Business
Symbotic Reports Third Quarter Fiscal Year 2024 Results
WILMINGTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced
About this update from Symbotic Inc.
[{"type":"text","content":"WILMINGTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its third fiscal quarter of 2024 ended June 29, 2024. Symbotic posted revenue of $492 million, a net loss of $14 million and adjusted EBITDA1 of $15 million for the third quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $312 million, a net loss of $39 million and an adjusted EBITDA loss1 of $3 million. Cash, cash equivalents and marketable securities on hand decreased by $81 million from the prior quarter to $870 million at the end of the third quarter. “Symbotic continues to innovate. During the quarter, we extended the future capabilities of SymBot by incorporating an enhanced sensor array and we advanced development of our new minibot for BreakPack,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implementation costs. We are focused on improving our planning, speed of implementation and project management to improve performance.” “As planned, system deployments reaccelerated from last quarter. We started five system deployments and completed three operational systems,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking ahead, improving our deployment process may temporarily slow our revenue growth. However, we expect system costs to decline and gross margin to return to historical levels during our fourth fiscal quarter.” OUTLOOK For the fourth quarter of fiscal 2024, Symbotic expects revenue of $455 million to $475 million, and adjusted EBITDA2 of $28 million to $32 million. WEBCAST INFORMATION Symbotic will host a webcast today at 5:00 pm ET to discuss its third quarter fiscal 2024 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q3-2024. _______________1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.2 Symbotic...