Richtech Robotics Inc. Announces Change in Independent Auditor and Addresses Internal Control Weakness

LAS VEGAS, March 19, 2026 — Richtech Robotics Inc. (NASDAQ: RR), a developer and manufacturer in the industrial automation sector, has announced significant changes regarding its independent auditing firm as well as updates on the company’s internal controls. These developments may be of particular interest to shareholders and could have implications for the company’s share value.

Key Highlights

• Dismissal of Bush & Associates: The Audit Committee and Board of Directors have approved and ratified the dismissal of Bush & Associates as the company’s independent public accounting firm, effective March 13, 2026.
• Engagement of CBIZ CPAs P.C.: On the same date, Richtech Robotics appointed CBIZ CPAs P.C. (“CBIZ”) as its new independent auditor. CBIZ will audit the company’s financial statements for the fiscal year ending September 30, 2026, and review quarterly reports for March 31 and June 30, 2026.
• Internal Control Material Weakness Disclosed: The company disclosed a material weakness in its internal controls over financial reporting for the fiscal year ended September 30, 2025. This weakness specifically pertains to the design and operation of controls over complex accounting judgments and transaction processing.
• Remedial Actions Implemented: Management began remediation efforts in the quarter ending December 31, 2025, including enhancements to internal controls, increased oversight, and improved review procedures. However, management cautions that the effectiveness of these initiatives cannot be assured at this time and will be achieved only over time.

Details and Shareholder Impact

• No Disagreements with Prior Auditor: For the fiscal years ended September 30, 2025 and 2024, and through the date of dismissal, there were no disagreements between the company and Bush & Associates on matters of accounting principles, auditing procedures, or financial disclosures. This is a positive sign as it suggests there were no unresolved disputes that could undermine the credibility of past financial statements.
• Reportable Event—Material Weakness: The key exception was the identification of a “material weakness” in internal controls. Bush & Associates notified the company of this issue in their audit for the year ended September 30, 2025. The weakness was related to controls over complex accounting judgments and transaction processing. The company’s Annual Report on Form 10-K for the year disclosed that its internal control over financial reporting was not effective as of September 30, 2025.
• Remedial Measures: Management reported that during the fiscal quarter ended December 31, 2025, it implemented remedial measures including strengthened internal controls, increased oversight, and enhanced review procedures. The company authorized Bush & Associates to fully cooperate with inquiries from the successor auditor, CBIZ, regarding this matter.
• Pending Auditor Letter to SEC: Richtech Robotics has provided Bush & Associates with a draft of its disclosure and requested that Bush furnish a letter to the SEC indicating whether it agrees with the company’s statements. The company intends to file this letter with the SEC when available.
• No Consultations with New Auditor Prior to Appointment: Neither the company nor anyone acting on its behalf consulted with CBIZ prior to its engagement about the application of accounting principles, audit opinions, or any disagreement or reportable event.
• Company Profile and Exchange: Richtech Robotics Inc. is incorporated in Nevada and lists its Class B Common Stock (par value \$0.0001 per share) under the symbol “RR” on NASDAQ. The company is classified as an emerging growth company under Rule 405 of the Securities Act of 1933.

Potential Price-Sensitive Matters for Shareholders

• Internal Controls Not Yet Effective: The public disclosure of material weakness in internal controls and the admission that remediation will take time and its effectiveness is not guaranteed may raise concerns among investors, analysts, and institutional shareholders. Weak internal controls can affect the reliability of financial reporting and may have regulatory or market consequences.
• Change in Auditor: While there were no disagreements with the outgoing auditor, a change in independent auditor often draws attention from investors and regulators. The engagement of a new auditor (CBIZ) suggests a fresh review of the company’s accounting practices and could lead to adjustments in future financial statements.
• Ongoing SEC Process: The company’s disclosure of a pending auditor letter to the SEC signals ongoing regulatory communication. Any negative remarks or disagreements in the auditor’s letter could potentially impact market perception.

Conclusion

The combination of a change in independent auditors and the disclosure of material weakness in internal controls are material events that could impact investor confidence and, by extension, the company’s share price. Investors should monitor subsequent SEC filings, especially the forthcoming auditor’s letter and future quarterly and annual reports, for updates on the effectiveness of the company’s remedial actions and any further findings from the new auditor.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with their financial advisors before making investment decisions. The summary herein is based on the company’s SEC filings and may not include all information relevant to investment decisions.

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