Symbotic Inc (NASDAQ:SYM), a leader in A.I.-enabled robotics technology for the supply chain, stock rallies 28.76% (As on November 19, 11:21:12 AM UTC-4, Source: Google Finance) after the company reported fourth-quarter fiscal 2024 results that exceeded analyst expectations. Symbotic also reported net income of $28 million, compared to a net loss of $45 million in the same quarter last year. Adjusted EBITDA came in at $55 million, significantly higher than the $13 million reported in Q4 2023.

For the full fiscal year 2024, Symbotic’s revenue grew 55% YoY to $1,822 million. The company reported a net loss of $51 million for the year, with adjusted EBITDA of $96 million.

SYM in the fourth quarter of FY 24 has reported the adjusted earnings per share of 5 cents, beating the analysts’ estimates for the adjusted earnings per share of 3 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 47 percent to $576.77 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue by 22.30%.

The company expects fiscal Q1 revenue to be in the range of $495 million to $515 million and adjusted EBITDA of $27 million to $31 million. The company also announced a restatement of its interim fiscal 2024 financial results due to accounting adjustments related to the timing of revenue and cost recognition. Symbotic plans to file amendments to its Form 10-Qs for fiscal year 2024 and expects to timely file its Form 10-K next week.

Meanwhile, the company has entered into commercial agreements with Walmart de México y Centroamérica (MBV/BIVA: Walmex), to implement Symbotic’s industry-leading warehouse automation systems in two of the retailer’s locations near Mexico City. Under the agreements, Symbotic will deploy its end-to-end systems at two greenfield distribution centers, with the first site currently breaking ground in the Bajio region of Mexico. The Bajio site will be one of the largest in Walmex’s distribution network in Mexico and marks the largest system Symbotic has deployed as a single-phase project. Symbotic established a new business entity, Symbotic Mexico, S. de R.L. de C.V., to serve customers in Mexico and tap into the growing global demand for warehouse automation. The new entity and first customer agreements in the region represent meaningful progress for Symbotic’s strategic international expansion plans. Symbotic’s robotic case picking systems play a strategic role in supporting the retailer’s goal of modernizing its vast supply chain network.