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Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) has successfully completed the assembly of the Beta version of its Guardian XT teleoperated robotic system by the end of 2021. The dual-armed robot features enhanced dexterity and technical improvements over the Alpha model, including advanced software and motion capture capabilities. Internal Beta testing is underway, with commercial production expected to begin by late 2022. CEO Kiva Allgood expressed optimism about the system's potential impact on various industries, improving productivity while ensuring operator safety.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) will present at the 24th Annual Needham Virtual Growth Conference on January 11, 2022. The virtual presentation will feature Executive Chairman Ben Wolff at 2:45 p.m. Eastern Time. Sarcos focuses on industrial robotic systems that enhance human performance by combining human intelligence with robotic strength and precision. Their products, including the Guardian series, aim to revolutionize physically demanding work environments, improving safety and productivity.
Sarcos Technology and Robotics has announced a leadership change, appointing Kiva Allgood as the new president and CEO, effective immediately. Allgood, who has extensive experience in technology and commercialization, will succeed Ben Wolff, who becomes executive chairman. Wolff emphasized the importance of operational leadership for future growth. Allgood previously held senior roles at Ericsson, GE, and Qualcomm. This transition aims to enhance Sarcos' capabilities in the robotics sector.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) will participate in the Credit Suisse 9th Annual Virtual Global Industrials Conference on December 1, 2021. The event will feature a virtual presentation by CEO Ben Wolff at 3:30 p.m. Eastern Time, followed by one-on-one meetings. Sarcos specializes in industrial robotic systems designed to enhance human performance, safety, and productivity, with over 30 years of research and development backing its innovative products. More information can be found on their website.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) significantly expands its operations by moving to a new headquarters in Salt Lake City, nearly doubling its footprint to over 60,000 square feet. This transition supports the company's plans for initial commercial production of its cutting-edge robotic systems, including the Guardian XO exoskeleton and teleoperated robotic avatar. Sarcos anticipates a 60-70% increase in workforce and aims to produce 300-500 commercial units annually by the end of 2022. The new facility also includes advanced testing and demonstration areas.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) reported its Q3 2021 financial results, with total revenue of $1.1 million, down from $1.5 million year-over-year. The net loss widened to $37.0 million compared to $6.9 million in Q3 2020. The company ended the quarter with $239 million in unrestricted cash. Sarcos continues to make progress on its Guardian® XO® and Guardian® XT robotic systems despite supply chain challenges, anticipating initial production by late 2022. Collaboration with T-Mobile for 5G integration and increased U.S. Navy contract awards were notable highlights.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) announced its participation in two significant investor conferences in November 2021. The first is the Bank of America: A Transforming World Conference on November 10, 2021, featuring CEO Ben Wolff at 9:30 a.m. ET. The second is the Baird Global Industrial Conference on November 11, 2021, with a presentation at 11:25 a.m. ET, also by Ben Wolff. For more details, investors can visit Sarcos' website or contact their investor relations team.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) will host a live audio webcast of its Q3 2021 financial results conference call on November 9, 2021, at 8:00 a.m. ET. Investors can access the stream on a listen-only basis via investor.sarcos.com. An archive of the call will be available from November 9 until December 9, 2021. Sarcos focuses on enhancing safety and productivity through innovative robotic systems, leveraging over 30 years of R&D in the field.
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) has appointed James "Hondo" Geurts as Executive Vice Chairman. Geurts, with over 34 years of military and government experience, will drive leadership development, scale operations, and focus on acquisition opportunities as the company prepares to launch its Guardian XO and Guardian XT robotic systems. His previous roles include Under Secretary of the Navy and Acquisition Executive for U.S. Special Operations Command. Geurts emphasizes innovation and efficiency in bringing technologies to market, aligning with Sarcos' mission to enhance productivity and safety.
Sarcos Defense has announced that the U.S. Navy exercised a contract option to expand testing and evaluation of the Guardian DX robotic system for Navy-specific tasks. This system focuses on enhancing maintenance and modernization efforts. The Guardian DX is designed for teleoperation, providing human-like dexterity in challenging conditions. Tom Jackson, President of Sarcos Defense, emphasized the significance of this contract in supporting the Navy's readiness and modernization priorities. The initiative aligns with Sarcos' aim to commercialize the Guardian DX in line with Navy requirements.
