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Symbotic | 10-Q: Q1 2024 Earnings Report

SEC ·  Feb 8 10:50

Summary by Moomoo AI

Symbotic, a company specializing in warehouse automation systems, has reported a significant increase in revenue for the quarter ended December 30, 2023. The company recognized $12.6 million in revenue from customer contracts with C&S Wholesale Grocers, Inc., a substantial increase from the $5.5 million reported in the same quarter of the previous year. This growth is reflected in the accounts receivable from C&S, which stood at $13.8 million at the end of the quarter, up from $0.9 million at the end of the previous quarter. Deferred revenue related to contracts with C&S also increased to $10.5 million from $9.3 million in the previous quarter. Symbotic's financial performance also included expenses related to aircraft time-sharing agreements and facility usage, totaling $0.9 million for the quarter...Show More
Symbotic, a company specializing in warehouse automation systems, has reported a significant increase in revenue for the quarter ended December 30, 2023. The company recognized $12.6 million in revenue from customer contracts with C&S Wholesale Grocers, Inc., a substantial increase from the $5.5 million reported in the same quarter of the previous year. This growth is reflected in the accounts receivable from C&S, which stood at $13.8 million at the end of the quarter, up from $0.9 million at the end of the previous quarter. Deferred revenue related to contracts with C&S also increased to $10.5 million from $9.3 million in the previous quarter. Symbotic's financial performance also included expenses related to aircraft time-sharing agreements and facility usage, totaling $0.9 million for the quarter, an increase from the $0.4 million in the corresponding quarter of the previous year. The company's net loss for the quarter was $12.967 million, a decrease from the net loss of $67.986 million reported in the previous year's quarter. The loss per share of Class A common stock was $0.02, improved from the $0.12 loss per share in the same period last year. In terms of business development, Symbotic has entered into a Framework Agreement with SoftBank and GreenBox to establish GreenBox as a venture to globally build and automate supply chain networks using Symbotic's A.I. and automation technology. Symbotic Holdings and Sunlight own 35% and 65% of GreenBox, respectively. The company's future plans include continuing the implementation of its warehouse automation system in Walmart's 42 regional distribution centers, a project expected to generate revenue through fiscal year 2028.

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