Published on 5 Feb 2024 on GuruFocus.com via Yahoo Finance
Symbotic Inc (SYM) Reports First Quarter Fiscal 2024 Results: Revenue Soars as Net Loss Narrows
Revenue: Symbotic Inc (NASDAQ:SYM) reported a significant increase in revenue to $369 million in Q1 FY2024 from $206 million in Q1 FY2023.Net Loss: The company's net loss improved to $13 million in Q1 FY2024, down from a net loss of $68 million in the same quarter the previous year.Adjusted EBITDA: Symbotic achieved a positive adjusted EBITDA of $14 million, a notable improvement from an adjusted EBITDA loss of $16 million in Q1 FY2023.Liquidity: Cash, cash equivalents, restricted cash, and marketable securities increased by $129 million from the prior quarter, totaling $677 million at the end of Q1 FY2024.Operational Milestones: The company initiated five system deployments and completed three systems during the quarter, focusing on customer delivery excellence and deployment speed.Future Outlook: For Q2 FY2024, Symbotic expects revenue between $400 million to $420 million and adjusted EBITDA between $12 million to $15 million.
Warning! GuruFocus has detected 3 Warning Signs with SYM.
