Symbotic Inc 10-Q for FY2025 Q2

Symbotic Inc. (SYM)

10-Q 2025-05-07 For: 2025-03-29

Added on April 11, 2026

About this 10-Q

Symbotic Inc filed this 10-Q on May 7, 2025, covering the quarter ended March 29, 2025 (FY2025 Q2).

Headline figures

Quarter ended March 29, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $549.65M; up 39.7% from $393.33M a year earlier
Net loss: $3.93M; compared with a net loss of $8.81M a year earlier
Diluted EPS: -$0.04; compared with -$0.09 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


	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 29 , 202 5 and September 28 , 202 4	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 29 , 202 5 and March 30 , 202 4	3
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended March 29 , 202 5 and March 30 , 2 0 2 4	4
	Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Six Months Ended March 29 , 202 5 and March 30 , 202 4	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 2 9 , 202 5 and March 30 , 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	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	39
	Part II - Other Information
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	41
Item 6.	Exhibits	42
	Signatures	43


	March 29, 2025		September 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	954,944	$	727,310
Accounts receivable	137,562		201,548
Unbilled accounts receivable	160,248		218,233
Inventories	146,281		106,136
Deferred expenses	4,979		1,058
Prepaid expenses and other current assets	93,966		101,252
Total current assets	1,497,980		1,355,537
Property and equipment, net	123,706		97,109
Intangible assets, net	125,793		3,664
Goodwill	68,669		—
Equity method investment	85,323		81,289
Other assets	62,714		40,953
Total assets	$	1,964,185	$	1,578,552
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	220,027	$	175,188
Accrued expenses and other current liabilities	166,269		165,644
Deferred revenue	1,086,297		676,314
Total current liabilities	1,472,593		1,017,146
Deferred revenue	8,152		129,233
Other liabilities	61,866		42,043
Total liabilities	1,542,611		1,188,422

Commitments and contingencies (Note 14)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 108,380,772 and 104,689,377 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively	13		13
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,223,325 and 76,965,386 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively	7		7


Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 shares issued and outstanding at March 29, 2025 and September 28, 2024	40		40
Additional paid-in capital	1,539,378		1,523,692
Accumulated deficit	(1,331,326)		(1,323,925)
Accumulated other comprehensive loss	(2,698)		(2,594)
Total stockholders' equity	205,414		197,233
Noncontrolling interest	216,160		192,897
Total equity	421,574		390,130
Total liabilities and equity	$	1,964,185	$	1,578,552


	For the Three Months Ended				For the Six Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Revenue:
Systems	$	513,372	$	370,693	$	977,431	$	718,398
Software maintenance and support	6,685		2,566		12,210		4,735
Operation services	29,594		20,073		46,703		30,142
Total revenue	549,651		393,332		1,036,344		753,275
Cost of revenue:
Systems	414,560		342,124		796,378		626,071
Software maintenance and support	2,095		1,936		3,979		3,662
Operation services	25,168		19,052		48,120		29,266
Total cost of revenue	441,823		363,112		848,477		658,999
Gross profit	107,828		30,220		187,867		94,276
Operating expenses:
Research and development expenses	61,540		46,462		105,133		88,606
Selling, general, and administrative expenses	78,347		48,652		139,421		95,663
Total operating expenses	139,887		95,114		244,554		184,269
Operating loss	(32,059)		(64,894)		(56,687)		(89,993)
Other income, net	11,714		9,812		19,536		16,011
Loss before income tax and equity method investment	(20,345)		(55,082)		(37,151)		(73,982)
Income tax benefit	1,397		252		1,248		80
Loss from equity method investment	(2,490)		—		(4,055)		—
Net loss	(21,438)		(54,830)		(39,958)		(73,902)
Net loss attributable to noncontrolling interests	(17,513)		(46,021)		(32,557)		(62,257)
Net loss attributable to common stockholders	$	(3,925)	$	(8,809)	$	(7,401)	$	(11,645)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.04)	$	(0.09)	$	(0.07)	$	(0.13)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	107,726,978		93,043,769		106,900,622		88,155,791


☒			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 29, 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 December 28, 2024	106,521,915	$	13	76,588,618	$	7	404,309,196	$	40	$	1,526,573	$	(2,696)	$	(1,327,401)	$	197,389	$	393,925
Net loss	—	—		—	—		—	—		—		—		(3,925)		(17,513)		(21,438)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,286,900	—		—	—		—	—		—		—		—		—		—
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 and V-3 common stock	365,293	—		(365,293)	—		—	—		1,062		—		—		(1,062)		—
Distribution to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(382)		(382)
Stock-based compensation	—	—		—	—		—	—		8,512		—		—		37,739		46,251
Other comprehensive loss	—	—		—	—		—	—		—		(2)		—		(11)		(13)
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


	Six Months Ended March 29, 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	—	—		—	—		—	—		—		—		(7,401)		(32,557)		(39,958)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	2,939,571	—		—	—		—	—		(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	545,160	—		(545,160)	—		—	—		2,106		—		—		(2,106)		—
Cancellation of Class V-1 common stock	—	—		(196,901)	—		—	—		—		—		—		—		—
Distribution to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		(1,232)		(1,232)
Stock-based compensation	—	—		—	—		—	—		13,361		—		—		59,630		72,991
Other comprehensive loss	—	—		—	—		—	—		—		(104)		—		(472)		(576)
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


	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	$	1,257,853	$	(1,770)	$	(1,313,271)	$	222,899	$	165,770
Net loss	—	—		—	—		—	—		—		—		(8,809)		(46,021)		(54,830)
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	$	1,521,489	$	(2,373)	$	(1,322,080)	$	196,547	$	393,643


	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	—	—		—	—		—	—		—		—		—		(11,645)		(62,257)		(73,902)
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 and V-3 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	$	—	$	1,521,489	$	(2,373)	$	(1,322,080)	$	196,547	$	393,643


Cash, cash equivalents, and restricted cash — beginning of period	730,354		260,918
Cash, cash equivalents, and restricted cash — end of period	$	958,002	$	904,242

Non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	7,988	$	5,818
Transfer of equipment from deferred cost to property and equipment	$	7,982	$	38,454
Non-cash contribution to unconsolidated entity	$	2,785	$	—


	Six Months Ended
	March 29, 2025		March 30, 2024
Cash and cash equivalents	$	954,944	$	901,382
Restricted cash classified in:
Prepaid expenses and other current assets	870		—
Other assets	2,188		2,860
Cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	958,002	$	904,242


	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 28, 2024	106,521,915	480,897,814	587,419,729
Issuances	1,493,564	—	1,493,564
Exchanges	365,293	(365,293)	—
Balance at March 29, 2025	108,380,772	480,532,521	588,913,293	18.4	%	81.6	%	100	%


	Three Months Ended				Six Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Customer A	85.6	%	85.3	%	85.9	%	83.7	%


FORM 10-Q


	March 29, 2025		September 28, 2024
Customer A	66.9	%	92.8	%
Customer B	13.1	%	n/a
Customer C	10.3	%	n/a
Aggregate Percent of Total Accounts Receivable	90.3	%	92.8	%


	March 29, 2025
Remaining fiscal year 2025	$	2,686
Fiscal year 2026	7,156
Fiscal year 2027	6,876
Fiscal year 2028	5,299
Fiscal year 2029 and thereafter	12,572
Total future minimum payments	$	34,589
Less: Implied interest	(6,281)
Total lease liabilities	$	28,308


	March 29, 2025		September 28, 2024
Raw materials and components	$	103,655	$	72,279
Work in process	—		4,538
Finished goods	42,626		29,319
Total inventories	$	146,281	$	106,136


	March 29, 2025		September 28, 2024
ROU assets:
Other assets	$	24,475	$	15,257

Lease Liabilities:
Accrued expenses and other current liabilities	$	4,382	$	1,647
Other liabilities	23,926		16,076
Total lease liabilities	$	28,308	$	17,723


	March 29, 2025		September 28, 2024
Computer equipment and software, furniture and fixtures, test equipment, and other equipment	$	153,937	$	114,515
Internal use software	6,366		7,141
Leasehold improvements	10,286		9,576
Total property and equipment	170,589		131,232
Less accumulated depreciation	(46,883)		(34,123)
Property and equipment, net	$	123,706	$	97,109


Total purchase consideration	$	200,000

Allocation of the purchase consideration:
Other receivables	$	17,807
Inventories	14,702
Prepaid expenses and other current assets	16,831
Property and equipment, net	4,261
Intangible assets	115,000
Other assets	2,221
Total assets acquired	170,822
Accrued expenses and other current assets	36,880
Other liabilities	2,611
Total liabilities assumed	39,491
Identifiable net assets acquired	131,331
Goodwill	68,669
Total purchase price allocation	$	200,000


		March 29, 2025
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Developed technology	6.5	$	130,861	$	(5,068)	$	125,793
Total		$	130,861	$	(5,068)	$	125,793


	Developed Technology
Remaining fiscal year 2025	$	10,831
Fiscal year 2026	21,662
Fiscal year 2027	21,414
Fiscal year 2028	17,401
Fiscal year 2029 and thereafter	54,485
Total	$	125,793


	March 29, 2025								September 28, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	831,898	$	—	$	—	$	831,898	$	712,958	$	—	$	—	$	712,958
Warrant fair value	—		16,789		—		16,789		—		12,308		—		12,308
Total assets	$	831,898	$	16,789	$	—	$	848,687	$	712,958	$	12,308	$	—	$	725,266


	March 29, 2025
	Investments in Unconsolidated VIE		Symbotic's Maximum Exposure to Loss
GreenBox Systems LLC	$	85,323	$	1,635,228


	March 29, 2025		September 28, 2024
United States	$	123,531	$	96,802
International	175		307
Total property and equipment, net	$	123,706	$	97,109
Percentage of property and equipment, net held outside of the United States	nil		nil


	For the Three Months Ended				Change
	March 29, 2025		March 30, 2024		Amount		%
	(dollars in thousands)
Systems	$	513,372	$	370,693	$	142,679	38	%
Software maintenance and support	6,685		2,566		4,119		161	%
Operation services	29,594		20,073		9,521		47	%
Total revenue	$	549,651	$	393,332	$	156,319	40	%


	Change
	(in thousands)
Employee-related costs	$	5,587
Prototyping-related costs, allocated overhead expenses, and other	9,491
	$	15,078


Gross profit margin	19.6	%	7.7	%	18.1	%	12.5	%
Adjusted gross profit margin	22.2	%	17.7	%	20.1	%	18.2	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	984,788	$	928,439	$	56,349	$	—	$	—


*			Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Item 1.01 of Form 8-K and Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.
++			Certain confidential information contained in this document, marked by brackets and asterisks, has been omitted pursuant to Item 1.01 of Form 8-K and Item 601(b)(10)(iv) of Regulation S-K, because Symbotic customarily and actually treats such information as private or confidential and the omitted information is not material.


Symbotic Inc.

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


Date: May 7, 2025	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)


Date: May 7, 2025	By:	/s/ Carol Hibbard
		Carol Hibbard
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)