What Richtech Robotics Inc. told the SEC could break it.

Richtech's procurement is concentrated — its top five suppliers accounted for ~65% of total procurement in fiscal 2025 — and it relies on sole-source suppliers for certain critical components such as batteries and the robotic arm, generally without long-term supply agreements (purchase-order basis); a supplier interruption, capacity constraint or exit could delay product delivery and raise costs.

“For the fiscal year ended September 30, 2025, our top five suppliers collectively accounted for approximately 65% of our total procurement. We rely on sole-source suppliers for certain critical components, such as batteries and robot arm.”

Richtech is an early-stage, low-revenue (~$5M) robotics company funding its RaaS build-out primarily through dilutive equity — it sold ~$100M and ~$98.4M of Class B stock under May and August ATM agreements, filed a $1.0 billion automatic shelf, entered a $50M standby equity purchase agreement with Yorkville, and induced warrant exercises — creating substantial ongoing shareholder dilution and dependence on capital-market access.

“As of September 30, 2025, the Company sold an aggregate of 45,636,983 shares of Class B common stock under the May ATM Agreement, for aggregate proceeds of approximately $100.0 million.”

Richtech uses a hybrid production model in which certain components and subassemblies are manufactured by contracted OEM/ODM partners primarily located in China, and it engages a 20-engineer R&D team in China through a third-party arrangement; this dependence on China for components and manufacturing concentrates supply, cost and geopolitical risk (it is expanding U.S.-based final assembly to mitigate).

“Certain components and subassemblies of our products are manufactured and performed by contracted OEM and ODM partners located outside of the United States (primarily in China).”

A significant portion of Richtech's operations depends on importing manufactured components from China; heightened U.S.-China geopolitical tensions, tariffs and trade disputes could impair component availability, manufacturing capacity, procurement costs and delivery timelines, and in an armed conflict or major trade-restriction escalation, U.S.-China trade could be severely limited — potentially preventing product delivery if alternative suppliers aren't available.

“Heightened geopolitical tensions, tariffs and other trade disputes between the United States and China could adversely impact component availability, manufacturing capacity, procurement costs, and delivery timelines for the Company's robotic products.”