SYM 8-K
Symbotic Inc. (SYM)
8-K
2025-02-05
For: 2025-02-05
View Original
Added on
April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2025
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(978 ) 284-2800
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
.
Item 2.02Results of Operations and Financial Condition
On February 5, 2025, Symbotic Inc. (the “Company”) issued a press release announcing its financial results and other information for the fiscal quarter ended December 28, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On February 5, 2025, the Company posted on its investor relations website a supplemental presentation relating to its financial results and other information for the fiscal quarter ended December 28, 2024. A copy of the supplemental presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed to be “filed” for any purpose, including for purposes of Section 18 of the Exchange Act, or otherwise be subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
| Exhibit | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 5, 2025
| Symbotic Inc. | ||||||||
| By: | /s/ Maria G. Freve | |||||||
| Name: | Maria G. Freve | |||||||
| Title: | Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | |||||||
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Exhibit 99.1
FOR IMMEDIATE RELEASE
Symbotic Reports First Quarter Fiscal Year 2025 Results
Wilmington, Massachusetts (February 5, 2025) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its first fiscal quarter of 2025, ended December 28, 2024. Symbotic posted revenue of $487 million, a net loss of $19 million and adjusted EBITDA1 of $18 million for the first quarter of fiscal 2025. In the first quarter of fiscal 2024, Symbotic had revenue of $360 million, a net loss of $19 million and adjusted EBITDA1 of $8 million. Cash and cash equivalents increased by $176 million from the prior quarter to $903 million at the end of the first quarter of fiscal year 2025.
“In the first quarter, we continued to deliver high growth while enhancing our technology position,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “With our recent acquisition of Walmart’s Advanced Systems and Robotics business now completed, we look forward to enhancing an already strong position to drive exceptional results for our stakeholders.”
“First quarter revenue grew over 35% year-over-year driven by solid progress across our 44 systems in the process of deployment,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking forward to the fiscal second quarter of 2025, we expect another quarter of at least 30% year-over-year revenue growth with expanding margins.”
OUTLOOK
For the second quarter of fiscal 2025, Symbotic expects revenue of $510 million to $530 million, and adjusted EBITDA2 of $26 million to $30 million.
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET to discuss its first quarter of fiscal year 2025 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q1-2025.
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1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.
2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as the provision for stock-based compensation.
ABOUT SYMBOTIC
Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.
USE OF NON-GAAP FINANCIAL INFORMATION
Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.
Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net income or loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; business combination transaction expenses; joint venture formation fees; internal control remediation; equity method investment; and other non-recurring items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation and stock-based compensation. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.
Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to:
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•meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;
•expand its target customer base and maintain its existing customer base;
•realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;
•realize its outlook, including its system gross margin;
•anticipate industry trends;
•maintain and enhance its system;
•maintain the listing of the Symbotic Class A Common Stock on Nasdaq;
•execute its growth strategy;
•develop, design and sell systems that are differentiated from those of competitors;
•execute its research and development strategy;
•acquire, maintain, protect and enforce intellectual property;
•attract, train and retain effective officers, key employees or directors;
•comply with laws and regulations applicable to its business;
•stay abreast of modified or new laws and regulations applying to its business;
•successfully defend litigation;
•issue equity securities in connection with future transactions;
•meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
•timely and effectively remediate any material weaknesses in its internal control over financial reporting;
•anticipate rapid technological changes; and
•effectively respond to general economic and business conditions.
Forward-looking statements also include, but are not limited to, statements with respect to:
•the future performance of Symbotic’s business and operations;
•expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;
•expectations regarding cash flow, liquidity and sources of funding;
•expectations regarding capital expenditures;
•the anticipated benefits of Symbotic’s leadership structure;
•the effects of pending and future legislation;
•business disruption;
•disruption to the business due to Symbotic’s dependency on certain customers;
•increasing competition in the warehouse automation industry;
•any delays in the design, production or launch of Symbotic’s systems and products;
•the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;
•any defects in new products or enhancements to existing products;
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•the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; and
•any consequences associated with joint ventures and legislative and regulatory actions and reforms.
Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.
In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition.
Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.
Annualized, projected and estimated numbers are not forecasts and may not reflect actual results.
This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
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INVESTOR RELATIONS CONTACT
Charlie Anderson
Vice President, Investor Relations & Corporate Development
MEDIA INQUIRIES
5
Symbotic Inc. and Subsidiaries
Consolidated Statements of Operations
| Three Months Ended | |||||||||||||||||
| (in thousands, except share and per share information) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Systems | $ | 464,059 | $ | 536,447 | $ | 347,705 | |||||||||||
| Software maintenance and support | 5,525 | 5,893 | 2,169 | ||||||||||||||
| Operation services | 17,109 | 22,226 | 10,069 | ||||||||||||||
| Total revenue | 486,693 | 564,566 | 359,943 | ||||||||||||||
| Cost of revenue: | |||||||||||||||||
| Systems | 381,819 | 442,009 | 283,946 | ||||||||||||||
| Software maintenance and support | 1,884 | 2,748 | 1,726 | ||||||||||||||
| Operation services | 22,951 | 23,392 | 10,214 | ||||||||||||||
| Total cost of revenue | 406,654 | 468,149 | 295,886 | ||||||||||||||
| Gross profit | 80,039 | 96,417 | 64,057 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development expenses | 43,592 | 40,130 | 42,144 | ||||||||||||||
| Selling, general, and administrative expenses | 61,076 | 45,399 | 47,012 | ||||||||||||||
| Total operating expenses | 104,668 | 85,529 | 89,156 | ||||||||||||||
| Operating income (loss) | (24,629) | 10,888 | (25,099) | ||||||||||||||
| Other income, net | 7,823 | 9,416 | 6,199 | ||||||||||||||
| Income (loss) before income tax | (16,806) | 20,304 | (18,900) | ||||||||||||||
| Income tax expense | (150) | (4,110) | (172) | ||||||||||||||
| Loss from equity method investment | (1,564) | (240) | — | ||||||||||||||
| Net income (loss) | (18,520) | 15,954 | (19,072) | ||||||||||||||
| Net income (loss) attributable to noncontrolling interests | (15,044) | 13,118 | (16,236) | ||||||||||||||
| Net income (loss) attributable to common stockholders | $ | (3,476) | $ | 2,836 | $ | (2,836) | |||||||||||
| Income (loss) per share of Class A Common Stock: | |||||||||||||||||
Basic and Diluted(1) | $ | (0.03) | $ | 0.03 | $ | (0.03) | |||||||||||
| Weighted-average shares of Class A Common Stock outstanding: | |||||||||||||||||
| Basic | 106,098,566 | 104,146,479 | 83,320,943 | ||||||||||||||
Diluted (2) | n/a | 108,646,977 | n/a | ||||||||||||||
(1) For the three months ended September 28, 2024, basic and diluted EPS were calculated as the same value and as such presented on the same line.
(2) Periods in which the Company was in a net loss position, diluted weighted-average shares of Class A Common Stock outstanding is the same as basic and as such indicated with “n/a”.
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Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
The following table reconciles GAAP net income (loss) to Adjusted EBITDA:
| Three Months Ended | |||||||||||||||||
| (in thousands) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Net income (loss) | $ | (18,520) | $ | 15,954 | $ | (19,072) | |||||||||||
| Interest income | (7,769) | (9,353) | (6,149) | ||||||||||||||
| Income tax expense | 150 | 4,110 | 172 | ||||||||||||||
| Depreciation and amortization | 6,860 | 5,780 | 2,565 | ||||||||||||||
| Stock-based compensation | 28,741 | 26,100 | 29,462 | ||||||||||||||
| Business Combination transaction expenses | 3,802 | 324 | — | ||||||||||||||
| Joint venture formation fees | — | — | 1,089 | ||||||||||||||
| Internal controls remediation | 3,076 | — | — | ||||||||||||||
| Restructuring charges | — | (775) | — | ||||||||||||||
| Equity method investment | 1,564 | 240 | — | ||||||||||||||
| Adjusted EBITDA | $ | 17,904 | $ | 42,380 | $ | 8,067 | |||||||||||
The following table reconciles GAAP gross profit to Adjusted gross profit:
| Three Months Ended | |||||||||||||||||
| (in thousands) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Gross profit | $ | 80,039 | $ | 96,417 | $ | 64,057 | |||||||||||
| Depreciation | 2,469 | 2,208 | 93 | ||||||||||||||
| Stock-based compensation | 3,709 | 3,260 | 3,431 | ||||||||||||||
| Restructuring charges | — | (775) | — | ||||||||||||||
| Adjusted gross profit | $ | 86,217 | $ | 101,110 | $ | 67,581 | |||||||||||
| Gross profit margin | 16.4 | % | 17.1 | % | 17.8 | % | |||||||||||
| Adjusted gross profit margin | 17.7 | % | 17.9 | % | 18.8 | % | |||||||||||
The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:
| Three Months Ended | |||||||||||||||||
| (in thousands) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Net cash provided by (used in) operating activities | $ | 205,027 | $ | (99,383) | $ | (30,150) | |||||||||||
| Purchases of property and equipment | (7,357) | (20,730) | (2,173) | ||||||||||||||
| Capitalization of internal use software development costs | — | (637) | (820) | ||||||||||||||
| Free cash flow | $ | 197,670 | $ | (120,750) | $ | (33,143) | |||||||||||
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Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstanding:
| December 28, 2024 | September 28, 2024 | ||||||||||
| Class A Common Shares issued and outstanding | 106,521,915 | 104,689,377 | |||||||||
| Class V-1 Common Shares issued and outstanding | 76,588,618 | 76,965,386 | |||||||||
| Class V-3 Common Shares issued and outstanding | 404,309,196 | 404,309,196 | |||||||||
| 587,419,729 | 585,963,959 | ||||||||||
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Symbotic Inc. and Subsidiaries
Consolidated Balance Sheets
| (in thousands, except share data) | December 28, 2024 | September 28, 2024 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 903,034 | $ | 727,310 | |||||||
| Accounts receivable | 134,391 | 201,548 | |||||||||
| Unbilled accounts receivable | 223,349 | 218,233 | |||||||||
| Inventories | 108,691 | 106,136 | |||||||||
| Deferred expenses | 3,221 | 1,058 | |||||||||
| Prepaid expenses and other current assets | 85,740 | 101,252 | |||||||||
| Total current assets | 1,458,426 | 1,355,537 | |||||||||
| Property and equipment, net | 105,079 | 97,109 | |||||||||
| Intangible assets, net | 14,949 | 3,664 | |||||||||
| Equity method investment | 85,946 | 81,289 | |||||||||
| Other assets | 51,222 | 40,953 | |||||||||
| Total assets | $ | 1,715,622 | $ | 1,578,552 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 206,324 | $ | 175,188 | |||||||
| Accrued expenses and other current liabilities | 203,353 | 165,644 | |||||||||
| Deferred revenue | 787,174 | 676,314 | |||||||||
| Total current liabilities | 1,196,851 | 1,017,146 | |||||||||
| Deferred revenue | 76,712 | 129,233 | |||||||||
| Other liabilities | 48,134 | 42,043 | |||||||||
| Total liabilities | 1,321,697 | 1,188,422 | |||||||||
| Commitments and contingencies | — | — | |||||||||
| Equity: | |||||||||||
| Class A Common Stock, 3,000,000,000 shares authorized, 106,521,915 and 104,689,377 shares issued and outstanding at December 28, 2024 and September 28, 2024, respectively | 13 | 13 | |||||||||
| Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,588,618 and 76,965,386 shares issued and outstanding at December 28, 2024 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 December 28, 2024 and September 28, 2024 | 40 | 40 | |||||||||
| Additional paid-in capital | 1,526,573 | 1,523,692 | |||||||||
| Accumulated deficit | (1,327,401) | (1,323,925) | |||||||||
| Accumulated other comprehensive loss | (2,696) | (2,594) | |||||||||
| Total stockholders' equity | 196,536 | 197,233 | |||||||||
| Noncontrolling interest | 197,389 | 192,897 | |||||||||
| Total equity | 393,925 | 390,130 | |||||||||
| Total liabilities and equity | $ | 1,715,622 | $ | 1,578,552 | |||||||
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Symbotic Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Three Months Ended | |||||||||||||||||
| (in thousands) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income (loss) | $ | (18,520) | $ | 15,954 | $ | (19,072) | |||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||
| Depreciation and amortization | 7,645 | 6,432 | 3,197 | ||||||||||||||
| Foreign currency (gains) losses, net | (32) | — | 22 | ||||||||||||||
| Loss on disposal of assets | 201 | 337 | — | ||||||||||||||
| Provision for excess and obsolete inventory | 688 | (775) | 70 | ||||||||||||||
| Stock-based compensation | 26,773 | 25,350 | 29,462 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Accounts receivable | 67,376 | (101,010) | (83,789) | ||||||||||||||
| Inventories | (10,425) | 30,202 | (1,567) | ||||||||||||||
| Prepaid expenses and other current assets | 10,317 | (114,889) | (32,653) | ||||||||||||||
| Deferred expenses | (2,164) | 5,690 | (7,152) | ||||||||||||||
| Other assets | (1,079) | (3,848) | (5,906) | ||||||||||||||
| Accounts payable | 31,145 | 47,399 | (7,261) | ||||||||||||||
| Accrued expenses and other current liabilities | 45,540 | (6,209) | 15,716 | ||||||||||||||
| Deferred revenue | 58,336 | 6,309 | 69,966 | ||||||||||||||
| Other liabilities | (10,774) | (10,325) | 8,817 | ||||||||||||||
| Net cash provided by (used in) operating activities | 205,027 | (99,383) | (30,150) | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property and equipment | (7,357) | (20,730) | (2,173) | ||||||||||||||
| Capitalization of internal use software development costs | — | (637) | (820) | ||||||||||||||
| Proceeds from maturities of marketable securities | — | — | 150,000 | ||||||||||||||
| Purchases of marketable securities | — | — | (48,317) | ||||||||||||||
| Acquisitions of strategic investments | (17,992) | (23,996) | — | ||||||||||||||
| Net cash provided by (used in) investing activities | (25,349) | (45,363) | 98,690 | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Payment for taxes related to net share settlement of stock-based compensation awards | (3,012) | — | (56) | ||||||||||||||
| Net proceeds from issuance of common stock under employee stock purchase plan | — | 2,308 | — | ||||||||||||||
| Distributions to or on behalf of Symbotic Holdings LLC partners | (850) | (561) | — | ||||||||||||||
| Proceeds from exercise of warrants | — | — | 158,702 | ||||||||||||||
| Net cash provided by (used in) financing activities | (3,862) | 1,747 | 158,646 | ||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (84) | 21 | (2) | ||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 175,732 | (142,978) | 227,184 | ||||||||||||||
| Cash, cash equivalents, and restricted cash - beginning of period | 730,354 | 873,332 | 260,918 | ||||||||||||||
| Cash, cash equivalents, and restricted cash - end of period | $ | 906,086 | $ | 730,354 | $ | 488,102 | |||||||||||
10
| Three Months Ended | |||||||||||||||||
| (in thousands) | December 28, 2024 | September 28, 2024 | December 30, 2023 | ||||||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||||||||
| Cash and cash equivalents | $ | 903,034 | $ | 727,310 | $ | 485,952 | |||||||||||
| Restricted cash | 3,052 | 3,044 | 2,150 | ||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 906,086 | $ | 730,354 | $ | 488,102 | |||||||||||
11
1 | © Symbotic, Inc. All Rights Reserved | Proprietary and ConfidentialInc. Al Rights Reserved Investor Presentation February 5, 2025 2 | © Symbotic, Inc. All Rights Reserved | Proprietary and ConfidentialInc. Al Rights Reserved Disclaimer Forward Looking Statements This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog, or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s filings with the SEC, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Symbotic is under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Symbotic has filed or will file from time to time with the SEC. In addition to factors previously disclosed in Symbotic’s filings with the SEC and those identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from Symbotic’s acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition. Any financial estimates in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all estimates are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the estimate extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the estimates. The inclusion of estimates in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or consider the estimates to be a reliable prediction of future events. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This Presentation is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. All subsequent written and oral forward-looking statements concerning Symbotic, the proposed Transactions or other matters and attributable to Symbotic or any person acting on its behalf are expressly qualified in thei r entirety by the cautionary statements above. Non-GAAP Financial Measures Information contained in this presentation is unaudited and subject to change. This presentation contains financial measures that are not recognized under U.S. GAAP, including adjusted EBITDA and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non- GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this presentation are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconcil iation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included in this presentation, and not rely on any single financial measure to evaluate its business. Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net income or loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; business combination transaction expenses; CEO transition charges; joint venture formation fees; restructuring charges; equity financing transaction costs; equity method investment; and other non-recurring items that may arise from time to time. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA and free cash flow non-GAAP financial measures are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business. Use of Data The data contained herein is derived from various internal and external sources. The data involves many assumptions and limitations; therefore, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to the data. Further, no representation or warranty is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any estimates or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Symbotic assumes no obligation to update the information in this Presentation. Trademarks and Trade Names Symbotic and its affiliates own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this Presentation is not intended in, and does not imply, a relationship with Symbotic or any of its affiliates, or an endorsement or sponsorship by or of Symbotic or such affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the TM, SM or ® symbols, but such references are not intended to indicate, in any way, that Symbotic, its affiliates or any third parties whose trademarks are referenced herein will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor in these trademarks, service marks and trade names. 3 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved OUR VISION Reimagine the Supply Chain® with Artificial Intelligence and Robotics and Transform the Distribution Network into a Strategic Asset 4 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved LABOR PRESSURES SKU PROLIFERATION EVOLVING OMNI-CHANNEL STRATEGIES SYMBOTIC’S A.I. POWERED AUTOMATION EXISTENTIAL THREATS ADDRESSED BY Addressing Existential Threats
5 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved AI-Enabled, Tech Platform to Transform the Supply Chain Upstream Suppliers Distribution Centers Fully integrated AI / software platform drives actionable insights from goods and location data to improve inventory optimization and order accuracy Pallets Cases Eaches Last Mile In-store Store Pickup eCommerce SYMBOTIC Factory Delivery 6 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Transformative Technology Platform Key Financial Metrics ~44% YoY Revenue Growth1 Expanding Adjusted EBITDA Margins1 $22.4B Total Backlog2 Key Operating Metrics 44 Systems in Deployment 29 Completed Sites 10 Customers 475+ Issued Patents Customers Symbotic at a Glance 1 LTM as of Q1 2025. 2 As of Q1 2025. 3 LTM as of Q1 2025. Positive Free Cash Flow3 7 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Large Addressable Markets 1 Current Symbotic SAM represents the aggregate across SAM-1 (U.S. general merchandise, ambient food & grocery, apparel), SAM-2 (U.S. CPG non-food, home improvement, auto parts, 3PL, non-ambient food) and SAM-3 (remaining U.S. verticals, all Canadian & European verticals), based on third-party consultant estimates. 2 Symbotic owns 35% through joint venture with SoftBank 3 Annual U.S. case throughput based on third-party consultant estimates as of July 2023. 4 Based on $2.6T of U.S. online retail sales forecast in 2030 by CapitalOne Shopping Research (December 2024 report) with 50% of eCommerce orders fulfilled by stores using a Symbotic automation system and associated one-time system revenue and 15 years of software revenue. GreenBox2 $500B+ “Outsourced” Incremental annual warehouse-as-a-service opportunity 3$432B One-time system sales in operator-owned warehouses “In-House” 1 Micro- Fulfillment $300B+ Estimated U.S. micro- fulfillment opportunities (one- time system sale and recurring software) 4 8 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Pallet-Based Solution Inbound cells Outbound cells Multi-layer buffering structure & 400+ Symbots Comprehensive Software Architecture
9 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Solution Differentiators A.I. Powered Software Fully Autonomous ’Bots Native Case Handling Case Level Storage Modular System Design Turnkey Retrofit Solution Unique System Architecture IMPROVED EFFICIENCY SPEED FLEXIBILITY DENSITY ACCURACY 10 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved BreakPack: Cases to Eaches Inbound cells Outbound cells Case atomizing Minibots SymBot Case & item buffering Build mixed pallets of cases and eaches to deliver more SKUs with less inventory, all through a common infrastructure 11 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Bringing Automation to the Last Mile, Enabling eCommerce 12 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved 700+ Patent Filings $800M+ Cumulative R&D Spend 15+ years R&D Development On a Journey Toward 7 SIGMA $100+ Million Annual R&D Budget Innovation is in our DNA Global Patents Issued: 475+ Competitive Edge
13 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Supply Chain Automation Technology Alternatives 13 Point Solutions 0 Legacy Alternatives Upstream: Distribution Centers Downstream: Order Fulfillment 14 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Blue Chip Customers Largest U.S. Wholesale Grocery Distributor1 2nd Largest U.S. Supermarket Chain by Revenue2 World’s Largest Company by Revenue3 1 Source: Forbes Magazine, December 2022. Note: Symbotic and C&S share common control through the Cohen family. 2 Source: Reuters, “Grocery Consumers Sue to Block Kroger's $25bn Buy of Albertsons” (February 2023). 3 Source: The 2024 Fortune Global 500, August 2024. Joint Venture between Symbotic and SoftBank 6 year, ~$11B contract Symbotic 35% ownership Unlocks $500B+ annual TAM Owned & Operated Model As-a-Service Model 15 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Comprehensive, AI-enabled, SKU- agile warehouse automation system with integrated omni-channel Highly visible growth profile with $22.4B of contracted backlog with blue-chip customers Leadership position targeting massive market opportunities 16 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Long-Term Growth Strategy MULTIPLE VECTORS FOR POTENTIAL GROWTH GROCERY GENERAL MERCHANDISE 3PL APPAREL CPG HOME IMPROVEMENT AUTO PARTS C&S ALBERTSONS WALMART SGWS | GREENBOX
17 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Recap of Symbotic’s Business Model Symbotic Sells Highly Advanced AI-powered Supply Chain Automation Systems with Supporting Software and Maintenance Services over 15-Year Contracts1, Creating Long-Term Recurring Revenue Streams SoftwareSystems Parts and Services Capital Asset Sale Revenue Spread Over ~2 Years Milestone Payments Required to Use System Annual Recurring, High Margin Revenue Long-Term Contracts Ad Hoc Support Annual Software Subscription and Operation Services Start when the System is “Accepted” as Operational1 Substantial majority of Symbotic customer contracts. 18 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved AI-Enabled Technology Platform with Transformational Impact on Supply Chain Economics Disrupting Large Addressable Markets with Secular Long-Term Tailwinds Deep Relationships with Blue-Chip Customers and $22.4B Contracted Backlog Strong Track Record of Scaling and Visionary Leadership for Symbotic’s Future Key Highlights 19 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Symbotic’s Key Financial Highlights High margin, annual recurring revenue base building over time from software and parts and services base Strong balance sheet and free cash flow generation Generating positive EBITDA with margin upside Highly visible growth underwritten by ~$22.4B contracted backlog Visible growth profile at scale 5 4 3 2 1 20 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Financials / Key Performance Indicators 5 17 35 44 44 FY21 FY22 FY23 FY24 Q125 Systems in Deployment 6 7 12 25 29 FY21 FY22 FY23 FY24 Q125 Systems Completed 252 593 1,177 1,788 FY21 FY22 FY23 FY24 Total Revenue ($M) (103) (90) (18) 62 FY21 FY22 FY23 FY24 Adj. EBITDA ($M)
Appendix 22 | © Symbotic, Inc. All Rights Reserved | Proprietary and Confidential Inc. Al Rights Reserved Reconciliation of Net Loss to Adjusted EBITDA September 28, 2024 September 30, 2023 September 24, 2022 September 25, 2021 Net loss (84,672) (207,894) (139,089) (122,314) Interest income (36,907) (11,391) (1,287) (35) Income tax benefit (expense) 4,212 (4,619) — — Depreciation and amortization 20,845 9,475 5,989 4,491 Stock-based compensation 120,608 157,023 40,556 11,736 Business combination transaction expenses 324 — 4,069 2,761 Joint venture formation fees 1,089 14,900 — — CEO transition charges — 2,026 — — Restructuring charges 33,431 22,899 — — Equity financing transaction costs 1,985 — — — Equity method investment 777 — — — Adjusted EBITDA 61,692 (17,581) (89,762) (103,361) Year Ended Non-GAAP Financial Measures Information contained in this presentation is unaudited and subject to change. This presentation contains financial measures that are not recognized under U.S. GAAP, including adjusted EBITDA and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this presentation are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included in this presentation, and not rely on any single financial measure to evaluate its business. Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net income or loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; business combination transaction expenses; CEO transition charges; joint venture formation fees; restructuring charges; equity financing transaction costs; equity method investment; and other non-recurring items that may arise from time to time. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA and free cash flow non-GAAP financial measures are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.