RICHTECH ROBOTICS INC.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
RR$0.89+6.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001213900-25-043386
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001213900-25-074423
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 74 previous paragraphs and 82 current paragraphs.
15 unchanged; 23 reworded; 44 added; 36 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 29 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report
In July 2025, the Company was approved to join the NVIDIA Connect program. The program offers developer resources, training, and preferred pricing on select NVIDIA technologies, which we expect to use to support product development.
Current report
As of August 11, 2025, subsequent to the period ended June 30, 2025, the Company issued an additional 11,226,521 shares of Class B common stock under the ATM program, for gross proceeds of approximately $22,565 thousand. After deducting fees of approximately $716 thousand, the Company received net proceeds of approximately $21,849 thousand.
Current report
On May 15, 2025, we completed the purchase of an approximately 20,000 sq. ft. property at 2975 Lincoln Road, Las Vegas, NV, for $4.1 million, funded with cash on hand, and relocated our headquarters to the site. The facility is intended to further integrate domestic sourcing and expand assembly and manufacturing operations.
Current report
On June 27, 2025, we were added to the FTSE Russell 2000® and Russell 3000® Indexes as part of the 2025 Russell U.S. Indexes reconstitution; we were also added to the appropriate growth and value style indexes.
Current report
Continued Expansion of RaaS Model
Current report
We continued to expand our RaaS model in the third quarter of fiscal year 2025. We executed a Master Services Agreement (“MSA”) in April 2025 with a U.S. car retailer/dealership group, pursuant to which we have commenced implementation and completed installations of our Titan robots at five dealership locations during the quarter. Additional locations are in the installation queue under this MSA and deployments are expected to increase in the fourth quarter. In parallel, we broadened our RaaS footprint beyond automotive services into factory manufacturing, initiating customer engagements to address in-plant transport of materials and components as part of our intralogistics solutions.
Current report
Continued Investment in Research and Development
Current report
We continued to expand our RaaS model in the third quarter of fiscal year 2025. We executed a master services agreement (“MSA”) in April 2025 with a U.S. car retailer/dealership group, pursuant to which we have commenced implementation and completed installations of our Titan robots at five dealership locations during the quarter. Additional locations are in the installation queue under this MSA and deployments are expected to increase in the fourth quarter. In parallel, we broadened our RaaS footprint beyond automotive services into factory manufacturing, initiating customer engagements to address in-plant transport of materials and components as part of our intralogistics solutions.
Current report
Expansion of Sales and Marketing Efforts
Current report
During the third quarter of fiscal year 2025, we prioritized global commercial expansion and enterprise channels. In May, we exhibited at the National Restaurant Association (NRA) Show in Chicago, expanding our pipeline of key customer prospects and industry partnerships. On June 24, 2025, our majority-owned subsidiary Boyu Artificial Intelligence (Beijing) Technology Co., Ltd. entered into a Product Sales and Technical Services Agreement with Beijing Kaiwu Tongchuang Technology Development Co., Ltd. for approximately $4.2 million of products, services, software and licensing; implementation of orders under this agreement began in the fourth quarter of fiscal 2025. In addition, on June 27, 2025, we signed a Strategic Cooperation Agreement with Beijing City of Design Development Co., Ltd., via Boyu, focused on joint R&D, selective vertical commercialization, and industry incubation to support market development in China.
Current report
This year-over-year change primarily reflects our strategic shift to an RaaS model, in line with our long-term growth plan. Under this approach, we focus on building recurring revenue through multi-year service agreements rather than one-time product sales. While this transition reduces upfront product revenue in the short term due to the timing of revenue recognition, it steadily increases our base of contracted recurring revenue. We expect that, as our installed base continues to expand, we will approach a scale where recurring revenue can cover a substantial portion of our operating cost base, providing a more stable foundation for long-term growth.
Current report
In addition to continuing deployments with single-location clients, we have strengthened our presence in the large enterprise segment. We are signing and advancing MSAs with more large dealership groups and other major customers. While these larger clients typically begin with a limited number of priority installations and then take one to two quarters to evaluate returns on investment before committing to broader rollouts, feedback to date has been positive. We understand that the pace of deployment with large customers is generally slower than with smaller clients, but as more of them enter trial and pilot phases, we believe this will create stronger foundations and greater opportunities for future growth.
Current report
Product Revenue
Current report
For the nine months ended June 30, 2025, product revenue increased by $315 thousand, or approximately 25.2%, from $1,252 thousand in 2024 to $1,567 thousand in 2025.
Current report
For the three months ended June 30, 2025, product revenue decreased significantly by $429 thousand, or approximately 73.7%, from $582 thousand in 2024 to $153 thousand in 2025.
Current report
Service/Rental Revenue
Current report
For the nine months ended June 30, 2025, service/rental revenue decreased by $359 thousand, or approximately 23.8%, from $1,510 thousand in 2024 to $1,151 thousand in 2025.
Current report
For the three months ended June 30, 2025, service/rental revenue increased by $107 thousand, or approximately 17.5%, from $611 thousand in 2024 to $718 thousand in 2025.
Current report
Cost of Revenue
Current report
Net cost of revenue decreased for both the nine and three months ended June 30, 2025.
Current report
For the nine months ended June 30, 2025, the net cost of revenue was $877 thousand, a decrease of $534 thousand, or approximately 37.7%, compared to $1,411 thousand for the nine months ended June 30, 2024. This substantial decrease in the cost of revenue is primarily attributed to our strategic shift towards increased leasing arrangements. Under this model, the cost of the robot is capitalized as property and equipment on our balance sheet and recognized as depreciation expense within cost of revenue over the asset's useful life, rather than being recognized entirely as cost of goods sold at the time of an outright sale.
Current report
For the three months ended June 30, 2025, the net cost of revenue was $300 thousand, a decrease of $129 thousand, or approximately 30.1%, compared to $429 thousand for the three months ended June 30, 2024. This decrease is generally in line with the decline in net revenue, reflecting lower sales volume associated with our strategic shift towards increased leasing arrangements.
Current report
Leasing Revenue
Current report
For the nine months ended June 30, 2025, leasing revenue decreased by $224 thousand, or approximately 37.1%, from $604 thousand in 2024 to $380 thousand in 2025. This decrease is primarily due to a reclassification of event rental income, which was included in leasing income in 2024 but has been reclassified to service/rental revenue starting in 2025 to provide a more accurate representation of our revenue streams. This reclassification impacts the comparability of the periods.
Current report
For the three months ended June 30, 2025, leasing revenue increased by $20 thousand, or approximately 17.4%, from $115 thousand in 2024 to $135 thousand in 2025.
Current report
Gross profit experienced mixed trends for the nine and three months ended June 30, 2025.
Current report
For the nine months ended June 30, 2025, gross profit was $2,724 thousand, an increase of $420 thousand, or approximately 18.2%, compared to $2,304 thousand for the nine months ended June 30, 2024.
Current report
R&D expenses experienced mixed trends for the nine and three months ended June 30, 2025
Current report
For the nine months ended June 30, 2025, R&D expenses decreased by $296 thousand, or approximately 18.1%, from $1,633 thousand in 2024 to $1,337 thousand in 2025.
Current report
For the three months ended June 30, 2025, R&D expenses increased by $147 thousand, or approximately 38.1%, from $386 thousand in 2024 to $533 thousand in 2025.
Current report
This due to a shift in the timing of intensity for our R&D activities, with a higher concentration in the current quarter but a lower overall spend year-to-date.
Current report
General and administrative expenses saw a dramatic increase for the nine and three months ended June 30, 2025.
Current report
For the three months ended June 30, 2025, G&A expenses increased by $3,276 thousand, or approximately 256.4%, from $1,286 thousand in 2024 to $4,562 thousand in 2025.
Current report
Interest expenses decreased significantly for both the nine and three months ended June 30, 2025.
Current report
For the three months ended June 30, 2025, interest expenses, net, decreased by $82 thousand, or approximately 81.2%, from $101 thousand in 2024 to $19 thousand in 2025.
Current report
The significant decrease in both periods is primarily due to the full repayment of our outstanding third-party loans.
Current report
Investment income increased substantially for both the nine and three months ended June 30, 2025.
Current report
For the three months ended June 30, 2025, investment income increased by $423 thousand, from $0 thousand in 2024 to $423 thousand in 2025.
Current report
This significant increase in investment income is primarily due to the higher cash balances from the net proceeds from the issuance of Class B common stock and the exercise of warrants during the period. These funds were strategically invested in short-term certificates of deposit (CDs) and U.S. Treasury bills with maturities of one year or less to earn interest, resulting in a substantial increase in investment income compared to the prior year period.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (36)
Previous report
In February 2025, we also launched our first Clouffee & Tea store, introducing our own robotic coffee and tea concept. We plan to expand this brand with additional locations in the coming months.
Previous report
In January 2025, we received warrant exercise notices from three investors, collectively exercising an aggregate of 3,814,611 warrants. As a result, we issued an aggregate of 3,814,611 shares of Class B common stock and received aggregate proceeds of $5,149,724.85. Rodman was paid a fee equal to 7% of the gross proceeds of the warrant exercises, pursuant to the Rodman Engagement Letter.
Previous report
On February 10, 2025, we entered into a warrant exercise inducement offer letter with a holder of Existing Warrants exercisable for an aggregate of 2,699,797 shares of its Class B common stock, to exercise its Existing Warrants at the existing exercise price of $1.35 per share, generating gross proceeds of approximately $3,644,726 before deducting financial advisory fees. In consideration for the immediate exercise of the Existing Warrants, we issued to such holder 2,699,797 Inducement Warrants with an exercise price of $4.00 per share, which are immediately exercisable and valid for five years from issuance. The shares of Class B common stock underlying the Inducement Warrants are entitled to registration rights. In connection with the Armistice Warrant Inducement, and pursuant to the Rodman Engagement Letter, Rodman was paid a fee equal to 7% of the gross proceeds of the Existing Warrant exercises and will be entitled to 7% of the proceeds from any exercise of the Inducement Warrants. In addition, we issued to Rodman warrants to purchase an aggregate of 188,986 shares of Class B common stock at an exercise price of $5.00 per share, which are immediately exercisable and valid for five years from issuance, pursuant to the Rodman Engagement Letter.
Previous report
On February 13, 2025, we entered into a Settlement Agreement with ACSS, pursuant to which the parties agreed to mutually release and all claims against each other arising out of that certain engagement letter, dated as of July 2, 2024, by and between the Company and ACSS. Pursuant to the Settlement Agreement, we agreed to pay to ACSS a sum of $430,000.
Previous report
Factors and Trends Affecting Our Business and Results of Operations
Previous report
The following trends and uncertainties either affected our financial performance historically or are likely to impact our results of operations in the future:
Previous report
The overall increase in revenue is primarily attributable to the continued positive impact of our Robots-as-a-Service (RaaS) model and the ongoing expansion of Alphamax Management LLC, a wholly-owned subsidiary of the Company (“Alphamax”).
Previous report
Cost of Revenue, net
Previous report
Cost of revenue, net, decreased significantly for both the six and three months ended March 31, 2025:
Previous report
For the six months ended March 31, 2025, cost of revenue, net, decreased by $405 thousand, or approximately 41.2%, to $577 thousand, compared to $982 thousand for the same period in 2024.
Previous report
For the three months ended March 31, 2025, cost of revenue, net, decreased by $31 thousand, or approximately 6.4%, to $454 thousand, compared to $485 thousand for the same period in 2024.
Previous report
This overall decrease is primarily attributable to the continued transition towards our Robots-as-a-Service (RaaS) model.
Previous report
Under the RaaS model, we recognize revenue from leasing our robots to customers, rather than from outright sales. This shift impacts the timing of cost recognition. When a robot is leased, certain upfront costs, which would have been recognized immediately under a sales model, are instead recognized over the lease term. This results in lower cost of revenue in the current periods. We expect the RaaS model to continue to influence our cost of revenue in future periods as it becomes a larger portion of our business.
Previous report
**Product Revenue:**Product revenue increased substantially for both periods, indicating continued strong demand for our robotic solutions:
Previous report
**Service/Rental Revenue:**Service/Rental revenue decreased significantly, reflecting the ongoing strategic shift towards our RaaS model:
Previous report
**Leasing Revenue:**Leasing revenue showed a notable increase over the six-month period, demonstrating the growing adoption of our RaaS model:
Previous report
Gross profit increased significantly for both the six and three months ended March 31, 2025:
Previous report
For the six months ended March 31, 2025, gross profit increased by $557 thousand, or approximately 43.2%, to $1,847 thousand, compared to $1,290 thousand for the same period in 2024.
Previous report
The substantial increase in gross profit for the six months ended March 31, 2025, is primarily due to shift in our sales mix towards higher-margin RaaS offerings. A relatively less increase in gross profit for the three months ended March 31, 2025 compared to the same period in 2024 is due to the timing of a key customer’s transition from pilot phase to a signed Master Services Agreement in April 2025, resulting in the deferral of related deployments and revenue to future periods.
Previous report
Research and development expenses decreased substantially for both the six and three months ended March 31, 2025:
Previous report
For the six months ended March 31, 2025, research and development expenses decreased by $443 thousand, or approximately 35.5%, to $804 thousand, compared to $1,247 thousand for the same period in 2024.
Previous report
For the three months ended March 31, 2025, research and development expenses decreased by $93 thousand, or approximately 22.5%, to $320 thousand, compared to $413 thousand for the same period in 2024.
Previous report
The decrease in research and development expenses is primarily due to: completion of major development projects. The Company completed several major development projects during the latter part of 2024, which has resulted in a reduction in hardware-related R&D spending in the first half of 2025.
Previous report
The overall trend reflects a shift in the timing of our sales and marketing activities.
Previous report
The decrease in sales and marketing expenses for the six months ended March 31, 2025, is primarily due to:
Previous report
The increase in sales and marketing expenses for the three months ended March 31, 2025, is primarily due to:
Previous report
General and administrative expenses increased substantially for both the six and three months ended March 31, 2025:
Previous report
For the three months ended March 31, 2025, general and administrative expenses increased by $3,942 thousand, or approximately 386.5%, to $4,962 thousand, compared to $1,021 thousand for the same period in 2024.
Previous report
Settlement expenses: A significant portion of the increase was attributable to a settlement reached with AC Sunshine Securities LLC (“ACSS”). As disclosed in the Settlement Agreement dated February 13, 2025, the Company agreed to pay $430 thousand to ACSS to resolve a dispute related to a prior engagement letter. This amount is included in general and administrative expenses for the period.
Previous report
Increased personnel costs: Increased salaries expenses related to hiring additional personnel to support our growth. This expansion includes key hires in engineering, finance and accounting, legal and compliance, and human resources.
Previous report
Professional fees: Higher professional fees for external services such as legal counsel, independent auditors, and consulting engagements. These increased fees are related to compliance with public company reporting requirements and ongoing legal matters. The legal fees related to the ACSS settlement are included in this line item.
Previous report
Net: Interest expenses, net, decreased significantly for both the six and three months ended March 31, 2025.
Previous report
For the three months ended March 31, 2025, interest expenses, net, decreased by $169 thousand to $(5 thousand), compared to $(174 thousand) for the same period in 2024. This decrease is primarily due to repayment of debt.
Previous report
Investment income increased substantially for both the six and three months ended March 31, 2025.
Previous report
For the three months ended March 31, 2025, investment income increased by $387 thousand to $387 thousand, compared to $0 for the same period in 2024. This increase is primarily due to increase in investment income with higher interest rates on cash balances.
Previous report
Changes in net operating assets and liabilities had a relatively minor impact on operating cash flow for the current period, resulting in a net outflow of approximately $50 thousand. This was primarily driven by a decrease in accounts receivable of $321 thousand and a decrease in inventory of $343 thousand, partially offset by changes in other working capital items.
Reworded paragraphs (23)
Previous wording
The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Report and in our other filings with the Securities and Exchange Commission (the “SEC”). The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under “Risk Factors” in our 2024 Annual Report and elsewhere in this Report. These risks could cause our actual results to differ materially from any future performance suggested below.
Current wording
The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Report and in our other filings with the SEC. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under “Risk Factors” in our 2024 Annual Report and elsewhere in this Report. These risks could cause our actual results to differ materially from any future performance suggested below.
Previous wording
We are a leading provider of service robotic solutions by developing, manufacturing, and deploying novel products that address the growing need for automation in the service industry. We develop, manufacture, and deploy cutting-edge robots that streamline operations, enhance efficiency, and alleviate labor shortages across a diverse range of sectors, including restaurants, hotels, casinos, senior living facilities, and retail centers. Our commitment to technological advancement and customer-centric solutions has positioned us as a key player in the rapidly evolving robotics landscape.
Current wording
We are a leading provider of service robotic solutions by developing, manufacturing, and deploying novel products that address the growing need for automation in the service industry. We develop, manufacture, and deploy cutting-edge robots that streamline operations, enhance efficiency, and alleviate labor shortages across a diverse range of sectors, including restaurants, hotels, casinos, senior living facilities, automobile dealerships, and retail centers. Our commitment to technological advancement and customer-centric solutions has positioned us as a key player in the rapidly evolving robotics landscape.
Previous wording
Key Business Highlights for the Second Quarter of Fiscal Year 2025
Current wording
Key Business Highlights for the Third Quarter of Fiscal Year 2025
Previous wording
Comparison of the six months ended March 31, 2025 and 2024
Current wording
Comparison of the nine months ended June 30, 2025 and 2024
Previous wording
The following table summarizes our results of operations (in thousands) for the six months and the three months ended March 31, 2025 and 2024, together with the dollar change in those items from period to period:
Current wording
The following table summarizes our results of operations (in thousands) for the nine months and the three months ended June 30, 2025 and 2024, together with the dollar change in those items from period to period:
Previous wording
For the six months ended March 31, 2025, net revenue increased by $152 thousand, or approximately 6.7%, to $2,424 thousand, compared to $2,272 thousand for the same period in 2024.
Current wording
For the nine months ended June 30, 2025, net revenue decreased by $114 thousand, or approximately 3.1%, to $3,601 thousand, compared to $3,715 thousand for the same period in 2024.
Previous wording
For the three months ended March 31, 2025, net revenue increased slightly by $2 thousand, or approximately 0.2%, to $1,167 thousand, compared to $1,165 thousand for the same period in 2024.
Current wording
For the three months ended June 30, 2025, net revenue decreased by $266 thousand, or approximately 18.4%, to $1,177 thousand, compared to $1,443 thousand for the same period in 2024.
Previous wording
For the three months ended March 31, 2025, gross profit increased by $32 thousand, or approximately 4.7%, to $712 thousand, compared to $680 thousand for the same period in 2024.
Current wording
For the three months ended June 30, 2025, gross profit was $877 thousand, a decrease of $137 thousand, or approximately 13.5%, compared to $1,014 thousand for the three months ended June 30, 2024.
Previous wording
This improvement in gross profit is directly related to the decrease in cost of revenue, net, as discussed in the preceding section.
Current wording
The increase in gross profit for the nine-month period is primarily due to the decrease in cost of revenue, net, as discussed in the preceding section, coupled with the shift in our business model to the RaaS offerings. However, the decrease in gross profit for the three-month period was influenced by the higher proportional decline in revenue compared to the reduction in cost of revenue for that specific quarter.
Previous wording
Sales and marketing expenses showed mixed trends for the six and three months ended March 31, 2025:
Current wording
Sales and marketing expenses showed mixed trends for the nine and three months ended June 30, 2025, largely due to the timing and volume of trade shows and event-based marketing.
Previous wording
For the six months ended March 31, 2025, sales and marketing expenses decreased by $172 thousand, or approximately 21.8%, to $615 thousand, compared to $787 thousand for the same period in 2024.
Current wording
For the nine months ended June 30, 2025, sales and marketing expenses decreased by $121 thousand, or approximately 11.8%, from $1,024 thousand in 2024 to $903 thousand in 2025.
Previous wording
For the three months ended March 31, 2025, sales and marketing expenses increased by $178 thousand, or approximately 92.7%, to $370 thousand, compared to $192 thousand for the same period in 2024.
Current wording
For the three months ended June 30, 2025, sales and marketing expenses increased by $51 thousand, or approximately 21.5%, from $237 thousand in 2024 to $288 thousand in 2025.
Previous wording
We are continuously evaluating the effectiveness of our sales and marketing investments to ensure they align with our strategic objectives and drive sustainable revenue growth.
Current wording
Overall, sales and marketing spending has shown moderate variation, with quarterly results may fluctuate with seasonality and the timing and mix of industry events and campaigns. We are continuously evaluating the effectiveness of our sales and marketing investments to ensure they align with our strategic objectives and drive sustainable revenue growth.
Previous wording
For the six months ended March 31, 2025, general and administrative expenses increased by $6,801 thousand, or approximately 275.9%, to $9,265 thousand, compared to $2,464 thousand for the same period in 2024.
Current wording
For the nine months ended June 30, 2025, general and administrative (“G&A”) expenses increased by $10,077 thousand, or approximately 268.7%, from $3,750 thousand in 2024 to $13,827 thousand in 2025.
Previous wording
We are committed to carefully managing our general and administrative expenses while ensuring we have the necessary resources to support the company’s growth and meet our obligations. While the increase in G&A expenses is a natural consequence of our growth and transition to becoming a public company, we are committed to managing these expenses effectively. We are actively implementing cost optimization measures, streamlining processes, and leveraging technology to improve efficiency and control costs. We believe that our strategic investments in human capital, infrastructure, and compliance are essential to support our long-term growth objectives. As we continue to scale our operations and expand our market presence, we anticipate that G&A expenses will continue to increase, but we are committed to managing these costs prudently and ensuring that they align with our overall financial performance.
Current wording
We are dedicated to carefully managing our G&A expenses while making sure we have everything needed to support our Company’s growth and meet our commitments. It’s natural for G&A expenses to increase as we grow and transition to a public company. However, we are actively implementing measures to optimize costs, streamline processes, and use technology to improve efficiency and control these expenses. We believe our strategic investments in people, infrastructure, and compliance are vital for our long-term growth. As we continue to expand, we expect G&A expenses to rise. Even so, we are committed to managing these costs prudently and ensuring they align with our overall financial performance.
Previous wording
For the six months ended March 31, 2025, interest expenses, net, decreased by $651 thousand to $(9 thousand), compared to $(660 thousand) for the same period in 2024.
Current wording
For the nine months ended June 30, 2025, interest expenses, net, decreased by $733 thousand, or approximately 96.3%, from $761 thousand in 2024 to $28 thousand in 2025.
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For the six months ended March 31, 2025, investment income increased by $720 thousand to $720 thousand, compared to $0 for the same period in 2024.
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For the nine months ended June 30, 2025 investment income increased by $1,143 thousand, from $0 thousand in 2024 to $1,143 thousand in 2025.
Previous wording
Our primary sources of liquidity are cash and cash equivalents, which consist of cash on hand and short-term investments that are readily convertible to cash. As of March 31, 2025, our cash and cash equivalents totaled $11.1 million. This represents about 3.5 million decrease from $14.6 million at the end of the prior fiscal year. The substantial increase in our cash position is primarily attributable to the net proceeds of $9.2 million received from the exercise and issuance of warrants. These proceeds significantly strengthened our balance sheet and provided us with financial flexibility to invest in our growth initiatives, including expanding our R&D team, purchase of property and equipment to support our expanding operations. This increase was partially offset by cash used in operating activities, primarily due to our net loss and investments in working capital.
Current wording
Our primary sources of liquidity are cash and cash equivalents, which consist of cash on hand and short-term investments that are readily convertible to cash. As of June 30, 2025, our cash and cash equivalents totaled $32.9 million. This represents about 18.3 million increase from $14.6 million at the end of the prior fiscal year. The substantial increase in our cash position is primarily attributable to the net proceeds of $48.6 million received from issuance of shares of Class B common stock, and the net proceeds of $9.2 million received from the exercise and issuance of warrants. These proceeds significantly strengthened our balance sheet and provided us with financial flexibility to invest in our growth initiatives, including expanding our R&D team, purchase of property and equipment to support our expanding operations. This increase was partially offset by cash used in operating activities, primarily due to our net loss and investments in working capital.
Previous wording
Net cash used in operating activities was $8,076 thousand for the six months ended March 31, 2025, compared to $2,543 thousand for the same period in 2024. The increase in cash outflows was primarily due to a higher net loss of $8,076 thousand in the current period, compared to a net loss of $3,868 thousand in the prior-year period.
Current wording
Net cash used in operating activities was $11,163 thousand for the nine months ended June 30, 2025, compared to $2,121 thousand for the same period in 2024. The increase in cash outflows was primarily due to a higher net loss of $12,160 thousand in the current period, compared to a net loss of $5,181 thousand in the prior-year period, partially offset by changes in working capital and non-cash adjustments.
Previous wording
In the prior-year period, changes in net operating assets and liabilities resulted in a larger net outflow of approximately $1,325 thousand, primarily driven by a decrease in accounts receivable of $1,823 thousand and a decrease in inventory of $530 thousand, partially offset by an increase in accounts payable of $969 thousand. Non-cash adjustments to reconcile net loss to net cash used in operating activities for the current period included depreciation and amortization of $730 thousand.
Current wording
Net cash used in operating activities for the nine months ended June 30, 2024 was approximately $2,121 thousand, primarily due to a net loss of approximately $5,181 thousand offset by an increase of approximately $3,060 thousand in net operating assets and liabilities. The cash flow impact from changes in net operating assets and liabilities was primarily driven by decreases in accounts receivable of approximately $2,448 thousand, decreases in deferred tax assets of $518 thousand and inventory of approximately $424 thousand, partially offset by the increase in tax payable of $197 thousand and accounts payable of $111 thousand.
Previous wording
Net cash used for investing activities was $15,130 thousand for the six months ended March 31, 2025, primarily due to $14,773 thousand on purchase of short-term investments and $241 thousand on long-term investments.
Current wording
Net cash used for investing activities was $41,532 thousand for the nine months ended June 30, 2025, primarily due to $36,676 thousand on purchase of short-term investments and $4,509 thousand on equipment.
Previous wording
Net cash provided by financing activities totaled $19,766 thousand for the six months ended March 31, 2025, compared to $10,339 thousand for the same period in 2024. The increase was primarily due to the exercise of warrants during the period.
Current wording
Net cash provided by financing activities totaled $71,022 thousand for the nine months ended June 30, 2025, the increase was primarily due to $71,053 thousand cash inflow from the issuance of Class B common stock and the exercise of warrants during the period.
Previous wording
Net cash provided by financing activities totaled approximately $10,339 thousand for the six months ended March 31, 2024. We raised approximately $9,278 thousand from issuance of Class B common stock and obtained short-term loans in the form of convertible Notes totaling $2 million from the Investor.
Current wording
Net cash provided by financing activities totaled approximately $10,754 thousand for the nine months ended June 30, 2024. We raised approximately $9,278 thousand from issuance of Class B common stock and obtained short-term loans in the form of convertible Notes totaling $3 million from the Investor.