• iRobot for commercial hospitality and food service.
• Tesla for commercial service robots.

• Hospitality Service Robots: Autonomous robots designed for tasks such as food delivery, table clearing, drink mixing, and guest reception in restaurants and hotels.
• Commercial Cleaning Robots: Robots equipped for autonomous floor cleaning tasks like vacuuming and scrubbing in large commercial spaces.
• Security and Patrol Robots: Mobile robotic platforms utilized for surveillance, monitoring, and patrolling duties in diverse environments.
• Kitchen Automation Robots: Robots specifically designed to assist with dishwashing and other back-of-house tasks in commercial kitchens.

Richtech Robotics (RR) Major Customers

Richtech Robotics (RR) primarily sells its advanced robotics and artificial intelligence solutions to other businesses, operating on a **business-to-business (B2B)** model. Their robots are designed for commercial applications across various service industries.

According to their most recent Annual Report (Form 10-K) filed with the SEC for the fiscal year ended December 31, 2023, Richtech Robotics did **not have any single customer that accounted for 10% or more of its total revenue** for either 2023 or 2022. This indicates that their sales are diversified across a broad base of clients, rather than concentrated with a few major customers.

While specific major customer names are not disclosed due to this diversification, Richtech Robotics serves a wide range of companies in industries that utilize service automation. These customer categories include:

• Hospitality: Hotels, resorts, casinos, and cruise lines that deploy robots for delivery, concierge services, and cleaning to enhance guest experience and operational efficiency.
• Food & Beverage: Restaurants, cafes, and food service providers that use robots for tasks such as food delivery within establishments, bussing, and automated food preparation assistance.
• Healthcare & Senior Living: Hospitals, clinics, and senior care facilities where robots assist with tasks like medication delivery, cleaning, and patient support to improve staff productivity and service quality.

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Zhenwu Huang, Chief Executive Officer and Director

Zhenwu Huang, also known as Wayne, is a Co-Founder of Richtech Robotics Inc., serving as its Chief Executive Officer and Director since July 2016. He possesses over 20 years of experience in computer vision-based technology development management and product design. Mr. Huang holds several product patents and has others pending, covering areas from facial recognition to touchless interfaces. Before co-founding Richtech Robotics, he was the co-founder and CEO of Nanjing Rich Digital Technology Co. Ltd. from 2003 to 2007, a telecommunications value-add service provider where he pioneered live interactive TV games using smart computer vision. Subsequently, he served as the co-founder and CEO of Richtech System Ltd. from 2007 to 2016, a global provider of smart hardware and interactive multimedia systems to over 120 countries. He earned a Bachelor's degree in Computer Information Management from Huadong Finance and Economics College in July 2000.

Zhenqiang Huang, Chief Financial Officer and Director

Zhenqiang Huang, also known as Michael, is a Co-Founder of Richtech Robotics Inc. and has served as its Chief Financial Officer and Director since the company's inception in July 2016. He is responsible for the planning, development, and execution of the product line, as well as supply chain management. Prior to Richtech Robotics, Mr. Huang was a co-founder of Nanjing Rich Digital Technology Co. Ltd. from 2003 to 2007, where he managed international cooperation and partnerships. From 2007 to 2016, he served as the co-founder and Chief Financial Officer of Richtech System Ltd., leading the company's international expansion and business development. He holds a management training certificate from the Federal Ministry of Economics and Technology of Germany since 2012 and received his Bachelor's Degree in Economics from Nanjing University in June 2000.

Matthew G. Casella, President

Matthew G. Casella, also known as Matt, has been the President of Richtech Robotics Inc. since August 2023. With over two decades of diverse business experience, his expertise includes strategically executing technology-forward solutions, driving growth, and ensuring financial accountability. As President, he oversees corporate strategy, including the expansion of robotic restaurants, financing activities, and investor relations. Mr. Casella began his career in finance before transitioning into the hospitality sector, specifically with a restaurant company, which led him to the automation and robotics space.

Phil Zheng, Chief Operating Officer

Phil Zheng has served as the Chief Operating Officer of Richtech Robotics Inc. since February 2020. In this role, he oversees the company's Sales, Operations, and Customer Success departments. Before becoming COO, he was the Director of Operations from July 2017 to January 2019 and then the Chief Revenue Officer from February 2019 to January 2020, where he focused on building company departments into effective business units and directing sales revenue strategies. Mr. Zheng holds a Bachelor of Arts from the University of California, Los Angeles, and a Juris Doctor from the University of California, Irvine, School of Law.

The aggressive development and potential mass production of general-purpose humanoid robots by well-resourced technology giants and highly-funded startups, such as Tesla's Optimus and Figure AI's Figure 01. These initiatives aim to produce highly versatile, multi-functional humanoid robots at scale and potentially lower cost, posing a direct competitive threat to Richtech Robotics' specialized service humanoid robot offerings by fulfilling similar or broader tasks more efficiently or economically.

Richtech Robotics (RR) develops and deploys robotic solutions across several key sectors, primarily focusing on the service industry. Their main products and services address the hospitality, healthcare, and broader service robotics markets.

Addressable Markets for Richtech Robotics' Main Products and Services:

Global Service Robotics Market:

• The global service robotics market, which encompasses professional service robots used in various industries including hospitality and healthcare, was valued at approximately USD 71.91 billion in 2025 and is projected to reach USD 175.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.53% during this period. Other estimates place the global service robotics market at USD 47.10 billion in 2024, growing to USD 98.65 billion by 2029 with a CAGR of 15.9%. The professional application segment consistently dominates this market.

Global Hospitality Robots Market:

• Richtech Robotics offers solutions like Matradee (server assistant robots), Skylark (hotel room service), ADAM and Scorpion (food and beverage automation/bartender robots), and DUST-E (commercial cleaning robots) for the hospitality sector, serving restaurants, hotels, casinos, and senior living facilities.
• The global hospitality robots market was estimated at USD 0.61 billion in 2025 and is forecast to expand to USD 1.84 billion by 2030, with a CAGR of 24.72%. Another projection indicates the market could reach USD 3.083 billion by 2030, growing at a CAGR of 25.5% from its 2020 value of USD 295.5 million. More optimistically, the hospitality robot market is projected to reach USD 65.4 billion by 2032, exhibiting a CAGR of 17.89% from 2025 to 2034. North America has historically held a significant share, but Asia-Pacific is expected to show the highest growth potential.

Global Medical/Healthcare Robots Market:

• Richtech Robotics' healthcare offerings include Medbot for hospital deliveries, disinfection robots, and patient assistance robots.
• The global medical robots market was valued at approximately USD 12.89 billion in 2024 and is poised to grow to USD 44.65 billion by 2032, with a CAGR of 16.8% from 2025 to 2032. Other analyses show the global medical robotic systems market size was estimated at USD 13.26 billion in 2024 and is predicted to reach USD 64.36 billion by 2034, expanding at a CAGR of 17.11%. The surgical robots segment largely dominates this market. North America accounts for a significant revenue share, while the Asia-Pacific region is projected to register the highest growth rate.

Richtech Robotics (RR) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion of the Robotics-as-a-Service (RaaS) Model: Richtech Robotics is strategically shifting towards a RaaS model, which is expected to generate recurring revenue and establish a stable foundation for long-term growth. The company anticipates continued expansion of RaaS deployments and further enterprise client rollouts.

2. Entry into New Markets and Geographies: The company is focused on broadening its market presence by pursuing strategic partnerships in emerging markets to open new revenue streams. Additionally, Richtech Robotics has entered into significant agreements to support market development and joint research and development in China. The company also aims to expand beyond its traditional hospitality and healthcare focus into areas like factory manufacturing and intralogistics.

3. Introduction and Growth of Advanced AI-Powered Robotic Solutions: Richtech Robotics' innovative integration of AI is a crucial differentiator, enhancing the capabilities of its robots. The company continues to launch new products, such as the mobile humanoid robot Dex, and showcase a diverse range of service robots, including ADAM, Scorpion, Matradee Plus, Medbot, and DUST-E, at major industry events like CES 2025. These robots address various service industry needs, including food and beverage automation, delivery, and cleaning.

4. Capitalizing on Industry-Wide Labor Shortages and Rising Operational Costs: The growing demand for automation solutions, particularly driven by labor shortages and escalating operational costs in sectors such as hospitality, healthcare, and retail, serves as a significant revenue driver. Richtech's robots enable businesses to automate repetitive tasks, allowing human staff to focus on higher-value roles, thus addressing a critical industry need.

Share Repurchases

• Richtech Robotics has not reported any share repurchases in the last 3-5 years.

Share Issuance

• Richtech Robotics completed its initial public offering (IPO) on November 17, 2023, with its Class B common stock beginning to trade on the Nasdaq Capital Market under the symbol "RR".
• In connection with the IPO, the company issued warrants to purchase 105,000 shares of Class B common stock to the underwriters' representative, along with an additional 2,128 shares upon partial exercise of an over-allotment option.
• The company's shares outstanding have significantly increased, from 44.35 million at the end of 2021 and 2022 to approximately 198.34 million in the last 12 months, reflecting substantial share issuances.

Inbound Investments

• On February 15, 2024, Richtech Robotics entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., which allows the investor to purchase up to $50 million of the company's Class B common stock over 24 months.

Capital Expenditures

• Capital expenditures for Richtech Robotics totaled -$5.23 million in the last 12 months.
• Quarterly capital expenditures amounted to $4.4 million for June 2025.
• The primary focus of capital expenditures is on developing, manufacturing, and deploying robotic solutions for automation in the service industry.