Richtech Robotics Inc. (NASDAQ: RR) shares pretty much stayed put Wednesday morning. The Nevada-based provider of AI-driven service robots announced the entry of a purchase and sale agreement for the purchase of a piece of land located at 2975 Lincoln Road, Las Vegas, Nevada, covering approximately 20,000 square feet, to expand its headquarters. The acquisition of the Lincoln Property is scheduled to close on or before May 15, and is expected to quadruple the Company’s assembly and manufacturing footprint for its robotics solutions, supporting increased demand and future growth.
“Richtech Robotics is experiencing rapid growth in demand for our AI-powered service robots,” said Company President Matt Casella. “At the same time, we remain committed to strengthening our domestic supply chain. Staying in Las Vegas is a strategic decision for a variety of reasons, and this new facility gives us the expanded capacity and flexibility needed to scale with the increasing interest in our robotics solutions.”
The company anticipates the new facility will ultimately result in long-term cost savings compared to their previous rental arrangement.
As part of its continued expansion, Richtech Robotics has also signed a lease for a new office in Newark, California, located near the heart of Silicon Valley. Engineers who have undergone training at the Las Vegas headquarters will now begin working out of the Newark location, helping to further develop and deploy the Company’s AI and robotics platforms.
RR shares inched up two cents, or 1%, to $2.02.