Company Description

Our mission is to become a global innovator and technology leader in autonomous mobility and electric vehicle (“EV”) drive in turfgrass management, including turfgrass automated EV mowing and agricultural automation, by leveraging and developing cutting-edge technologies that solve significant financial, environmental and labor challenges, and become the premier technology supplier to the turfgrass management industry worldwide. We believe we have assembled a highly qualified team with extensive experience in the agricultural technology (“AgTech”) arena, as well as complementary fields, to support our business strategy, and we will continue strengthening our culture of innovation, quality, and excellent customer service. We are a growth-oriented technology company with internally developed proprietary software and our patented mechatronic systems. We have integrated our technology into the design, development, and manufacturing of our Precision Automated Turf Harvester (“PATH”) and our most current Autonomous Electric Vehicle (“AEV”) robotic mowers, the Autonomous Mowing Platform (“AMP”), including our AMP-L100 and AMP-X100 models. Prior to the introduction of our AMPs, we also sold our M220 automated mower, from 2019 through 2023. We currently sell our products directly to customers in the turf harvesting and golf course maintenance industries. Our products are complemented by a suite of services that are designed to address the entire product lifecycle and deepen our relationships with customers. We built a vertically integrated platform comprised of our proprietary technology, cloud software systems, product development, products, and services, which we expect will allow us to iterate disruptive products and shorten the time to bring new products to market. Much of our research and development into automating the PATH machines, specifically our servo electric motion control technology, was transferable to our AEV robotic mowers. Interconnected by our data and analytics, our platform is designed to deliver fast-paced innovation cycles, structural cost advantages, and exceptional customer experiences, all of which combine to create a self-reinforcing growth dynamic while serving our mission to be a technology leader in large area AEV mowing technology and in automated turf harvesting. Our product offering originated with our PATH machines in 2012 in the demanding turf farm segment, where turfgrass must typically be harvested and shipped within a very short period of time. As of June 30, 2025, we have an estimated combined total of over 770 PATH machines, AMPs and M220 machines in service throughout the world, resulting in a compounded annual growth rate (“CAGR”) of approximately 31.5% from 76 machines in 2016. We calculate CAGR by taking the cumulative units sold as of June 30, 2025, dividing it by the cumulative units sold as of December 31, 2016, raising the result to the power of one divided by the number of years in the measurement period (8.50), and then subtracting one. Customers from the United States, Australia, the United Kingdom, Brazil, Canada, South Africa, and Mexico have purchased our machines. We estimate that ourworldwide fleet of PATH machines is capable of cutting over 10,000 pallets of turf each day across the world, combining performance, utility and efficiency. With the success of our PATH machines, we listened to our customers’ demands for our technology in mowing applications and determined to design our next product to serve the estimated 38,000 golf courses in the world (Source: National Golf Foundation, “Golf Around the World,” September 2021). We developed our first autonomous mower prototype in 2018, the M220, that married hybrid diesel-electric automation with full autonomy through a third-party system. In 2020, we brought the full autonomy software stack in-house. In late 2023, we introduced our first AEV robotic mower, the AMP-L100, a reel mower for shorter heights-of-cut, which we began marketing and selling in 2024. This industrial, self-driving, large-area AEV robotic mower is our first solution specifically designed for the unique requirements of the golf course, sports field, municipal, real estate, and turfgrass mowing markets. In January 2025, we introduced our second AEV robotic mower, the AMP-X100, a rotary mower for longer heights-of-cut, which we began selling in June 2025. We believe that our AMPs provide a unique mowing approach that is both environmentally sound and business friendly. As such, we believe that our AMPs are designed to specifically target the demanding needs of these additional target mowing markets. Since the introduction of the AMP, we have delivered 49 AMPs as of June 30, 2025. We estimate the total addressable market (“TAM”) for our AMPs and PATH machines using publicly available information regarding the number of relevant sites, including golf courses, airports, municipal parks, public schools, and sod farms, where we believe our AMPs and PATH machines could be utilized. We also use internally developed assumptions relating to the number of machines that we expect would be used at such sites, based on our experience with existing customers and data available from our AMPs and PATH machines operating in the field, along with our anticipated average selling price of our machines over the near future. We then calculate the TAM as the aggregate amount if all the machines in the identified markets were replaced with our AMPs or PATH machines, as applicable, by taking the aggregate number of machines available in each applicable market and multiplying it by the expected average selling price of our machines. Based on these inputs, we believe that these target mowing markets represent a TAM of approximately $40.7 billion for our AMPs and the turf-harvesting market represents a TAM of approximately $2.8 billion, which together represents a TAM of approximately $43.6 billion, over 15 times larger than our estimate of the turf-harvesting opportunity alone from our PATH machines. For additional information regarding our calculation of our relevant TAMs, including underlying data and assumptions used. We believe that our PATH machines and AMPs provide significant cost savings to our customers. We estimate that fully diesel-powered turf harvesters sold by our main competitors use an average of 4.3 gallons of diesel fuel per hour of operation, compared to an average of 2.0 gallons per hour for our PATH machines, which include both diesel and electric components. Based on the weekly diesel (on-highway) price published by the U.S. Energy Information Administration (“EIA”) as of June 30, 2025, we believe the efficiency provided by our PATH machines could lower a typical PATH customer’s fuel costs by approximately $15,000 per year. Our AMP machines require no fuel to operate, entirely eliminating fuel expenses in connection with fairway mowing. Additionally, we believe that our machines can help reduce the cost of labor significantly. The turf grass harvesters sold by our primary competitors generally require two to three individuals to operate—a driver, and one or two stackers. In some cases, including harvesting more delicate varieties of turf grass, additional labor may be required. In contrast, our PATH machines automate the stacking process, allowing harvesting and stacking to be completed by a single individual. Our AMPs, once trained on a fairway, require no human operator. We believe that these labor-saving efficiencies help our customers save labor costs by enabling them to allocate labor to more productive activities. Our products are designed to accelerate the large-scale adoption of sustainable solutions. To accompany our machines, we have developed a comprehensive portfolio of aftermarket parts. Complementing our machines, our software platform includes proactive service (maintenance and repair) and software services. We expect these services to generate long-term brand loyalty while also creating a recurring revenue stream for each product across its lifecycle. Our direct-to-customer model allows us to manage all sales, deliveries and service operations in-house without relying on third-party distributors. We employ an integrated, digital-first strategy that is not only convenient and transparent for our customers, but also efficient and scalable to support our continued growth. We believe this strategy will allow us to deliver uncompromised experiences to our customers well beyond what is available through the distributor model. Our vertically integrated platform enables us to provide our diverse offering of highly differentiated products and services as well as our technology-first, direct-to-customer experience. Our ecosystem consists of the following components: . Technology. A secure, reliable, scalable combination of hardware and software, connecting our proprietary in-machine systems, including electronics, battery, electric drive, chassis and experience management. . Software. Our architecture of interconnected software applications designed to deliver seamless, end-to-end experiences using our FireLink web application. Our software platform enables remote diagnostics, software updates, and remote controls, including machine access. . Product Development and Operations. Our vertically integrated product development and operations functions include design, development, manufacturing, sales, delivery and service. These distributed functions serve the unique needs of our agricultural and golf course customers. As of June 25, 2025, we had 13 service technicians serving customers across the U.S. and 3 service technicians dedicated to our international customers. . Products and Accessories. Our portfolio is comprised of machines that we believe reimagine the turfgrass harvesting and mowing segments. We expect our products and services will provide us access to new markets and bring new customers into our platform. . Services. We offer highly tailored and differentiated services that enable near seamless and intuitive experiences throughout the entire product lifecycle. We expect this holistic approach to promote customer satisfaction, create strong brand loyalty, and increase operational efficiency while simultaneously allowing us to capture a greater share of the full lifecycle value. . Data and Analytics. Our platform is interconnected by our proprietary data and analytics tools. It is comprised of centralized data and analytics tools, providing valuable insights that can be applied to continuously improve platform-wide performance, functionality and uptime to drive increased customer satisfaction. We plan to utilize this ecosystem to continuously improve our products by adding new capabilities and functionality. Enhanced products will attract more customers, deepen existing customer relationships, and expand our data repository and insights, which we expect will further benefit our customers and our business. Beyond the benefits of our ecosystem, we believe that our entrepreneurial culture is a competitive advantage. Our strength comes from a diversity of backgrounds, perspectives, talents and approaches, and we work hard to cultivate a culture of collaboration. Our entrepreneurial spirit drives dialogue and exploration in the development process that we believe has produced world-class products and services. This drives innovation and propels continued growth to help us achieve our mission. --- FireFly Automatix, Inc. is a Delaware corporation incorporated on November 13, 2015 and we began operations in 2010. We operate out of a 108,500 square foot facility located in Salt Lake City, Utah. Our principal executive office is located at 1130 South 3800 West, Suite 100, Salt Lake City, Utah 84104. Our telephone number is (801) 698-7301. Our website is fireflyautomatix.com.