Symbotic Inc. reported strong financial results for fiscal year 2024, with total revenue increasing 52% to $1.79 billion from $1.18 billion in fiscal 2023. Systems revenue, which accounted for 95% of total revenue, grew 50% to $1.71 billion. The company achieved its first annual operating profit of $10.9 million in Q4, though posted a full-year net loss of $84.7 million.Gross profit rose to $245.7 million from $189.7 million last year, while operating expenses decreased to $362.4 million from $413.0 million. The company's backlog remained strong at $22.4 billion as of September 28, 2024, with Walmart and GreenBox comprising the majority. During the year, Symbotic formed a strategic joint venture with SoftBank called GreenBox, which will build and automate supply chain networks globally.The company ended the year with a solid balance sheet including $727.3 million in cash and cash equivalents. However, management identified material weaknesses in internal controls over revenue recognition timing and cost overruns, resulting in restatements of quarterly financials. The company has developed remediation plans including enhanced controls and system improvements to address these issues.

Symbotic Inc. reported strong financial results for fiscal year 2024, with total revenue increasing 52% to $1.79 billion from $1.18 billion in fiscal 2023. Systems revenue, which accounted for 95% of total revenue, grew 50% to $1.71 billion. The company achieved its first annual operating profit of $10.9 million in Q4, though posted a full-year net loss of $84.7 million.Gross profit rose to $245.7 million from $189.7 million last year, while operating expenses decreased to $362.4 million from $413.0 million. The company's backlog remained strong at $22.4 billion as of September 28, 2024, with Walmart and GreenBox comprising the majority. During the year, Symbotic formed a strategic joint venture with SoftBank called GreenBox, which will build and automate supply chain networks globally.The company ended the year with a solid balance sheet including $727.3 million in cash and cash equivalents. However, management identified material weaknesses in internal controls over revenue recognition timing and cost overruns, resulting in restatements of quarterly financials. The company has developed remediation plans including enhanced controls and system improvements to address these issues.