Berkshire Grey Extends its Commercial Momentum with $14 Million in New Orders, Bringing Total Orders to Date to Approximately $200 Million

Rhea-AI Summary

Berkshire Grey (Nasdaq: BGRY) has announced a backlog increase to $105 million following $14 million in new orders secured since November 2021. This includes $8 million from new clients and $6 million in follow-on orders. In 2021, total orders grew by $84 million, reaching $200 million overall, doubling the customer base with new Fortune 100 collaborations. The company launched new AI-enabled robotic solutions to enhance supply chain operations, addressing rising demands for eCommerce fulfillment.

Positive

• Increased backlog to $105 million.
• Secured $14 million in new orders since November 2021.
• Total orders increased by $84 million in 2021, totaling $200 million.
• Doubled customer base year-over-year, including new Fortune 100 clients.
• Introduced innovative AI solutions to meet market demands.

Negative

• None.

Increases backlog to $105 million; Announces new products and forges new partnerships to meet growing demand for AI-enabled intelligent enterprise robotic solutions that transform supply chain operations

BEDFORD, Mass., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Berkshire Grey Inc. (Nasdaq: BGRY), a leader in AI-enabled robotic solutions that automate supply chain processes, announced today it has recently secured $14 million in new orders since November 2021. These new orders include $8 million of orders from new customers and $6 million of follow-on new orders from the Company’s anchor accounts. The additional orders reflect growing demand from market-leading retailers, eCommerce providers, package handling companies and third-party logistics companies that rely on Berkshire Grey’s AI-enabled robotic solutions to automate and transform their warehouse operations and meet soaring consumer expectations for on-demand order fulfillment.

The new orders reinforce the Company’s ongoing commercial momentum. In 2021 the Company:

• Increased orders by $84 million, bringing total orders since inception to $200 million.
• Doubled the number of customers year-over-year, including initial orders with new Fortune 100 and global retail brands.
• Ended the year with $105 million of backlog.
  

“We continue to demonstrate strong commercial momentum with these new orders. At $200 million in total orders to date, we are proving the value we are delivering to our customers, enabling them to create long term competitive advantage in ecommerce, retail, and logistics, with our AI technology and robotic solutions,” said Tom Wagner, CEO of Berkshire Grey.

To support its continued growth, the Company recently added to its suite of patented, AI-enabled robotic solutions. Since November 2021, the Company has:

• Introduced its next generation Robotic Product Sortation (BG RPS) solution for online order fulfillment and store replenishment. This high-capacity automation solution robotically picks, sorts, and packs individual items into outbound order containers without the need for operator interaction.
• Launched a Reverse Logistics solution to help retailers accelerate the resale of returned goods and improve labor utilization in the returns process. The Berkshire Grey Reverse Logistics solution helps companies get goods back into inventory or moved to refurbishment up to 25% faster than manual processing and improves labor handling efficiency up to 35%.
• Broadened the Berkshire Grey Partner Alliance (BGPA) program with the addition of a partnership with a leading systems integrator that specializes in logistics automation for warehouses and distribution centers. The BGPA program includes a select group of market-leading consultants, integrators, technology providers and material handling leaders, and enables Berkshire Grey to broaden its global reach and extend its go-to-market strategy.
  

Berkshire Grey’s Intelligent Enterprise Robotics solutions enable enterprises to meet consumer expectations for on-demand delivery through intelligent robotic automation of eCommerce fulfillment, store replenishment and package handling. Combining proprietary AI, software and patented hardware, Berkshire Grey robotic systems include:

• AI-enabled robotic picking, packing and sorting.
• AI-enabled robotic mobility for cases, containers and items.
• AI software platform with multi-system orchestration and WMS integration.
• Cloud-based monitoring and analytics.
• A full portfolio of professional services including manufacturing, installation, commissioning, maintenance, software updates, and managed operations.
  

About Berkshire Grey 
Berkshire Grey (Nasdaq: BGRY) helps customers radically change the essential way they do business by delivering game-changing technology that combines AI and robotics to automate fulfillment, supply chain, and logistics operations. Berkshire Grey solutions are a fundamental engine of change that transform pick, pack, move, store, organize, and sort operations to deliver competitive advantage for enterprises serving today’s connected consumers. Berkshire Grey customers include Global 100 retailers and logistics service providers. More information is available at www.berkshiregrey.com.

Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding Berkshire Grey’s plans, beliefs, and expectations for continued growth in the demand for, and sales of, our Intelligent Enterprise Robotics solutions and orders and backlog that will lead to completed sales of our solutions. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Forward-looking statements are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Some risks include changes in the cost and availability of labor or other alternatives to our solutions, changes or cancellation of orders and backlog which may be permitted by our terms with our customers, changes in the growth of consumer expectations for on-demand order fulfillment, supply chain disruptions and changes in our costs that could adversely affect our ability to fulfill existing and additional orders and other risks described in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q filed November 12, 2021, and our future reports filed with the SEC, which could cause actual results to vary from expectations. Berkshire Grey assumes no obligation to update any forward-looking statements.

Contacts:
Method Communications for Berkshire Grey
berkshiregrey@methodcommunications.com

Sara Buda
VP, Investor Relations, Berkshire Grey
ir@berkshiregrey.com

FAQ

What is the significance of Berkshire Grey's $105 million backlog announced in January 2022?

The $105 million backlog indicates strong demand for Berkshire Grey's AI-powered robotic solutions and reflects ongoing commercial momentum.

How much did Berkshire Grey secure in new orders since November 2021?

Berkshire Grey secured $14 million in new orders since November 2021, comprising $8 million from new customers and $6 million from existing anchor accounts.

What were Berkshire Grey's total orders in 2021?

Berkshire Grey's total orders in 2021 increased by $84 million, reaching a total of $200 million since inception.

How has Berkshire Grey's customer base changed?

Berkshire Grey doubled its customer base year-over-year, including significant partnerships with Fortune 100 retailers.

What new products did Berkshire Grey announce in January 2022?

Berkshire Grey announced the introduction of new AI-enabled robotic solutions, including Robotic Product Sortation and a Reverse Logistics solution.