Core Highlights: - Revenue grew 255.6% year-over-year to $221,555 in Q3 2024 - Gross margin improved to negative 70.3% in Q3 2024 from negative 816.3% in Q3 2023 - Net loss for Q3 2024 was $7.99 million compared to $7.65 million in Q3 2023
Revenue Breakdown: Software services revenue in Q3 2024 was $38,767, first time recorded. Delivery services revenue grew 107.9% to $112,288. Branding fees revenue grew significantly to $70,500 from $8,500 in Q3 2023. The company is developing autonomous robots for last-mile delivery services. Key revenue drivers are growing the software services, delivery services, and branding partnerships with customer brands.
Management Outlook: No direct commentary from management on the financial results or operational updates was provided in this filing.
Operating Data: Other operating data: - Stock-based compensation was $2.20 million in Q3 2024 - Issued 3.06 million pre-funded warrants raising $17.12 million in Q3 2024 - Issued 10 million shares raising $35.85 million in public offering in April 2024 - Exercised options/warrants provided $16.47 million proceeds in Q3 2024 - Cash and cash equivalents of $50.91 million as of September 30, 2024 - Net cash used in operating activities was $15.28 million for the nine months ended September 30, 2024 With a net loss of $7.99 million for Q3 2024 and $26.07 million for the nine months ended September 30, 2024, the current cash of $50.91 million can sustain operations for approximately 8 quarters under the same quarterly loss conditions.
Operational Risks: Key risks disclosed include: - Ability to successfully design, develop and operate delivery robots in public spaces - Reliance on third parties like suppliers, delivery platforms, brands, and service providers - Potential cybersecurity risks - Ability to raise additional capital to fund growth - Competitive industry subject to rapid technological changes - Impact of regulations related to personal delivery devices

Original Filing