Key Takeaways
- Symbotic shares jumped over 40% Tuesday after the Walmart-backed supply chain tech company reported record revenue as it improved margins and deployed new systems.
- The AI-powered robotics company said its revenue rose 98% in fiscal year 2023 from 2022.
- Walmart is both a major customer and investor in the company with a more than 62% stake.
Shares of Walmart (WMT) and Softbank-backed maker of warehouse automation systems Symbotic (SYM) jumped more than 40% Tuesday after reporting record revenue as the company improved margins and deployed new systems.
Symbotic, which creates robotic tech platforms powered by artificial intelligence (AI) to provide end-to-end supply chain solutions, reported fiscal fourth quarter revenue of $392 million, up from $244 million a year ago, and a net loss of $45 million compared to a loss of $53 million in 2022. Its loss of 8 cents per share narrowed from a loss of 10 cents per share the year before. Symbotic’s full-year revenue of $1.77 billion was up 98% from 2022.
âWe are pleased to report another quarter of strong revenue growth and margins, as we initiated four new system deployments and completed commissioning of two systems. We also accelerated the pace of system deployments,â said Symbotic CFO Tom Ernst in a release.
Symbotic’s tech is in warehouses across the country, with customers including major retailers like Walmart and Target (TGT). Walmart Executive Vice President of Supply Chain Operations Joe Metzger called the Symbotic system “first-of-its-kind tech,” that uses a complex algorithm “to store cases like puzzle pieces using high-speed mobile botsâoperating with a precision that speeds the intake process and increases the accuracy of freight being stored for future orders.”
Walmart is not only a Symbotic customer, but also holds an over 62% stake in the company, according to U.S. Securities and Exchange Commission (SEC) filings. SoftBank holds a large number of the company’s shares as well, disclosing a more than 33% stake in Symbotic.
With Tuesday’s gains, shares of Symbotic have more than quadrupled in value year-to-date.
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