The billion-dollar giant's financial report is out! Revenue of 375 million!

Recently, Teradyne Inc. said in an earnings call that its Robotics team achieved $375 million in revenue in fiscal 2023.

The US-based company has three subsidiaries: Energid (production motion planning software), Mobile Industrial Robots (autonomous mobile robots), and Universal Robots ( collaborative robot arms). Teradyne Group’s revenue in 2022 was reported to be $404 million.

Universal Robots' revenue is $304 million

Universal Robots (UR) had revenue of $304 million in 2023. While its sales were down 7% from its record $326 million in 2022, the collaborative robot maker had a stellar year.

The fourth quarter of 2023 was UR's highest revenue quarter ever.

This is an increase of 21% from the fourth quarter of 2022 and 47% from the third quarter of 2023, which the company attributes to demand for its UR20 and UR30 collaborative robots.

Here is a breakdown of Universal Robots’ revenue by quarter:

Q1 revenue = $72 million

Q2 revenue = $58 million

Q3 revenue = $71 million

· Q4 revenue = $103 million

Kim Povlsen, President of UR, said: "Many of our core customers faced a difficult economic and business environment in 2023, and global industrial activity slowed in the first half of the year. Despite this, we saw growth with key customers and key areas, including palletizing, as well as in our strategically important OEM channel. We ended the year with strong momentum and have an excellent foundation for further growth heading into 2024."

Collaborative robots increase profits

Universal Robots said 30% of its fourth-quarter revenue came from the UR20 and UR30. The company said demand for the UR20 was strong, especially for palletizing and welding applications.

Launched in 2022, the UR20 is the company’s first heavy-duty collaborative robot arm, with a working reach of 1,750 mm (5.7 ft) and a payload capacity of 20 kg (44 lb).

In November 2023, UR launched its second heavy-duty collaborative robot arm, the UR30, which uses the same architecture as the UR20 and provides greater payload capacity in a compact footprint.

With a lifting capacity of 30 kg (66.13 lb), a reach of 1,300 mm (51.2 in) and a weight of 63.5 kg (139.9 lb), the UR30 can handle large machines, palletize heavy products and support high-torque screw driving, the company said.

“We have already started shipping the UR30 and will increase production to more than 1,200 units in the fourth quarter to meet the continued demand for the UR20,” said UR President. “Ultimately, however, our success is determined by the strength of our platform. In addition to hardware innovation, our continued software excellence and ease of use will create value for our partners and end customers.”

During the fiscal 2023 and fourth quarter earnings call, Teradyne President and CEO Greg Smith noted that UR’s UR20 collaborative robot “has an all-time high backlog.” He also said UR’s channel strategy continues to be successful, with more than 50 OEM partners and OEM sales growth of nearly 10%.

Teradyne said its robotics portfolio has penetrated less than 5% of the market opportunity and expects robotics revenue to grow 10-20% in 2024.

MiR also ended 2023 on a high note

Mobile Industrial Robots (MiR) had revenue of $71 million in 2023. This was down 8% from the $77 million in revenue in 2022. However, MiR also had a strong performance in the fourth quarter of 2023 with revenue of $26 million.

Here is a quarterly breakdown of MiR's 2023 revenue:

Q1 revenue = $17 million

Q2 revenue = $14 million

Q3 revenue = $14 million

· Fourth quarter revenue = $26 million