The company said, "For the full year 2023, total revenue is expected to range between $23 and $25 million. Product Development Contract revenue is expected to be approximately 80% of the mix and Product revenue the remainder. Product sales are expected to begin to ramp up in the second half of 2023. Turning to operating expenses, Sarcos believes its research and development expenses will decrease slightly in 2023 as compared to 2022 due to its focus on product development and as the company continues to leverage third-party service providers in its development activities. With the exception of stock-based compensation expense, Sarcos expects its general and administrative expenses in 2023 to increase slightly as the company works on its commercialization pathway and maintains public company compliance requirements. Sales and marketing will increase slightly in 2023 in line with the expected revenue growth in the future. The Company estimates cash used in operating activities to average approximately $6 million per month during the first quarter of 2023. For the full year of 2023, the Company is satisfied with its liquidity and currently has no plans to do an equity financing in 2023, though management constantly monitors liquidity, financial and business results and outlook and market conditions and could change its plans if it determines it to be necessary or advisable."
Published first on TheFly
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