Symbotic Inc 10-Q for FY2024 Q3

Symbotic Inc. (SYM)

10-Q 2024-07-31 For: 2024-06-29

Added on April 11, 2026

About this 10-Q

Symbotic Inc filed this 10-Q on July 31, 2024, covering the quarter ended June 29, 2024 (FY2024 Q3).

Headline figures

Quarter ended June 29, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $491.86M; up 57.7% from $311.84M a year earlier
Net loss: $2.49M; compared with a net loss of $4.35M a year earlier
Diluted EPS: -$0.02; compared with -$0.07 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 June 29 , 2024 and September 30, 2023	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 29 , 2024 and June 24 , 2023	3
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended June 29 , 2024 and June 24, 2023	4
	Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Nine Months Ended June 29 , 2024 and June 24 , 2023	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 29, 2024 and June 2 4 , 2023	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
	Part II - Other Information
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
	Signatures	39


	June 29, 2024		September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	870,469	$	258,770
Marketable securities	—		286,736
Accounts receivable	100,499		69,206
Unbilled accounts receivable	160,688		121,149
Inventories	132,111		136,121
Deferred expenses	6,748		34,577
Prepaid expenses and other current assets	100,802		85,236
Total current assets	1,371,317		991,795
Property and equipment, net	81,029		34,507
Intangible assets, net	—		217
Other assets	106,096		24,191
Total assets	$	1,558,442	$	1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	156,286	$	109,918
Accrued expenses and other current liabilities	177,166		128,314
Deferred revenue	714,641		787,227
Total current liabilities	1,048,093		1,025,459
Deferred revenue	81,642		—
Other liabilities	49,412		27,967
Total liabilities	1,179,147		1,053,426

Commitments and contingencies (Note 13)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 103,096,119 and 82,112,881 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	12		8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 77,490,386 and 66,931,097 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	8		7


Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	41		41
Additional paid-in capital - warrants	—		58,126
Additional paid-in capital	1,742,697		1,254,022
Accumulated deficit	(1,321,431)		(1,310,435)
Accumulated other comprehensive loss	(2,632)		(1,687)
Total stockholders’ equity	418,695		82
Noncontrolling interest	(39,400)		(2,798)
Total equity	379,295		(2,716)
Total liabilities and equity	$	1,558,442	$	1,050,710


	For the Three Months Ended				For the Nine Months Ended
	June 29, 2024		June 24, 2023		June 29, 2024		June 24, 2023
Revenue:
Systems	$	472,119	$	302,350	$	1,229,993	$	757,854
Software maintenance and support	3,545		1,768		8,280		4,466
Operation services	16,198		7,719		46,340		22,683
Total revenue	491,862		311,837		1,284,613		785,003
Cost of revenue:
Systems	407,852		244,660		1,053,407		618,651
Software maintenance and support	2,539		3,603		6,201		7,380
Operation services	14,065		10,665		43,331		28,022
Total cost of revenue	424,456		258,928		1,102,939		654,053
Gross profit	67,406		52,909		181,674		130,950
Operating expenses:
Research and development expenses	44,722		48,845		133,327		149,251
Selling, general, and administrative expenses	47,871		46,073		143,535		150,994
Total operating expenses	92,593		94,918		276,862		300,245
Operating loss	(25,187)		(42,009)		(95,188)		(169,295)
Other income, net	11,615		2,937		27,626		7,055
Loss before income tax and equity method investment	(13,572)		(39,072)		(67,562)		(162,240)
Income tax expense	(95)		(5)		(24)		(239)
Loss from equity method investment	(537)		—		(537)		—
Net loss	(14,204)		(39,077)		(68,123)		(162,479)
Net loss attributable to noncontrolling interests	(11,716)		(34,730)		(57,127)		(144,821)
Net loss attributable to common stockholders	$	(2,488)	$	(4,347)	$	(10,996)	$	(17,658)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.02)	$	(0.07)	$	(0.12)	$	(0.29)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	102,414,284		61,782,886		92,891,276		60,160,039


☒			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 June 29, 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 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
Net loss	—	—		—	—		—	—		—		—		(2,488)		(11,716)		(14,204)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	933,829	—		—	—		—	—		—		—		—		—		—
Exchange of Class V-1 and V-3 common stock	967,002	—		(942,002)	—		(25,000)	1		(910)		—		—		910		1
Distributions to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(48,100)		(48,100)
Stock-based compensation	—	—		—	—		—	—		5,290		—		—		24,161		29,451
Other comprehensive loss	—	—		—	—		—	—		—		(259)		—		(1,220)		(1,479)
Balance at June 29, 2024	103,096,119	$	12	77,490,386	$	8	404,309,196	$	41	$	1,742,697	$	(2,632)	$	(1,321,431)	$	(39,400)	$	379,295


	Nine Months Ended June 29, 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	—	—		—	—		—	—		—		—		—		(10,996)		(57,127)		(68,123)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	5,849,738	1		—	—		—	—		—		(3,103)		—		—		(50)		(3,152)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—		—	—		—	—		—		3,501		—		—		—		3,501
Exchange of Class V-1 and V-3 common stock	8,530,867	2		(5,311,122)	(2)		(3,219,745)	—		—		(1,064)		—		—		1,064		—
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
Distributions to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		—		(48,100)		(48,100)
Stock-based compensation	—	—		—	—		—	—		—		14,528		—		—		72,449		86,977
Other comprehensive loss	—	—		—	—		—	—		—		—		(945)		—		(4,838)		(5,783)
Balance at June 29, 2024	103,096,119	$	12	77,490,386	$	8	404,309,196	$	41	$	—	$	1,742,697	$	(2,632)	$	(1,321,431)	$	(39,400)	$	379,295


	Three Months Ended June 24, 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 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
Net loss	—	—		—	—		—	—		—		—		—		(4,347)		(34,730)		(39,077)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	164,675	—		—	—		—	—		—		6		—		—		(6)		—
Exchange of Class V-1 common stock	993,345	—		(993,345)	—		—	—		—		38		—		—		(38)		—
Stock-based compensation	—	—		—	—		—	—		—		4,159		—		—		32,840		36,999
Other comprehensive loss	—	—		—	—		—	—		—		—		252		—		2,016		2,268
Balance at June 24, 2023	62,441,709	$	6	76,086,745	$	8	416,933,025	$	42	$	58,126	$	1,250,355	$	(1,834)	$	(1,304,227)	$	19,155	$	21,631


	Nine Months Ended June 24, 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	—	—		—	—		—	—		—		—		—		(17,658)		(144,821)		(162,479)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,841,753	—		—	—		—	—		—		(1,157)		—		—		(10,560)		(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	2,782,949	—		(2,782,949)	—		—	—		—		238		—		—		(238)		—
Cancellation of Class V-1 common stock	—	—		(367,694)	—		—	—		—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—		13,290		—		—		108,472		121,762
Other comprehensive loss	—	—		—	—		—	—		—		—		460		—		3,678		4,138
Balance at June 24, 2023	62,441,709	$	6	76,086,745	$	8	416,933,025	$	42	$	58,126	$	1,250,355	$	(1,834)	$	(1,304,227)	$	19,155	$	21,631


Non-cash activities:
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	$	—
Warrant associated with supplier agreement	$	12,308	$	—


	Nine Months Ended
	June 29, 2024		June 24, 2023
Cash and cash equivalents	$	870,469	$	255,490
Restricted cash classified in:
Other long-term assets	2,863		2,140
Cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	873,332	$	257,630


	Three Months Ended						Nine Months Ended
	June 29, 2024
	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 beginning of period	101,195,288		482,766,584		583,961,872		82,112,881		474,460,038		556,572,919
Issuances	933,829		—		933,829		12,452,371		15,870,411		28,322,782
Exchanges	967,002		(967,002)		—		8,530,867		(8,530,867)		—
Balance at June 29, 2024	103,096,119		481,799,582		584,895,701		103,096,119		481,799,582		584,895,701

Percent ownership at June 29, 2024	17.6	%	82.4	%	100	%	17.6	%	82.4	%	100	%


	June 29, 2024		September 30, 2023
Customer A	27.3	%	86.6	%
Customer B	n/a		10.3	%
Customer C	26.4	%	n/a
Customer D	30.3	%	n/a
Customer E	12.0	%	n/a
Aggregate Percent of Total Accounts Receivable	96.0	%	96.9	%


FORM 10-Q


	June 29, 2024
Remaining fiscal year 2024	$	813
Fiscal year 2025	2,954
Fiscal year 2026	3,405
Fiscal year 2027	3,681
Fiscal year 2028 and thereafter	12,746
Total future minimum payments	$	23,599
Less: Implied interest	(5,424)
Total lease liabilities	$	18,175


	June 29, 2024		September 30, 2023
Raw materials and components	$	84,737	$	124,446
Finished goods	47,374		11,675
Total inventories	$	132,111	$	136,121


	June 29, 2024		September 30, 2023
Computer equipment and software, furniture and fixtures, test equipment, and other equipment	$	96,564	$	40,437
Internal use software	6,873		5,638
Leasehold improvements	11,172		7,194
Total property and equipment	114,609		53,269
Less accumulated depreciation	(33,580)		(18,762)
Property and equipment, net	$	81,029	$	34,507


	June 29, 2024		September 30, 2023
ROU assets:
Other long-term assets	$	15,924	$	12,398

Lease Liabilities:
Accrued expenses and other current liabilities	$	1,856	$	1,347
Other long-term liabilities	16,319		12,291
Total lease liabilities	$	18,175	$	13,638


	June 24, 2023
Severance liability at September 25, 2022	$	1,051
Severance charges	5,692
Cash paid and other	(5,458)
Severance liability at June 24, 2023	$	1,285


	June 29, 2024								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	778,053	$	—	$	—	$	778,053	$	219,945	$	—	$	—	$	219,945
U.S. Treasury securities	—		—		—		—		—		286,736		—		286,736
Warrant fair value	—		12,308		—		12,308		—		—		—		—
Total assets	$	778,053	$	12,308	$	—	$	790,361	$	219,945	$	286,736	$	—	$	506,681


	June 29, 2024
	Investments in Unconsolidated VIE		Symbotic's Maximum Exposure to Loss
GreenBox Systems LLC	$	65,620	$	1,723,077


	June 29, 2024		September 30, 2023
United States	$	80,638	$	33,828
Canada	391		679
Total property and equipment, net	$	81,029	$	34,507
Percentage of property and equipment, net held outside of the United States (a)	immaterial		2		%


	For the Three Months Ended				Change
	June 29, 2024		June 24, 2023		Amount		%
	(dollars in thousands)
Systems	$	472,119	$	302,350	$	169,769	56	%
Software maintenance and support	3,545		1,768		1,777		101	%
Operation services	16,198		7,719		8,479		110	%
Total revenue	$	491,862	$	311,837	$	180,025	58	%


	Change
	(in thousands)
Employee-related costs	$	(5,694)
Prototyping-related costs, allocated overhead expenses, and other	1,571
	$	(4,123)


Gross profit margin	13.7	%	17.0	%	14.1	%	16.7	%
Adjusted gross profit margin	15.6	%	18.3	%	18.2	%	18.0	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	1,335,198	$	1,234,193	$	101,005	$	—	$	—



Exhibit						Description
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/ Maria G. Freve
Name:			Maria G. Freve
Title:			Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)


Date: July 31, 2024	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)


Date: July 31, 2024	By:	/s/ Carol Hibbard
		Carol Hibbard
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)