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Dec 24, 2022
Symbotic Q1 2023 Earnings Report
Symbotic achieved triple-digit revenue growth, added to its base of outsourcing partners, improved gross margin, and decreased operating expenses sequentially, excluding stock-based compensation.
Key Takeaways
Symbotic Inc. reported a significant increase in revenue for the first quarter of fiscal year 2023, with a 168% year-over-year growth, reaching $206.3 million. The company's contracted backlog increased to $12 billion. However, the company experienced a net loss of $68.0 million and an adjusted EBITDA loss of $16.3 million.
Revenue increased by 168% year-over-year.
A record six system deployments were initiated.
Contracted backlog increased to $12 billion.
Cash, cash equivalents and marketable securities increased by $94.1 million from the prior quarter to $447.5 million.
Symbotic
Symbotic
Symbotic Revenue by Segment
Revenue by Segment
Systems Revenue
CapyFin.comSoftware maintenance and support Revenue
CapyFin.comOperation services Revenue
CapyFin.com Forward Guidance
For the second quarter of fiscal 2023, Symbotic expects revenue of $205 million to $230 million, more than double the second quarter fiscal 2022 revenue. The company also expects an adjusted EBITDA loss of $13 million to $17 million, compared to a $26.2 million adjusted EBITDA loss in the second quarter of fiscal 2022.
Positive Outlook
- Revenue expected to more than double the second quarter fiscal 2022 revenue.
- Initiated a record six system deployments
- Demand for solutions continues to grow
- Optimistic about outlook and poised for continued strong growth
- Adding to base of outsourcing partners
Revenue & Expenses
Visualization of income flow from segment revenue to net income