BEDFORD, Mass., March 29, 2022 (GLOBE NEWSWIRE) – Berkshire Grey Inc. (Nasdaq: BGRY), a leader in AI-enabled robotic solutions that automate supply chain processes, today announced results for its fourth quarter and year ended 2021. The Company:
Delivered revenue of $23.6 million for the fourth quarter of 2021, ahead of expectations and a 556% increase as compared to the fourth quarter of 2020.
Entered 2022 with strong backlog of $105 million, positioning the Company well for continued growth.
Increased total orders to date to $200 million.
“We made substantial commercial progress and achieved important milestones in 2021,” said Tom Wagner, CEO, Berkshire Grey Inc. “We delivered strong revenue growth as Fortune 100 customers continued to adopt our intelligent enterprise robotics solutions to automate their fulfillment operations. We secured new follow-on orders with our anchor accounts who value our technology and want more. And we doubled our pipeline and doubled the number of new customers. The general tailwinds for AI-enabled robotic automation remain strong, and we continue to see significant demand for our differentiated solutions. We are well positioned for ongoing growth in 2022 and beyond.”
FY 2021 Financial Highlights:
Full year 2021 revenue of $50.9 million.
Full year 2021 net loss of ($153.4) million.
Full year 2021 Adjusted EBITDA of ($111.8) million.
Cash and cash equivalents of $171 million.
FY 2021 and Recent Business Highlights
Secured approximately $85 million in new orders which include approximately $64 million in follow-on orders from existing anchor accounts in the retail, eCommerce, grocery, and package handling sectors and approximately $21 million in orders from new customers in the retail and eCommerce sectors.
Advanced its Berkshire Grey Partner Alliance (BGPA) program which now includes eleven partners, including the recently announced partnership with Swisslog. The BGPA program includes a select group of market-leading consultants, integrators, technology providers and material handling leaders, broadening the Company’s global reach and extending its go-to-market strategy.
Was named as one of the Top 10 Most Innovative Companies in Robotics by Fast Company and selected as one of 2021’s Best Startup Employers by Forbes.