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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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