On November 18, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the fourth fiscal quarter and the full year ended September 28, 2024. The company announced a revenue of $577 million, net income of $28 million, and adjusted EBITDA of $55 million for the fourth quarter. Compared to the same quarter in the previous fiscal year, Symbotic saw a significant increase from $392 million in revenue and a net loss of $45 million. For the full fiscal year 2024, the company reported a 55% year-over-year growth with revenue of $1.822 billion, despite a net loss of $51 million. Symbotic also provided an outlook for the first quarter of fiscal 2025, expecting revenue between $495 million to $515 million, and adjusted EBITDA of $27 million...Show More

On November 18, 2024, Symbotic Inc., a leader in AI-enabled robotics technology for the supply chain, reported its financial results for the fourth fiscal quarter and the full year ended September 28, 2024. The company announced a revenue of $577 million, net income of $28 million, and adjusted EBITDA of $55 million for the fourth quarter. Compared to the same quarter in the previous fiscal year, Symbotic saw a significant increase from $392 million in revenue and a net loss of $45 million. For the full fiscal year 2024, the company reported a 55% year-over-year growth with revenue of $1.822 billion, despite a net loss of $51 million. Symbotic also provided an outlook for the first quarter of fiscal 2025, expecting revenue between $495 million to $515 million, and adjusted EBITDA of $27 million to $31 million. Additionally, the company disclosed that it will restate its previously issued unaudited interim financial statements for the first three quarters of fiscal year 2024 due to the premature expensing of goods and services related to specific milestone achievements, which led to the acceleration of revenue recognition. The restatement is expected to have no impact on the full-year fiscal 2024 results. The company's Audit Committee and independent registered public accounting firm, Grant Thornton LLP, have discussed the restatement, which will be reflected in amended Form 10-Q filings and the upcoming Form 10-K filing.