Richtech Robotics Switches Auditors Amid Growth and Control Concerns

LAS VEGAS – March 20, 2026 – Richtech Robotics Inc. (Nasdaq: RR), a provider of AI-driven commercial robots, announced this week it has appointed CBIZ CPAs P.C. as its new independent auditor, a move the company frames as a strategic step to support its growth and evolving business model. The change, effective immediately, sees CBIZ replace Bush & Associates, the firm that audited Richtech’s financials for the past two fiscal years.

While the company’s press release positioned the transition as a forward-looking decision to handle increasing financial complexity, a deeper look into regulatory filings reveals a more nuanced story. The switch comes on the heels of Richtech’s former auditor identifying a “material weakness” in the company’s internal financial controls, and as the outgoing firm faces its own significant regulatory scrutiny.

A Strategic Upgrade for a New Business Model

According to Richtech Robotics, the decision to bring on CBIZ is a proactive measure aligned with its corporate maturation. The company is in the midst of a significant pivot from one-time product sales to a recurring revenue model known as “Robots-as-a-Service” (RaaS). This model, which offers clients automation solutions for a predictable monthly fee rather than a large upfront capital expenditure, introduces more complex accounting standards for revenue recognition.

“As Richtech Robotics continues to evolve as a public company, the selection of CBIZ aligns with our strategic growth objectives, the shift of our recognition to a recurring revenue business, and the associated complex financial accounting standards,” said Wayne Huang, Richtech Robotics Founder and Chief Executive Officer, in a statement. “We are confident in CBIZ’s professional qualifications, expertise and independence.”

The choice of CBIZ appears to be a deliberate upgrade. As a nationally recognized firm consistently ranked in the top 10 in the U.S., CBIZ brings a reputation for handling complex audits for public companies. The firm specifically advertises expertise in the technology sector, including for SaaS providers and AI innovators, making it a seemingly ideal partner for Richtech's stated needs. CBIZ will be responsible for the full audit of fiscal year 2026 and will begin immediately with quarterly reviews for the period ending March 31, 2026.

A Backdrop of Control Weaknesses and Regulatory Scrutiny

Beyond the strategic narrative, SEC filings provide critical context for the auditor change. An 8-K filing confirms that the switch was not the result of any disagreement over accounting principles. However, it does disclose that during the audit for the fiscal year ended September 30, 2025, the outgoing auditor, Bush & Associates, informed Richtech of a material weakness in its internal controls over financial reporting. The weakness pertained specifically to the “design and operation of controls related to complex accounting judgments and transaction processing”—the very areas becoming more critical as the company transitions to its RaaS model.

While Richtech’s management began remediation efforts in late 2025, the finding of a material weakness is a significant red flag for any public company, suggesting its processes may not be robust enough to ensure accurate financial reporting.

Furthermore, the terminated auditor, Bush & Associates CPA LLC, has recently been the subject of regulatory actions. In November 2024, the Public Company Accounting Oversight Board (PCAOB) censured and fined the firm $50,000 for failing to timely file required forms, including a late filing related to Richtech’s own 2024 audit. More damningly, a December 2025 PCAOB inspection report found significant deficiencies in 100% of the three issuer audits it reviewed. The failures included non-compliance with standards on communicating control deficiencies to audit committees, assessing risks of material misstatement, and improper documentation practices. This history suggests that Richtech’s move may have been as much about distancing itself from a troubled auditor as it was about securing specialized expertise.

Navigating a Complex Financial Transition

The auditor change occurs as Richtech navigates a challenging financial period. The pivot to a RaaS model has caused revenue fluctuations, with total revenue declining in fiscal 2024 before showing a 19% increase in fiscal 2025 to just over $5 million. This growth, however, has come at a cost. Net losses have widened significantly, reaching $15.75 million in fiscal 2025, up from $8.14 million the prior year, driven by heavy investment in R&D for new products like the Dex humanoid robot, infrastructure expansion, and stock-based compensation.

For a company with relatively modest revenue, a high cash burn rate, and a reliance on capital markets to fund its ambitious growth, investor confidence is paramount. The combination of a material weakness in internal controls and an auditor with a record of compliance failures created a potential risk to that confidence. By appointing a larger, more reputable firm like CBIZ, Richtech’s board appears to be taking decisive action to strengthen its financial governance and reassure investors that its reporting will be robust as its business model grows in complexity.

The market’s immediate reaction to the auditor change has been difficult to isolate, as the company’s stock has been buffeted by more dramatic events. Recent weeks have seen a flurry of securities class-action notices related to allegations of a denied Microsoft partnership and potential market manipulation, which have largely overshadowed the governance change. Nonetheless, the move to secure a top-tier auditor is a fundamental step that will be closely watched by investors as Richtech continues its quest to scale its operations in the highly competitive service robotics market.