Business
Symbotic Reports First Quarter Fiscal 2023 Results
Achieved 168% Revenue Growth Year-Over-Year Initiated a Record Six System Deployments Contracted Backlog Increased to $12 Billion WILMINGTON, Mass., Jan. 30,
About this update from Symbotic Inc.
[{"type":"text","content":"Achieved 168% Revenue Growth Year-Over-Year Initiated a Record Six System Deployments Contracted Backlog Increased to $12 Billion WILMINGTON, Mass., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced financial results for its first fiscal quarter ended December 24, 2022. Symbotic posted revenue of $206.3 million, a net loss of $68.0 million and an adjusted EBITDA loss1 of $16.3 million for the first quarter of fiscal 2023. In the same quarter of fiscal 2022, Symbotic had revenue of $77.1 million, a net loss of $23.1 million and an adjusted EBITDA loss1 of $21.3 million. “Symbotic achieved triple-digit revenue growth and added to our base of outsourcing partners during the first quarter. We are optimistic about our outlook and are poised for continued strong growth. Demand for our solutions continues to grow and our backlog increased to $12.0 billion in the quarter,” said Symbotic Chairman and Chief Executive Officer Rick Cohen. “In addition to our 168% annual revenue growth, gross margin improved and operating expenses, excluding stock-based compensation, declined sequentially,” said Symbotic Chief Financial Officer Tom Ernst. “We initiated a record six system deployments during the first quarter as we continue to rapidly scale operations and deliver for our customers. Cash, cash equivalents and marketable securities on hand increased by $94.1 million from the prior quarter to $447.5 million, leaving us well capitalized to execute our growth strategy.” OUTLOOK For the second quarter of fiscal 2023, Symbotic expects revenue of $205 million to $230 million, more than double the second quarter fiscal 2022 revenue. The company also expects an adjusted EBITDA1 loss2 of $13 million to $17 million, compared to a $26.2 million adjusted EBITDA1 loss in the second quarter of fiscal 2022. WEBCAST INFORMATION Symbotic will host a webcast today at 5:00 pm EST to discuss its first quarter fiscal 2023 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q1-2023. ABOUT SYMBOTIC Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage ...