Business
Symbotic Reports Fiscal Year 2022 Third Quarter Results
Debuted As Publicly Traded Company Via Business Combination with SVF Investment Corp. 3 Expanded Backlog by $6.3 Billion to $11.3 Billion Achieved Record
About this update from Symbotic Inc.
[{"type":"text","content":"\nDebuted As Publicly Traded Company Via Business Combination with SVF Investment Corp. 3\n\nExpanded Backlog by $6.3 Billion to $11.3 Billion\n\nAchieved Record Quarterly Revenue of $175.6 Million\n\n WILMINGTON, Mass.--(BUSINESS WIRE)--\nSymbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced financial results for the third quarter of fiscal 2022, ended June 25, 2022. Symbotic posted revenue of $175.6 million, a quarterly loss of $32.9 million and an adjusted EBITDA loss1 of $21.8 million for the third quarter of fiscal 2022. In the same quarter of fiscal 2021, Symbotic had revenue of $131.5 million, a quarterly net loss of $37.8 million and an adjusted EBITDA loss of $28.1 million.\n\nSymbotic and SVF Investment Corp. 3 completed their business combination on June 7, 2022. Symbotic’s Class A common stock started to trade on The Nasdaq Stock Market under the ticker symbol “SYM” on June 8, 2022. “Our successful merger and public listing are just the start of our journey to change the way the world moves goods,” said Symbotic Founder, Chairman, and Chief Product Officer, Rick Cohen. “As a publicly traded company, we are excited to make every current permanent Symbotic employee a shareholder. This enhances our ability to retain and attract top talent as we continue to innovate.”\n\n“I am very pleased with the progress our team made during the quarter. Our third quarter of 2022 revenue grew 82% over the prior quarter, demonstrating early results from our investments to support scaling. During the quarter we accelerated to 13 system deployments in progress, an increase from only four in the third quarter of 2021,” said Symbotic Chief Executive Officer Michael Loparco.\n\n“In our fiscal year ending 2022, we expect revenue of $490 million to $510 million, nearly doubling our 2021 annual revenue. We expect an adjusted EBITDA2 loss of $94 million to $90 million as we continue to invest in our transformational technologies and scaling our business for its increasing potential,” said Symbotic Chief Financial Officer Tom Ernst. “We are excited to end the third quarter of fiscal 2022 with $412 million in cash and cash equivalents, zero debt, and contracted orders valued at $11.3 billion. This provides clear visibility towards our future growth.”\n\nWebcast Information\n\nSymbotic will...