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Symbotic Inc., a developer of A.I.-enabled robotics technology for the supply chain, announced financial results for its first fiscal quarter that ended December 24, 2022.
Symbotic posted revenue of $206.3 million, a net loss of $68.0 million and an adjusted EBITDA loss of $16.3 million for the first quarter of fiscal year 2023. In the same quarter of fiscal year 2022, Symbotic had revenue of $77.1 million, a net loss of $23.1 million and an adjusted EBITDA loss of $21.3 million.
“Symbotic achieved triple-digit revenue growth and added to our base of outsourcing partners during the first quarter. We are optimistic about our outlook and are poised for continued strong growth. Demand for our solutions continues to grow and our backlog increased to $12.0 billion in the quarter,” Symbotic Chairman and Chief Executive Officer Rick Cohen said.
“In addition to our 168% annual revenue growth, gross margin improved and operating expenses, excluding stock-based compensation, declined sequentially,” Symbotic Chief Financial Officer Tom Ernst, said. “We initiated a record six system deployments during the first quarter as we continue to rapidly scale operations and deliver for our customers. Cash, cash equivalents and marketable securities on hand increased by $94.1 million from the prior quarter to $447.5 million, leaving us well capitalized to execute our growth strategy.”
Symbotic made its debut on the NASDAQ in June under ticker symbol “SYM” after completing its business combination with SVF Investment Corp. 3, a special purpose acquisition company (SPAC) sponsored by an affiliate of Softbank Investment Advisors. The combination was approved at a meeting of SVFC shareholders on June 3, 2022.
Symbotic’s system includes a fleet of fully autonomous robots that receive, store and retrieve products in distribution centers. It utilizes hundreds of autonomous mobile robots called “Symbots”.
Symbotic’s software is able to orchestrate an entire fleet of robots to receive, store and retrieve a virtually limitless number of SKUs, according to the company. Each robot is equipped with the company’s proprietary end-of-arm tooling and vision systems, which allow them to output cases, totes and packages at industry-leading speeds.