Symbotic, a company specializing in warehouse automation technology, reported a significant increase in revenue for the three and nine months ended June 29, 2024, compared to the same periods in 2023. Revenue for the three months was $491.9 million, a 58% increase from $311.8 million in 2023. For the nine months, revenue rose 64% to $1.28 billion from $785 million. This growth was primarily driven by the deployment of systems under a Master Automation Agreement with Walmart, expected to continue through fiscal year 2028. The company also saw an increase in Software Maintenance and Support revenue due to more operational sites under contract. Operation Services revenue grew due to more deployment sites and spare parts sales. Gross profit for the three months increased to $67.4 million from $52.9 million, and for the nine...Show More

Symbotic, a company specializing in warehouse automation technology, reported a significant increase in revenue for the three and nine months ended June 29, 2024, compared to the same periods in 2023. Revenue for the three months was $491.9 million, a 58% increase from $311.8 million in 2023. For the nine months, revenue rose 64% to $1.28 billion from $785 million. This growth was primarily driven by the deployment of systems under a Master Automation Agreement with Walmart, expected to continue through fiscal year 2028. The company also saw an increase in Software Maintenance and Support revenue due to more operational sites under contract. Operation Services revenue grew due to more deployment sites and spare parts sales. Gross profit for the three months increased to $67.4 million from $52.9 million, and for the nine months, it rose to $181.7 million from $130.9 million. Research and development expenses decreased by 8% and 11% for the three and nine-month periods, respectively, due to a shift from contractors to full-time employees and outsourcing. Selling, general, and administrative expenses saw a slight increase for the three months but decreased over the nine-month period. Other income, net, increased significantly due to higher interest earned on cash balances and marketable securities. Symbotic's strategic partnership with SoftBank through the formation of GreenBox, a venture to build and automate supply chain networks globally, is a notable business development. The company's future plans include continued expansion of its AI and analytics capabilities, as well as the development of next-generation autonomous electric vehicle robots.