Summary by Futu AI
On May 6, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the second fiscal quarter ended March 30, 2024. The company announced a revenue of $424 million, a net loss of $41 million, and an adjusted EBITDA of $22 million. These results marked an improvement over the same quarter in the previous fiscal year, which saw a revenue of $267 million, a net loss of $55 million, and an adjusted EBITDA loss of $11 million. Symbotic also reported an increase in cash, cash equivalents, and marketable securities to $951 million, up by $276 million from the previous quarter. The company began three system deployments and completed three operational systems during the quarter, contributing to faster revenue growth, higher margins, and stronger cash generation than anticipated. For the third quarter of fiscal 2024, Symbotic expects revenue between $450 million to $470 million, and adjusted EBITDA of $27 million to $29 million. The company will host a webcast to discuss the quarterly results further.
