Symbotic Reports Second-Quarter Financial Results
Symbotic Inc. (SYM) released its second-quarter financial results after the market closed on Monday. The company reported a loss of 7 cents per share, missing analyst expectations of a 5-cent loss by 40%. However, revenue came in at $424.3 million, exceeding analyst estimates of $412.9 million by 2.76%. This represents a significant 59% increase compared to the $266.85 million in sales reported during the same period last year.
Symbotic's cash position also saw a substantial increase. Cash, cash equivalents, and marketable securities on hand rose by $276 million from the previous quarter, reaching $951 million at the end of the second quarter.
"This past quarter we executed well for our customers, made significant progress on our innovation roadmap and delivered solid financial results," said Rick Cohen, CEO of Symbotic. "We made significant advances in both software and hardware this quarter that will benefit customers, accelerate deployment times and increase our deployment capacity."
Looking ahead, Symbotic projects third-quarter revenue to fall between $450 million and $470 million, with adjusted EBITDA expected to range from $27 million to $29 million.
Following the earnings release, Symbotic shares experienced a surge in after-hours trading, climbing 10.04% to $46.15 per share at the time of publication.