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Symbotic, a developer of AI-enabled robotics technology, has brought in $312 million in revenue in Q3 of 2023, which ended June 24, 2023. The company also reported a net loss of $39 million during Q3.
This is a sharp increase in revenue from the same quarter last year, when Symbotic brought in $176 million, and a slight increase in losses from the $33 million in net losses the company recorded in the same quarter last year.
“We are pleased to report another quarter of strong revenue growth and record operating margin, as we initiated six new system deployments and completed commissioning of one system,” Symbotic Chief Financial Officer, Tom Ernst, said. “During the quarter, we maintained our focus on scaling for growth and investing in innovation, while still achieving strong operating leverage. Additionally, a new systems sales contract with GreenBox increases our contracted backlog to approximately $23 billion, addressing the needs of customers who want leading automation on an outsourced basis.”
In Q4, Symbotic expects to bring in between $290 and $310 million in revenue. This revenue will likely continue to grow in 2024 due to Symbotic’s $7.5 billion new customer contract with GreenBox, its new joint Warehouse-as-a-Service venture with SoftBank.
GreenBox will automate supply chain networks globally by operating and making Symbotics’ advanced AI and automation technology accessible to the warehouse. Starting in fiscal year 2024, GreenBox will order Symbotic’s systems over a six-year period.
“Our GreenBox joint venture advances our strategic vision by adding over $500 billion to Symbotic’s annual total addressable market,” Symbotic Chairman and Chief Executive Officer, Rick Cohen, said. “As confidence in our ability to scale platform deliveries has grown, we feel now is the right time to realize the vision we have had for many years to add warehouse-as-a-service capability. We believe SoftBank is the best partner with which to launch the GreenBox joint venture because of our shared vision and expertise in scaling operations, and SoftBank’s global reach.”
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.
Last year, the company went public via a SPAC deal with SVF Investment Corp 3. SVF Investment Corp. 3 is a special purpose acquisition company (SPAC) sponsored by an affiliate of Softbank Investment Advisors.