AMC Robotics Corporation

Overview

AMC Robotics Corporation focuses on affordable, high-quality vision hardware for residential and commercial customers. The company develops and sells smart cameras and related devices, and is in early development of AI-enabled platforms, wearables, drones, and robots. AMC currently does not offer integrated security products or direct end-user subscription services, but it participates in revenue-sharing arrangements tied to cloud-based and intelligent information services.

Corporate status and listing

• Incorporated in the Cayman Islands and domesticated to Delaware after a Business Combination on December 9, 2025.
• Common stock trades on Nasdaq under the symbol AMCI.
• As of April 20, 2026: 22,595,363 shares outstanding, held by 36 record holders.
• Closing price reported on April 10, 2026: $6.25.

Revenue model

AMC generates revenue from two primary streams:

• Hardware product sales: Security cameras and related hardware sold through e-commerce channels in the U.S., Canada, and Europe. Existing products include the YI Dome Guard, Home Camera, and Outdoor Camera.
• Revenue sharing with Kami: A related-party service provider supplies cloud services (video storage, image analysis, alerts/detection) and intelligent information services. AMC receives a percentage of Kami’s revenues from end users referred by AMC. The revenue-share schedule varies by year of subscription inception and declines over time, with initial shares of up to 30%.

Filings show Kami accounted for approximately 48% of AMC’s revenue in 2025 in one section and approximately 52% in another; Kami represented about 27% of revenue in 2024. Kami also represented a large portion of AMC’s accounts receivable, cited between roughly 68% and 79% across reporting dates.

Products and technology

• Primary products are cameras and related hardware sourced from suppliers in Asia and distributed via e-commerce platforms in the U.S., Canada, and Europe.
• Near-term development includes additional AI features, IoT devices, wearables (including AI glasses), drones, and AI robots; these initiatives are in early development and have not been commercialized.
• The company sells under the Yi brand; license permission for online sales extends through October 22, 2026.

Channels and customers

• Historically sold through Amazon stores in North America and Europe operated via related entities (Ants, Xiaoyun, Yishijue).
• Ants Technology (HK) Limited (95% owned by Mr. Da) provided access to Amazon North America; AMC gained control of the payments platform in April 2022, and ownership of the Amazon North America store transferred to AMC on January 9, 2025.
• Xiaoyun and Yishijue, previously variable interest entities used to consolidate results, had business transfer agreements executed in August 2024 to transfer ownership to AMC. In December 2025 AMC ceased use of those stores and shifted to its own or other third-party platforms.
• A substantial portion of revenue and accounts receivable has been linked to Kami, creating customer concentration and collection risk.

Geography and operations

• Principal market: United States; additional sales in the United Kingdom and select European countries.
• Sourcing and some operations are linked to the PRC through related-party suppliers and prior VIE arrangements.
• AMC does not manufacture products; it relies on related-party suppliers for manufacturing and fulfillment.

Intellectual property and branding

• AMC has filed patent and trademark applications and relies on patents, trademarks, copyrights, trade secrets, confidentiality agreements, and licenses.
• The business is dependent on the Yi brand license, currently authorized through October 2026; loss of the license could harm the business.

Regulatory and compliance environment

• The company operates in an environment subject to anti-corruption, privacy, and data security laws and regulations, including regimes such as the U.S. FCPA, the UK Bribery Act, PRC data security rules, and U.S. FTC regulations.

Financial highlights

• Net loss of $24,817,342 for the year ended December 31, 2025. Net losses were also reported for 2024 and 2023.
• Revenue and accounts receivable have been heavily concentrated with Kami in recent periods.
• Historically funded operations primarily through borrowings from a related party (Ants); the company may require additional capital to support growth and operations.
• No cash dividends have been paid to date and none are planned in the foreseeable future.
• Four material weaknesses were identified in internal control over financial reporting: limited U.S. GAAP accounting resources, lack of segregation of duties, insufficient inventory controls, and absence of formal approvals for related-party transactions. Remediation plans are in place.

Corporate governance and structure

• AMC is a “controlled company” under Nasdaq rules due to Mr. Da’s ownership of approximately 83% of common stock. This status provides certain governance exemptions, which AMC has not elected to use.
• AMC is classified as an emerging growth company and a smaller reporting company.

Intellectual property protection and litigation risk

• The company faces risk from unauthorized use or copying of proprietary technology and potential challenges enforcing IP rights in certain jurisdictions.

Key operating risks

• Rapid technology change and dependence on third-party AI and hardware components.
• Potential supply chain disruptions and reliance on related-party suppliers.
• High customer concentration with Kami and related collection risk.
• Regulatory and geopolitical risks, particularly linked to PRC operations and foreign listing or regulatory review requirements.
• Need to fund ongoing research and development.

Physical footprint

• Office lease in New York City under a non-cancellable 39-month term through 2027.
• No material owned real property; the company uses third-party facilities for sourcing, distribution, and fulfillment.

Bottom line

AMC Robotics Corporation is an early-stage, hardware-focused vision company centered on camera products and related cloud services delivered largely through a related-party arrangement with Kami. The company has reported net losses, high revenue and receivable concentration with Kami, a transition away from older VIE-based sales channels, and identified material weaknesses in internal controls. Operations are concentrated in the U.S. market with sourcing tied to PRC-based suppliers and a key brand license for the Yi name.