Summary by Moomoo AI
Symbotic Inc., an automation technology company, reported its financial results for the fiscal year ended September 30, 2023. The company, which specializes in warehouse automation systems, saw a significant increase in revenue, primarily due to the expansion of system deployments, including a major agreement with Walmart to install systems in all of Walmart's 42 regional distribution centers. Revenue for the year was $1.18 billion, a 98% increase from the previous year's $593.3 million. The company also entered into a strategic joint venture with GreenBox Systems LLC and SoftBank to globally build and automate supply chain networks. Despite the revenue growth, Symbotic Inc. reported a net loss of $207.9 million for the year, attributed to increased operating expenses, including research and development and selling, general, and administrative expenses. The company's financial position was supported by cash and cash equivalents totaling $258.8 million and marketable securities of $286.7 million as of September 30, 2023.
