Shipments expanded across humanoid pilots, industrial AMRs, and recurring fleet software.
Servo sourcing gains and lower integration labor offset battery pack inflation.
Runway assumes planned pilot expansion and stable component payment terms.
Loss narrowed as deployments shifted from bespoke builds to repeatable production cells.
executive summary
Revenue growth is outpacing burn, but working capital remains the constraint.
SuperRobotics closed Q2 with $48.6M in revenue, driven by 142 platform deliveries and a 91% renewal rate on autonomy software contracts. Blended gross margin improved to 38.4% as the factory absorbed higher throughput and reduced late-stage rework.
The operating plan remains capital intensive. Inventory commitments for actuator, compute, and battery modules increased by $9.2M, creating a near-term cash conversion drag. Management recommends tightening pilot acceptance criteria and negotiating component consignment terms before scaling the Q4 production target.
revenue mix
Recurring software is now 24% of revenue.
Humanoid platforms $22.4M
Industrial AMRs $12.9M
Autonomy software $11.7M
Services $1.6M
cash outlook
Base case preserves $41M minimum cash.
| Cash balance | $126.4M |
|---|---|
| Net burn | $6.8M / month |
| Committed backlog | $183.2M |
quarterly KPIs
Operating metrics
| Metric | Q2 FY25 | Q1 FY26 | Q2 FY26 | Trend |
|---|---|---|---|---|
| Platform deliveries | 86 | 118 | 142 | +20% QoQ |
| Average selling price | $287K | $301K | $315K | +5% QoQ |
| Manufacturing yield | 71% | 78% | 84% | +600 bps |
| Deployment cycle | 46 days | 39 days | 34 days | -5 days |
| Net revenue retention | 116% | 122% | 128% | +600 bps |
unit economics
Robotics production margin bridge
ASP$315K
Hardware BOM-$146K
Factory labor-$29K
Deployment support-$19K
Contribution profit$121K
opex
Spend remains weighted toward autonomy and reliability.
- R&D$18.2M44%
- Sales and field ops$9.4M23%
- G&A$6.1M15%
- Manufacturing engineering$7.6M18%
risks
Key finance risks
Inventory prepayments
Actuator and compute suppliers require earlier deposits for Q4 capacity reservations.
Pilot conversion timing
Three humanoid pilots could slip from Q3 to Q4 if site safety approvals extend.
Warranty reserve
Field reliability is improving, but hand and battery modules still carry variance.
board actions requested
Decisions for Q3 operating plan
- Approve $14M component reserve for long-lead actuators and edge compute.
- Authorize CFO to negotiate supplier consignment for at least 35% of Q4 materials.
- Set minimum pilot gross margin hurdle at 28% before field deployment approval.