On February 5, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the first fiscal quarter of 2024, which ended on December 30, 2023. The company announced a revenue of $369 million, a net loss of $13 million, and an adjusted EBITDA of $14 million. These figures represent a significant improvement over the same quarter in the previous fiscal year, which saw a revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million. The company's cash and equivalents also increased by $129 million from the previous quarter, totaling $677 million. Symbotic's CEO, Rick Cohen, expressed satisfaction with the company's financial and operational results and its trajectory for the remainder of the year...Show More

On February 5, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the first fiscal quarter of 2024, which ended on December 30, 2023. The company announced a revenue of $369 million, a net loss of $13 million, and an adjusted EBITDA of $14 million. These figures represent a significant improvement over the same quarter in the previous fiscal year, which saw a revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million. The company's cash and equivalents also increased by $129 million from the previous quarter, totaling $677 million. Symbotic's CEO, Rick Cohen, expressed satisfaction with the company's financial and operational results and its trajectory for the remainder of the year. CFO Carol Hibbard highlighted the nearly 80% revenue growth compared to the same period last year and the company's second consecutive quarter of positive adjusted EBITDA. Symbotic also initiated five system deployments and completed three during the quarter. Looking ahead, Symbotic expects revenue between $400 million to $420 million and adjusted EBITDA of $12 million to $15 million for the second quarter of fiscal 2024. The company hosted a webcast to discuss these results further.