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Symbotic Inc.
CEO : Mr. Richard B. Cohen

Quarterly earnings growth(YoY,%)

Period	Revenue	Operating Income	EPS	Release Date
2024 Q4	47.2% YoY	-142.8%	-147.9%	2024-11-18

Carol Hibbard says,

Financial Restatements and Reporting

• Symbotic identified occurrences where expenses were recorded before milestone achievements in fiscal 2024, leading to restatements of quarterly financial statements.
• The restatements do not impact full-year results, as appropriate expenses were recorded in the fourth quarter.
• Amended Form 10-Qs for fiscal year 2024 will be filed, with the 10-K filing scheduled for next week.
• A supplemental presentation detailing the restatements is available on the Investor Relations website.

Fourth Quarter and Full Year Financial Performance

• Fourth quarter revenue grew by $577 million, contributing to a full-year revenue of $1.8 billion.
• The company recorded its first quarter of net income as a public company in the fourth quarter.
• Symbotic began nine new system deployments and completed four systems, bringing the total to 25 operational systems.
• Backlog of committed contracted orders stood at $22.4 billion, consistent with the previous quarter.

Margins and Profitability

• System margins rebounded to historical levels, with a 50% increase in gross margin on software maintenance and support.
• Operation services experienced a slight negative gross margin due to resource additions at certain sites, but improvements are expected as the fiscal year progresses.
• The company ended the year with $727 million in cash and equivalents, down from $870 million in the third quarter due to timing of cash receipts.

Guidance for Fiscal Year 2025

• First quarter of fiscal 2025 revenue is expected to be between $495 million and $515 million.
• Adjusted EBITDA is projected to be between $27 million and $31 million for the first quarter of fiscal 2025.
• The company anticipates strong year-over-year growth, stable gross margins, and increased OpEx due to investments.
• Expectations for strong EBITDA margin expansion as the company scales.

Rick Cohen says,

Q4 2024 Performance Highlights

• The company delivered a strong finish to the year with a record number of system deployments in Q4.
• Revenue grew by 55% year-over-year, achieving more than double the number of operational sites and software revenue.
• Maintained historical gross margin levels, with expectations to stabilize in the first quarter of the next fiscal year.
• This rapid growth reflects the company’s successful project execution and ability to convert its backlog into operational success.

Strategic Customer Expansion

• Announced a new partnership with Walmex, marking expansion into the Mexican market.
• Successfully executing on all five growth vectors: customer penetration, expansion, new verticals, products, and geographies.
• The collaboration with Walmex demonstrates significant ROI potential in new geographies, expanding the company’s addressable market.
• This geographic expansion reiterates the value proposition of the company’s solutions, particularly in palletizing and labor savings.

Progress in GreenBox Solutions

• Continued progress in building out the GreenBox team, customer pipeline, and site network.
• Deployment of a second GreenBox installation initiated in Georgia.
• Introduced vision capabilities for enhanced productivity through tele-operations, successfully demonstrated at multiple sites.
• These innovations are seen as key differentiators in the market.

Investment and Innovation

• Made targeted investments in personnel and products to support growth in new products and geographies.
• Focus on scaling for growth and investing in the innovation engine for the upcoming year.
• Commitment to delivering high-quality systems while expanding profitability remains a priority.

Outlook for 2025

• Key objectives include further scaling operations, enhancing profitability, and improving deployment processes.
• Anticipates another year of strong top-line growth and a significant rise in completed sites.
• Ensuring that innovation continues to drive growth is central to the company’s strategy for 2025.

Q & A sessions,

Technological Advancements in Robotics

• Integration of vision technology has significantly enhanced the reliability of SYM’s robotic systems.
• Robots are now equipped to identify and communicate issues directly with operators, improving operational efficiency.
• Machine learning advancements enable remote operation of robots, supporting global scalability.
• The improvement in system reliability has increased customer confidence in SYM’s ability to scale and handle larger projects.

Project Deployment and New Starts

• The jump from 39 to 44 in deployments this quarter marks the largest increase SYM has experienced.
• This surge is attributed to the initiation of nine new projects, a record number for the company.
• Quarterly project completions have increased, with four projects completed this quarter, setting a new high.
• Future expectations indicate a consistent completion rate of around four projects per quarter.

Customer Collaboration and Schedule Adherence

• The number of new project starts depends on a collaboration between SYM and its customers.
• This quarter’s nine project starts are considered unusual, emphasizing the need for mutual readiness.
• SYM anticipates additional project starts in 2025 but not maintaining the high of nine per quarter.
• Maintaining the schedule remains a critical focus, promising consistency in project executions.

Research and Development Progress

• Ongoing discussions with customers regarding non-EMV work, though no new developments have been announced.
• SYM continues to focus on expanding its R&D backlog to support future growth and innovation.

Implications for Future Financial Performance

Metric	Value	Impact
Deployments Increase	39 to 44	Highest increase, indicating growth potential
New Projects Started	9 (Record High)	Boost in market confidence and operational capability
Project Completions	4	Consistent growth in quarterly completions