Sarcos Technology Shares Rise 21% After $13.8 Million Contract From U.S. Air Force

By Chris Wack

Sarcos Technology and Robotics shares were up 21% to 81 cents after the company said its Sarcos Defense unit has received a $13.8 million contract from the Warner Robins Air Logistics Complex at Robins Air Force Base in Georgia.

The stock hit its 52-week low of 65 cents on Wednesday, and is down 94% in the past 12 months.

This contract will support development, integration and validation of Sarcos' artificial intelligence and machine learning software framework, the AI Computational Service, for success-based reinforcement learning in the Sarcos Guardian line of robotic systems.

The contract will span a period of four years, during which Sarcos will continue to advance its software technology to help the Department of the Air Force.

Throughout the duration of the contract, Sarcos said it will conduct Military Utility Assessments at various U.S. Air Force locations, including Warner Robins Air Force Base, to test intelligent algorithms implemented on Sarcos robots. The demonstrations will aim to address the operational challenges currently faced by the Air Force and to showcase how the Guardian line of robots combined with Sarcos AI and ML software can benefit the Air Force and Department of Defense in their missions by increasing productivity and safety.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

September 28, 2023 12:15 ET (16:15 GMT)

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