Loading...
01/10 16:01
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights a significant revenue increase and improved gross margins, indicating strong financial performance. The company has managed to reduce costs and improve cash position, which is positive for financial health. Despite increased operating expenses, the company's strategy to scale up operations thoughtfully and the positive outlook on robot demand suggest optimism. The Q&A session did not reveal major concerns, and management's responses were generally reassuring, with no anticipated impact from external factors. Overall, these factors suggest a positive sentiment, likely leading to a stock price increase.
Revenue $1.8 million, a 700% increase year-over-year, driven by the addition of $1.2 million in software services and a 227% increase in annual delivery and branding revenue.
Q4 Revenue $176,000, contributing to the overall revenue growth.
Delivery and Branding Revenue $627,000 in 2024, up $435,000 year-over-year, reflecting higher utilization and operational efficiencies.
Gross Margin Improved from negative 700% in 2023 to negative 4% in 2024, due to increased fleet efficiency and a favorable revenue mix.
Operating Expenses (GAAP) $38.2 million in 2024, up from $19.2 million in the prior year, driven by increased personnel, software development, and fleet expansion costs.
Operating Expenses (Non-GAAP) $23.7 million in 2024, compared to $18.7 million in the prior year.
R&D Expenses (GAAP) $24.3 million in 2024, up from $9.9 million in the prior year, driven by stock-based compensation.
R&D Expenses (Non-GAAP) $12.8 million in 2024, compared to $9.5 million in the prior year.
G&A Expenses (GAAP) $10.1 million in 2024, increasing from $4.6 million in the prior year, primarily due to stock-based compensation and headcount expansion.
G&A Expenses (Non-GAAP) $7.3 million in 2024.
Net Loss (GAAP) $39.2 million in 2024, compared to $24.9 million in 2023, reflecting higher operating expenses.
Net Loss (Non-GAAP) $24.6 million in 2024.
Cash Position $123 million at the end of Q4 2024, improved due to raising over $250 million since January 2024.
Capital Savings Estimated $20 million in cash savings over the next two years due to the removal of interest and buyout purchase options.
Third-Generation Robots: Completed design and manufactured 250 third-gen robots, cutting building costs by two-thirds.
Cost Reduction: Achieved a 30% cost reduction in the next batch of Gen 3 robots, totaling 35% of Gen 2 costs.
Market Expansion: Expanded to Miami and increased restaurant partnerships, serving over 1,000 restaurants and reaching 300,000 households.
New Market Launches: Plans to launch in Dallas and Atlanta in Q2 2025.
Operational Efficiency: Increased delivery volume by 20% quarter over quarter despite fleet size reduction.
Fleet Utilization: Daily active robots increased by 81% year-over-year, with improved delivery hours.
Strategic Partnerships: Formed partnerships with Magna International, Shake Shack, and Wing to enhance fleet manufacturing and delivery capabilities.
Financial Strategy: Raised over $250 million to strengthen balance sheet and became debt-free.
Competitive Pressures: The company faces competitive pressures as the market for AI and robotics becomes increasingly crowded, with many players racing to develop similar technologies.
Regulatory Issues: There are potential regulatory challenges that could arise from government dynamics changing, which may impact the company's expansion plans.
Supply Chain Challenges: The company anticipates possible shipping delays and other supply chain issues that could threaten timelines for deploying robots in new markets.
Economic Factors: Economic uncertainties could affect the company's growth trajectory and operational plans, necessitating contingency measures.
Operational Readiness: The company must ensure operational readiness for the second half of the year, which includes addressing hardware and software adjustments that may arise during the rollout of new robots.
Cost Management: While the company has achieved significant cost reductions, ongoing management of operating expenses is crucial to maintain financial health amid scaling operations.
Fleet Expansion: Plans to deploy 2,000 robots by the end of 2025, with 250 Gen 3 robots to be built and fully deployed by the end of Q2 2025.
Cost Reduction: Achieved a 30% cost reduction in the next batch of Gen 3 robots, making them 35% of the cost of Gen 2 robots.
Market Expansion: Entering new markets including Miami, Dallas, and Atlanta in 2025.
Partnerships: Formed partnerships with companies like Uber Eats, Shake Shack, and Wing to enhance service offerings.
Operational Efficiency: Improved cash position, became debt-free, and saved $20 million in future capital costs.
Revenue Expectations: Targeting $60 million to $80 million in annualized revenue once the fleet reaches full utilization estimated in 2026.
Capital Expenditures: Increased capital expenditures planned for 2025 for tooling, expansion costs, and fleet build-out.
Financial Position: Ended 2024 with a cash position of $123 million and no plans to raise additional capital in the near term.
Gross Margin: 2024 gross margin improved from negative 700% in 2023 to negative 4% in 2024.
Net Loss: GAAP net loss for 2024 was $39.2 million, with a focus on improving financial flexibility.
Cash Position: Ended Q4 2024 with a cash position of $123 million.
Funding for Fleet Expansion: No longer anticipate funding the 2,000-robot fleet through equipment financing, resulting in cash savings of approximately $20 million over the next two years.
Capital Management: Established a new shelf registration and an at-the-market equity program to provide continued flexibility for funding additional fleet expansion.
Future Revenue Model: Targeting $60 million to $80 million in annualized revenue once the fleet reaches full utilization estimated in 2026.
The earnings call presents a mixed outlook. There are positive elements such as increased autonomous miles, disciplined investment, and a strong cash position. However, the lack of specific guidance on robot additions and autonomy effects, along with a negative EBITDA, tempers enthusiasm. The DoorDash partnership and cost reduction in robot design are positives, but the stock sale and lack of clear timelines for key milestones introduce uncertainties. Given these factors, the stock is likely to remain stable, resulting in a neutral sentiment.
The company shows strong revenue growth and improved cash position, but missed EPS expectations. Positive developments include cost reductions and market expansion. However, lack of future revenue guidance, potential supply chain challenges, and regulatory risks temper optimism. The Q&A section revealed no major new insights, and management's reluctance to comment on partnerships raises concerns. Overall, the mixed signals suggest a neutral stock price reaction.
The earnings call highlights a significant revenue increase and improved gross margins, indicating strong financial performance. The company has managed to reduce costs and improve cash position, which is positive for financial health. Despite increased operating expenses, the company's strategy to scale up operations thoughtfully and the positive outlook on robot demand suggest optimism. The Q&A session did not reveal major concerns, and management's responses were generally reassuring, with no anticipated impact from external factors. Overall, these factors suggest a positive sentiment, likely leading to a stock price increase.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
