2023-08-09 17:12:25 ET
- Sarcos Technology and Robotics press release ( NASDAQ: STRC ): Q2 Non-GAAP EPS of -$0.86 misses by $0.15 .
- Revenue of $1.3M (-57.2% Y/Y) misses by $0.8M .
- Shares +0.63% AH.
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Sarcos believes that its third quarter 2023 total revenue will range between $1.1 and $1.4 million, vs. consensus of $5.95M. The Company anticipates incurring additional restructuring expense related to the reduction of headcount of approximately $6.0 million, net, during the third quarter of 2023, which includes approximately $1.5 million in cash severance and benefit payments. The restructuring is expected to reduce personnel related cash usage by approximately $14.6 million annually beginning in 2024.
The Company estimates cash used in operating activities to average approximately $5.5 million per month during the third quarter of 2023. Sarcos intends to manage its average monthly cash usage to approximately $3.0 million in 2024.
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Sarcos Technology and Robotics Non-GAAP EPS of -$0.86 misses by $0.15, revenue of $1.3M misses by $0.8M