On November 20, 2023, Symbotic Inc (SYM, Financial) released its 8-K filing, revealing a year of substantial growth with record revenue and improved margins. The company, a leader in AI-enabled robotics technology for the supply chain, reported a 98% increase in annual revenue, reaching $1,177 million for the fiscal year ended September 30, 2023.
Financial Highlights
Symbotic Inc (SYM, Financial) achieved a significant milestone with its fourth-quarter revenue climbing to $392 million, up from $244 million in the same quarter of the previous year. The company also saw an improvement in its net loss, which was reduced to $45 million in Q4 2023 from $53 million in Q4 2022. The adjusted EBITDA for the quarter was positive at $13 million, a substantial improvement from a loss of $20 million in the prior year's quarter. The company's cash position strengthened, with cash, cash equivalents, restricted cash, and marketable securities totaling $548 million, a $35 million increase from the previous quarter.
Operational and Strategic Developments
During the fiscal year, Symbotic initiated four new system deployments and completed the commissioning of two systems, accelerating the pace of its system deployments. Rick Cohen, Symbotic's Chairman and CEO, expressed pride in the company's financial performance, attributing it to the team's hard work and dedication. CFO Tom Ernst highlighted the strong revenue growth and margins, as well as the first quarter of positive adjusted EBITDA, which he said demonstrates the company's strong operating leverage.
Forward Guidance
Looking ahead to the first quarter of fiscal 2024, Symbotic anticipates revenue to be in the range of $350 million to $370 million, with adjusted EBITDA projected to be between $11 million and $14 million. The company's focus remains on driving innovation, strengthening partnerships, and scaling for growth.
Financial Statements Summary
The consolidated statements of operations for Symbotic Inc (SYM, Financial) show that the systems segment generated the majority of the revenue, totaling $1,138 million for the fiscal year. The company's gross profit margin improved to 16.1% for the year, up from 16.8% in the previous year. Operating expenses, including research and development and selling, general, and administrative expenses, totaled $412.9 million for the year, resulting in an operating loss of $223.2 million.
The balance sheet reflects a solid financial position, with total current assets of $991.8 million and total assets of $1,050.7 million as of September 30, 2023. The company's total liabilities stood at $1,053.4 million, with a total equity deficit of $2.7 million.
The cash flow statement details the financial activities over the year, including the changes in cash and cash equivalents, accounts receivable, and other key financial metrics.
Investor and Media Relations
Jeff Evanson, Vice President of Investor Relations & Corporate Development, and Kimberly Zminkowski, Director of Marketing, are the primary contacts for investor and media inquiries, respectively. Symbotic will host a webcast to discuss the fourth quarter and full year fiscal 2023 results, providing an opportunity for investors and analysts to gain further insights into the company's performance and outlook.
In conclusion, Symbotic Inc (SYM, Financial) has demonstrated a robust financial performance with significant revenue growth and margin improvement in fiscal year 2023. The company's positive adjusted EBITDA in the fourth quarter and strong outlook for the coming quarter reflect its operational success and strategic initiatives. Investors are encouraged to review the detailed financial statements and listen to the webcast for a comprehensive understanding of Symbotic's financial health and future prospects.
Explore the complete 8-K earnings release (here) from Symbotic Inc for further details.
