Symbotic Inc. - SYM STOCK NEWS

Symbotic (Nasdaq: SYM) has agreed to acquire Walmart's Advanced Systems and Robotics business, expanding their existing partnership. The deal includes Walmart selecting Symbotic to develop and deploy automated solutions for its Accelerated Pickup and Delivery centers (APDs). The transaction involves $200 million in cash at closing, with up to $350 million in contingent payments.

Walmart has committed to implementing systems for 400 APDs over multiple years, with options for additional deployments. The deal could increase Symbotic's future backlog by over $5 billion and expands its addressable market by more than $300 billion in the US alone. Walmart will pay Symbotic $520 million for the development program, including $230 million at closing.

This strategic move builds on Symbotic's ongoing role in automating Walmart's supply chain since 2017, including deployment across all 42 of Walmart's regional distribution centers. The acquisition is expected to close in Symbotic's fiscal second quarter of 2025.

Symbotic Inc. (Nasdaq: SYM), an A.I.-enabled robotics technology leader for the supply chain, has appointed Dr. James Kuffner as Chief Technology Officer (CTO), effective January 1, 2025. Kuffner replaces George Dramalis, who is retiring. With over 30 years of robotics leadership experience, Kuffner brings significant expertise from his roles at Toyota, Google, and Carnegie Mellon University's Robotics Institute.

Kuffner, who has authored 125 publications and holds 40 patents in 3D graphics, robotics, and autonomous vehicles, is notably the co-inventor of the Rapidly Exploring Random Tree (RRT) algorithm for robot motion planning. He joins Symbotic from Toyota Motor , where he most recently served as Senior Fellow of the Software Development Center and previously held positions as Chief Digital Officer and Board Member.

Symbotic Inc. (Nasdaq: SYM) has completed the acquisition of OhmniLabs, a Silicon Valley-based robotics solutions company specializing in healthcare automation. The strategic acquisition combines Symbotic's expertise in large-scale automation with OhmniLabs' mobile robots, vision, and A.I. solutions.

Founded in 2015, OhmniLabs is known for its autonomous disinfection and telepresence robots, featuring an in-house development and manufacturing model. The acquisition aims to expand Symbotic's capabilities beyond warehouse automation while strengthening its position in healthcare industry innovation.

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.