Richtech Robotics, a prominent robotics company, witnessed a significant decline in their shares on Friday, reaching their lowest point since their initial public offering (IPO) in November. The shares were down by a staggering 68%, falling to $3.15, with an intraday low of $2.85.
Previously, the IPO had been priced at $5 per share. However, after experiencing double-digit gains on Monday and Tuesday, the stock faced a substantial 32% decline on Wednesday. Fortunately, the company's fortunes seemed to have improved as the stock rose by 32% the following day. This surge came after Richtech announced a letter of intent to introduce 240 ADAM robotic beverage systems at Ghost Kitchens International restaurants, including select Walmart stores.
The recent appearance of Richtech Robotics at CES (Consumer Electronics Show) was met with widespread media coverage. During the event, the company expressed their belief that artificial intelligence enhancements would propel ADAM's capabilities beyond its current functions as a robot bartender, barista, or boba tea maker. The company envisions ADAM engaging in sophisticated conversations with customers and emulating human actions with exceptional accuracy. Apart from ADAM, Richtech also focuses on developing robots for tasks such as carrying food at restaurants and performing cleaning duties.
Overall, while Richtech Robotics experienced a sharp decline in its shares, the recent developments in partnerships and AI advancements offer potential for the company's future growth.