First Humanoid Robot in Rockford, IL at One Kitchen in Walmart

LAS VEGAS, Aug. 20, 2024 Richtech Robotics Inc (Nasdaq: RR) (“Richtech Robotics”), a Nevada-based provider of AI-driven service robots, announces the installation of its advanced robotic beverage system, ADAM, at a One Kitchen in a Rockford, IL Walmart. This milestone marks the second installation as part of a planned rollout across 240 One Kitchen locations in the U.S. One Kitchen restaurants feature multiple national and local brands using a single kitchen. The Rockford Walmart will also have a Richtech Robotics’ Matradee L and DUST-E S installed.

The installation is also part of Richtech Robotics’ new commercial management venture, AlphaMax Management, LLC (“AlphaMax Management”), which was formed to optimize the integration of the Company’s robots into clients’ businesses. As a wholly-owned subsidiary of Richtech Robotics, AlphaMax Management will be responsible for the entire commercial workflow of One Kitchen restaurants within Walmart, to better integrate the operation of robots with traditional restaurant operations, and to provide overall restaurant data analysis, digital marketing, and the integration of artificial intelligence applications.

“We continue to reach new milestones, this time celebrating the first humanoid drink robot in the state of Illinois and also officially launching AlphaMax Management,” said Matt Casella, President at Richtech Robotics. “Our new subsidiary is expected to generate a new revenue stream and also stable cash flow and profit. We look forward to its continued growth.”

Equipped with cutting-edge AI technology, ADAM commenced operations at the Rockford One Kitchen on August 16^th, 2024, serving a variety of coffee and boba drinks to customers. The robot is expected to serve 100-200 cups of coffee and tea per day.

Richtech Robotics will handle the programming, maintenance, and repair of the ADAM systems, while One Kitchen will manage staff, location logistics, and leasing. ADAM will operate through a fully integrated touchscreen point-of-sale system for ordering and payments, offering customized beverages on demand and engaging customers with its intelligent conversation AI.

About Richtech Robotics

Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com and connect with us on X (Twitter), LinkedIn, and YouTube.

About Ghost Kitchens International (GKI)

With restaurants across Canada and the US, GKI is expanding to open 240 more restaurants under the ONE KTICHEN banner in USA and Canada. Each restaurant features multiple national brands made to order, a single operator, innovative front and back-of-house technology, and walk-in and delivery customers. For more information go to www.ghostkitchenbrands.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the number of One Kitchen locations that will ultimately install and integrate ADAM, risks related to the annual revenue actually generated by each One Kitchen location, and risks related to the number of cups of coffee and tea actually served by each robot per day. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K/A, filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2024, and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotic to predict those events or how they may affect Richtech Robotic. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.