Exyn Technologies Inc., a South Philly-based robotics company, has gone public, marking a significant milestone in its journey. This move comes as the company aims to accelerate its growth and solidify its position in the competitive market. With an initial public stock offering (IPO) of $19.4 million, Exyn is poised to expand its operations and solidify its place in the tech industry.
The company's CEO, Brandon Torres Declet, believes that going public is the right move at the right time. He states, "The vision I laid out was to grow faster. To do that, we could have raised more venture capital, or we could get acquired, or we could take the company public. Given the excitement in the public markets around drones, and all the attention our robotics has been getting, our timing was perfect to take the company public."
Exyn's products, including its ExynAI navigation and mapping software platform and Nexys drone mapping systems, have gained traction in various industries. The company's focus on delivering world-class autonomous robots to data-hungry industries, such as mining, construction, and military supply, has been a key driver of its success. Exyn's systems have been deployed in 27 countries, and the company's products are sold through distributors in China, India, Australia, and Latin America.
The IPO, which priced the stock at $7.75, saw the company's shares trade lower on Tuesday, changing hands for around $5 a share. Each share sold includes a warrant giving investors the right to buy an additional share of Exyn at the IPO price, once the stock reaches $9.69 per share. Exyn's listing on the Nasdaq Capital Market by Lucid Capital Markets is a testament to the company's potential and the interest from investors.
Exyn's early investors, including military-focused Anzu Partners, In-Q-Tel, and Pennsylvania-funded Ben Franklin Technology Center, have played a crucial role in the company's development. The company's focus on military applications, such as autonomous systems for reconnaissance and force protection, has been a significant aspect of its growth. Exyn's Range-brand products offer uncrewed navigation and mapping solutions for military and national-security users in challenging environments.
Despite its success, Exyn faces challenges, including a history of losses and a shift in revenue mix. The company's sales totaled $5.8 million last year and $5.6 million the year before. Torres Declet attributes the slower growth to the transition from single-use sales to recurring products and emphasizes his commitment to boosting sales and attracting more investment.
Looking ahead, Exyn has ambitious plans. The company aims to sell more systems to mining companies in Australia, South America, and Africa, and it's also targeting builders of infrastructure projects. Exyn's vision extends to underwater and unmanned-ship applications, as well as space technology. Additionally, the company is open to acquiring other companies, despite its history of losses.
As Exyn continues to expand, it will require more space. The company's lease on its Washington Street headquarters ends next year, and Torres Declet mentions the need for larger quarters to accommodate the growing team and revenue. Exyn's journey from a South Philly startup to a publicly traded company is a testament to its innovation and potential, and it will be fascinating to see how the company navigates the challenges and opportunities ahead.
