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Supply chain robotics company Symbotic reports $12 billion in orders

Symbotic, a provider of AI-enabled robotics technology for the supply chain, has released financial results for its first fiscal quarter ended December 24, 2022.

Symbotic posted revenue of $206.3 million, a net loss of $68.0 million and an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $16.3 million for the first quarter of fiscal 2023.

In the same quarter of fiscal 2022, Symbotic had revenue of $77.1 million, a net loss of $23.1 million and an adjusted EBITDA loss of $21.3 million.

Rick Cohen, Symbotic chairman and CEO, says: “Symbotic achieved triple-digit revenue growth and added to our base of outsourcing partners during the first quarter.

“We are optimistic about our outlook and are poised for continued strong growth. Demand for our solutions continues to grow and our backlog increased to $12 billion in the quarter.”

Tom Ernst, Symbotic CFO, says: “In addition to our 168 percent annual revenue growth, gross margin improved and operating expenses, excluding stock-based compensation, declined sequentially.

“We initiated a record six system deployments during the first quarter as we continue to rapidly scale operations and deliver for our customers.

“Cash, cash equivalents and marketable securities on hand increased by $94.1 million from the prior quarter to $447.5 million, leaving us well capitalized to execute our growth strategy.”

In terms of outlook 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.

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