Berkshire Grey Secures $36 Million in New Orders

Rhea-AI Summary

Berkshire Grey Inc. (Nasdaq: BGRY) announced new orders totaling $36 million, which includes $25 million in repeat orders from a major customer and $11 million from new clients. This brings the company’s total orders to $184 million and backlog to a record $113 million. CEO Tom Wagner highlighted the importance of these follow-on orders as indicators of long-term growth, emphasizing the increasing demand for AI-enabled robotic solutions in supply chain automation.

Positive

• Secured new orders totaling $36 million, including $25 million from repeat customers.
• Total orders now amount to $184 million, with a record backlog of $113 million.
• Follow-on orders indicate strong customer confidence and long-term growth potential.

Negative

• None.

BEDFORD, Mass., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Berkshire Grey Inc. (Nasdaq: BGRY), the leader in AI-enabled robotic solutions that automate supply chain processes, today announced that it recently secured new orders of $36 million representing $25 million in repeat orders from a blue-chip anchor customer and $11 million from new customers (see separate release highlighting one of these new customers here).  These orders increase the Company’s total orders to-date to $184 million and increase backlog to its highest level yet to $113 million.  The $25 million order represents yet another follow-on order for tens of solutions to be installed in different locations, with many more locations anticipated for future orders.

“Follow-on orders with blue-chip anchor customers are important indicators and align today’s progress with our long-term growth plans.  Our robotic picking and other automated systems are customer proven with demonstrated ROI. That, combined with today’s need for automation across the supply chain continue to fuel business,” said Tom Wagner, CEO, Berkshire Grey Inc. “We are excited by both our progress this year and that it aligns with our long-term growth trajectory.”

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 picking.
• AI-enabled mobility.
• System orchestration.
• Cloud monitoring and analytics.
• A full portfolio of professional services including manufacturing, installation, commissioning, maintenance, software updates, and operation.

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 need 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 alternatives to our solutions, changes or cancellation of our orders and backlog which may be permitted by our terms with our customers, and other risks described in our filings with the Securities and Exchange Commission (“SEC”), including our Form S-1 (File No. 333-258991), and our other 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 are the latest orders announced by Berkshire Grey (BGRY)?

Berkshire Grey announced new orders totaling $36 million, including $25 million in repeat orders and $11 million from new customers.

What is the impact of the new orders on Berkshire Grey's backlog?

The new orders increased Berkshire Grey's backlog to a record $113 million.

How does Berkshire Grey (BGRY) position itself in the robotics market?

Berkshire Grey focuses on AI-enabled robotic solutions to automate supply chain processes, catering to the growing demand for automation in logistics.

What does CEO Tom Wagner say about the recent orders for BGRY?

CEO Tom Wagner emphasized that follow-on orders from blue-chip customers highlight customer confidence and align with the company's long-term growth plans.