Welcome to our dedicated page for Berkshire Grey news (Ticker: BGRY), a resource for investors and traders seeking the latest updates and insights on Berkshire Grey stock.
Berkshire Grey operated as a warehouse automation technology company that developed AI-enabled robotic solutions for material handling operations. The company was acquired by SoftBank Group and delisted from NASDAQ in July 2023, becoming a wholly-owned subsidiary. Prior to the acquisition, Berkshire Grey had been a publicly traded company following a special purpose acquisition company merger.
The company specialized in robotic picking, sorting, and automation systems deployed across eCommerce fulfillment, retail distribution, and logistics operations. The technology platform integrated artificial intelligence, computer vision, machine learning, and advanced robotics to automate warehouse tasks including order picking, package sortation, and store replenishment operations. Major retailers and logistics providers deployed Berkshire Grey systems in their distribution networks.
News and developments related to Berkshire Grey during its period as a public company included technology announcements, customer deployment updates, financial results, and partnership agreements. The company collaborated with industrial automation providers and warehouse technology companies to integrate robotic systems into broader automation solutions. Product releases focused on enhanced capabilities for handling diverse item types, increased processing speeds, and improved AI performance.
The SoftBank acquisition represented a significant corporate event that transitioned the company from public to private ownership. This change eliminated quarterly reporting requirements and public market pressures, potentially enabling longer-term focus on technology development and market expansion. As a SoftBank subsidiary, the company aligned with a portfolio of robotics and AI investments in the logistics and automation sectors.
Industry developments in warehouse automation, eCommerce growth trends, labor market conditions, and supply chain dynamics influenced the market environment for robotic automation solutions. Competitive developments included technology advancements from other warehouse robotics companies, automation deployments by major retailers, and evolving customer requirements for fulfillment operations. These market factors shaped the competitive landscape and adoption patterns for warehouse automation technology.
Berkshire Grey Inc. (Nasdaq: BGRY) announced new orders totaling $36 million, which includes $25 million in repeat orders from a major customer and $11 million from new clients. This brings the company’s total orders to $184 million and backlog to a record $113 million. CEO Tom Wagner highlighted the importance of these follow-on orders as indicators of long-term growth, emphasizing the increasing demand for AI-enabled robotic solutions in supply chain automation.
Berkshire Grey (Nasdaq: BGRY) announces a strategic partnership with Bealls, Inc. to enhance store replenishment using robotic automation. This collaboration aims to boost processing capacity to meet rising customer demand in merchandise categories.
Bealls, operating over 525 stores, plans to utilize Berkshire Grey's AI-enabled systems to sort and pack more than 55 million units annually. The automation will support Bealls' growth strategy while alleviating labor challenges in the competitive retail sector.
Berkshire Grey Inc. (BGRY) reported impressive third-quarter financial results, achieving revenue of $18.8 million, a 750% increase year-over-year. Total orders increased to $184 million, with $70 million in new orders secured in 2021. Despite a net loss of $40.5 million, the company maintains a strong liquidity position with $203 million in cash and no debt. Recent highlights include securing a $25 million order from a major customer and launching innovative robotic solutions for eCommerce. The company's workforce grew to approximately 400 employees, reflecting continued investment and growth.
Berkshire Grey, Inc. (Nasdaq: BGRY) has announced the general availability of its Robotic Shuttle Product Sortation (RSPS) solution, aimed at enhancing order fulfillment for global retailers, grocers, and 3PLs. Following successful installations in the U.S., RSPS automates various supply chain processes, allowing for increased processing capacity without additional labor. The solution improves inventory management and eCommerce fulfillment, addressing the challenges posed by current labor shortages. Companies can achieve up to 4x order fulfillment and 10% improved shipment capacity with a small operational footprint.
On October 28, 2021, Berkshire Grey (Nasdaq: BGRY) announced it will report its third quarter 2021 financial results prior to market open on November 11, 2021. The company will hold a conference call at 10:00 a.m. Eastern time that same day to discuss these results and provide a business update. Berkshire Grey specializes in AI-enabled robotics for supply chain automation, offering solutions to major retailers and logistics service providers.
Berkshire Grey (Nasdaq: BGRY) has partnered with Atos to enhance automation in supply chain operations. This collaboration aims to provide Intelligent Enterprise Robotic solutions to retail and logistics sectors, addressing the challenges posed by strained supply chains. Key benefits include increased fulfillment speed and productivity with minimal manual intervention. Atos will integrate Berkshire Grey's AI-driven robotic technologies into clients' operations, improving throughput and reducing operational costs. Both companies will showcase their solutions at the Parcel+Post Expo in Vienna from October 12-14, 2021.
Berkshire Grey (Nasdaq: BGRY) has partnered with North Highland to enhance supply chain resilience through AI-enabled robotic automation. This collaboration addresses the growing eCommerce demands and labor shortages by providing advanced robotic solutions for order fulfillment, store replenishment, and package handling. The partnership aims to optimize labor and throughput in supply chain operations. Berkshire Grey offers a comprehensive portfolio of Intelligent Enterprise Robotic solutions, ensuring improved efficiency and reduced operational costs for major retailers and consumer products companies.
Berkshire Grey Inc (Nasdaq: BGRY) has announced the launch of its AI-powered Robotic Shuttle Put Wall (RSPW) aimed at enhancing eCommerce order fulfillment processes. This innovative solution can boost order sortation throughput by up to 300% and can handle nearly 100% of typical SKUs without requiring additional staff. As global eCommerce sales are projected to reach $5 trillion by the end of 2021, this technology addresses the challenges of labor scarcity and rising consumer expectations.
Berkshire Grey (Nasdaq: BGRY), a leader in AI-enabled robotic solutions for supply chains, will present at two investor conferences in September 2021. The first event is the Bank of America Industrial Automation and Software Summit on September 21 at 12:00 PM ET, where CEO Tom Wagner will participate in a panel discussion. The second is the William Blair "What’s Next for Industrials" conference on September 23 at 2:00 PM ET, featuring both Wagner and CFO Mark Fidler in a presentation followed by a Q&A. More details can be found on their investor relations website.
Berkshire Grey (Nasdaq: BGRY) has announced the global availability of its Robotic Pick and Pack (RPP) solutions, aimed at automating customer order fulfillment. This technology enhances operational efficiency, reduces shipping costs, and minimizes the environmental impact of eCommerce. The RPP system is currently deployed at SoftBank Logistics' fulfillment center in Japan and targets the challenges of labor shortages in eCommerce. Key features include zero-pressure placement, advanced machine vision, and autonomous dense packing, all designed to improve throughput and customer satisfaction.
FAQ
What is the market cap of Berkshire Grey (BGRY)?
