Symbotic Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
WILMINGTON, Mass., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (NASDAQ:SYM), a leader in A.I.-enabled robotics technology for the supply chain, has announced its financial results for the fourth fiscal quarter and fiscal year ended September 28, 2024.
Key Financial Metrics
| Financial Metric | Q4 2024 | Q4 2023 | YoY Change | Consensus Estimate | Vs. Estimate |
|---|---|---|---|---|---|
| Revenue | $577M | $392M | +47.2% | $470.27M | +22.7% |
| Net Income/(Loss) | $28M | -$45M | N/A | N/A | N/A |
| Adjusted EBITDA | $55M | $13M | +323% | N/A | N/A |
Interpretation: Symbotic Inc. reported a significant increase in revenue to $577 million, up 47.2% year-over-year, substantially surpassing the consensus estimate. The company achieved a net income of $28 million, marking a strong recovery from a loss in the prior year. Adjusted EBITDA showed robust growth of 323% compared to the previous year, highlighting efficient operational execution.
Key Developments or Operational Highlights
- Cash, cash equivalents, and marketable securities decreased by $143 million from the prior quarter to $727 million.
- Symbotic restated its financial statements for fiscal year 2024 due to early revenue recognition associated with milestone achievements.
Comments from Company Officers
Rick Cohen, Chairman and CEO of Symbotic, expressed satisfaction with the company's performance driven by innovation and customer success, reinforcing their long-term strategy. CFO Carol Hibbard highlighted the recovery of gross margins to historical levels and anticipates stable margins with continued revenue growth in fiscal Q1 2025.
Forward Guidance
For the first quarter of fiscal 2025, Symbotic expects revenue between $495 million and $515 million and adjusted EBITDA of $27 million to $31 million.
Stock Price Movement
Post-earnings release, Symbotic's stock price experienced an increase of approximately 3.68%.
Symbotic's strong financial performance and strategic restatement practices reflect its commitment to transparency and growth, positioning the company for continued success as it enters fiscal 2025 with positive momentum.
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