Symbotic

$SYM
FILES TO DELAY 10-K DUE TO REVENUE RECOGNITION ERRORS

Symbotic has delayed its FY2024 10-K filing, citing the need to address errors in revenue recognition related to cost overruns on deployments that won’t be billable. These issues impact system revenue, gross margin, and net income across Q2-Q4 of FY2024, with previously reported results deemed unreliable.

Revised estimates for FY2024 include revenue growth of $605M-$615M (vs. $645M initially reported) and a narrowed net loss of $117M-$127M (reflecting a $30M-$40M adjustment). Symbotic expects to file the corrected 10-K within the 15-day extension period.

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$SEDG (+11,9%) TO CUT 500 JOBS, EXIT ENERGY STORAGE BUSINESS

SolarEdge is cutting 500 jobs, about 12% of its workforce, as it shuts down its energy storage division to focus on its core solar operations. Most layoffs will affect manufacturing roles in South Korea, with nearly all set to occur in the first half of 2025.

The pivot will result in $81M-$99M in charges from asset impairments, inventory write-offs, and severance. SolarEdge plans to partially offset these costs by selling off the energy storage unit's assets.

Symbotic Inc. Q4 FY24 #EarningsReport Summary | $SYM

In Q4 FY24, Symbotic demonstrated significant revenue growth, profitability recovery, and gross margin improvements, underscoring the effectiveness of its innovative strategies amidst a dynamic supply chain landscape.

📊 Income Statement Highlights (vs Q4 FY23):

▫️ Net Income: $28.07M (vs. $(45.42M))

▫️ Revenue: $576.77M (vs. $391.89M, +47.22%)

▫️ Adjusted EBITDA: $54.58M (vs. $13.32M, +309.83%)

▫️ Gross Profit: $108.62M (vs. $58.79M, +84.74%)

▫️ Gross Margin: 18.8% (vs. 15.0%)

📊 FY24 Annual Highlights (vs FY23):

▫️ Revenue: $1.82B (+55% YoY)

▫️ Net Loss: $(50.61M) (vs. $(92.97M))

▫️ Adjusted EBITDA: $95.75M (vs. $34.54M)

💼 Balance Sheet Highlights (vs FY23):

▫️ Cash & Equivalents: $727.31M (vs. $258.77M)

▫️ Total Assets: $1.61B (vs. $1.05B)

▫️ Total Liabilities: $1.19B (vs. $1.05B)

▫️ Total Equity: $424.19M (vs. $(2.72M))

🔮 Future Outlook:

Symbotic anticipates Q1 FY25 revenue of $495M-$515M with stable gross margins. It will continue investing in innovative solutions to address expanding opportunities while focusing on long-term growth for stakeholders.

I’m making small investments in the following this week. Some of these are risky considering the current market volatility, but hey, that’s also a good time to make more money.

$PLTR (+6,35%)

$RDFN (+4,08%)

$BRZE (+0,02%)

$SYM

Are most folks being cautious and just observing or is anyone looking into adding new companies to their portfolio?

Symbiotic Earnings $SYM