WILMINGTON, Mass. - Symbotic Inc. (NASDAQ:SYM), an AI-enabled robotics technology company for supply chains, reported fourth-quarter fiscal 2024 results that exceeded analyst expectations, sending its shares up 10.2% in after-hours trading Monday.
The company posted revenue of $577 million for the quarter ended September 28, 2024, a 47% increase YoY and surpassing the analyst consensus. Symbotic also reported net income of $28 million, compared to a net loss of $45 million in the same quarter last year. Adjusted EBITDA came in at $55 million, significantly higher than the $13 million reported in Q4 2023.
For the full fiscal year 2024, Symbotic's revenue grew 55% YoY to $1,822 million. The company reported a net loss of $51 million for the year, with adjusted EBITDA of $96 million.
Rick Cohen, Chairman and CEO of Symbotic, commented on the results: "I'm pleased with our performance this year, as our focus on innovation and customer success has delivered robust growth. This year's results underscore the strength of our long-term strategy and commitment to driving sustainable, long-term growth for our customers, shareholders, and employees."
Looking ahead to the first quarter of fiscal 2025, Symbotic expects revenue between $495 million and $515 million, with adjusted EBITDA ranging from $27 million to $31 million.
The company also announced a restatement of its interim fiscal 2024 financial results due to accounting adjustments related to the timing of revenue and cost recognition. Symbotic plans to file amendments to its Form 10-Qs for fiscal year 2024 and expects to timely file its Form 10-K next week.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.