Symbotic reports strong revenue growth and restates financials for fiscal year 2024

From GlobeNewswire: 2024-11-18 16:00:00

Symbotic Inc. (Nasdaq: SYM) reported fourth quarter fiscal 2024 revenue of $577 million, with net income of $28 million and adjusted EBITDA of $55 million. Full fiscal year 2024 revenue was $1,822 million, with 55% growth year over year. Symbotic expects revenue of $495 million to $515 million and adjusted EBITDA of $27 million to $31 million for the first quarter of fiscal 2025.

The financial statements for fiscal year 2024 were restated due to goods and services being expensed before corresponding milestones were achieved. Revenue and cost of revenue were restated to reflect milestone achievement. Symbotic will file amendments to Form 10-Qs for fiscal year 2024. Restated amounts for each quarter are provided.

Adjusted EBITDA for the third quarter of 2024 was $54,583, adjusted gross profit was $113,312, and adjusted gross profit margin was 19.6%. Free cash flow for the quarter was ($120,747). These non-GAAP financial measures help in evaluating Symbotic’s performance and business trends. The restated financial statements and non-GAAP measures provide a clearer picture of the company’s financials.



Read more at GlobeNewswire:: Symbotic Reports Fourth Quarter and Fiscal Year 2024