AI & Robotics
Symbotic Acquires Fox Robotics, Betting Autonomous Forklifts Will Open Doors to New Customers
Warehouse automation giant Symbotic is buying autonomous forklift maker Fox Robotics to diversify beyond its core system and reduce its heavy dependence on Walmart, which accounts for the vast majority of its revenue.
Key Takeaways
- Symbotic acquires Fox Robotics to sell autonomous forklifts to new customers
- Both companies share Walmart as a key client, which drives ~90% of Symbotic revenue
- Symbotic posted $630M Q1 revenue, up 29% year-over-year with $13M net income
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DT Editorial AI··via therobotreport.com