8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 09, 2022

Sarcos Technology and Robotics Corporation

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-39897	85-2838301
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
650 South 500 West, Suite 150
Salt Lake City, Utah		84101
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 927-7296

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	STRC	The NASDAQ Stock Market LLC
Redeemable warrants, exercisable for shares of Common Stock at an exercise price of $11.50 per share	STRCW	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 9, 2022, Sarcos Technology and Robotics Corporation (the “Company”) issued a press release reporting its financial results for the quarter ended June 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1. The information furnished in this Current Report under this Item 2.02 and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure

The Company expects to use or make available the presentation attached as Exhibit 99.2 to this Current Report on Form 8-K (the “Investor Deck”) and incorporated herein by reference, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others and to make the Investor Deck, possibly with modifications, available on its website at sarcos.com. The information contained in the Investor Deck is summary information and may contain forward-looking statements that are subject to risks and uncertainties, including those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”). The information in the Investor Deck is as of August 9, 2022, and the Company undertakes no obligation to publicly update or revise the information contained in the Investor Deck or this Item 7.01, except as required by law, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, press releases, disclosure on the Company’s website or other means of public disclosure.

The Company announces material information to the public through a variety of means, including filings with the SEC, public conference calls, the Company’s website (www.sarcos.com), its investor relations website (https://www.sarcos.com/investor-relations/), and its news site (https://www.sarcos.com/company/news/#press-releases). The Company uses these channels, as well as its social media, including its Twitter (@Sarcos_Robotics) and LinkedIn accounts (https://www.linkedin.com/company/sarcos/), to communicate with investors and the public news and developments about the Company, its products and other matters. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information it makes public in these locations, as such information could be deemed to be material information.

The information contained in this Item 7.01 and Exhibit 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press release dated August 9, 2022
99.2	Investor Presentation dated August 9, 2022
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Sarcos Technology and Robotics Corporation
Date:	August 9, 2022	By:	/s/ Steven Hansen
		Name: Title:	Steven Hansen Chief Financial Officer

EX-99.1

Exhibit 99.1

Sarcos Technology and Robotics Corporation Announces Second Quarter 2022 Financial Results

Initial production of commercial units of Guardian® XTTM teleoperated dexterous robotic system and Sapien 6M robotic system expected to commence by the end of 2022

Closed acquisition of Pittsburgh-based RE2, Inc. and made significant progress on integrating two highly experienced commercial robotics teams

STRC added to the Russell 2000 index of small cap stocks as part of the 2022 Russell indexes reconstitution

SALT LAKE CITY — August 9, 2022 — Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the development of highly dexterous robotic systems that augment humans to enhance productivity and safety, today announced financial results for the quarter ending June 30, 2022.

Recent highlights include:

•Announced the successful closing of the previously announced acquisition of RE2, Inc. (“RE2”)

•Hosted capital markets and media day to introduce the Sapien line and demonstrate the combined product line

•Sarcos Defense Awarded New Contract for Collaborative Sensing Platform by Air Force Research Laboratory

•Successfully assembled and tested a STARFISH Dexterous Underwater Robotic Gripper for the U.S. Navy

“The integration of the Pittsburgh team into the company is already paying significant dividends by bolstering our engineering expertise and broadening our potential customer base,” said Kiva Allgood, President and CEO, Sarcos. “The combined organization is quickly coming together and we are making great progress towards our commercialization and sales goals. We are also thrilled with the initial results we are seeing in field trials for our Guardian® XTTM and Sapien 6M units which are both receiving strong traction with potential customers across the aviation, shipyard, and vegetation management industries.”

Financial results

The discussion in this press release regarding Sarcos’ results of operations for the three months ended June 30, 2022 includes the financial results of RE2 for the period after the closing of the acquisition on April 25, 2022.

Second quarter total revenue was $3.0 million, an increase from $1.1 million during the second quarter of 2021, driven by the addition of revenue from projects and commercial sales from RE2 following the closing of the acquisition.

Second quarter total operating expenses were $32.0 million, compared to operating expenses of $8.8 million in the second quarter of 2021. 44% of this increase was related to higher stock-based compensation expense. Business combination expenses as well as additional operating expenses related to the acquisition of RE2, in addition to increased expenses related to public company compliance costs also contributed to higher general and administrative expenses.

Research and development expenses were 86.7% higher compared to the prior year period due to the addition of headcount and overhead related to the acquisition of RE2, as well as investments to develop and commercialize the

company’s Guardian®XO® industrial exoskeleton, GuardianXT teleoperated dexterous robotic system, and Sapien 6M robotic system.

Net loss was $23.1 million in the second quarter, compared to a net loss of $5.3 million in the second quarter of 2021, primarily as a result of the increase in stock-based compensation expense and the additional operational expenses related to the acquisition of RE2.

Excluding certain items, non-GAAP net loss was $17.5 million or ($0.12) non-GAAP net loss per diluted share in the second quarter compared to non-GAAP net loss of $7.2 million or ($0.07) non-GAAP net loss per diluted share in the same period of 2021. Non-GAAP net loss excludes the impact of stock-based compensation expense, gain on forgiveness of notes payable, changes in the value of the company’s warrant liability, and certain acquisition costs and tax benefits. A reconciliation of net loss to non-GAAP net loss is included at the end of this release.

Sarcos ended the second quarter with $73.3 million in unrestricted cash and cash equivalents on its balance sheet, in addition to $79.5 million of marketable securities.

Development outlook and financial guidance

In line with previous guidance, the Company has deployed units of the Guardian XT robotic system, as well as the Sapien 6M robotic system, with potential customers for mid-year field tests of aviation, shipyard and vegetation management use cases.

Sarcos continues to expect to commence initial production of commercial units of the Guardian XT robotic system by the end of 2022 for delivery to customers early in 2023. Following the acquisition of RE2, Sarcos also expects to commence initial production of commercial units of the Sapien 6M robotic system on the same timeframe.

As a result of significant supply chain constraints, Sarcos has made the decision to focus on the commercial development of the Guardian XT and Sapien 6M for the remainder of 2022. As a result, the company does not expect to begin initial production of commercial units of the Guardian XO exoskeleton until the second half of 2023.

Including the impact of the RE2 acquisition, Sarcos believes that its total revenue for 2022 will be between $15 million - $17 million in 2022. The Company continues to expect that monthly cash used in operating activities and purchases of property and equipment will average $5.5 million for 2022. In addition, Sarcos continues to estimate a 2022 monthly average cash impact of $1 million for 2022 from tax withholding obligations related to the settlement of equity awards, which Sarcos does not currently expect to continue to such a degree in 2023. As a result, Sarcos continues to believe it will have a total estimated monthly average use of cash, or cash burn, of approximately $6.5 million in 2022.

Due to uncertainty around availability and lead-times, Sarcos has continued to source certain materials and components required for the manufacture of its commercial units in 2023. These purchases are not expected to impact the company’s operating expenses for 2022, but Sarcos continues to expect an impact to the 2022 year-end cash total of up to $3 million.

Sarcos anticipates that initial manufacturing of its commercial products will take place at a mix of its own facilities in Salt Lake City and Pittsburgh and the facilities of a contract manufacturing partner. Sarcos currently does not anticipate high-volume production by a contract manufacturing partner to be in place until at least the end of 2023, but does anticipate engaging with a partner that will produce a high percentage of its products from the commencement of initial commercial production.

In 2023 Sarcos believes it will have the internal capability to manufacture between 300 – 500 units of some combination of its Guardian XT robotic system, Guardian XO industrial exoskeleton, Sapien 6M robotic system, and its existing commercial products, depending on the mix, but does not believe it will use all of that capacity in 2023, especially after engaging a contract manufacturing partner.

In the long-term, Sarcos is targeting a gross margin (which includes the impact of service revenues) of between 25% – 30%, once high-volume production and sales are achieved and the Company can take advantage of volume manufacturing and purchasing economies of scale. However, for the next few years, until high-volume production and sales are achieved, Sarcos expects its gross margin to be lower than this, perhaps significantly.

Webcast

Sarcos will hold a conference call to discuss the second quarter 2022 financial results, along with management’s business outlook, at 5:00 p.m. ET on Tuesday, August 9, 2022. Interested investors can access the webcast at investor.sarcos.com under the events section. A replay will also be available at investor.sarcos.com for one month after the call.

For more information on Sarcos, its leadership team, and its award-winning product portfolio, please visit www.sarcos.com.

###

About Sarcos Technology and Robotics Corporation

Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) is a leader in industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity, enable remote operations and reduce operational costs. Sarcos’ mobile robotic systems, including the Guardian® XT™, Guardian® XO®, and Guardian® S, along with the Sapien family of robotic arms, RE2 Detect computer vision software, and RE2 Intellect autonomy software, are designed to revolutionize the future of work wherever physically demanding work is done. Sarcos is headquartered in Salt Lake City, Utah, and has a second location in Pittsburgh, PA. Shares of Sarcos trade on Nasdaq under the ticker symbol STRC and the company’s stock was added to the Russell 2000® index in 2022. For more information, please visit www.sarcos.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Sarcos’ product roadmap, including the expected timing of product commercialization or new product releases; the expected benefits of the acquisition of RE2 and Sarcos’ ability to realize those benefits; Sarcos’ performance following the acquisition of RE2; future manufacturing of its products; customer interest in Sarcos’ products; estimated 2022 operating results; and Sarcos’ use of and needs for capital. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”). In addition to factors previously disclosed in Sarcos’ reports filed with the SEC and those identified in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: Sarcos’ ability to execute on its business strategy, address staffing shortages and supply chain disruptions, launch its products within expected timelines, develop new products and services and enhance existing products and services; Sarcos’ ability to respond rapidly to emerging technology trends; Sarcos’ ability to compete effectively, recruit and retain qualified personnel and manage growth and costs; the ability to successfully integrate RE2’s operations, personnel, products and technologies; the risk that the anticipated benefits of the planned acquisition of RE2 may not be realized or may take longer than anticipated to be realized, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the economy and competitive factors in the areas where Sarcos and RE2 do business; delays or other unforeseen problems with respect to manufacturing and product development; the extent and duration of the impact of the COVID-19 pandemic and adverse conditions in the general domestic and global economic markets; other general competitive, economic, geopolitical and market conditions; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Sarcos’ Quarterly Report on Form 10-Q filed with the SEC on August 9, 2022. The documents filed by Sarcos with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data)

	As of
	June 30, 2022			December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	73,259		$	217,114
Marketable securities		79,507			—
Accounts receivable		1,147			788
Unbilled receivables		2,824			221
Inventories, net		1,896			1,006
Prepaid expenses and other current assets		5,512			9,202
Total current assets		164,145			228,331
Property and equipment, net		7,775			7,051
Intangible assets, net		20,726			—
Goodwill		70,861			—
Other non-current assets		503			441
Total assets	$	264,010		$	235,823
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,646		$	1,681
Accrued liabilities		8,133			4,480
Total current liabilities		9,779			6,161
Warrant liabilities		3,169			13,701
Deferred tax liabilities		2,768			—
Other non-current liabilities		2,017			1,999
Total liabilities		17,733			21,861
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 990,000,000 shares authorized as of June 30, 2022, and December 31, 2021; 152,229,803 and 137,722,658 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively		15			14
Additional paid-in capital		434,073			359,439
Accumulated deficit		(187,811	)		(145,491	)
Total stockholders’ equity		246,277			213,962
Total liabilities and stockholders’ equity	$	264,010		$	235,823

See Sarcos 10-Q filing dated August 9, 2022, for accompanying notes to the condensed consolidated financial statements.

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Revenue, net	$	3,038		$	1,143		$	3,781		$	2,942
Operating expenses:​
Cost of revenue		3,146			676			3,634			1,878
Research and development		7,569			4,054			13,450			6,869
General and administrative		18,146			2,921			35,938			5,235
Sales and marketing		2,586			1,163			4,797			1,819
Intangible amortization expense		574			—			574			—
Total operating expenses		32,021			8,814			58,393			15,801
Loss from operations		(28,983	)		(7,671	)		(54,612	)		(12,859	)
Interest income (expense), net		148			(13	)		159			(23	)
Gain on warrant liability		4,113			—			10,527			—
Gain on forgiveness of notes payable		—			2,394			—			2,394
Other (expense) income, net		(2	)		28			—			28
Loss before provision for income taxes		(24,724	)		(5,262	)		(43,926	)		(10,460	)
Provision for income taxes		1,606			(1	)		1,606			(1	)
Net loss	$	(23,118	)	$	(5,263	)	$	(42,320	)	$	(10,461	)
Net loss per share
Basic and diluted	$	(0.16	)	$	(0.05	)	$	(0.30	)	$	(0.10	)
Weighted-average shares used in computing net loss per share
Basic and diluted		146,278,898			104,063,972			142,116,194			104,061,824

See Sarcos 10-Q filing dated August 9, 2022, for accompanying notes to the condensed consolidated financial statements.

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

(in thousands)

	Six Months Ended June 30,
	2022			2021
Cash flows from operating activities:
Net loss	$	(42,320	)	$	(10,461	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		21,120			392
Depreciation of property and equipment		594			219
Amortization of intangible assets		574			—
Change in fair value of warrant liability		(10,527	)		—
Gain on forgiveness of notes payable		—			(2,394	)
Changes in operating assets and liabilities
Accounts receivable		463			665
Unbilled receivable		(635	)		(104	)
Inventories		(424	)		(551	)
Deferred transaction costs		—			(2,799	)
Prepaid expenses and other current assets		3,941			(655	)
Other non-current assets		(40	)		—
Accounts payable		(401	)		1,044
Accrued liabilities		1,320			455
Other non-current liabilities		(1,589	)		529
Net cash used in operating activities		(27,924	)		(13,660	)
Cash flows from investing activities:
Purchases of property and equipment		(690	)		(2,282	)
Acquisition of a business, net of cash acquired		(29,687	)		—
Purchases of marketable securities		(79,507	)		—
Net cash used in investing activities		(109,884	)		(2,282	)
Cash flows from financing activities:
Proceeds from notes payable		—			2,000
Proceeds from exercise of stock options		551			20
Shares repurchased for payment of tax withholdings		(6,596	)		—
Purchase of non-controlling interest		—			(200	)
Payment of obligations under capital leases		(2	)		(2	)
Net cash (used in) provided by financing activities		(6,047	)		1,818
Net decrease in cash, cash equivalents		(143,855	)		(14,124	)
Cash, cash equivalents at beginning of period		217,114			33,664
Cash, cash equivalents at end of period	$	73,259		$	19,540
Supplemental disclosure of cash flow information:
Cash paid for interest	$	—		$	1
Cash paid for income taxes	$	—		$	2
Supplemental disclosure of non-cash activities:
Common stock and assumed equity awards in connection with a business acquisition	$	59,556		$	—
Purchases of property and equipment included in accounts payable at period-end	$	—		$	151
Leasehold improvements paid by lessor	$	—		$	961

See Sarcos 10-Q filing dated August 9, 2022, for accompanying notes to the condensed consolidated financial statements.

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we have presented in this release non-GAAP net loss and non-GAAP net loss per share, each of which are non-GAAP financial measures. Non-GAAP net loss and non-GAAP net loss per share are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.

We define non-GAAP net loss as our GAAP measured net loss excluding the impacts of stock-based compensation expense, gain on forgiveness of notes payable, gain or loss on change in fair value of derivative instruments and warrant liabilities, expenses related to a business combination and other non-recurring non-operating expenses. We define non-GAAP net loss per share as non-GAAP net loss divided by weighted average outstanding shares.

The most directly comparable GAAP measure to non-GAAP net loss is net loss. The most directly comparable GAAP measure to non-GAAP net loss per share is net loss per share. We believe excluding the impact of the previously listed items in calculating non-GAAP net loss and non-GAAP net loss per share can provide a useful measure for period-to-period comparisons of our core operating performance. We monitor, and have presented in this release, non-GAAP net loss and non-GAAP net loss per share because they are each a key measure used by our management and board of directors to understand and evaluate our operating performance and to establish budgets. We believe non-GAAP net loss and non-GAAP net loss per share help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we include in net loss. Accordingly, we believe non-GAAP net loss and non-GAAP net loss per share provide useful information to investors, analysts and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance.

Non-GAAP net loss and non-GAAP net loss per share are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of non-GAAP net loss and non-GAAP net loss per share rather than net loss and net loss per share, which is for each the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, the expenses and other items that we exclude in our calculations of non-GAAP net loss and non-GAAP net loss per share may differ from the expenses and other items, if any, that other companies may exclude from non-GAAP net loss and non-GAAP net loss per share when they report their operating results, limiting the usefulness of non-GAAP net loss and non-GAAP net loss per share for comparative purposes.

In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of non-GAAP net loss and non-GAAP net loss per share as tools for comparison.

The following table reconciles non-GAAP net loss to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands, except share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	$	(23,118	)	$	(5,263	)	$	(42,320	)	$	(10,461	)
Non-GAAP adjustments:
Stock-based compensation expense		10,270			219			21,120			392
Gain on forgiveness of notes payable		—			(2,394	)		—			(2,394	)
Gain on warrant liability		(4,113	)		—			(10,527	)		—
Expenses related to business combinations (1)		1,053			266			2,526			550
Income tax benefit related to business combinations		(1,606	)		—			(1,606	)		—
Non-GAAP net loss	$	(17,514	)	$	(7,172	)	$	(30,807	)	$	(11,913	)
Net loss per share
Basic and diluted	$	(0.16	)	$	(0.05	)	$	(0.30	)	$	(0.10	)
Non-GAAP net loss per share
Basic and diluted	$	(0.12	)	$	(0.07	)	$	(0.22	)	$	(0.11	)
Weighted-average shares used in computing net loss per share
Basic and diluted		146,278,898			104,063,972			142,116,194			104,061,824

(1)Expenses related to our business combinations with RE2, Inc., during 2022, and Rotor Acquisition Corp., during 2021, are included within general and administrative expenses within the condensed consolidated statements of operations and comprehensive loss.

Investor Contact:

Ben Mimmack

Head of Investor Relations

(801) 419-0438
pr@sarcos.com
ir@sarcos.com

EX-99.2

Investor Deck August 9, 2022 The premier, pure play, industrial robotics investment

disclaimer Legal Disclaimer This presentation and any related oral statements contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding Sarcos’ future operating results, financial position, liquidity and cash burn, business strategy, projections of market opportunity and market share, estimates and forecasts of other financial and performance metrics, anticipated benefits of its technologies, plans and objectives for future operations and offerings, expectations and timing related to commercial product launches, and the potential success of Sarcos’ strategy. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Such forward-looking statements involve risks, uncertainties and assumptions that may cause actual events, results, or performance to differ materially from those indicated by such statements. Certain of these risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Sarcos’ filings with the Securities and Exchange Commission (the “SEC”) from time to time which are available, free of charge, at the SEC’s website at www.sec.gov.  In addition, statements that “we believe” and similar statements reflect Sarcos’ beliefs and opinions on the relevant subject. These statements are based upon information known to Sarcos as of the date of this presentation, and although Sarcos believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and Sarcos’ statements should not be read to indicate that Sarcos has conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and readers are cautioned not to unduly rely upon these statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Sarcos or any other person that Sarcos will achieve its objectives and plans in any specified time frame, or at all. Except as required by law, Sarcos assumes no obligation and does not intend to update any forward-looking statements or to conform these statements to actual results or changes in Sarcos’ expectations. This presentation also contains estimates and other statistical data made by independent parties and by Sarcos relating to market size and growth and other industry data. These data involve a number of assumptions and limitations and is subject to change. You are cautioned not to give undue weight to such estimates. Sarcos has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, cannot guarantee their accuracy or completeness. In addition, any projections, assumptions and estimates of Sarcos’ future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by Sarcos.  Any projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions as of the date they were made and that were inherently subject to significant uncertainties and contingencies, many of which are beyond Sarcos’ control. Such projections, estimates and targets are included for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. While all projections, estimates and targets are necessarily speculative, Sarcos believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain, are subject to change and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in such projections, estimates and targets. The inclusion of projections, estimates and targets in this presentation should not be regarded as an indication that Sarcos, or its representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Sarcos’ independent auditors did not audit, review, compile or perform any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Sarcos announces material information to the public through a variety of means, including filings with the SEC, public conference calls, Sarcos’ website (www.sarcos.com), its investor relations website (https://www.sarcos.com/investor-relations/), and its news site (https://www.sarcos.com/company/news/#press-releases). Sarcos uses these channels, as well as its social media, including its Twitter (@Sarcos_Robotics) and LinkedIn accounts (https://www.linkedin.com/company/sarcos/), to communicate with investors and the public news and developments about Sarcos, its products and other matters. Therefore, Sarcos encourages investors, the media, and others interested in the company to review the information it makes public in these locations, as such information could be deemed to be material information.

How does work get done when there aren’t enough workers to go around? Defensenews.com; washingtontimes.com; reuters.com; cnbc.com; forbes.com; constructiondive.com

Sarcos is developing a fleet of highly dexterous mobile industrial robots, sold on a RaaS or direct sale basis, to deliver multiples of productivity and enhanced safety across a wide range of industries The answer: a fleet of Industrial Robots that augment instead of automate for non-repetitive jobs Guardian®️ XT™ Avatar Robot Guardian®️ XO®️ Exoskeleton Robot Sapien 6M Robotic System

GLOBAL NEED DRIVES DEMAND WORKER SHORTAGE, INJURY, AND FATIGUE = KEY DRIVERS OF OPPORTUNITY 1) Excludes indirect costs and OSHA fines $100 billion spent annually on back injuries in the U.S. Spine Research Institute & OSHA $136 billion annual costs in lost production due to fatigue OSHA, 2007 Falls from height #4 most disabling & costly injury after overexertion and falling from the same level 2019 Liberty Mutual Workplace Safety Index $4.98 billion direct compensation cost for injuries from falling to a lower level1 U.S. Office of Personnel Management $1.6 trillion global impact in the construction industry Industry Source Over the past two decades, there has been ~1% annual growth in construction productivity Industry Source $2.5 trillion negative impact on U.S. economy Industry Source 2.4 million U.S. worker shortage in manufacturing by 2028 Industry Source OLD AGE DEPENDENCY RATIO (%) # of people 65+ as % of labor force (15-64), forecasts n 2015 n 2050 Source: European Commission

AEROSPACE Maintenance & repair Assembly support AUTOMOTIVE Ship / receive Assemble LOGISTICS Non-cons Heavy duty DEFENSE Logistics Maintenance & repair Subsea OIL & GAS Maintenance & diagnostics Construct / deconstruct POWER & UTILITIES Line and transformer maintenance Infrastructure inspection CONSTRUCTION Build & repair Material transport MANUFACTURING HEALTHCARE Move & manipulate Assemble Surgical $147 Billion annual target market IN THE US Alone Scale & efficiency transcend industries & applications, OFFERING new market OPPORTUNITY Source: Bureau of Labor Statistics Occupational Employment Statistics Survey; 1) TAM includes jobs identified from US BLS employment data that would benefit from Sarcos’ product offerings, with an assumed XO / XT/Sapien utilization rate at a blended annual cost of service. Assumes 10% market adoption for SOM. Does not include jobs outside of the US. Large Addressable Market1 End Markets & Applications Total Addressable US Market: $147b Long-term Serviceable Obtainable US Market:$15b >16 million people employed in the U.S. alone in jobs that can benefit from robotic augmentation

Innovation, experience, and IP enable a “blue ocean” opportunity Proprietary innovations Deep robotics Patent portfolio Competitive Strengths Energetic Autonomy Reduced power from 6,800 to 500 watts Optimized power utilization – elastic recovery Modelled after human movement; designed to human body ratio Intuitive controls with integrated feedback Kinematic equivalency High fidelity force feedback for precision work Platform-agnostic design for diverse environments Teleoperation (XT) Captures human ability to operate in unstructured environments Augments humans with robotic strength, stamina, precision and speed Human-like dexterity Highly experienced robotics team with more than 500 years cumulative robotics experience 30-years and ~$300m in R&D investments 294 patents relevant to all technologies issued or filed1 172 Issued 111 Pending covering foundational technologies HARDWARE ALGORITHMS SOFTWARE PROCESS AI / ML robotics platform Success-based teaching Extensible object recognition and task files Advanced controls Comprehensive recovery Safety 1/ As of August 2022

platforms & value-added services (VAS) 1/ One-to-many is a future capability for the Guardian XT Industrial 4.0 & workforce of the future: Human Augmented Systems Teleoperated & Supervised-Autonomy (1:1: many) Teleoperated (1:1: many1) Direct-control (1:1) Product Differentiation sapien™ 6M Systems  Guardian® Xt™/DX™ Guardian® XO® Product Positioning Intelligent robotic system for complex environments Dexterous manipulation system  for complex environments Wearable strength amplifier for industrial jobs Software & VAS Opportunity Strength & productivity multiplier (200 lb lift) Full mobility Alleviates fatigue & injury Dexterity and precision Strength & productivity multiplier Future supervised autonomy and 1:many Keep humans out of harm’s way Intelligent robotic arm Teleoperated & supervised autonomy Keep humans out of harm’s way Custom Simulations Operator Data Supervised/Collaborative Autonomy Platform Integration Computer Vision, Sensors Accessories Custom Branding Cyber-security levels Corrosion Protection Geofencing & Location Premium-tiered Support Deep Cleaning Tune up Custom EE Comms Upgrade 4k HMD upgrade (XT/DX) Business Intelligence Fleet Optimization Remote Monitoring Situational Awareness (AI) Task-specific Autonomy (AI) Augmented Reality sapien™ Sea Class Dual-armed, highly dexterous manipulation system for deep-ocean use Teleoperated & Supervised-Autonomy (1:1) Integrates with existing deployed ROVs 1,000m+ working depth Light-work capabilities on an inspection-class vehicle helps lower total solutions cost = Discrete VAS = Software

Guardian® XO®: AN Industry 4.0 Workforce multiplierwith reduced risks of injury Unique technology offering significant productivity improvement Up to 200 lb lift capacity Hot-swap batteries, near-continuousoperation Capable of up to 100% load relief < 30 seconds to don or doff Pricing starting at ~$15K / month FEATURES Force multiplier: safely enable workers to do more Mitigate risk of injury and fatigue Equalize workforce and extend careers BENEFITS Provide capabilities of 3 or more human workers Based on initial alpha unit testing customer feedback Asset damage Need many specific lift assists CHALLENGES 2+ people to lift heavy objects Opportunity cost of limited resources Injury and disability Timeline based on current expectations and subject to change 1/ Independent blind study, commissioned by Sarcos, 2019. 46 companies across 20 industries, respondents not prompted; 2) Based on initial alpha unit testing customer feedback. 2000 2006 2010 2016 2018 2019 2020   2022   2023 XO program commercial begins (DARPA) 1st hydraulic prototype (DARPA) 2nd hydraulic prototype Air Force XO contract Marine Corps XO contract USSOCOM XO contract XO ‘Alpha’ debut at CES 2nd gen ‘Beta’ version testing Initial production of commercial units Sarcos is at a commercial inflection point after 20 years of development IEEE Robotics 2021 Robotics and Automation Award for Product Innovation Time Magazine Best Inventions of 2020, Productivity

Guardian®️ XO®️: An exoskeleton in a class of its own Industrial Partial Body unpowered FORTIS EKSO ZERO G Industrial partial body Powered SAMSUNG PANASONIC REHABILITATION HONDA REWALK CYBERDYNE EKSO BIONICS FULL-BODY POWERED

CHALLENGES Heavy components handling: Frontline maintenance crews handle heavy tools and parts that can lead to fatigue and strain Injuries & downtime: 25.9 million+ workers lost an average of 7.2 days of work due to backpain1 Shoulder-related injuries: Employees are out of work for 27 days2 Inspection & maintenance RESULTS Prevent fatigue-related downtime Reduce the risk of back, neck, and shoulder injuries Equalize the workforce Extend frontline workers’ career span aviation Aircraft maintenance 1) American Academy of Orthopaedic Surgeons, 2004; 2) Bureau of Labor Statistics, 2019 GUARDIAN®️ XO®️ : EXAMPLE USE CASE

CHALLENGES Heavy, ergonomically challenging tasks: Distribution center workers repeatedly lift heavy parcel bags off shelves to load into vans for last-mile delivery. Over time, these tasks can cause fatigue, strain, and back, shoulder, and neck injuries  Last-miledelivery LOGISTICS HEAVY PARCEL BAG handling Guardian®️ XO®️ : example use case RESULTS Prevent fatigue-related downtime Reduce the risk of back, neck, and shoulder injuries Equalize the workforce Extend frontline workers’ career span

Guardian®️ XT™: highly dexterous robotic system Optimize productivity for precise tasks in dangerous environments Reduce at-height and overhead fatigue, Reduce injury & exposure to hazardous conditions Mitigate risks and associated costs Reduce insurance premiums & hazard pay BENEFITS Lift and manipulate up to 200 lb HD immersive experience Force feedback to control precision Mount to many mobile and telescoping bases Indoor and outdoor use Pricing starting at ~$10K / month FEATURES GT Prototype Alpha v1 Beta v1   Initial production of assembled commercial units 2010 2020 2021 2022 Ability to increase standard crew productivity by 2x or more Based on initial alpha unit testing customer feedback CHALLENGES High insurance cost Worker fatigue & injury More support required Cost of equipment Hazardous conditions Timeline based on current expectations and subject to change

CHALLENGES Reduce idle and downtime due to worker fatigue Eliminate humans doing elevated and at-height work Eliminate worker exposure to hazmat (welding fuel gas, silica, cement dust, etc.) Reduce safety equipment and infrastructure costs for at-height work Repair and maintenance RESULTS Skilled labor shortage: Construction is aging out their skilled workers with 21% over age 551 Worker fatigue: Construction work involves heavy materials, tools, and difficult conditions Potentially life-altering injuries and events: Falls from height are the leading cause of death for construction workers (33.5% of fatalities)2 Construction At-height & overhead tool work 1) 2020 National Outlook Survey, Associated General Contractors of America; 2) U.S. Bureau of Labor Statistics, 2018 Guardian®️ XT™: example use case

CHALLENGES Reduce idle downtime due to worker fatigue Reduce risk of back, shoulder, and neck injury Eliminate worker exposure to extreme conditions (heat, cold, rain, dust, etc.) CONSTRUCTION RESULTS Labor shortage: The pandemic resulted in a 6.9% decline in employment, putting the solar industry behind its goals to reach 900,000 workers by 20351  Lost productivity: Heavy panels and extreme weather conditions lead to increased worker fatigue and the need for longer downtime Repetitive motion injuries: Lifting, carrying, and precise placement of heavy panels onto ground-mounts increase the potential risk of occupational injury risks RENEWABLE ENERGY SOLAR PANEL INSTALLATION 1) Irecusa.org “11th Annual National Solar Jobs Census 2020” Guardian®️ XT™: example use case

CHALLENGES Reduce occurrence and costs for fatalities & injuries Improve frequency and coverage of power line inspection and maintenance. Eliminate humans doing elevated and at-height work.  Inspection & Maintenance RESULTS Hazardous conditions: High voltage power line work at-height and in all-weather conditions Potentially life-altering injuries and events: High risk of electrocutions, burns, and falls from height Human cost and downtime: The average cost for electrocution is more than $550,000 with the median number of days off for electrical injuries is 4 days2 Power Utility OVERHEAD, HIGH VOLTAGE power line1 1) The Guardian XT mobile robot is designed to enable remote distribution power line work only; it is not ideal for high voltage transmission line work; 2) U.S. Bureau of Labor Statistics and the U.S. Census Bureau, 2018 Guardian®️ XT™: example use case

SAPIEN™ 6M mobile robotic arms for use in a variety of complex environments Adds a mid-sized arm for mobile applications to the Sarcos product lineup Reduces human exposure to dangerous working conditions End-effectors customized to applications attach via end-of-arm interface IP66 for work in outdoor environments Benefits Enhanced for mobile manipulation Optimized strength to weight ratio: 80 lb / 36 kg max Powered via low voltage DC Embedded compute and intelligence Multiple mounting orientations Pricing of ~$185K (direct sales model) Features Defense Industries Renewable Energy Aviation Construction

SAPIEN™ 6M USE CASES Solar field construction Construction at height (welding/tool work) Infrastructure inspection and maintenance at height Power utility inspection & maintenance

SAPIEN™ SEA CLASS Light work capabilities on an inspection-class vehicle lowerssolution costs by reducing support personnel and equipment Integrates with existing deployed ROVs Allows for multiple hand tools to be used by a singlegripper design Reduces human exposure to extremely dangerous working conditions Benefits 1,000m+ working depth (demonstrated) Intuitive teleoperation or supervised autonomy Single- or dual-arm configurations (6 DoF per arm plus gripper function) Integrated gripper with built-in tool changing Features Oil & Gas Industries Defense Construction Energy

SAPIEN™ SEA CLASS USE CASES Offshore wind inspection & maintenance Naval EOD & mine neutralization Offshore production platform inspection & maintenance Underwater welding for construction Renewable energy inspection & maintenance

DE-ICING HEAVY TOOL MANIPULATION LUGGAGE HANDLING TECHOPS HEAVY PARTS HANDLING, DEPALLETIZING CARGO DOOR OPERATIONS MAIL, NON-CONVEYABLES, HEAVY CARGO LOADING Future of robots: TARMAC CATERING CART LOADING FUELING, WATER, LAVATORY SERVICES CONNECT TO GROUND POWER & COMMUNICATIONS WHEEL SUPPORT, JACK, CHOCKS AT-HEIGHT NDT INSPECTIONS/FUSELAGE INSPECTION & REPAIR

FUTURE OF ROBOTS: SHIPYARD NON-DESTRUCTIVE TESTING WELDING, CUTTING, HEATING VISUAL INSPECTION DOCKSIDE REPAIRS: PARTS SEQUENCING & DELIVERY SURFACE MAINTENANCE & CORROSION CONTROL UNDERWATER (UWILD) INSPECTIONS UNDERWATER HULL MAINTENANCE

Robot-as-a-service (raas) model Expected to accelerate adoption and deliver recurring revenues RAAS is expected to constitute majority of sales in medium to long term Benefits of RAAS raas vs. buy Maintenance and servicing covered by Sarcos Lowers barriers to deployment due to no CapEx outlay Simple implementation with no infrastructure modifications required Immediate customer ROI due to multiples of productivity Eliminates technology obsolescence risk and software enhancements available as part of an overall service agreement  No implementation / infrastructure cost Remote monitoring & updates No upfrontCapEx outlay OpEx expenditure Service and maintenance included Scalable next-gen labor force anticipated to enable flexibility with relevance in both strong and weak economies

Target INDUSTRIES AND customers focused on work-at-height use cases in aviation, shipyard and vegetation management in the short-term * Publicly disclosed partner / investor Logistics Representative Target CUSTOMERS DoD / Government “We owe it to the best airline employees on the planet to explore how emerging technology can make their jobs safer and easier…That’s why we sought out a partnership with Sarcos” – Gareth Joice, Delta Senior Vice President – Airport Customer Service and Cargo * Industrial * * * * 6 Months Average expected sales cycle Guardian XT Unit Trials(2-4 weeks) Mid-2022 EXPECTED CUSTOMER JOURNEY AND TIMING Low Volume Commercial Pilots of Guardian XT and Sapien 6M(2-6 units) Late 2022 / Early 2023 Scale Deployments of Guardian XT and Sapien 6M Mid-2023 Low Volume Commercial Pilots of Guardian XO 2H 2023

Q&A

XML

Document And Entity Information	Aug. 09, 2022
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 09, 2022
Entity Registrant Name	Sarcos Technology and Robotics Corporation
Entity Central Index Key	0001826681
Entity Emerging Growth Company	true
Entity File Number	001-39897
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Entity Tax Identification Number	85-2838301
Entity Address, Address Line One	650 South 500 West, Suite 150
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84101
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Local Phone Number	927-7296
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Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	STRC
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Common Stock at an exercise price of $11.50 per share
Trading Symbol	STRCW
Security Exchange Name	NASDAQ