Richtech Robotics (RR) Expands in China With $4 Million Sales Agreement

Richtech Robotics Inc. (NASDAQ:RR) ranks among the top robotics to buy according to analysts. Through its Chinese joint venture, Richtech Robotics Inc. (NASDAQ:RR) reported at the end of June that it had reached a sales agreement with Beijing Tongchuang Technology Development Co., Ltd. worth more than $4 million.

Richtech Robotics (RR) Expands in China With $4 Million Sales Agreement

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The contract covers the acquisition, maintenance, and software licensing of products from Richtech’s ADAM, Scorpion, and Titan product lines. With analysts forecasting 33% rise in revenues for the fiscal year, the purchase is anticipated to boost the company’s fourth-quarter revenue and create recurring revenue moving forward.

According to a press release from the company, the new collaboration increases Richtech Robotics’ footprint in China and could lead to new prospects throughout the Asian market.

Richtech Robotics Inc. (NASDAQ:RR) specializes in interactive robotic solutions for the service sector, with additional applications in the healthcare and hotel industries.

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Disclosure: None. This article is originally published at Insider Monkey.