Symbotic Inc 10-Q for FY2025 Q3

Symbotic Inc. (SYM)

10-Q 2025-08-06 For: 2025-06-28

Added on April 11, 2026

About this 10-Q

Symbotic Inc filed this 10-Q on August 6, 2025, covering the quarter ended June 28, 2025 (FY2025 Q3).

Headline figures

Quarter ended June 28, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $592.12M; up 25.9% from $470.34M a year earlier
Net loss: $5.91M; compared with a net loss of $4.68M a year earlier
Diluted EPS: -$0.05; compared with -$0.05 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 28, 2025 and Se p tember 28, 2 024	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 2 8 , 202 5 and June 2 9 , 202 4	3
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended June 2 8 , 202 5 and June 2 9 , 202 4	4
	Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Nine Months Ended June 2 8 , 202 5 and June 2 9 , 202 4	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 2 8 , 202 5 and June 2 9 , 202 4	7
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
	Part II - Other Information
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	46
	Signatures	47


	June 28, 2025		September 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	777,576	$	727,310
Accounts receivable	136,237		201,548
Unbilled accounts receivable	236,433		218,233
Inventories	138,901		106,136
Deferred expenses	35,545		1,058
Prepaid expenses and other current assets	101,516		101,252
Total current assets	1,426,208		1,355,537
Property and equipment, net	73,013		97,109
Intangible assets, net	82,921		3,664
Goodwill	60,534		—
Equity method investment	105,551		81,289
Other assets	79,184		40,953
Total assets	$	1,827,411	$	1,578,552
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	215,624	$	175,188
Accrued expenses and other current liabilities	183,690		165,644
Deferred revenue	918,097		676,314
Total current liabilities	1,317,411		1,017,146
Deferred revenue	5,044		129,233
Other liabilities	61,544		42,043
Total liabilities	1,383,999		1,188,422

Commitments and contingencies (Note 15)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 110,252,933 and 104,689,377 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively	13		13
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,015,171 and 76,965,386 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively	7		7


Class V-3 Common Stock, 450,000,000 shares authorized, 403,559,196 and 404,309,196 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively	40		40
Additional paid-in capital	1,550,610		1,523,692
Accumulated deficit	(1,337,239)		(1,323,925)
Accumulated other comprehensive loss	(2,678)		(2,594)
Total stockholders’ equity	210,753		197,233
Noncontrolling interest	232,659		192,897
Total equity	443,412		390,130
Total liabilities and equity	$	1,827,411	$	1,578,552


	For the Three Months Ended				For the Nine Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Revenue:
Systems	$	559,108	$	450,595	$	1,536,539	$	1,168,993
Software maintenance and support	8,121		3,545		20,331		8,280
Operation services	24,892		16,198		71,595		46,340
Total revenue	592,121		470,338		1,628,465		1,223,613
Cost of revenue:
Systems	457,911		398,761		1,254,289		1,024,832
Software maintenance and support	1,756		2,539		5,735		6,201
Operation services	24,832		14,065		72,952		43,331
Total cost of revenue	484,499		415,365		1,332,976		1,074,364
Gross profit	107,622		54,973		295,489		149,249
Operating expenses:
Research and development expenses	52,147		44,722		157,279		133,327
Selling, general, and administrative expenses	75,670		47,871		215,092		143,535
Restructuring charges	16,361		—		16,361		—
Total operating expenses	144,178		92,593		388,732		276,862
Operating loss	(36,556)		(37,620)		(93,243)		(127,613)
Other income, net	8,451		11,615		27,987		27,626
Loss before income tax and equity method investment	(28,105)		(26,005)		(65,256)		(99,987)
Income tax benefit (expense)	(44)		(182)		1,204		(102)
Loss from equity method investment	(3,776)		(537)		(7,831)		(537)
Net loss	(31,925)		(26,724)		(71,883)		(100,626)
Net loss attributable to noncontrolling interests	(26,012)		(22,043)		(58,569)		(84,300)
Net loss attributable to common stockholders	$	(5,913)	$	(4,681)	$	(13,314)	$	(16,326)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.05)	$	(0.05)	$	(0.12)	$	(0.18)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	109,201,745		102,414,284		107,664,864		92,891,276


☒			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 28, 2025
	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 29, 2025	108,380,772	$	13	76,223,325	$	7	404,309,196	$	40	$	1,539,378	$	(2,698)	$	(1,331,326)	$	216,160	$	421,574
Net loss	—	—		—	—		—	—		—		—		(5,913)		(26,012)		(31,925)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	914,007	—		—	—		—	—		—		—		—		—		—
Exchange of Class V-1 common stock	958,154	—		(208,154)	—		(750,000)	—		1,218		—		—		(1,218)		—
Distribution to Symbotic Holdings LLC partners	—	—		—	—		—	—		(6)		—		—		56		50
Stock-based compensation	—	—		—	—		—	—		10,020		—		—		43,584		53,604
Other comprehensive loss	—	—		—	—		—	—		—		20		—		89		109
Balance at June 28, 2025	110,252,933	$	13	76,015,171	$	7	403,559,196	$	40	$	1,550,610	$	(2,678)	$	(1,337,239)	$	232,659	$	443,412


	Nine Months Ended June 28, 2025
	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 September 28, 2024	104,689,377	$	13	76,965,386	$	7	404,309,196	$	40	$	1,523,692	$	(2,594)	$	(1,323,925)	$	192,897	$	390,130
Net loss	—	—		—	—		—	—		—		—		(13,314)		(58,569)		(71,883)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	3,853,578	—		—	—		—	—		(3,012)		—		—		—		(3,012)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	206,664	—		—	—		—	—		3,231		—		—		—		3,231
Exchange of Class V-1 common stock	1,503,314	—		(753,314)	—		(750,000)	—		3,324		—		—		(3,324)		—
Cancellation of Class V-1 common stock	—	—		(196,901)	—		—	—		—		—		—		—		—
Distribution to Symbotic Holdings LLC partners	—	—		—	—		—	—		(6)		—		—		(1,176)		(1,182)
Stock-based compensation	—	—		—	—		—	—		23,381		—		—		103,214		126,595
Other comprehensive loss	—	—		—	—		—	—		—		(84)		—		(383)		(467)
Balance at June 28, 2025	110,252,933	$	13	76,015,171	$	7	403,559,196	$	40	$	1,550,610	$	(2,678)	$	(1,337,239)	$	232,659	$	443,412


	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	$	1,521,489	$	(2,373)	$	(1,322,080)	$	196,547	$	393,643
Net loss	—	—		—	—		—	—		—		—		(4,681)		(22,043)		(26,724)
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	$	1,525,869	$	(2,632)	$	(1,326,761)	$	150,255	$	346,792


	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	—	—		—	—		—	—		—		—		—		(16,326)		(84,300)		(100,626)
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	$	—	$	1,525,869	$	(2,632)	$	(1,326,761)	$	150,255	$	346,792


Cash, cash equivalents, and restricted cash — beginning of period	730,354		260,918
Cash, cash equivalents, and restricted cash — end of period	$	780,640	$	873,332

Non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	7,988	$	5,818
Transfer of inventories to property and equipment	$	7,982	$	38,454
Transfer of equipment from property and equipment to deferred expenses	$	58,070	$	—
Warrant associated with supplier agreement	$	—	$	12,308
Non-cash contribution to unconsolidated entity	$	6,942	$	—


	Nine Months Ended
	June 28, 2025		June 29, 2024
Cash and cash equivalents	$	777,576	$	870,469
Restricted cash classified in:
Prepaid expenses and other current assets	870		—
Other long-term assets	2,194		2,863
Cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	780,640	$	873,332


	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 March 29, 2025	108,380,772	480,532,521	588,913,293
Issuances	914,007	—	914,007
Exchanges	958,154	(958,154)	—
Balance at June 28, 2025	110,252,933	479,574,367	589,827,300	18.7	%	81.3	%	100	%


	Three Months Ended				Nine Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Customer A	83.8	%	89.6	%	85.1	%	86.0	%


FORM 10-Q


	June 28, 2025		September 28, 2024
Customer A	38.5	%	92.8	%
Customer B	37.7	%	n/a
Customer C	12.7	%	n/a
Aggregate Percent of Total Accounts Receivable	88.9	%	92.8	%


	June 28, 2025
Remaining fiscal year 2025	$	1,416
Fiscal year 2026	7,166
Fiscal year 2027	6,876
Fiscal year 2028	5,299
Fiscal year 2029 and thereafter	12,572
Total future minimum payments	$	33,329
Less: Implied interest	(5,761)
Total lease liabilities	$	27,568


	June 28, 2025		September 28, 2024
Raw materials and components	$	123,673	$	72,279
Work in process	—		4,538
Finished goods	15,228		29,319
Total inventories	$	138,901	$	106,136


	June 28, 2025		September 28, 2024
ROU assets:
Other assets	$	23,413	$	15,257

Lease Liabilities:
Accrued expenses and other current liabilities	$	5,063	$	1,647
Other liabilities	22,505		16,076
Total lease liabilities	$	27,568	$	17,723


	June 28, 2025		September 28, 2024
Computer equipment and software, furniture and fixtures, test equipment, and other equipment	$	102,508	$	114,515
Internal use software	6,290		7,141
Leasehold improvements	10,574		9,576
Total property and equipment	119,372		131,232
Less accumulated depreciation	(46,359)		(34,123)
Property and equipment, net	$	73,013	$	97,109


Total purchase consideration	$	200,000

Allocation of the purchase consideration:
Inventories	14,702
Prepaid expenses and other current assets	36,189
Property and equipment, net	4,261
Intangible assets	78,000
Other assets	47,223
Total assets acquired	180,375
Accrued expenses and other current assets	38,298
Other liabilities	2,611
Total liabilities assumed	40,909
Identifiable net assets acquired	139,466
Goodwill	60,534
Total purchase price allocation	$	200,000


		June 28, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	89,943	$	(7,022)	$	82,921
Total		$	89,943	$	(7,022)	$	82,921


	Developed Technology
Remaining fiscal year 2025	$	3,772
Fiscal year 2026	15,089
Fiscal year 2027	15,089
Fiscal year 2028	12,016
Fiscal year 2029 and thereafter	36,955
Total	$	82,921


	June 28, 2025
Severance liability at September 28, 2024	$	203
Severance charges	17,340
Cash paid and other	(5,545)
Severance liability at June 28, 2025	$	11,998


	June 28, 2025								September 28, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	667,233	$	—	$	—	$	667,233	$	712,958	$	—	$	—	$	712,958
Warrant fair value	—		16,789		—		16,789		—		12,308		—		12,308
Total assets	$	667,233	$	16,789	$	—	$	684,022	$	712,958	$	12,308	$	—	$	725,266


	June 28, 2025
	Investments in Unconsolidated VIE		Symbotic's Maximum Exposure to Loss
GreenBox Systems LLC	$	105,551	$	1,610,031


	June 28, 2025		September 28, 2024
United States	$	72,887	$	96,802
International	126		307
Total property and equipment, net	$	73,013	$	97,109
Percentage of property and equipment, net held outside of the United States	nil		nil


	For the Three Months Ended				Change
	June 28, 2025		June 29, 2024		Amount		%
	(dollars in thousands)
Systems	$	559,108	$	450,595	$	108,513	24	%
Software maintenance and support	8,121		3,545		4,576		129	%
Operation services	24,892		16,198		8,694		54	%
Total revenue	$	592,121	$	470,338	$	121,783	26	%


	Change
	(in thousands)
Employee-related costs	$	(390)
Prototyping-related costs, allocated overhead expenses, and other	7,815
	$	7,425


Gross profit margin	18.2	%	11.7	%	18.1	%	12.2	%
Adjusted gross profit margin	21.5	%	13.6	%	20.6	%	16.5	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	871,758	$	793,532	$	78,226	$	—	$	—


Symbotic Inc.

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


Date: August 6, 2025	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)


Date: August 6, 2025	By:	/s/ Carol Hibbard
		Carol Hibbard
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)