Symbotic reported a 51% YoY increase in total revenue for Q3 2024, reaching $470 million, driven by strong Systems and Operation Services performance. Systems revenue rose 49% YoY to $451 million, while Operation Services revenue surged 110% YoY to $16 million. Despite the revenue growth, the company recorded a net loss of $27 million, an improvement from the $39 million loss in Q3 2023. Management attributed the revenue growth to increased deployments under the Master Automation Agreement with Walmart, which is expected to continue through 2028. The company also saw a rise in Software Maintenance and Support revenue due to more operational System sites. However, elongated construction schedules and cost overruns impacted Systems gross profit, which decreased by $5.9 million. Looking ahead, Symbotic remains focused on expanding its AI and automation technology. The company acknowledges risks related to cost management and execution of large-scale deployments but remains optimistic about future growth opportunities in warehouse automation.

Symbotic reported a 51% YoY increase in total revenue for Q3 2024, reaching $470 million, driven by strong Systems and Operation Services performance. Systems revenue rose 49% YoY to $451 million, while Operation Services revenue surged 110% YoY to $16 million. Despite the revenue growth, the company recorded a net loss of $27 million, an improvement from the $39 million loss in Q3 2023. Management attributed the revenue growth to increased deployments under the Master Automation Agreement with Walmart, which is expected to continue through 2028. The company also saw a rise in Software Maintenance and Support revenue due to more operational System sites. However, elongated construction schedules and cost overruns impacted Systems gross profit, which decreased by $5.9 million. Looking ahead, Symbotic remains focused on expanding its AI and automation technology. The company acknowledges risks related to cost management and execution of large-scale deployments but remains optimistic about future growth opportunities in warehouse automation.