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Symbotic Inc. Reports Impressive Q1 Results: Triple-Digit Revenue Growth and Expanding Backlog

Symbotic Inc., a pioneering developer of AI-enabled robotics technology for the supply chain, recently announced its financial results for the first fiscal quarter that ended on December 24, 2022. The company's impressive performance included triple-digit revenue growth and an expanding base of outsourcing partners, demonstrating the increasing demand for its innovative robotic solutions.

In Q1 of fiscal year 2023, Symbotic reported revenue of $206.3 million, a significant increase from the $77.1 million reported in the same quarter of the previous fiscal year. Despite a net loss of $68.0 million and an adjusted EBITDA loss of $16.3 million, the company remains optimistic about its future growth prospects.

Rick Cohen, Symbotic's Chairman and Chief Executive Officer, expressed his enthusiasm for the company's performance, stating, "Symbotic achieved triple-digit revenue growth and added to our base of outsourcing partners during the first quarter. We are optimistic about our outlook and are poised for continued strong growth. Demand for our solutions continues to grow, and our backlog increased to $12.0 billion in the quarter."

Symbotic's Chief Financial Officer, Tom Ernst, highlighted the company's notable achievements in Q1, including a 168% annual revenue growth, improved gross margin, and a sequential decline in operating expenses (excluding stock-based compensation). The company initiated a record six system deployments during the quarter, further scaling its operations and delivering exceptional results for its customers.

Symbotic's cash, cash equivalents, and marketable securities increased by 94.1 million from the prior quarter to \447.5 million, providing the company with ample resources to execute its growth strategy.

Symbotic made its NASDAQ debut in June under the ticker symbol "SYM" after completing a business combination with SVF Investment Corp. 3, a special purpose acquisition company (SPAC) sponsored by an affiliate of Softbank Investment Advisors.

The company's innovative system features a fleet of fully autonomous robots, known as "Symbots," that receive, store, and retrieve products in distribution centers. Symbotic's software orchestrates the entire fleet, enabling it to handle a virtually limitless number of SKUs. Each robot is equipped with the company's proprietary end-of-arm tooling and vision systems, allowing them to output cases, totes, and packages at industry-leading speeds.

As Symbotic continues to revolutionize the supply chain with its AI-enabled robotics technology, more businesses are recognizing the value of hiring robot workers to streamline their operations and improve overall efficiency. With its impressive financial results and expanding backlog, Symbotic is well-positioned to capitalize on the growing demand for robot jobs in the supply chain industry.

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