- Berkshire Grey Inc BGRY reported third-quarter revenue of $18.8 million, missing the consensus of $19.56 million. Revenue improved 750% year-over-year and 317% sequentially.
- Orders since inception totaled $184 million, including orders received in early October. The company had received $70 million in new orders in 2021 year-to-date.
- The company's backlog was $113 million, including orders received in early October, compared to $70 million as of December 31, 2020.
- EPS loss narrowed to $(0.22) from $(0.68) in 3Q20, missing the consensus of $(0.12).
- The gross loss expanded to $(2.75) million from $(0.11) million a year ago.
- The operating loss widened to $(46.95) million, compared to $(14.13) million a year ago.
- Adjusted EBITDA loss expanded to $(32.26) million, compared to $(12.8) million in 3Q20.
- Berkshire Grey's cash used in operating activities year-to-date totaled $81.37 million, compared to $47.91 million a year ago. The company ended the quarter with $203 million of cash and no debt.
- FY21 Outlook: Berkshire Grey expects revenue to be ~$50 million, below the consensus of $51.78 million.
- Berkshire Grey also announced that it had recently received new orders of $36 million, representing $25 million in repeat orders from a blue-chip anchor customer and $11 million from new customers.
- Bradenton, Florida-based Bealls, Inc., a family-owned corporation that operates more than 525 retail stores nationwide, is one of the new customers.
- Price Action: BGRY shares are trading higher by 4.11% at $6.08 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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