Rankings Machinery & automation Richtech Robotics
Richtech Robotics
48
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−13
- Governance and lawsuits−8
- Capital allocation−7
Strengths
- Net cash+4
- Recurring revenue+1
How the score is built
From 100 to 48, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.85 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −82%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −13MarginOperating loss USD 30.7m in the first nine months of FY2026 on revenue of 3.9m (operating margin about −780%; −526% TTM). Even without the write-down of 9.5m, costs are about 5–6 times revenue. Only interest income on the cash (9.8m in nine months) keeps the net loss down.
- −6Quality of growthRevenue grew only 9.6% in the first nine months (3.9m vs 3.6m) and 16.7% in Q3 (1.37m), even though the company has raised approx. USD 290m in a year. Product sales fell 45%; growth comes from RaaS and events. Revenue was 6.0m in FY2021 and 8.8m in FY2023, so no real scale-up.
- −7Capital allocationThe share count has doubled in a year (+102%): ATM sales (15.2m shares for USD 71.6m in FY2026), warrant exercises and a private placement at USD 4.55. The money has been used partly to buy property (capex 21.9m TTM), and the acquired legacy platforms were written down by 9.5m in Q3, only about two years after the purchase. Now buybacks after issuing at far higher prices.
- −4MoatService robots (ADAM bartender, Titan AMR, the humanoid DEX) in a market with many cheaper Chinese competitors (Pudu, Keenon) and well-funded humanoid companies. Revenue per employee about USD 98,000 and no customer above 10% of revenue, but also no sign of pricing power.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyP/B 1.02 vs 3.00 in FY2025 and 1.86 in FY2024; EV/Sales 7.3 vs 144 and 17. The stock trades close to cash, so historically it is cheap.
- −2Peers and absolute levelEV/Sales 7.3 on revenue of 5.4m is still high vs small robotics/hardware companies such as KULR (about 3.9) and Innoviz (about 1.7); only the large cash pile makes the price reasonable.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35
- −8Governance and lawsuitsPress release 27/1-2026 about cooperation with Microsoft sent the stock +45%, and the same day the company sold shares for 38.7m USD at 4.55 USD in a private placement. Microsoft denied the partnership on 29/1 (Hunterbrook). That has triggered a class action (In re Richtech) and three derivative suits against management; also a fraud suit in New York in which the motion to dismiss was denied on 16/7-2026.
- −6Financial reporting and Nasdaq noticeRestatement of the FY2024-25 financials (June 2026), new auditor (CBIZ, March 2026), a material weakness in internal control still not remedied at 30/6-2026, and Nasdaq notice 22/5-2026 for a late 10-Q (deadline 16/11-2026). The 10-Qs have now been filed, but Nasdaq's confirmation has not been found.
- −2Founder power (A/B shares)The founders own all 39.9m A shares with enhanced voting rights, while the public only has B shares. The board has raised the number of authorised B shares from 200m to 1bn and introduced an 'evergreen' share option plan.
- −2Supply chain China10-Q mentions dependence on components and inventory from China, which may be hit by tariffs, trade restrictions and geopolitics.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4Net cashCash and short-term securities of USD 339.6m and practically no debt (0.6m in leasing) vs a market cap of 378m. Interest income (approx. 3m per quarter) covers most of operating spending.
- +1Recurring revenueRaaS revenue (robots as a subscription) rose 189% to USD 1.08m in the first nine months, and no customer accounts for more than 10% of revenue.
Caveats
What the score does not capture, or where the data is weak.
Fiscal year ends 30/9. Price USD 1.68 (close 2/10/2026). Share count 225.1m (39.9m Class A shares held by the founders + 185.2m Class B shares as of 19/8/2026), market cap USD 378m (about DKK 2,490m; Nordnet's DKK 2,356m is slightly outdated). The cash of USD 339.6m (30/6) is most of the market cap, so EV is only about USD 39m. The FY2024–25 financials were restated (June 2026), and there is an unremediated material weakness in internal control, so the figures are uncertain. The reported USD 12m buyback programme (August 2026) has not itself been verified in an 8-K. No analysts at stockanalysis (forecast 404). Insider trades (Form 4) not reviewed. Industry: service robots and humanoids fit closest under 'Machinery & automation'.
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