STRC

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 Technology and Robotics Corporation to Report Third Quarter 2023 Financial Results

Retrieved on: 
Tuesday, October 31, 2023
Robotics, SALT, STRC, Software

SALT LAKE CITY, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a technology leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced that it will release financial results for the quarter ended September 30, 2023, after the market closes on Tuesday, November 14, 2023.

Key Points: 
  • SALT LAKE CITY, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a technology leader in the design, development, and manufacture of advanced robotic systems, solutions and software that redefine human possibilities, today announced that it will release financial results for the quarter ended September 30, 2023, after the market closes on Tuesday, November 14, 2023.
  • A conference call and audio webcast with analysts and investors will be held that afternoon at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results and answer questions.
  • To access the conference call, please pre-register using this link .
  • Registrants will receive confirmation with dial-in details.

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.

Regeneron Completes Acquisition of Decibel Therapeutics, Adding Promising Gene Therapy Programs for Hearing Loss

Retrieved on: 
Monday, September 25, 2023
STRC, Centerview Partners, CVR, Doctor of Philosophy, Hearing loss, Eastern Time Zone, Congenital hearing loss, European Medicines Agency, Gene editing, Clinical trial, GAAP, AAV, Wilmer Cutler Pickering Hale and Dorr, Wachtell, Lipton, Rosen & Katz, Gene silencing, Biologics license application, GJB2, Acquisition, Patient, CVR Partners, Computershare, Biology, Medicines and Healthcare products Regulatory Agency, Regulation of tobacco by the U.S. Food and Drug Administration, Food, Pharmaceutical industry, Regeneron Pharmaceuticals, Decibel

TARRYTOWN, N.Y., Sept. 25, 2023 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced that it has successfully completed its acquisition of Decibel Therapeutics, Inc., strengthening the company’s gene therapy and auditory programs.

Key Points: 
  • TARRYTOWN, N.Y., Sept. 25, 2023 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced that it has successfully completed its acquisition of Decibel Therapeutics, Inc., strengthening the company’s gene therapy and auditory programs.
  • The acquisition of Decibel builds on prior collaboration between the companies and includes three ongoing gene therapy programs targeting different forms of congenital, monogenic hearing loss.
  • Preclinical programs include AAV.103 for people with GJB2-related hearing loss and AAV.104 for people with stereocilin (STRC)-related hearing loss.
  • Following its acceptance of the tendered shares, Regeneron completed its acquisition of Decibel through a second step merger of Symphony Acquisition Sub, Inc., with and into Decibel.

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 Technology and Robotics Corporation to Report Second Quarter 2023 Financial Results

Retrieved on: 
Thursday, July 27, 2023
STRC, SALT, Robotics, Software

SALT LAKE CITY, July 27, 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 that it will release financial results for the quarter ended June 30, 2023, after the market closes on Wednesday, August 9, 2023.

Key Points: 
  • SALT LAKE CITY, July 27, 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 that it will release financial results for the quarter ended June 30, 2023, after the market closes on Wednesday, August 9, 2023.
  • A conference call and audio webcast with analysts and investors will be held that afternoon at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss the results and answer questions.
  • To access the conference call, please pre-register using this link .
  • Registrants will receive confirmation with dial-in details.

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.”

Sarcos Announces Reverse Stock Split

Retrieved on: 
Tuesday, June 20, 2023
Exercise, STRC, Eastern Time Zone, Reverse stock split, SALT, Bangladesh Securities and Exchange Commission, Robotics, Security (finance), Software, Sarcos

Sarcos’ stockholders previously approved the reverse stock split and granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Stockholders held on June 14, 2023.

Key Points: 
  • Sarcos’ stockholders previously approved the reverse stock split and granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Stockholders held on June 14, 2023.
  • The reverse stock split will become effective on July 5, 2023, at 4:01 p.m., Eastern Time, (“Effective Time”) and the Company’s common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Global Market (“Nasdaq”) as of the open of trading on July 6, 2023, under the existing ticker symbol “STRC.” The reverse stock split is intended to increase the price per share of the Company's common stock to allow the Company to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq.
  • The Company’s transfer agent, Continental Stock & Trust Company, will serve as the exchange agent for the reverse stock split.
  • Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the reverse stock split, subject to each brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split.

Sarcos Technology and Robotics Corporation Announces First Quarter 2023 Financial Results

Retrieved on: 
Wednesday, May 10, 2023
STRC, Offshore Technology Conference, Marketing, Aviation, Research, Conexpo-Con/Agg, Sarcos, SALT, XM, Acquisition, Robotics, Aerospace, TAM, RE2, Conference, Software, Pharmaceutical industry, Video game, Guardian

SALT LAKE CITY, May 10, 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 March 31, 2023.

Key Points: 
  • SALT LAKE CITY, May 10, 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 March 31, 2023.
  • Total operating expenses for the first quarter of 2023 were $25.5 million, compared to operating expenses of $26.4 million during the first quarter of 2022.
  • Sarcos believes that its second quarter 2023 total revenue will be approximately $2.1 million, of which approximately $400,000 will be revenue from Product sales.
  • The Company estimates cash used in operating activities to average approximately $5 million per month during the second quarter of 2023.