UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01. Regulation FD Disclosure.
On February 28, 2024, Sarcos Technology and Robotics Corporation (the “Company”) posted to the investor relations page of its website at www.sarcos.com an investor presentation furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Investor Deck”) and incorporated herein by reference. This presentation is expected to be used by the Company in connection with certain future presentations to investors and others. The information contained in the Investor Deck is summary information and contains forward-looking statements that are subject to risks and uncertainties, including those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”). The information in the Investor Deck is as of February 28, 2023, and the Company undertakes no obligation to publicly update or revise the information contained in the Investor Deck or this Item 7.01, except as required by law, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, press releases, disclosure on the Company’s website or other means of public disclosure.
The Company announces material information to the public through a variety of means, including filings with the SEC, public conference calls, the Company’s website (www.sarcos.com), its investor relations website (https://www.sarcos.com/investor-relations/), and its news site (https://www.sarcos.com/company/news/#press-releases). The Company uses these channels, as well as its social media, including its X (@Sarcos_Robotics) and LinkedIn accounts (https://www.linkedin.com/company/sarcos/), to communicate with investors and the public news and developments about the Company, its products and other matters. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information it makes public in these locations, as such information could be deemed to be material information. The information that can be accessed through hyperlinks or website addresses included in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is deemed not to be incorporated in or part of this Current Report on Form 8-K.
The information furnished in this Item 7.01 and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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99.1 |
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Cover Page Interactive Data File (formatted as Inline XBRL)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Sarcos Technology and Robotics Corporation |
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Dated: |
February 28, 2024 |
By: |
/s/ Stephen Sonne |
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Name: Title: |
Stephen Sonne |
An AI platform to deliver human-like reasoning & autonomy for commercial and defense applications February 28, 2024
Disclaimer This presentation and any related oral statements contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding Sarcos’ future operating results, financial position, liquidity and cash burn, business strategy, projections of market opportunity, estimates and forecasts of other financial and performance metrics, anticipated benefits of its technologies, plans and objectives for future operations and offerings, Sarcos’ product development, expected features, benefits and use cases of Sarcos’ software platform, expectations and timing related to commercial product launches, and the potential success of Sarcos’ strategy. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Such forward-looking statements involve risks, uncertainties and assumptions that may cause actual events, results, or performance to differ materially from those indicated by such statements. Certain of these risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Sarcos’ filings with the Securities and Exchange Commission (the “SEC”) from time to time which are available, free of charge, at the SEC’s website at www.sec.gov. In addition, statements that “we believe” and similar statements reflect Sarcos’ beliefs and opinions on the relevant subject. These statements are based upon information available to Sarcos as of the date of this presentation, and although Sarcos believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and Sarcos’ statements should not be read to indicate that Sarcos has conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and readers are cautioned not to unduly rely upon these statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Sarcos or any other person that Sarcos will achieve its objectives and plans in any specified time frame, or at all. Except as required by law, Sarcos assumes no obligation and does not intend to update any forward-looking statements or to conform these statements to actual results or changes in Sarcos’ expectations. This presentation may also contain estimates and other statistical data made by independent parties and by Sarcos relating to market size and growth and other industry data. These data involve a number of assumptions and limitations and is subject to change. You are cautioned not to give undue weight to such estimates. Sarcos has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, cannot guarantee their accuracy or completeness. In addition, any projections, assumptions and estimates of Sarcos’ future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by Sarcos. Any projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions as of the date they were made and that were inherently subject to significant uncertainties and contingencies, many of which are beyond Sarcos’ control. Such projections, estimates and targets are included for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. While all projections, estimates and targets are necessarily speculative, Sarcos believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain, are subject to change and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in such projections, estimates and targets. The inclusion of projections, estimates and targets in this presentation should not be regarded as an indication that Sarcos, or its representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Sarcos’ independent auditors did not audit, review, compile or perform any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Sarcos announces material information to the public through a variety of means, including filings with the SEC, public conference calls, Sarcos’ website (www.sarcos.com), its investor relations website (https://www.sarcos.com/investor-relations/), and its news site (https://www.sarcos.com/company/news/#press-releases). Sarcos uses these channels, as well as its social media, including its X (@Sarcos_Robotics) and LinkedIn accounts (https://www.linkedin.com/company/sarcos/), to communicate with investors and the public news and developments about Sarcos, its products and other matters. Therefore, Sarcos encourages investors, the media, and others interested in the company to review the information it makes public in these locations, as such information could be deemed to be material information. The information that can be accessed through hyperlinks or website addresses included herein is deemed not to be incorporated in or part of this presentation.
SARCOS AT-A-GLANCE Figures on this page are current as of January 2024. Robotics DNA 30+ years in robotics and robotics software. Legacy leadership in dexterous mobile robot business across aviation, construction, energy, and defense sectors NASDAQ STRC Experience 30+ years of robotics engineering excellence. Technology team led by CTO with 25+ years of AI/ML expertise Salt Lake City, UT Innovation and operations 60+ team members, world-class robotics & AI/ML software engineers
Sarcos: 40 years of innovation and evolution Sarcos Robotics starts trading - STRC (2021) Purchase from Raytheon (2015) 1983 2015 2021 2024 New AI software focus (2023) Anticipated AI/ML Software Framework Launch and Customer Trials Government/DoD R&D Sarcos spins out of University of Utah (1983) Dexterous Robotic Systems Purpose-Built Solutions AI Software 2023 Start AI/ML Software Development (2019) Raytheon buys Sarcos (2007)
Our Vision: To enable machines to observe, learn, reason and act like humans Substantially accelerate speed of programming and training Increase agility, task sets and use cases Reduce need for human intervention and oversight Reduce cost of standing up and maintaining automation For mobile machines, evolve from human-in-the-loop to human-on-the-loop Eliminate need for continuous cloud connectivity
Sarcos AI Tackles SOME OF the biggest challenges in robotics Implementation of industrial robotics can take a long time and be very costly Most industrial robots are highly programmed for a specific task Today’s AI approaches (e.g., LLM1 for generative AI) require vast amounts of training data and are power hungry Sensors are generally discrete and not optimized to work in unison or to adapt and adjust for lost functionality of a single sensor 1. Large language models.
enable machines to observe, learn, reason and act like humans Real-time Closed-loop Autonomy solves tasks for dynamic and unstructured environments Completing complex tasks Disparate point solutions Addresses key challenges in robotic deployments: High cost of programming, deployment, and downtime Adapting to unexpected events require manual intervention or re-programming Commercial Robots Hardware-agnostic, real-time closed-loop autonomy software solution Addresses key challenges in traditional robotic deployments: Infrastructure Maintenance & Repair Construction Industrial Mfg. Aerospace/Aviation Logistics Defense Energy High cost and complexity of programming and deployment Unsafe and inefficient operations in unstructured and dynamic environments Point solutions unable to learn and adapt in real time, require re-training to perform new or modified tasks
AI for the Real (physical) world Most AI today lives In the digital world Occurs on the robot without a connection to the cloud. “The key for us is enabling autonomy in an unstructured environment that can dynamically change. We focus on generalized autonomy, providing closed-loop functionality to adapt to tasks continuously.” -Denis Garagić, Sarcos Chief Technology Officer Objective is to predict outcomes and make recommendations to empower humans - make more efficient, make better decisions, optimize processes, develop new products, etc. Harnesses enormous amounts data utilizing significant cloud-based computing to gather, ingest, integrate, analyze and learn from data Digital World AI/ML Approach Objective is to enable machines to effectively operate autonomously in real world environments (structured, dynamic, and unstructured) Algorithms enable machines to react to changing circumstances and complete tasks without re-training or reprogramming Requires less data – uses on-robot1 compute to ingest, integrate (fuse), analyze, learn, and react to changing circumstances without connecting to the cloud Sarcos’ Real-World AI/ML Approach
Sarcos’ AI and ML Software Platform Real-time Closed-loop autonomy software framework + edge computing & training hardware Observe Learn Reason Act Learning occurs with minimal demonstrations (1-5) Dynamic Reasoning and Learning for novel task combinations or entirely new tasks Model adaptation to specific environments Perceives environments with different sensor modalities e.g., vision, LiDAR, Radar, acoustic, etc. Utilizes Multi-Modal Sensor Fusion to make perception more robust to sensor occlusion and noise Improves Situational Awareness (SA) Adapting to unexpected events New motion plan based on observations Closes the autonomy loop by applying human-like reasoning to determine the best course of action; completes the task Control manipulator arm, robot and / or end effector Achieve goal in a stable, safe, and controlled manner Real-time Closed-loop Autonomy Framework Real-time perceiving, learning & decision-making occurs on-robot without retraining or cloud connectivity 1 2 3 4
Sarcos AI/ML Software Platform for robotics Certain teleoperation devices may not be included as part of our sales package. Laptops are not sold as a part of the system; assumes customers will source separately or use existing company assets. 3. Designed to work with most industrial robots being sold today. According to the Proficient Market Insights’ “Global Robot Operating System” report, ROS 1 robots comprised of 74% of the total ROS market in 2021, “Global Robot Operating System (ROS) Market 2022 Size Of $ (globenewswire.com) Designed to Maximize System Flexibility, Adaptability, Mobility, and Learning Industrial Robots (For illustrative purpose only; design is subject to change) Training/Teleoperation HMI Package1 Motion Tracking Hand Controllers Sarcos Control Interface Module CLA Software Framework Algorithms/Libraries 2 2 User Interface2 HMI Secure Cloud Portal2 Connection not required for autonomous robot operations Various Robotic Platforms3
Sarcos ai platform: Expected Advantages How our approach differs Full stack, closed-loop autonomy enables adaptability to dynamic changes in environment or defined task without human intervention or reprogramming Uses probabilistic machine learning (ML) techniques to learn the task, accounting for uncertainty and variability Dynamic model inference methods require much less training data; robots can learn to generalize with only a few demonstrations (1~ 5) Computational efficiencies gained through use of Sarcos’ domain-specific language models Hardware agnostic1 Addresses robotic-specific challenges beyond integration Solves for system stability and pose estimation/end effector orientation Solves long-horizon tasks in arbitrary human environments Fuses multi-sensor data inputs together to improve system flexibility & adaptability Flexible instructional input options for task model learning (i.e., LLMs, DSLs2, motion-capture-based teleoperation, AR/VR, video input, etc.) Can provide language-to-motion instructions ideal for edge computing/robotics applications; doesn’t require cost/latency associated with use of LLMs requiring connectivity to the Cloud Complex task learning capabilities are similar to humans; in some cases, we believe robots can be trained in orders- of-magnitude less time than it takes relying on current state-of-the-art approaches3 Enables on-device computing; lower total cost of ownership (TCO) with no need to incur recurring cloud services costs Improves system implementation and startup times Designed to work with most industrial robots being sold today. According to the Proficient Market Insights’ “Global Robot Operating System” report, ROS 1 robots comprised of 74% of the total ROS market in 2021, “Global Robot Operating System (ROS) Market 2022 Size Of $ (globenewswire.com) Domain specific languages. Robotics Transformer 1 & 2 deep learning-based approach, 2022 – 2023.
Hardware agnostic1 Expected to enable stationary and mobile robotic platforms to be agile and autonomous, reduce human intervention and increase ROI Industrial Robots and Cobots Unmanned Aerial Vehicles Unmanned Ground Vehicles and Humanoids 1. Designed to work with most industrial robots being sold today. According to the Proficient Market Insights’ “Global Robot Operating System” report, ROS 1 robots comprised of 74% of the total ROS market in 2021, “Global Robot Operating System (ROS) Market 2022 Size Of $ (globenewswire.com)
Benefits of computing on the edge Complex extremely large data set integration Enormous amounts of cloud compute required Predict outcomes, make recommendations driven by large data sets and models Humans utilize in decision making, process improvement and optimizations Environmental, situational awareness data from local workspace, more constrained (domain specific approach) On robot real-time human like reasoning applied to base models based on unexpected events “Closed loop” – adapting to those events real-time and update base models without retraining Structured and unstructured environments without retraining Traditional AI / ML Product Solution (Cloud Compute1,2) VS. Closed-Loop Autonomy for Robotics (Edge Compute) C3.ai: A Full-Stack IoT Platform for Everyone The Gordian Knot of Structured Programming (c3.ai), . Photo Source: c3.ai
hidden costs of Power-Hungry AI approaches How it’s done today “You’ll be astonished how much power it takes to generate a single AI image1” Photo Source: FreePik “The Gordian Knot of Structured Programming4 ” Photo Source: c3.ai “RT-1: Robotics Transformer for real-world control at scale2” Photo Source: Google Research “RT-2: Vision-Language-Action Models3” Stable Diffusion's open-source XL model used almost as much power per image as that required to fully charge a smartphone Creating 1,000 images using same model generated CO2 emission equivalent of 4.1 miles driven by a gas-powered car. AI Power usage by AI servers on a global scale is equivalent to what Argentina uses in 1 year. Google reported1 it used 5.6 billion gallons of water to cool their AI servers in 2022 (20% increase over 2021). Example: Model trained on real-world robotics dataset: 130k episodes 700+ tasks collected from 13 robots over 17 mos. “….the model size: 5B vs 55B for the RT-2 PaLI-X variant..” “The ‘build it yourself’ approach requires numerous integrations of underlying components that were not designed to work together, resulting in a degree of complexity that overwhelms even the best development teams.” CO2 AI 1. Futurism.com 2. Google Research Blog 3. robotics-transformer2.github.io 4. c3.ai
Potential use cases Examples based on discussions with potential customers
Tasks & CHALLENGES Changes in production line (products, fixes, updates) come at high cost – robot retraining and manufacturing downtime Sub parts Assembly manufacturing Structured manufacturing line, task variability Opportunity & expected benefits Low cost/quickly able to repurpose manipulators/ robots to perform new task. Minimal production downtime for new task training. Employee can train in AR, deploy models across robots quickly Quickly adapt to varying tasks on a multi-product assembly line set up Run assembly lines with mixed products to meet demand Robots automatically adapt tasks to be performed based on object detected) Provides flexibility & future proof task planning; extends usability & life of robot
Tasks Identify and torque bolts to spec on large steel structures; bridges, buildings, manufacturing facilities, etc. Inspection and repair of damaged bolts, moving/ aligning/securing steel beams (a.k.a. Cooning) build & repair steel structures construction Unstructured, ground-level/at-height, in-door/out-door, heavy tools Opportunity & expected benefits Precision detection of bolts and placement of tool. or traditional training models. Adapt to varying environmental conditions at height to complete job Operate safely as environment changes to ensure safety of personnel – reduce risks associated with at-height work in inclement weather. challenges Highly unstructured environment + at-height risks Level of precision and speed required not achievable with teleoperation
Tasks Unmanned aerial vehicles Persistent detection, tracking, and classification Defense / commercial Unstructured, in-flight Opportunity & expected benefits Persistent sensor-based detection, tracking & classification resolves representation uncertainty and enhances situational awareness Shared situation and / or navigation across UAVs enhances the collective knowledge and understanding of the entire fleet challenges Highly unstructured environment – in flight High levels of uncertainty
Sarcos financial position
Sarcos financial position As of December 31, 2023; includes all cash, cash equivalents and marketable securities. For continuing operations, monthly and quarterly cash usage will vary; represents average monthly change in cash, cash equivalents and marketable securities. As of December 31, 2023. $39.1 million $1.6 million/mo. Year-End Cash Balance1 Expected Net Monthly Cash Usage per Month for 20242 Shares Outstanding3 25,877,865 shares
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