerial Vehicles (UAVs).

Key Points: 
  • This division will continue to advance Sarcos’ AI platform to support a broad range of industrial robots, Unmanned Aircraft Systems (UASs) and Unmanned Aerial Vehicles (UAVs).
  • In conjunction with these initiatives, Sarcos conducted a thorough review of its organization and made the difficult but strategic decision to significantly reduce its headcount.
  • “With today’s announced actions, we are significantly reducing our cash usage to provide us the runway to continue developing our products and capitalize on anticipated demand.
  • We intend to manage our average monthly cash usage to approximately $3.0 million in 2024.”