Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, has released its financial results for the third quarter of fiscal year 2023, which ended on June 24, 2023. The company reported revenue of $312 million during this quarter.
Despite the significant revenue generated, Symbotic experienced a net loss of $39 million and an adjusted EBITDA loss of $3 million for the same period. This outcome reflects the company’s strategic investments in its A.I.-powered robotic solutions to enhance supply chain operations.
Comparatively, in the third quarter of fiscal 2022, Symbotic’s revenue amounted to $176 million. During that period, the company reported a net loss of $33 million and an adjusted EBITDA loss of $22 million.
Additionally, Symbotic’s cash, cash equivalents, restricted cash, and marketable securities increased by $48 million during the third quarter of 2023. As a result, the company’s total cash reserves reached $513 million at the end of Q3. This surge in cash reserves emphasizes Symbotic’s financial stability and ability to fund future projects and growth initiatives.
Outlook for Q4 2023
Symbotic Inc. projects a favorable outlook for the fourth quarter of fiscal year 2023. The company expects revenue to range between $290 million and $310 million for this period. This forecast indicates continued growth and increasing demand for Symbotic’s advanced robotics technology in the supply chain industry. They also anticipate an adjusted EBITDA2 in the range of $0 million to $3 million for Q4 2023. This projection reflects the company’s efforts to optimize its operations and streamline its financial performance.