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Jun 29, 2024
Symbotic Q3 2024 Earnings Report
Symbotic reported third quarter fiscal year 2024 results, with record revenue driven by system deployments, but system gross margin fell below expectations due to elongated construction schedules and implementation costs.
Key Takeaways
Symbotic announced its third quarter fiscal year 2024 results, reporting record revenue of $492 million, a net loss of $14 million, and adjusted EBITDA of $15 million. The company's performance was driven by increased system deployments, although system gross margin fell below expectations due to construction and implementation challenges. Looking ahead, Symbotic anticipates revenue between $455 million and $475 million and adjusted EBITDA between $28 million and $32 million for the fourth quarter of fiscal 2024.
Symbotic posted revenue of $492 million, a new record for the quarter.
Net loss stood at $14 million, an improvement compared to the same quarter last year.
Adjusted EBITDA was $15 million, also an improvement from the previous year.
Cash, cash equivalents and marketable securities totaled $870 million at the end of the quarter.
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 fourth quarter of fiscal 2024, Symbotic expects revenue of $455 million to $475 million, and adjusted EBITDA of $28 million to $32 million.
Positive Outlook
- Revenue expected between $455 million and $475 million.
- Adjusted EBITDA expected between $28 million and $32 million.
- System costs are expected to decline.
- Gross margin expected to return to historical levels.
- Focus on improving planning, speed of implementation and project management.
Challenges Ahead
- Improving deployment process may temporarily slow revenue growth.
- System gross margin fell below expectations due to elongated construction schedules and implementation costs.
- Challenges in planning, speed of implementation, and project management.
- Uncertainty regarding the provision for stock-based compensation.
- Inability to reasonably predict certain items required for reconciliation of adjusted EBITDA to net loss.
Revenue & Expenses
Visualization of income flow from segment revenue to net income