How did Symbotic perform in its second fiscal quarter of 2024?

Revenue was $424 million, up from $267 million a year earlier. The net loss was $41 million, compared with $55 million in the prior-year quarter, and adjusted EBITDA was $22 million, compared with an adjusted EBITDA loss of $11 million.

Why did gross profit margin decline compared with the prior-year quarter?

The filing reports a gross profit margin of 10.4% for the quarter, compared with 16.1% in the same quarter of fiscal 2023. The quarter included $34.2 million of restructuring charges, and the filing reports an adjusted gross profit margin of 19.7%, which excludes depreciation, stock-based compensation and restructuring charges.

How much cash does Symbotic have, and what changed it?

Cash, cash equivalents and marketable securities totaled $951 million at the end of the quarter, up $276 million from the prior quarter. The filing shows $258.0 million of proceeds from issuance of Class A Common Stock and net cash provided by operating activities of $21.1 million for the quarter.

What is the company's outlook for the third quarter of fiscal 2024?

Symbotic expects third-quarter fiscal 2024 revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million. The company does not provide net loss guidance, citing the unavailability of reconciling information without unreasonable effort.

What operational progress did management report?

Management said the company started three system deployments and completed three operational systems during the quarter, and that it achieved faster revenue growth, higher margins and stronger cash generation than planned. The CEO also cited advances in software and hardware that are expected to accelerate deployment times and increase deployment capacity.

SYM 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 6, 2024. Cited figures are marked; the original filing is the authoritative source.

Symbotic Inc. (Nasdaq: SYM) reported results for its second fiscal quarter of 2024, ended March 30, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K.

Revenue was $424 million^a, up from $267 million in the same quarter of fiscal 2023. The net loss was $41 million, compared with $55 million a year earlier, and adjusted EBITDA was $22 million, compared with an adjusted EBITDA loss of $11 million. Management said the company started three system deployments and completed three operational systems during the quarter.

Gross profit margin was 10.4%, compared with 16.1% in the prior-year quarter, and the filing also reports an adjusted gross profit margin of 19.7%. The quarter included restructuring charges of $34.2 million^b. Cash, cash equivalents and marketable securities rose by $276 million from the prior quarter to $951 million.

The increase reflects $258.0 million^c of proceeds from the issuance of Class A Common Stock during the quarter, and net cash provided by operating activities of $21.1 million for the quarter. The company expects third-quarter fiscal 2024 revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million.

02—Key points

Key Highlights

Q2 fiscal 2024 revenue of $424 million, versus $267 million in Q2 fiscal 2023.
Net loss of $41 million, narrowed from $55 million a year earlier; net loss attributable to common stockholders was $6.6 million.
Adjusted EBITDA of $22 million, compared with an adjusted EBITDA loss of $11 million in the prior-year quarter.
Gross profit margin of 10.4% versus 16.1% a year earlier; adjusted gross profit margin of 19.7%.
Restructuring charges of $34.2 million recorded in the quarter.
Cash, cash equivalents and marketable securities of $951 million, up $276 million from the prior quarter, including $258.0 million from Class A Common Stock issuance.
Q3 fiscal 2024 outlook: revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million.

03—Questions

Frequently Asked Questions

How did Symbotic perform in its second fiscal quarter of 2024?
Revenue was $424 million, up from $267 million a year earlier. The net loss was $41 million, compared with $55 million in the prior-year quarter, and adjusted EBITDA was $22 million, compared with an adjusted EBITDA loss of $11 million.
Why did gross profit margin decline compared with the prior-year quarter?
The filing reports a gross profit margin of 10.4% for the quarter, compared with 16.1% in the same quarter of fiscal 2023. The quarter included $34.2 million of restructuring charges, and the filing reports an adjusted gross profit margin of 19.7%, which excludes depreciation, stock-based compensation and restructuring charges.
How much cash does Symbotic have, and what changed it?
Cash, cash equivalents and marketable securities totaled $951 million at the end of the quarter, up $276 million from the prior quarter. The filing shows $258.0 million of proceeds from issuance of Class A Common Stock and net cash provided by operating activities of $21.1 million for the quarter.
What is the company's outlook for the third quarter of fiscal 2024?
Symbotic expects third-quarter fiscal 2024 revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million. The company does not provide net loss guidance, citing the unavailability of reconciling information without unreasonable effort.
What operational progress did management report?
Management said the company started three system deployments and completed three operational systems during the quarter, and that it achieved faster revenue growth, higher margins and stronger cash generation than planned. The CEO also cited advances in software and hardware that are expected to accelerate deployment times and increase deployment capacity.

04—Continue

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