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Richtech Robotics Inc. (NASDAQ:RR) announced Thursday that it has completed a pilot program with a top five automotive dealership by revenue and number of dealerships in the United States. The company reported it received notification from the client on Wednesday regarding the successful completion of the pilot and the client’s intention to proceed with additional statements of work for their dealership locations.
The relationship between Richtech Robotics and the automotive client is governed by a Master Services Agreement (MSA) signed on April 10, 2025. Under the terms of the MSA, Richtech Robotics will undertake projects for the client, with each initiative formalized through separate statements of work or work orders. The agreement stipulates that full implementation is contingent on the successful completion of the pilot program and approval by the client’s management.
The MSA will remain active as long as at least one statement of work is in effect, and will automatically renew for additional 12-month periods unless either party provides written notice of non-renewal at least 30 days before the end of the current term. The agreement also includes standard intellectual property and confidentiality clauses.
Richtech Robotics is incorporated in Nevada and headquartered in Las Vegas. Its Class B common stock is listed on the Nasdaq Stock Market under the symbol RR.
This information is based on a press release statement included in a filing with the Securities and Exchange Commission.
In other recent news, Richtech Robotics Inc. has been active with several new agreements and partnerships. The company secured a sales agreement valued at over $4 million with Beijing Tongchuang Technology Development Co., Ltd., which includes purchases and services from three of Richtech’s product lines. This deal is anticipated to positively impact the company’s fourth-quarter revenue and generate ongoing income. Additionally, Richtech Robotics entered into a two-year Master Services Agreement with a major global retailer, allowing for future projects under additional work orders.
In terms of partnerships, Richtech Robotics has formed a strategic cooperation agreement with Beijing City of Design Development Co., Ltd. The focus will be on research and development in AI models and robotic systems. Meanwhile, Freedom Broker has downgraded Richtech Robotics’ stock rating from Buy to Sell, citing concerns over valuation. The firm’s price target remains at $2.50, despite a recent rise in stock price. Lastly, Richtech’s robot, ADAM, has served over 16,000 drinks at a Las Vegas café since its opening, showcasing the company’s technological capabilities in real-world applications.
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