Why Is AI Robot Maker Richtech Robotics Stock Jumping Today?

7/22/24 10:47:44 AM ET

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Richtech Robotics Inc. (NASDAQ:RR) shares are trading higher after the company installed its advanced robotic beverage system, ADAM, at Ghost Kitchens International Inc. in Dawsonville, Georgia.

This installation marks the start of a partnership to transform the food and beverage industry with robotic automation and enhance customer experiences.

Located inside a Walmart Inc. (NYSE:WMT), the Dawsonville Ghost Kitchens is the first of 240 planned locations to incorporate ADAM.

Launched on June 13, ADAM uses advanced AI technology to serve a range of traditional and specialty coffee drinks, including the popular Iced Foamy Hazelnut Latte.

With this installation, Richtech Robotics aims to showcase ADAM’s capacity for delivering consistent, high-quality beverages while boosting operational efficiency and customer satisfaction.

As part of a larger rollout, Richtech Robotics and Ghost Kitchens have recently signed a non-binding Letter of Intent (LOI) to install ADAM at 240 Ghost Kitchens locations.

Under the LOI, Richtech Robotics will manage ADAM’s programming, maintenance, and repairs, while Ghost Kitchens will handle staffing, logistics, and leasing. ADAM will feature a touchscreen POS for orders and payments, offering custom beverages and interactive customer experiences through AI.

This partnership seeks to improve efficiency behind the counter and boost customer engagement at these popular retail sites.

Matt Casella, President of Richtech Robotics, said, “ADAM’s introduction to the beverage industry addresses several key challenges, including the need for consistency, efficiency, and a memorable customer experience.”

“By automating drink preparation, ADAM is intended to allow human staff to focus on creating meaningful connections with guests, thereby elevating the overall customer experience.”

Price Action: RR shares are up 42.9% at $2.10 at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Company

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