Berkshire Grey Inc - BGRY STOCK NEWS

Berkshire Grey, Inc. introduces the 4th generation of their BG Robotic Sortation solution, a high-volume AI-driven system designed to lower operational costs, maximize efficiency, extend building life, and provide flexible configuration options. The solution offers up to 50% reduction in labor requirements, 2X performance per square foot, and the ability to handle increasing demands as businesses scale. The company's VP Product, Paul Ambruso, highlights the product's innovation and customer success, with leading retailers already experiencing significant increases in unit picking efficiency.

Berkshire Grey, Inc. (BG) and Maersk announce their first collaboration in the UK, deploying Berkshire Grey’s Robotic Shuttle Put Wall (BG RSPW) systems in Maersk’s 685,000 sq ft facility at SEGRO Logistics Park East Midlands Gateway. The project aims to maximize SKU coverage, increase supply chain resilience and flexibility, and continue Maersk’s commitment to sustainability. The BG technology is expected to sort orders 3X faster, improve inventory picking by up to 33%, and handle 100% of typical SKU assortments, order profiles, and packages.

Berkshire Grey, a leader in AI-enabled robotic solutions, has successfully implemented the Robotic Shuttle Sortation Product (BG RSPS) system at Bealls’ Jacksonville, TX facility, achieving a productivity improvement of over 33% within just eight months. This automation project enhances the sorting process, allowing the facility to process thousands of items per hour, significantly improving replenishment for over 575 retail stores. Key project highlights include increased visibility into key performance indicators, labor optimization, and enhanced efficiency in order fulfillment. The collaboration with Hy-Tek Intralogistics plays a vital role in this implementation, marking a significant advancement in Berkshire Grey’s mission to revolutionize supply chain operations.

Berkshire Grey Inc. (Nasdaq: BGRY) reported FY 2022 revenue of $66 million, aligning with its outlook, and achieved a positive gross margin in Q4. The company executed 71 installations of its AI-enabled robotics solutions, starting 2023 with a backlog of approximately $100 million. Total orders since inception now total $265 million, with over $65 million in orders received in 2022, marking a 29% increase from 2021. Despite these advancements, the company reported a net loss of $102.8 million or ($0.44) per share, and an Adjusted EBITDA loss of ($105.4) million.

Berkshire Grey (Nasdaq: BGRY) has entered a definitive merger agreement with SoftBank Group Corp. Under this agreement, SoftBank will acquire all outstanding capital stock of Berkshire Grey not currently owned by them for $1.40 per share, valuing the transaction at approximately $375 million. This purchase represents a 24% premium over the stock price prior to the announcement. The merger is anticipated to close in Q3 2023, subject to regulatory and stockholder approvals. The partnership aims to enhance Berkshire Grey’s capabilities in AI robotics technology to better serve its customers across various industries.

Berkshire Grey Inc. (Nasdaq: BGRY) announced it received a non-binding indication of interest from SoftBank Group Corp. to acquire all outstanding shares for $1.30 each in cash. This potential deal is contingent upon due diligence and negotiations. The Company is also exploring other financing options while its Board considers SoftBank's offer and other alternatives with financial and legal advisors. There are no guarantees that any definitive agreements will be made.

Berkshire Grey specializes in AI-enabled robotic solutions aimed at transforming supply chain and logistics, catering to Global 100 retailers.

Berkshire Grey (Nasdaq: BGRY) has announced a partnership with Locus Robotics to deliver integrated robotic automation solutions for retail and eCommerce sectors. This collaboration integrates Berkshire Grey's Robotic Shuttle Put Wall (BG RSPWi) with Locus's Origin and Vector bots, addressing labor shortages while maximizing supply chain throughput. The solution enhances order fulfillment and store replenishment efficiency by processing a broader range of SKUs and optimizing labor costs. Both companies aim to address ongoing supply chain pressures driven by labor availability and inflation challenges, seeking to provide customers with flexible, comprehensive automation capabilities.

Berkshire Grey (BGRY) reported Q3 revenues of $23.6 million, a 26% increase year-over-year, contributing to a 93% rise in year-to-date revenues. The company achieved a record 57 system installations at 16 sites. Despite a net loss of $26.9 million and an adjusted EBITDA of ($26.1) million, Berkshire Grey maintains a backlog of approximately $104 million and has about $78 million in cash with no debt. The full-year revenue projection is revised to $65-70 million, reflecting delays at customer sites.

Berkshire Grey (Nasdaq: BGRY) will announce its third-quarter financial results on November 14, 2022, prior to market opening. The company will hold a conference call at 10:00 a.m. ET to discuss these results and provide a business update. Berkshire Grey is recognized for its AI-enabled robotic solutions that enhance supply chain automation. The webcast will be accessible for replay on its investor relations website.