Why Is Symbotic Stock Shooting Higher Today

Symbotic Inc. SYM shares are trading higher after the company reported better-than-expected Q3 topline results. 

The company reported Q3 revenues of $311.83 million, beating the consensus of $261.02 million. Sales rose 77.6% Y/Y.

EPS of ($0.07) loss missed the Street view of ($0.06) loss.

"We are pleased to report another quarter of strong revenue growth and record operating margin, as we initiated six new system deployments and completed commissioning of one system," said CFO Tom Ernst.

Adjusted gross profit jumped 80.9% to $57.21 million. Adjusted gross margin expanded by 30 basis points to 18.3% in Q3.

Net loss narrowed to $(39.08) million, compared with $(32.88) million net loss a year ago.

The company got a new systems sales contract with GreenBox, which increased the contracted backlog to approximately $23 billion.

"Our GreenBox joint venture advances our strategic vision by adding over $500 billion to Symbotic's annual total addressable market," said Symbotic Chairman and CEO Rick Cohen. 

The company held cash and equivalents of $513 million at the end of the third quarter.

Outlook

Symbotic expects Q4 revenue of $290 million-$310 million versus the consensus of $299.68 million. The company anticipates an adjusted EBITDA of $0 million-$3 million.

Price Action: SYM shares are trading higher by 9.66% to $46.26 on the last check Monday.