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Symbotic builds hardware and software for flexible warehouse automation. Source: Symbotic
Symbotic Inc. yesterday announced its financial results for the second quarter of 2024, which ended March 30. The company reported $424 million in revenue and suffered a net loss of $41 million.
Wilmington, Mass.-based Symbotic also said it had an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $22 million for the quarter.
“This past quarter, we executed well for our customers, made significant progress on our innovation roadmap, and delivered solid financial results,” stated Rick Cohen, chairman and CEO of Symbotic. “We made significant advances in both software and hardware this quarter that will benefit customers, accelerate deployment times and increase our deployment capacity.”
Symbotic revenue continues to climb
Symbotic claimed that its “end-to-end, AI-powered robotic and software platform” is “reimagining the supply chain.” The company said it applies high-density storage and machine learning to help retail, wholesale, and food and beverage companies.
The company brought in more revenue in Q2 2024 than it did in Q1 and in Q2 2023, respectively. Last year, it brought in $267 million in revenue and had a net loss of $55 million, and an adjusted EBITDA loss of $11 million.
Symbotic’s cash, cash equivalents, and marketable securities on hand increased by $276 million from the prior quarter to $951 million at the end of the second quarter.
“These advancements helped us to accelerate deployment progress during the quarter,” said Carol Hibbard, chief financial officer at Symbotic. “We started three system deployments and completed three operational systems, while achieving faster revenue growth, higher margins, and stronger cash generation than planned for the quarter.”
The company, which was an RBR50 Robotics Innovation Award winner, plans to continue growing revenue. For the third quarter of fiscal 2024, Symbotic said it expects revenue of $450 million to $470 million, and adjusted EBITDA of $27 million to $29 million.
