Revenue oscillated between $525K and $1.5M over ten quarters with gross margin swinging from 39.2% to 90.2% before settling at 58.4% in 2026Q3, while a step-change in SG&A to $12.0M in 2026Q1 (including $8.3M of stock compensation) reset the cost base far above the $1.4M quarterly revenue run-rate.
Richtech Robotics Inc. Class B Common Stock (RR) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 |
|---|
| Sales/Revenue | 5.46M | 5.04M | 4.24M | 8.76M | 6.05M | 6.03M |
| Revenue Growth % | 32.45% | 18.99% | -51.59% | 44.8% | 0.3% | - |
| Cost of Goods Sold | 2.83M | 1.76M | 1.52M | 2.74M | 2.1M | 3.19M |
| COGS % of Revenue | - | 34.81% | 35.85% | 31.33% | 34.68% | 52.89% |
| Gross Profit | 2.63M | 3.29M | 2.72M | 6.01M | 3.95M | 2.84M |
| Gross Margin % | 48.18% | 65.19% | 64.15% | 68.67% | 65.32% | 47.11% |
| Gross Profit Growth % | - | 20.92% | -54.78% | 52.24% | 39.07% | - |
| Operating Expenses | 37.34M | 21.23M | 9.79M | 5.73M | 4.33M | 7.87M |
| OpEx % of Revenue | - | 420.87% | 230.97% | 65.37% | 71.53% | 130.53% |
| Selling, General & Admin | 24.32M | 18.8M | 7.77M | 3.75M | 2.56M | 5.89M |
| SG&A % of Revenue | - | 372.67% | 183.3% | 42.78% | 42.24% | 97.7% |
| Research & Development | 3.56M | 2.43M | 2.02M | 1.98M | 1.77M | 1.98M |
| R&D % of Revenue | - | 48.21% | 47.67% | 22.59% | 29.29% | 32.83% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -34.71M | -17.94M | -7.07M | 289K | -376K | -5.03M |
| Operating Margin % | -635.13% | -355.68% | -166.82% | 3.3% | -6.22% | -83.42% |
| Operating Income Growth % | - | -153.7% | -2547.4% | 176.86% | 92.53% | - |
| EBITDA | -32.82M | -15.63M | -6.99M | 302K | -369K | -5.01M |
| EBITDA Margin % | -600.59% | -309.71% | -164.91% | 3.45% | -6.1% | -83.15% |
| EBITDA Growth % | -117.84% | -123.47% | -2415.23% | 181.84% | 92.64% | - |
| D&A (Non-Cash Add-back) | 1.89M | 2.32M | 81K | 13K | 7K | 16K |
| EBIT | -26.66M | -17.94M | -7.07M | 289K | -376K | -5.03M |
| Net Interest Income | 4.37M | 2.09M | -762K | -734K | -18K | -2K |
| Interest Income | 4.43M | 2.18M | 0 | 0 | 0 | 0 |
| Interest Expense | 61K | 83K | 762K | 734K | 18K | 2K |
| Other Income/Expense | 12.42M | 2.09M | -749K | -734K | -18K | -2K |
| Pretax Income | -22.29M | -15.85M | -7.82M | -445K | -394K | -5.03M |
| Pretax Margin % | -407.83% | -314.17% | -184.48% | -5.08% | -6.51% | -83.45% |
| Income Tax | 3K | 12K | 318K | -106K | 113K | 3K |
| Effective Tax Rate % | -0.01% | -0.08% | -4.07% | 23.82% | -28.68% | -0.06% |
| Net Income | -22.25M | -15.75M | -8.14M | -339K | -507K | -5.04M |
| Net Margin % | -407.19% | -312.27% | -191.98% | -3.87% | -8.38% | -83.5% |
| Net Income Growth % | -47.27% | -93.54% | -2301.18% | 33.14% | 89.93% | - |
| Net Income (Continuing) | -22.29M | -15.86M | -8.14M | -339K | -507K | -5.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -43K | 0 | 0 | 0 | -57K |
| EPS (Diluted) | -0.10 | -0.13 | -0.12 | -0.01 | -0.01 | -0.08 |
| EPS Growth % | 36.1% | -8.33% | - | - | 89.88% | - |
| EPS (Basic) | - | -0.13 | -0.12 | -0.01 | -0.01 | -0.08 |
| Diluted Shares Outstanding | 224.32M | 121.96M | 69.68M | 62.17M | 62.17M | 62.17M |
| Basic Shares Outstanding | 224.32M | 121.96M | 69.68M | 62.17M | 62.17M | 62.17M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying RR stock.
For fiscal year 2025, Richtech Robotics Inc. Class B Common Stock (RR) reported total revenue of $5.0M. This represents a 16.3% decline compared to $6.0M in 2021.
Richtech Robotics Inc. Class B Common Stock (RR) reported a net loss of $15.8M for the fiscal year ending 2025.
Richtech Robotics Inc. Class B Common Stock (RR) reported an operating income of $-17.9M, resulting in an operating profit margin of -355.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Richtech Robotics Inc. Class B Common Stock (RR) generated $3.3M in gross profit for the year, representing a gross profit margin of 65.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cost base far exceeds revenue scale
Metrics are mathematically derived from official filings.
Revenue Volatility Undermines Trend Read
According to quarterly filings, Richtech's revenue oscillated between $525K and $1.5M over the last ten quarters, with year-over-year growth swinging from -90.3% to 175.0%, a pattern suggesting demand is project-driven rather than recurring, limiting visibility into durable expansion.
The growth line shows no compounding: revenue of $1.4M in 2026Q3 is only modestly above the $1.2M-$1.4M range seen in 2024Q3, implying that roughly two years of operating spend has produced little net top-line progress. The extreme sequential swings (-90.3% then +175.0% across 2024Q4-2025Q4) look more like lumpiness in robot deployments or milestone recognition than a demand curve, so investors should treat any single-quarter growth print as low signal. The most recent +16.7% comparison is directionally better but is measured against a small and unstable base.
Gross Margin Swings Signal Weak Cost Control
Based on Richtech's reported income statements, gross margin ranged from 39.2% in 2025Q4 to 90.2% in 2025Q1 before settling at 58.4% in 2026Q3, a spread that points to inconsistent pricing, product mix, or cost allocation rather than a stable structural margin profile investors can underwrite.
A 51-point gross margin range on revenue of roughly $1.1M-$1.5M implies COGS is being absorbed or recognized unevenly rather than reflecting a repeatable unit economic model; COGS of just $123.0K in 2025Q1 versus $878.0K in 2025Q4 on similar revenue is the clearest illustration. Gross profit in absolute dollars has actually compressed to $802.0K in 2026Q3 from $1.1M in 2025Q1, so even the healthier-looking 58.4% margin has not translated into more gross profit dollars to fund overhead. Until gross margin stabilizes within a tighter band, valuation multiples anchored to peer gross margins appear difficult to apply.
SG&A Step-Change Reset Cost Base
As reported in Richtech's financial statements, the 2026Q1 quarter marks the clearest cost inflection in the company's history, with SG&A surging to $12.0M from $4.1M one quarter earlier and stock-based compensation reaching $8.3M, driving an operating loss of $11.8M.
The step-up appears structural rather than one-off in effect: even after SG&A normalized to $4.6M and $3.7M in 2026Q2 and 2026Q3, the expense base remained well above the $1.2M-$1.5M quarterly SG&A of 2024, so the organization seems to have permanently enlarged its overhead relative to a revenue line still near $1.4M. Because gross profit runs at only $600K-$800K per quarter, the company needs a multiple-fold revenue increase before operating leverage can realistically turn positive. Investors should monitor whether the post-2026Q1 cost base is followed by a commensurate revenue ramp, since the lag between the two will determine the depth of continued dilution.
Equity-Funded Charges Cloud EPS Trend
Richtech reported an $8.3M stock-based compensation charge in 2026Q1 versus zero for all of 2024 and 2025, an abrupt equity-funded cost shift that weighs on reported EPS, which stood at -$0.04 in 2026Q3 per the latest income statement.
The sudden appearance of SBC after eight quarters of zero suggests compensation policy changed materially, and the resulting non-cash drag makes sequential EPS comparisons unreliable as an operating signal; the reported 97.2% EPS growth in 2026Q2 largely reflects the absence of the prior quarter's charge rather than business improvement. Additionally, 2026Q3's reported operating loss of $13.3M and net loss of $10.0M exceed the sum of disclosed gross profit, R&D and SG&A for the quarter, implying material items outside those lines; the arithmetic warrants further investigation before drawing conclusions on underlying profitability. Persistent losses with diluted EPS pinned at -$0.04 to -$0.05 indicate shareholder value is being eroded through continued equity issuance or reserve consumption rather than through reported per-share fluctuation.
Scale Gap Invites Bearish Scrutiny
A short-seller would note that Richtech's quarterly SG&A of $3.7M in 2026Q3 exceeded gross profit of $802.0K by roughly 4.6 times, according to the income statement, meaning revenue scale of $1.4M cannot begin to cover the current overhead structure.
The core bear case is arithmetic: even at the peak 90.2% gross margin ever recorded, quarterly gross profit of approximately $1.1M would not cover the post-inflection SG&A of $3.7M-$4.6M plus R&D of $0.9M-$1.1M, so operating breakeven appears to require several multiples of current revenue. Margin volatility cuts both ways - the 39.2% print in 2025Q4 shows margins can compress just as quickly as they expanded, which would shrink the already-thin gross profit pool. If the elevated cost base persists while revenue stays in its $1.1M-$1.5M channel, the burn implied by ten consecutive loss quarters may force further dilution, an outcome investors should weigh against any narrative of accelerating deployments.