Symbotic (SYM) Q4 2024 earnings summary

Executive summary

• Achieved a strong finish to fiscal 2024 with record system deployments and system starts in Q4, reflecting robust project execution and a return to high growth and historical gross margin levels.

• Q4 2024 revenue reached $577M, up from $392M in Q4 2023; net income was $28M versus a $45M net loss last year.

• Fiscal 2024 revenue grew 55% year-over-year to $1.82B; net loss narrowed to $51M from $208M in 2023.

• Expanded into Mexico with Walmex, executing on all five growth vectors: customer penetration, new verticals, new products, and new geographies.

• GreenBox initiative advanced with a second site in Georgia, focusing on multi-tenant solutions and customer pipeline development.

Financial highlights

• Q4 revenue reached $577 million, driven by progress across 44 systems in deployment; full-year revenue totaled $1.8 billion.

• Q4 gross profit was $109M, with an adjusted gross profit margin of 19.6%, up from 15.0% a year ago.

• Operating income for Q4 was $23M, compared to a $54M loss in Q4 2023.

• Backlog of committed contracted orders stood at $22.4 billion, stable sequentially; Walmex contract to add $400 million next quarter.

• Cash and equivalents ended at $727 million, down from $870 million in Q3 due to timing of cash receipts.

Outlook and guidance

• Q1 fiscal 2025 revenue expected between $495 million and $515 million, with adjusted EBITDA of $27–31 million.

• Guidance reflects continued strong year-over-year growth, stable gross margins, and increased OpEx for innovation and scaling.

• Expectation for high revenue growth rate and gross margin stabilization to continue into Q1 and throughout 2025.

• Anticipate additional system starts in 2025, though not at Q4's record pace; focus remains on quality deployments and schedule adherence.