As a leading automation technology company, Symbotic net worth reflects its impressive market performance and financial strength.
In 2024, Symbotic continues to innovate through strategic partnerships like GreenBox and grow in the retail and warehousing sectors.
Let’s explore its financial performance and revenue drivers in detail with Ando Money as your guide.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Symbotic Inc. |
| Full Name | Symbotic Inc. |
| Website | www.symbotic.com |
| Industry | Automation, Robotics |
| Traded as | Nasdaq: SYM |
| ISIN | N/A |
| Founded | 2007 |
| Founders | Rick Cohen |
| Country/Territory | United States |
| Headquarters | Wilmington, Massachusetts |
| Chief Executive Officer | Rick Cohen |
| Number of Employees | 1,300 (September 30, 2023) |
| Market Cap | $16.88 billion (October 2024) |
| Total Assets | $1.558 billion |
| Total Equity | $379 million |
| Revenue | $1.285 billion |
| Net Income | -$14 million (Q3 2024) |
What is the Net Worth/Market Cap Of Symbotic in 2024?
As of October 2024, Symbotic’s market cap stands at $16.88 billion, positioning it among the top global players in automation and robotics.
This puts Symbotic in comparison with some of the largest and most innovative companies in the industry.
Symbotic’s partnerships and growth strategies continue to fuel its market value, making it a contender alongside other industry leaders.
You can explore wealthy companies and see how Symbotic measures up in today’s competitive landscape. Here are some close and related companies to Symbotic:
- GreenBox joint venture
- Amazon
- Walmart
- Zebra Technologies
- Berkshire Grey
- Boston Dynamics
- Ocado Group
- Fetch Robotics
- Locus Robotics
- Honeywell
Symbotic Financial Performance Overview
Core Revenue Streams and Business Model
Symbotic’s revenue is primarily driven by its advanced AI-powered robotics technology, which redefines how supply chains operate.
The company focuses on systems and software maintenance and support, which accounted for $491.9 million in Q3 of 2024 alone.
Symbotic’s ability to deliver efficient automation solutions, such as their SymBot and minibots for warehouse logistics, has helped them capture a significant share of the retail and warehousing markets.
Their total revenue for the first nine months of 2024 reached $1.285 billion, reflecting continuous growth fueled by its innovative approach to supply chain optimization.
Impact of Strategic Partnerships on Revenue
One of Symbotic’s key strategies to increase revenue has been its collaboration with partners like the GreenBox joint venture.
By leveraging joint ventures, Symbotic integrates cutting-edge robotics with partners’ infrastructure, enabling large-scale deployments and improving system efficiency.
These collaborations have opened new markets and created additional revenue streams, particularly in the retail sector, where Symbotic has secured major contracts.
The joint venture contributes directly to expanding their business footprint and enhancing revenue potential.
System Deployments and Revenue Growth
In Q3 2024, Symbotic reported 39 system deployments, with five new systems initiated and three completed.
These deployments are primarily in large retail distribution centers, driving revenue growth as more systems come online.
Their capacity to deliver systems and operational services has resulted in revenue from system operations reaching $472.1 million for the quarter.
Although the company faced delays in construction and implementation costs, they remain optimistic about improving project timelines in the coming quarters, which will support long-term revenue growth.
Operating Costs and Profit Margins
While Symbotic’s revenue figures are impressive, their operating costs remain a significant factor in financial performance. In Q3 2024, cost of revenue reached $424.5 million, primarily driven by system implementation costs.
Additionally, research and development expenditures, which were $44.7 million for the quarter, underscore the company’s commitment to innovation.
However, Symbotic’s operating expenses, including general and administrative costs, put pressure on profit margins.
Their gross profit for Q3 stood at $67.4 million, but the company is actively working to streamline operations and improve efficiency to enhance profitability in future quarters.
Financial Adjustments and Non-GAAP Metrics
Symbotic’s adjusted EBITDA in Q3 2024 was $15.2 million, an improvement compared to previous periods.
Adjusted metrics help to exclude volatile factors like stock-based compensation and restructuring charges, giving a clearer view of the company’s operational performance.
Symbotic also reported significant restructuring charges in the same quarter, amounting to $34.2 million, which impacted their bottom line.
These financial adjustments are essential to understanding the company’s profitability trajectory as it continues to evolve in a highly competitive industry.
Future Revenue Projections and Outlook
Looking ahead to Q4 2024, Symbotic expects revenue between $455 million and $475 million, with adjusted EBITDA projected between $28 million and $32 million.
The company is optimistic about future growth, particularly as system deployments accelerate, and they continue to expand their partnerships in the retail and logistics industries.
With a strong focus on improving system implementation and reducing operational costs, the company is well-positioned to meet its long-term financial goals and expand its market share in the years to come.
FAQs About Symbotic
What is Symbotic’s business focus?
It focuses on reimagining supply chains through advanced AI-powered robotics and automation systems. Their technology is designed to optimize distribution centers and enhance warehouse efficiency.
Who is Symbotic’s CEO?
Rick Cohen is the Chairman and CEO of Symbotic. He also founded the company and continues to lead its strategic vision and growth.
How does Symbotic generate revenue?
It generates revenue primarily from selling its AI-powered systems and providing operational services to the retail and warehousing industries. In Q3 2024, system-related revenue was $472.1 million.
What are Symbotic’s key financial metrics?
The company reported $1.285 billion in revenue for the first nine months of 2024. The company also has total assets of $1.558 billion and equity of $379 million.
What strategic partnerships does Symbotic have?
It is partnered with the GreenBox joint venture, which enables it to expand its technological capabilities and system deployment in new markets.
Conclusion
Symbotic’s financial journey showcases its impressive growth in the robotics and automation industry. Interested in learning more?
Visit Ando Money and explore more about top companies in the financial sector. We encourage you to share your thoughts and insights!
