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Symbotic riding wave of logistics automation demand

Robotics warehouse automation developer Symbotic has reported strong financial growth in its first fiscal year as a public company, with 2022 revenue almost doubling while major retailer partnerships expand.

Releasing Q4 and full-year financials, Symbotic generated $1.18 billion throughout 2022 - a 98% increase over 2021. Quarterly revenue hit $392 million, up 60% annually, as four new system deployments began. The company also recorded its first quarter of positive adjusted EBITDA profitability.

Symbotic went public mid-2022 after merging with a Softbank investment firm's SPAC. Since then, implementation of its AI-directed robot fleet technology has accelerated across customer distribution centers. This includes giants Walmart, Target and Albertsons.

A new deal was recently signed with an upcoming Softbank joint venture that will establish robot-powered warehouses-as-a-service for $7.5 billion over six years. This underscores massive industry appetite for the productivity promises of smart automation.

According to CEO Rick Cohen, "Our financial performance is a testament to the hard work and dedication of our talented team. In 2024, we will continue investing in driving innovation, strengthening partnerships and scaling for growth."

Based on current trajectories, Symbotic aims to have over 50 systems operational or in progress by next year. The company credits its specialized end-of-arm tooling, proprietary software integration and total supply chain visibility focus as differentiators setting the stage to lead intelligent warehouse adoption.

Milestone profitability and strong revenue growth since going public validate Symbotic’s market momentum at this crucial stage of maturation for industrial AI. With logistics leaders embracing cobotic systems built to evolve, Symbotic is positioning itself as the operating system of choice for modern warehouses needing to handle boundless complexity.

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