Business
Symbotic Reports Fiscal Year 2022 Second Quarter Results
Second Quarter Revenue Growth of 315% Year-over-Year Record Level of Quarterly Gross Profit Achieved During the Quarter WILMINGTON, Mass.--(BUSINESS WIRE)--
About this update from Symbotic Inc.
[{"type":"text","content":"\nSecond Quarter Revenue Growth of 315% Year-over-Year\n\nRecord Level of Quarterly Gross Profit Achieved During the Quarter\n\n WILMINGTON, Mass.--(BUSINESS WIRE)--\nSymbotic LLC, a revolutionary A.I.-enabled technology platform for the supply chain, today announced financial results for its parent entity, Warehouse Technologies LLC, and subsidiaries (collectively referred to as “Symbotic”) for the second quarter of fiscal 2022, ended March 26, 2022. Symbotic posted revenue of $96.3 million, adjusted EBITDA of $(26.2) million and a quarterly net income of $(29.9) million for the second quarter of fiscal 2022. In the same period of fiscal 2021, Symbotic had revenue of $23.2 million, adjusted EBITDA of $(26.0) million and a quarterly net income of $(26.9) million.\n\n“I am very pleased with the progress made by our teams delivering solutions with multiple customers at multiple sites simultaneously,” said Rick Cohen, Chairman and President of Symbotic. “We are excited to have Michael Loparco join us as our new CEO. Michael adds extensive experience in ramping large scale operations for rapid deployment of complex solutions.”\n\n“We achieved 315% year-over-year and 25% sequential revenue growth with a record level of gross profit in the second quarter of 2022. This was driven by increased system installation progress,” said Tom Ernst, CFO of Symbotic. “Our investment for growth continues, with a focus on enabling rapid expansion in operations and innovating for the future. Additionally, operating expenses were higher during the quarter due to non-recurring expenses as we prepare for operations as a public company.”\n\nHistorical quarterly financial information is posted on the Investor Relations page of the company’s website at https://www.symbotic.com/investor-relations. The presentation has also been filed by SVF Investment Corp. 3 (“SVF”) with the SEC and can be accessed at www.sec.gov.\n\nSymbotic has previously announced its entry into a business combination agreement with SVF Investment Corp. 3 (NASDAQ: SVFC), a special purpose acquisition company (SPAC), that is expected to make Symbotic a public company listed on Nasdaq. In connection with the proposed business combination, SVF filed a registration statement on Form S-4 with the SEC (File No. 333-262529) (as amended, the “Registration Statement”), which was declared effecti...