PRISM Company Spotlight: Why Did Symbotic Surge Today?

Shares in A.I.-enabled robotics technology company, Symbotic, Inc. (Nasdaq: SYM) surged nearly 30% in trading on Tuesday after the company announced stellar financial results for its fourth quarter and fiscal year ended September 30, 2023.

Rick Cohen, Symbotic’s Chairman and Chief Executive Officer, said, “This has been a year of tremendous growth and progress for Symbotic. Our financial performance is a testament to the hard work and dedication of our talented team. In fiscal 2024, we will continue to invest in driving innovation, strengthening our partnerships, and scaling for growth.”

Highlights

Symbotic posted revenue of $392 million, a net loss of $45 million and adjusted EBITDA of $13 million for the fourth quarter of fiscal 2023. In the same quarter of fiscal 2022, Symbotic had revenue of $244 million, a net loss of $53 million and an adjusted EBITDA loss of $20 million.

The company’s cash, cash equivalents, restricted cash and marketable securities on hand increased by $35 million from the prior quarter of 2023, to $548 million at the end of the fourth quarter.

For the full fiscal year 2023, Symbotic reported revenue of $1,177 million, reflecting 98% growth year over year.

Symbotic expects revenue of $350 million to $370 million, and adjusted EBITDA of $11 million to $14 million for the first quarter of fiscal year 2024.

About Symbotic

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.