Symbotic Inc. - SYM STOCK NEWS

Symbotic (Nasdaq: SYM) has announced a delay in filing its Form 10-K for fiscal year 2024 due to identified errors in revenue recognition. The company discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of FY2024. The total impact is estimated to reduce system revenue, gross profit, and adjusted EBITDA by $30 million to $40 million for FY2024. Additionally, Symbotic has revised its Q1 FY2025 outlook, now projecting revenue of $480-500 million and adjusted EBITDA of $12-16 million. The company has identified material weaknesses in internal controls and is implementing remediation measures.

Symbotic (Nasdaq: SYM) reported strong Q4 fiscal 2024 results with revenue of $577 million, net income of $28 million, and adjusted EBITDA of $55 million, compared to revenue of $392 million and a net loss of $45 million in Q4 2023. For full fiscal year 2024, revenue grew 55% to $1,822 million with a net loss of $51 million. Cash position ended at $727 million, down $143 million from previous quarter. The company announced a restatement of interim fiscal 2024 results due to timing differences in revenue recognition. For Q1 2025, Symbotic expects revenue between $495-515 million and adjusted EBITDA of $27-31 million.

Symbotic (Nasdaq: SYM), an A.I.-enabled robotics technology company focused on supply chain solutions, has scheduled its fourth quarter and fiscal year 2024 financial results announcement for Monday, November 18, 2024, after market close. The company will host a live webcast at 5:00 p.m. ET on the same day to discuss the results. The earnings release will be available on their investor relations website, and interested parties can register online to participate in the webcast.

Symbotic Inc. (Nasdaq: SYM), an A.I.-enabled robotics technology leader for supply chains, has announced commercial agreements with Walmart de México y Centroamérica (Walmex) to implement warehouse automation systems in two locations near Mexico City. The company will deploy its end-to-end systems at two greenfield distribution centers, with the first site breaking ground in the Bajio region of Mexico.

Symbotic has established a new business entity, Symbotic Mexico, S. de R.L. de C.V., to serve customers in Mexico and expand globally. The Bajio site will be one of the largest in Walmex's distribution network and marks Symbotic's largest single-phase project deployment. These agreements represent significant progress in Symbotic's international expansion plans and demonstrate the broad applicability of their systems in the global market.

Symbotic Inc. (Nasdaq: SYM), a leader in AI-enabled robotics for supply chains, has been ranked No. 58 on Fast Company's Best Workplaces for Innovators list. This recognition highlights Symbotic's commitment to fostering innovation across all levels of the organization. The company's next-generation robotics and intelligent software are revolutionizing warehouse operations for major retailers and wholesalers.

Key points:

• Symbotic has secured over 400 patents and maintains research partnerships with top global universities
• Employees work with cutting-edge technologies in autonomy, perception, machine learning, and vision
• The company was also named to Fast Company's 2024 World's Most Innovative Companies list
• Symbotic's innovative culture emphasizes creative thinking and challenging the status quo

This recognition underscores Symbotic's dedication to innovation in robotics and AI, positioning it as an exciting workplace for those interested in transforming supply chain operations.

The Schall Law Firm has announced a class action lawsuit against Symbotic Inc. (NASDAQ:SYM) for alleged violations of securities regulations. The lawsuit covers investors who purchased Symbotic securities between May 6, 2024, and July 29, 2024. The firm claims that Symbotic made false and misleading statements about its growth prospects and downplayed macroeconomic risks. The company's actual performance reportedly fell short of projections, leading to investor damages when the truth was revealed. Affected shareholders are encouraged to contact the Schall Law Firm before October 15, 2024, to discuss their rights and potential participation in the class action.

Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics for supply chains, has acquired Veo Robotics' assets for $8.7 million. The acquisition, completed on July 19, 2024, includes Veo's FreeMove® 3D depth-sensing computer vision system for industrial workcells and related intellectual property. By integrating FreeMove into its warehouse automation system, Symbotic aims to enhance productivity and safety in human-robot collaborative environments.

The FreeMove system uses patented sensors and software to monitor robot workcells, dynamically anticipating human and object positions to ensure worker safety without compromising efficiency. Notably, FreeMove is the only intelligent 3D robotic safeguarding solution certified to meet EU safety standards, including ISO 13849 certification for PLd, Category 3 from TUV Rheinland, which is important for Symbotic's future growth plans.

Symbotic Inc. (Nasdaq: SYM), an A.I.-enabled robotics technology leader for supply chains, reported its Q3 fiscal 2024 results. The company posted revenue of $492 million, a net loss of $14 million, and adjusted EBITDA of $15 million. This marks significant improvement from Q3 fiscal 2023, which saw revenue of $312 million, a net loss of $39 million, and an adjusted EBITDA loss of $3 million.

The company's cash position decreased by $81 million to $870 million. Symbotic started five system deployments and completed three operational systems during the quarter. For Q4 fiscal 2024, Symbotic projects revenue between $455-$475 million and adjusted EBITDA of $28-$32 million.

Despite record revenue, system gross margin fell below expectations due to extended construction schedules and implementation costs. The company is focusing on improving its planning, implementation speed, and project management to enhance performance.

Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, has announced the date for its third quarter fiscal 2024 financial results release. The company will disclose its financial performance after the market close on Monday, July 29, 2024. Following the release, Symbotic will host a live webcast at 5:00 p.m. ET to discuss the quarterly results.

Interested parties can access the webcast by registering at the provided link for a personal access code. The webcast will also be available for replay on Symbotic's Investor Relations website. For any questions regarding webcast access, investors are directed to contact Symbotic Investor Relations at ir@symbotic.com.