Symbotic, a leading player in the field of A.I.-enabled robotics technology for supply chains, has reported a solid financial performance for its third fiscal quarter, which ended on June 24, 2023. Despite posting a net loss of $39 million, the company demonstrated significant growth with revenue of $312 million. The results show a promising comparison to the same period in the previous fiscal year, where revenue was $176 million with a net loss of $33 million.
In addition to revenue growth, the company achieved a record operating margin, initiated six new system deployments, and completed commissioning one system during this quarter. This growth also allowed cash, cash equivalents, restricted cash, and marketable securities to increase by $48 million to $513 million by the end of the third quarter.
Symbotic's CFO, Tom Ernst, expressed satisfaction with the strong revenue growth and the ongoing company strategy.
“During the quarter, we maintained our focus on scaling for growth and investing in innovation, while still achieving strong operating leverage," he said.
The company also announced a new systems sales contract with GreenBox, increasing its contracted backlog to approximately $23 billion. This addresses the automation needs of customers who prefer an outsourced basis.
Symbotic's partnership with GreenBox is seen as a strategic advancement, adding over $500 billion to the company's annual total addressable market. Chairman and CEO Rick Cohen believes that the time is right to realize the company's long-held vision of adding 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,” he stated.
Looking forward to the fourth quarter of fiscal 2023, Symbotic projects revenue in the range of $290 million to $310 million, with an adjusted EBITDA of $0 million to $3 million.
The results reflect Symbotic's continued investment in growth and innovation in the rapidly evolving field of robotics technology. The strategic joint venture with GreenBox and its relationship with SoftBank signal a robust outlook for the company as it continues to position itself as a leader in supply chain automation.
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