How did Symbotic perform financially in the first quarter of fiscal 2024?

Symbotic reported revenue of $369 million, a net loss of $13 million, and adjusted EBITDA of $14 million for the quarter ended December 30, 2023. Those results compare with revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million in the same quarter of fiscal 2023.

What is Symbotic's guidance for the second quarter of fiscal 2024?

The company expects revenue of $400 million to $420 million and adjusted EBITDA of $12 million to $15 million for the second quarter of fiscal 2024. It is not providing net loss guidance, because reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort.

How much liquidity does Symbotic have?

Cash, cash equivalents, restricted cash and marketable securities totaled $677 million at the end of the first quarter, an increase of $129 million from the prior quarter. Cash and cash equivalents alone were $485,952 thousand, up from $258,770 thousand at September 30, 2023.

What drove the improvement in profitability?

Gross profit rose to $70,107 thousand from $58,789 thousand in the prior quarter, and operating expenses fell to $89,156 thousand from $112,724 thousand. Stock-based compensation was $29,462 thousand, and joint venture formation fees were $1,089 thousand, both of which are excluded from adjusted EBITDA.

What was the operating cash flow and what funded the cash increase?

Net cash used in operating activities was $30,150 thousand in the quarter. Cash rose mainly because of $158,702 thousand in proceeds from the exercise of warrants and $150,000 thousand from the maturity of marketable securities, which together offset the operating outflow and investing purchases.

SYM 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 5, 2024. Cited figures are marked; the original filing is the authoritative source.

Symbotic Inc. (Nasdaq: SYM) reported financial results for its first fiscal quarter of 2024, ended December 30, 2023, in a press release furnished as Exhibit 99.1.

The company posted revenue of $369 million^a, a net loss of $13 million, and adjusted EBITDA of $14 million, compared with revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million in the same quarter of fiscal 2023. Total revenue in the statement of operations was $368,450 thousand, and gross profit was $70,107 thousand, or a 19.0% gross profit margin. Cash, cash equivalents, restricted cash and marketable securities increased by $129 million from the prior quarter to $677 million.

The balance sheet shows cash and cash equivalents of $485,952 thousand^b, up from $258,770 thousand at September 30, 2023. The cash flow statement shows net cash used in operating activities of $30,150 thousand, offset by a $158,702 thousand inflow from the exercise of warrants. Deferred revenue rose to $840,028 thousand in current liabilities, and accounts receivable rose to $153,058 thousand from $69,206 thousand.

For the second fiscal quarter of 2024, the company expects revenue of $400 million to $420 million^c and adjusted EBITDA of $12 million to $15 million. Management stated that it initiated five system deployments and completed three systems during the quarter. The filing also notes that the company is not providing net loss guidance because reconciling forward-looking adjusted EBITDA to net loss is unavailable without unreasonable effort.

02—Key points

Key Highlights

Q1 fiscal 2024 revenue of $369 million (total revenue $368,450 thousand), up from $206 million in the year-ago quarter
Net loss narrowed to $13 million from $68 million a year earlier; adjusted EBITDA of $14 million versus an adjusted EBITDA loss of $16 million
Gross profit margin of 19.0% and adjusted gross profit margin of 20.0%, compared with 17.1% and 17.3% in the year-ago quarter
Cash, cash equivalents, restricted cash and marketable securities rose $129 million sequentially to $677 million
Proceeds from warrant exercises of $158,702 thousand were a major source of financing cash flow in the quarter
Q2 fiscal 2024 outlook: revenue of $400 million to $420 million and adjusted EBITDA of $12 million to $15 million
Deferred revenue in current liabilities increased to $840,028 thousand from $787,227 thousand at September 30, 2023

03—Questions

Frequently Asked Questions

How did Symbotic perform financially in the first quarter of fiscal 2024?
Symbotic reported revenue of $369 million, a net loss of $13 million, and adjusted EBITDA of $14 million for the quarter ended December 30, 2023. Those results compare with revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million in the same quarter of fiscal 2023.
What is Symbotic's guidance for the second quarter of fiscal 2024?
The company expects revenue of $400 million to $420 million and adjusted EBITDA of $12 million to $15 million for the second quarter of fiscal 2024. It is not providing net loss guidance, because reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort.
How much liquidity does Symbotic have?
Cash, cash equivalents, restricted cash and marketable securities totaled $677 million at the end of the first quarter, an increase of $129 million from the prior quarter. Cash and cash equivalents alone were $485,952 thousand, up from $258,770 thousand at September 30, 2023.
What drove the improvement in profitability?
Gross profit rose to $70,107 thousand from $58,789 thousand in the prior quarter, and operating expenses fell to $89,156 thousand from $112,724 thousand. Stock-based compensation was $29,462 thousand, and joint venture formation fees were $1,089 thousand, both of which are excluded from adjusted EBITDA.
What was the operating cash flow and what funded the cash increase?
Net cash used in operating activities was $30,150 thousand in the quarter. Cash rose mainly because of $158,702 thousand in proceeds from the exercise of warrants and $150,000 thousand from the maturity of marketable securities, which together offset the operating outflow and investing purchases.

04—Continue

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