Symbotic Inc 10-Q for FY2024 Q2

Symbotic Inc. (SYM)

10-Q 2024-05-07 For: 2024-03-30

Added on April 11, 2026

About this 10-Q

Symbotic Inc filed this 10-Q on May 7, 2024, covering the quarter ended March 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended March 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $424.3M; up 59.0% from $266.85M a year earlier
Net loss: $6.58M; compared with a net loss of $6.12M a year earlier
Diluted EPS: -$0.07; compared with -$0.10 a year earlier

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	TABLE OF CONTENTS
		Page
	Part I - Financial Information
Item 1.	Financial Statements	1
	Unaudited Condensed Consolidated Financial Statements	1
	Unaudited Condensed Consolidated Balance Sheets as of March 30, 202 4 and September 30, 2023	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 30, 2024 and March 25, 2023	3
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended March 30, 2024 and March 25, 2023	4
	Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Six Months Ended March 30, 2024 and March 25, 2023	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended March 30, 2024 and March 25, 2023	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
	Part II - Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signatures	38


	March 30, 2024		September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	901,382	$	258,770
Marketable securities	49,978		286,736
Accounts receivable	127,677		69,206
Unbilled accounts receivable	173,995		121,149
Inventories	119,772		136,121
Deferred expenses	1,170		34,577
Prepaid expenses and other current assets	109,937		85,236
Total current assets	1,483,911		991,795
Property and equipment, net	75,038		34,507
Intangible assets, net	—		217
Other long-term assets	29,068		24,191
Total assets	$	1,588,017	$	1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	149,829	$	109,918
Accrued expenses and other current liabilities	120,781		99,992
Sales tax payable	8,216		28,322
Deferred revenue	812,227		787,227
Total current liabilities	1,091,053		1,025,459
Deferred revenue	44,695		—
Other long-term liabilities	38,643		27,967
Total liabilities	1,174,391		1,053,426

Commitments and contingencies (Note 12)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 101,195,288 and 82,112,881 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	12		8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 78,432,388 and 66,931,097 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	8		7


Class V-3 Common Stock, 450,000,000 shares authorized, 404,334,196 and 407,528,941 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	40		41
Additional paid-in capital - warrants	—		58,126
Additional paid-in capital	1,738,317		1,254,022
Accumulated deficit	(1,318,943)		(1,310,435)
Accumulated other comprehensive loss	(2,373)		(1,687)
Total stockholders’ equity	417,061		82
Noncontrolling interest	(3,435)		(2,798)
Total equity	413,626		(2,716)
Total liabilities and equity	$	1,588,017	$	1,050,710


	For the Three Months Ended				For the Six Months Ended
	March 30, 2024		March 25, 2023		March 30, 2024		March 25, 2023
Revenue:
Systems	$	401,662	$	257,603	$	757,874	$	455,504
Software maintenance and support	2,566		1,461		4,735		2,698
Operation services	20,073		7,790		30,142		14,964
Total revenue	424,301		266,854		792,751		473,166
Cost of revenue:
Systems	359,151		213,060		645,555		373,991
Software maintenance and support	1,936		2,106		3,662		3,777
Operation services	19,052		8,841		29,266		17,357
Total cost of revenue	380,139		224,007		678,483		395,125
Gross profit	44,162		42,847		114,268		78,041
Operating expenses:
Research and development expenses	46,462		49,666		88,606		100,406
Selling, general, and administrative expenses	48,652		50,898		95,663		104,921
Total operating expenses	95,114		100,564		184,269		205,327
Operating loss	(50,952)		(57,717)		(70,001)		(127,286)
Other income, net	9,812		2,284		16,011		4,118
Loss before income tax	(41,140)		(55,433)		(53,990)		(123,168)
Income tax benefit (expense)	188		17		71		(234)
Net loss	(40,952)		(55,416)		(53,919)		(123,402)
Net loss attributable to noncontrolling interests	(34,372)		(49,298)		(45,411)		(110,091)
Net loss attributable to common stockholders	$	(6,580)	$	(6,118)	$	(8,508)	$	(13,311)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.07)	$	(0.10)	$	(0.10)	$	(0.22)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	93,043,769		60,503,119		88,155,791		59,352,634


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 30, 2024
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 30, 2023	85,106,588	$	10	81,489,643	$	8	406,512,941	$	41	$	1,474,681	$	(1,770)	$	(1,312,363)	$	11,268	$	171,875
Net loss	—	—		—	—		—	—		—		—		(6,580)		(34,372)		(40,952)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	4,250,067	—		—	—		—	—		(3,095)		—		—		—		(3,095)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—		—	—		—	—		3,500		—		—		—		3,500
Exchange of Class V-1 and V-3 common stock	5,236,000	1		(3,057,255)	—		(2,178,745)	(1)		381		—		—		(381)		—
Issuance of common stock in connection with equity offering	6,500,000	1		—	—		—	—		257,985		—		—		—		257,986
Stock-based compensation	—	—		—	—		—	—		4,865		—		—		23,200		28,065
Other comprehensive loss	—	—		—	—		—	—		—		(603)		—		(3,150)		(3,753)
Balance at March 30, 2024	101,195,288	$	12	78,432,388	$	8	404,334,196	$	40	$	1,738,317	$	(2,373)	$	(1,318,943)	$	(3,435)	$	413,626


	Six Months Ended March 30, 2024
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital - Warrants		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at September 30, 2023	82,112,881	$	8	66,931,097	$	7	407,528,941	$	41	$	58,126	$	1,254,022	$	(1,687)	$	(1,310,435)	$	(2,798)	$	(2,716)
Net loss	—	—		—	—		—	—		—		—		—		(8,508)		(45,411)		(53,919)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	4,915,909	—		—	—		—	—		—		(3,103)		—		—		(50)		(3,153)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—		—	—		—	—		—		3,500		—		—		—		3,500
Exchange of Class V-1 common stock	7,563,865	3		(4,369,120)	(2)		(3,194,745)	(1)		—		(155)		—		—		155		—
Issuance of common stock in connection with equity offering	6,500,000	1		—	—		—	—		—		257,985		—		—		—		257,986
Exercise of warrants	—	—		15,870,411	3		—	—		(58,126)		216,828		—		—		—		158,705
Stock-based compensation	—	—		—	—		—	—		—		9,240		—		—		48,287		57,527
Other comprehensive loss	—	—		—	—		—	—		—		—		(686)		—		(3,618)		(4,304)
Balance at March 30, 2024	101,195,288	$	12	78,432,388	$	8	404,334,196	$	40	$	—	$	1,738,317	$	(2,373)	$	(1,318,943)	$	(3,435)	$	413,626


	Three Months Ended March 25, 2023
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital - Warrants		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 24, 2022	58,584,690	$	6	78,389,034	$	8	416,933,025	$	42	$	58,126	$	1,243,217	$	(2,314)	$	(1,293,762)	$	44,979	$	50,302
Net loss	—	—		—	—		—	—		—		—		—		(6,118)		(49,298)		(55,416)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,659,578	—		—	—		—	—		—		(1,163)		—		—		(10,554)		(11,717)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	98,171	—		—	—		—	—		—		119		—		—		868		987
Exchange of Class V-1 common stock	941,250	—		(941,250)	—		—	—		—		90		—		—		(90)		—
Cancellation of Class V-1 common stock	—	—		(367,694)	—		—	—		—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—		3,889		—		—		31,334		35,223
Other comprehensive loss	—	—		—	—		—	—		—		—		228		—		1,834		2,062
Balance at March 25, 2023	61,283,689	$	6	77,080,090	$	8	416,933,025	$	42	$	58,126	$	1,246,152	$	(2,086)	$	(1,299,880)	$	19,073	$	21,441


	Six Months Ended March 25, 2023
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock			Additional Paid-in Capital - Warrants		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at September 24, 2022	57,718,836	$	6	79,237,388	$	8	416,933,025	$	42	$	58,126	$	1,237,865	$	(2,294)	$	(1,286,569)	$	61,756	$	68,940
Net loss	—	—		—	—		—	—		—		—		—		(13,311)		(110,091)		(123,402)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,677,078	—		—	—		—	—		—		(1,163)		—		—		(10,554)		(11,717)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	98,171	—		—	—		—	—		—		119		—		—		868		987
Exchange of Class V-1 common stock	1,789,604	—		(1,789,604)	—		—	—		—		200		—		—		(200)		—
Cancellation of Class V-1 common stock	—	—		(367,694)	—		—	—		—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—		9,131		—		—		75,632		84,763
Other comprehensive loss	—	—		—	—		—	—		—		—		208		—		1,662		1,870
Balance at March 25, 2023	61,283,689	$	6	77,080,090	$	8	416,933,025	$	42	$	58,126	$	1,246,152	$	(2,086)	$	(1,299,880)	$	19,073	$	21,441


Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	5,818	$	—
Transfer of equipment from deferred cost to property and equipment	$	38,454	$	—


	Six Months Ended
	March 30, 2024		March 25, 2023
Cash and cash equivalents	$	901,382	$	256,954
Restricted cash classified in:
Other long-term assets	2,860		2,132
Cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	904,242	$	259,086


	Class A Common Stock	Class V-1 and Class V-3 Common Stock	Total	Class A Common Stock		Class V-1 and Class V-3 Common Stock		Total
Balance at December 30, 2023	85,106,588	488,002,584	573,109,172
Issuances	10,852,700	—	10,852,700
Exchanges	5,236,000	(5,236,000)	—
Balance at March 30, 2024	101,195,288	482,766,584	583,961,872	17.3	%	82.7	%	100	%


	Three Months Ended				Six Months Ended
	March 30, 2024		March 25, 2023		March 30, 2024		March 25, 2023
Customer A	84.2	%	89.7	%	83.4	%	86.1	%


FORM 10-Q


	March 30, 2024
Remaining fiscal year 2024	$	1,621
Fiscal year 2025	2,957
Fiscal year 2026	3,407
Fiscal year 2027	3,681
Fiscal year 2028 and thereafter	12,746
Total future minimum payments	$	24,412
Less: Implied interest	(5,788)
Total lease liabilities	$	18,624


	March 30, 2024		September 30, 2023
Raw materials and components	$	90,174	$	124,446
Finished goods	29,598		11,675
Total inventories	$	119,772	$	136,121


	March 30, 2024		September 30, 2023
Computer equipment and software, furniture and fixtures, test equipment, and other equipment	$	83,041	$	40,437
Internal use software	6,786		5,638
Leasehold improvements	8,799		7,194
Total property and equipment	98,626		53,269
Less accumulated depreciation	(23,588)		(18,762)
Property and equipment, net	$	75,038	$	34,507


	March 30, 2024		September 30, 2023
ROU assets:
Other long-term assets	$	16,593	$	12,398

Lease Liabilities:
Accrued expenses and other current liabilities	$	1,891	$	1,347
Other long-term liabilities	16,733		12,291
Total lease liabilities	$	18,624	$	13,638


	March 25, 2023
Severance liability at September 25, 2022	$	1,051
Severance charges	5,242
Cash paid and other	(4,118)
Severance liability at March 25, 2023	$	2,175


	March 30, 2024								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	851,779	$	—	$	—	$	851,779	$	219,945	$	—	$	—	$	219,945
U.S. Treasury securities	—		49,978		—		49,978		—		286,736		—		286,736
Total assets	$	851,779	$	49,978	$	—	$	901,757	$	219,945	$	286,736	$	—	$	506,681


	March 30, 2024			September 30, 2023
United States	$	74,560		$	33,828
Canada	478			679
Total property and equipment, net	$	75,038		$	34,507
Percentage of property and equipment, net held outside of the United States	1		%	2		%


	For the Three Months Ended				Change
	March 30, 2024		March 25, 2023		Amount		%
	(dollars in thousands)
Systems	$	401,662	$	257,603	$	144,059	56	%
Software maintenance and support	2,566		1,461		1,105		76	%
Operation services	20,073		7,790		12,283		158	%
Total revenue	$	424,301	$	266,854	$	157,447	59	%


	Change
	(in thousands)
Employee-related costs	$	(2,715)
Prototyping-related costs, allocated overhead expenses, and other	(489)
	$	(3,204)


Gross profit margin	10.4	%	16.1	%	14.4	%	16.5	%
Adjusted gross profit margin	19.7	%	18.3	%	19.8	%	17.8	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	1,200,414	$	1,186,849	$	13,565	$	—	$	—



Exhibit						Description
10.1						Amendment No. 1 to Limited Liability Company Agreement of GreenBox Systems LLC, by and among Symbotic Holdings LLC, Sunlight Investment Corp and GreenBox Systems LLC, dated as of April 15, 2024.
31.1						Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/ Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/ Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*)


Symbotic Inc.

By:			/s/ Carol Hibbard
Name:			Carol Hibbard
Title:			Chief Financial Officer and Treasurer (Principal Financial Officer)


Date: May 7, 2024	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)