Symbotic Inc. Reports 35% Revenue Growth to $486.7 Million, Net Loss Improves

Symbotic Inc. reported significant financial performance for the three months ending December 28, 2024, with total revenue reaching $486.7 million, a 35% increase from $359.9 million in the same period last year. The revenue growth was primarily driven by a 33% rise in systems revenue, which amounted to $464.1 million, attributed to an increase in the number of systems in deployment, particularly in connection with the Master Automation Agreement with Walmart. The company also saw substantial growth in software maintenance and support revenue, which surged by 155% to $5.5 million, and operation services revenue, which increased by 70% to $17.1 million.

Despite the revenue growth, Symbotic reported a net loss of $18.5 million, slightly improved from a loss of $19.1 million in the prior year. The operating loss was $24.6 million, a marginal improvement from the $25.1 million loss reported in the same quarter last year. The company’s gross profit increased to $80.0 million, up from $64.1 million, reflecting a gross margin of 16.4%, down from 17.8% in the previous year. The increase in operating expenses, particularly in selling, general, and administrative costs, which rose by 30% to $61.1 million, contributed to the overall loss.

In terms of strategic developments, Symbotic completed the acquisition of Walmart’s Advanced Systems and Robotics business on January 27, 2025, for an initial cash payment of $200 million, with additional deferred payments contingent on performance metrics. This acquisition is expected to enhance Symbotic's capabilities in warehouse automation and expand its customer base. The company also reported a significant increase in its cash and cash equivalents, which rose to $903.0 million from $727.3 million at the end of the previous quarter, providing a strong liquidity position to support ongoing operations and strategic initiatives.

Operationally, Symbotic's customer base continues to grow, with 44 systems in deployment as of the end of December 2024, compared to 37 systems in the same period last year. The company reported an increase in operational systems under maintenance contracts, which rose to 29 from 15 year-over-year. The company’s total assets increased to $1.72 billion, up from $1.58 billion, while total liabilities also rose to $1.32 billion from $1.19 billion, reflecting the ongoing investments in growth and expansion.

Looking ahead, Symbotic anticipates continued revenue growth driven by the ongoing deployment of systems under the Walmart agreement and the expansion of its service offerings. The company expects to recognize approximately 11% of its remaining performance obligations as revenue in the next 12 months, with a substantial majority related to the Walmart contract. However, the company also acknowledges the risks associated with its dependency on major customers and the competitive landscape in the warehouse automation industry.