On July 29, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the third fiscal quarter ended June 29, 2024. The company announced a revenue of $492 million, a net loss of $14 million, and an adjusted EBITDA of $15 million. These figures represent an improvement over the same quarter in the previous fiscal year, which saw a revenue of $312 million, a net loss of $39 million, and an adjusted EBITDA loss of $3 million. Despite a decrease in cash and cash equivalents by $81 million from the previous quarter, the company maintains a strong cash position with $870 million on hand. Symbotic highlighted its continued innovation efforts, including the enhancement of its SymBot and the development of a new minibot...Show More

On July 29, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the third fiscal quarter ended June 29, 2024. The company announced a revenue of $492 million, a net loss of $14 million, and an adjusted EBITDA of $15 million. These figures represent an improvement over the same quarter in the previous fiscal year, which saw a revenue of $312 million, a net loss of $39 million, and an adjusted EBITDA loss of $3 million. Despite a decrease in cash and cash equivalents by $81 million from the previous quarter, the company maintains a strong cash position with $870 million on hand. Symbotic highlighted its continued innovation efforts, including the enhancement of its SymBot and the development of a new minibot for BreakPack. The company also reported on the progress of deploying 39 systems, which contributed to the record revenue for the quarter. However, system gross margins fell below expectations due to increased construction schedules and implementation costs. Symbotic's CFO, Carol Hibbard, indicated that efforts to improve deployment processes might temporarily slow revenue growth but are expected to reduce system costs and return gross margins to historical levels in the fourth fiscal quarter. The company forecasts fourth-quarter revenue between $455 million and $475 million, with adjusted EBITDA projections of $28 million to $32 million.