FSRD - FSRD STOCK NEWS

Fast Radius has received approval from the United States Bankruptcy Court for first-day motions in its voluntary Chapter 11 filings, allowing the company to maintain normal operations. This includes ensuring employee payroll continuity, vendor payments, and uninterrupted customer programs. A hearing regarding the company’s sale and marketing procedures is scheduled for November 14, with a proposed bid deadline of December 5. The company aims to keep delivering its Cloud Manufacturing Platform during this process, with essential partnerships and operations intact.

Fast Radius, Inc. (Nasdaq: FSRD) has filed for Chapter 11 bankruptcy in Delaware, initiating strategic transactions while continuing normal operations. The company aims to establish sale procedures by December 5, 2022, amidst discussions with potential partners. With over $200 million invested in its Cloud Manufacturing Platform, Fast Radius has catered to 2,000 manufacturing customers since its inception in 2020. Despite the bankruptcy filing, it plans to maintain employee wages and supplier payments. However, its stock is expected to be delisted from Nasdaq.

Fast Radius (FSRD) reported a 49% year-over-year revenue increase to $7.3 million for Q2 2022, up from $4.9 million in Q2 2021. However, the company faced a net loss of $22.2 million (or $0.29 per diluted share), worsening from a $15.1 million loss in the prior year. Adjusted EBITDA loss rose to $17.3 million. Despite these challenges, total bookings increased by 13% to $7 million. Management cited macroeconomic pressures such as inflation and supply chain issues while revising full-year revenue guidance to between $27 million and $30 million.

Fast Radius, Inc. (Nasdaq: FSRD) will hold a conference call on August 11, 2022, at 9:00 a.m. ET to discuss its financial results for Q2 2022. The results will be released before the call. Participants can register 5-10 minutes prior to the event via the provided link. Fast Radius specializes in cloud manufacturing and digital supply chain solutions, known for its Cloud Manufacturing Platform™, which integrates design and production. Founded in 2017, the company is headquartered in Chicago with additional locations in Atlanta, Louisville, and Singapore.

Fast Radius (Nasdaq: FSRD) has partnered with Simbe Robotics to enhance production capabilities amidst supply chain disruptions. Utilizing Fast Radius’ Cloud Manufacturing Platform™, Simbe aims to manufacture key components for its Tally 3 robot, facilitating quicker market entry. The partnership has allowed Simbe to deploy nearly 200 robots globally and save over $30,000 in engineering costs. Simbe's Tally 3 improves retail productivity by analyzing inventory data. This collaboration supports their strategy to maintain flexibility in manufacturing and adapt to evolving consumer demands.

Fast Radius (Nasdaq: FSRD) has appointed Pat McCusker as President and Interim Chief Financial Officer, and John Nanry as Chief Operating Officer, effective June 30, 2022. McCusker, a co-founder, has played a key role in the company's growth and previously served as Interim CFO. Nanry, also a co-founder, has extensive expertise in manufacturing and operations. They replace former CFO Prithvi Gandhi, who is credited for guiding the company through its public entry. The leadership changes aim to strengthen Fast Radius' strategic direction amidst evolving market challenges.

Fast Radius (Nasdaq: FSRD) is scaling production of TacMed's SOF Tourniquet components due to heightened demand linked to the Ukraine/Russia conflict. Utilizing its Cloud Manufacturing Platform, Fast Radius will produce 800,000 precision-engineered parts, delivering 100,000 parts in just 30 days. The SOF Tourniquet is vital for military and emergency personnel worldwide. TacMed has provided over 50,000 tourniquets to support Ukraine and aims for hundreds of thousands more, underscoring the critical role of efficient manufacturing amidst global supply chain disruptions.

Fast Radius (Nasdaq: FSRD) has earned a spot on the 2022 Crain’s Chicago Business Fast 50 list, recognizing its rapid growth and innovation within the manufacturing sector. The company’s CEO, Lou Rassey, emphasized the importance of their Cloud Manufacturing Platform in revolutionizing manufacturing and supply chains. Additionally, Fast Radius has launched a new manufacturing technology campus on Goose Island, Chicago, complementing its already successful microfactory. The firm aims to enhance collaboration through an early access program for select clients.

Fast Radius reported a 65% increase in revenue for Q1 2022, totaling $6.3 million, compared to $3.8 million in Q1 2021. Total bookings reached $7 million, up 36% year-over-year. However, the company faced a net loss of $44.6 million or $0.73 per diluted share, compared to a loss of $12.8 million in the same period last year. Adjusted EBITDA loss also widened to $21.2 million from $8.2 million. Fast Radius raised its full-year revenue outlook to between $29 million and $34 million, indicating a projected annual growth of 45% to 70%.