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Symbotic brought in $266.9 million in revenue in Q2 of 2023, with a net loss of $55.4 million and an adjusted EBITDA loss of $11.2 million.
The company saw an increase in revenue and expenses from the same quarter last year. In Q2 2022, it brought in $96.3 million in revenue and had a net loss of $29.9 million. This brings Symbotic’s revenue growth to 177% year-over-year.
“Revenue growth accelerated, and operating leverage improved during the second quarter, as we completed one system and initiated seven new system deployments,” Symbotic Chief Financial Officer, Tom Ernst, said. “During the quarter, we continued to scale for growth and invest in innovation. Our transition to outsourcing led to an $8.4 million severance and restructuring charge as we ceased manufacturing activities in Montreal and curtailed manufacturing capacity in Wilmington, Massachusetts.”
Symbotic’s cash, cash equivalents, restricted cash and marketable securities on hand have also increased by $17.1 million since Q1 of 2023 to $464.6 million at the end of Q2.
“Our second quarter results reflect continued execution to our growth plan. During the quarter we advanced our transition to outsourcing partnerships to successfully complete installations of our current system at multiple customer sites and achieved a three-fold increase of deployments in progress since last year,” Symbotic Chairman and Chief Executive Officer Rick Cohen said. “Our ability to scale at this pace, while continuing to innovate, positions us to be the leader in transforming the supply chain.”
In Q3, Symbotic expects to bring in between $245 and $265 million in revenue. 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.
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.