NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP: To: All persons or entities who purchased or otherwise acquired securities of Symbotic Inc. ("Symbotic" or the "Company") (NASDAQ: SYM) between May 06, 2024 - Jul 29, 2024, both dates inclusive. You are hereby notified that the class action lawsuit Virginia L. Fox v. Symbotic Inc., et al. (Case No. 1:24-cv-12090) has been commenced in the United States District Court for the District of Massachusett ...

WILMINGTON, Mass., Aug. 09, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced it has acquired substantially all of the assets of Veo Robotics, an innovator in intelligent safeguarding for industrial robots. Assets purchased under this agreement include the FreeMove® 3D depth-sensing computer vision system for industrial workcells and all related intellectual property. By integrating FreeMove into its robotic warehouse automatio ...

Core Viewpoint - Symbotic Inc (SYM) is considered a high-risk investment, but its recent stock decline has made its valuation more reasonable, prompting an upgrade to a buy for speculative investors [1][27]. Company Overview - Symbotic was founded in 2016 to enhance operational efficiencies in modern warehouses and reduce costs [3]. - The company held its 2024 Investor Day on May 9, 2024, where CEO Rick Cohen discussed the company's growth and future plans [2][3]. Financial Performance - Symbotic's sales grew from $252 million at the end of fiscal 2021 to $1.18 billion at the end of fiscal 2023, with expectations of reaching $1.75 billion by the end of fiscal 2024 [6]. - The company reported a revenue growth of 58% year-over-year in the third quarter of FY 2024, but projected a slowdown to 18.6% growth in the fourth quarter [7][12]. - The gross margin fell to 13.70%, a decline of 325 basis points from the previous year, primarily due to increased system costs and elongated construction schedules [10][11]. Operational Challenges - The company faced execution issues and construction delays that impacted the deployment of its warehouse automation systems [7][10]. - CFO Carol Hibbard indicated that the company had stabilized the pace of system deployment starts, with a reacceleration expected in the third quarter [7][12]. Market Position and Valuation - Symbotic has a backlog of $22.8 billion, indicating strong demand for its solutions [7]. - The company's price-to-sales (P/S) ratio is currently 1.303, significantly below its three-year median of 1.923, suggesting potential undervaluation [18]. - Analysts forecast significant EPS growth for fiscal years 2025 and 2026, indicating that the market may undervalue the stock's growth potential [19]. Future Outlook - CEO Cohen expressed optimism about the company's growth trajectory, stating that the current year would be the slowest for the next 50 years [6]. - The company plans to add one to two customers annually and expects to deploy more systems, which could significantly increase its operational footprint [5][6].

Symbotic helps automate facilities to make them use resources more efficiently. Fool.com contributor Parkev Tatevosian discusses whether the drop in Symbotic's (SYM -6.83%) stock price is an excellent buying opportunity for long-term investors. *Stock prices used were the afternoon prices of July 30, 2024. The video was published on Aug. 1, 2024. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to Commission file number 001-40175 SYMBOTIC INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Shares of Symbotic (SYM -23.52%), which makes artificial intelligence (AI)-enabled robotics technology for supply chains, plunged 23.5% on Tuesday, following the company's release on the prior afternoon of its report for the third quarter of fiscal 2024 (ended June 29). Another contributing factor was likely fiscal Q3's earnings missing the analyst-consensus estimate. On the positive side, the quarter's revenue sped by Wall Street's expectation. | --- | --- | --- | --- | |-------------------------------|--- ...

Shares of Symbotic (NASDAQ:SYM) are taking a tumble after the artificial intelligence (AI) robotics company reported its earnings. As of this writing, SYM stock is down about 25%. "Looking ahead, improving our deployment process may temporarily slow our revenue growth," said CFO Carol Hibbard. "However, we expect system costs to decline and gross margin to return to historical levels during our fourth fiscal quarter." These numbers were solid, although a stock's price is based on discounted future cash flow ...

Financial Data and Key Metrics Changes - Revenue for Q3 2024 reached $492 million, representing a 58% increase compared to the same quarter last year [12] - The backlog of committed contracted orders remained consistent at $22.8 billion, offsetting revenue recognized during the quarter [13] - Cash from operating activities generated was $50 million, while cash and equivalents declined to $870 million due to investments in GreenBox [21][22] Business Line Data and Key Metrics Changes - The company started five new system deployments and completed three systems, bringing the total to 21 fully operational systems [12] - System gross margin fell below expectations due to elongated construction schedules and higher labor costs [13][18] Market Data and Key Metrics Changes - The company is focusing on improving planning, speed of implementation, and project management to enhance business performance [13] - The company is experiencing strong demand for its systems, as indicated by the consistent backlog [15] Company Strategy and Development Direction - The company plans to reabsorb a portion of construction management processes to reduce costs and improve focus on implementation [10] - The company is investing in a new minibot and has begun deployment of the first Symbiotic system for GreenBox, indicating a focus on innovation and expansion [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the current challenges are temporary and are focused on returning to higher system gross margins and faster growth [11][22] - The company expects revenue for Q4 2024 to be between $455 million and $475 million, with adjusted EBITDA between $28 million and $32 million [22] Other Important Information - The company is enhancing its supply chain team and has hired talent to improve project management and execution [27] - Management emphasized the importance of maintaining customer satisfaction while managing costs effectively [27] Q&A Session Summary Question: What happened with system gross margin and why will it rebound in Q4? - Management explained that delays in construction and higher costs impacted margins, but they expect improvements as they bring some functions in-house [18][30] Question: How do you interpret the commentary on accelerating deployments and revenue growth? - Management clarified that while they expect to ramp up system starts, Q4 will be the lowest year-over-year revenue growth due to previous low system starts [32][34] Question: What is the visibility into future deployments and potential delays? - Management indicated that they have good visibility once permits are issued, but construction delays could impact future phases [145][150] Question: How is the company managing costs and what is the outlook for margins? - Management stated that they are focused on prudent expense management and expect to return to historical gross margins in Q4 [111][117] Question: What is the interest level for GreenBox and the types of firms involved? - Management noted that they are receiving interest from medium and large regional firms, indicating a growing pipeline for GreenBox [151]

Symbotic Inc. (SYM) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of $0.02. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items. SYMBOTIC INC, which belongs to the Zacks Technology Services industry, posted revenues of $491.86 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 6.29%. This compares to year-ago revenues of $311.84 million. The company has topped consensus revenue estima ...

"Symbotic continues to innovate. During the quarter, we extended the future capabilities of SymBot by incorporating an enhanced sensor array and we advanced development of our new minibot for BreakPack," said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. "Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implemen ...