Symbotic Inc 10-Q/A for FY2024 Q1

Symbotic Inc. (SYM)

10-Q/A 2024-12-04 For: 2023-12-30

Added on April 11, 2026

About this 10-Q/A

Symbotic Inc filed this 10-Q/A on December 4, 2024, covering the quarter ended December 30, 2023 (FY2024 Q1).

Headline figures

Quarter ended December 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $359.94M; up 74.5% from $206.31M a year earlier
Net loss: $2.84M; compared with a net loss of $7.19M a year earlier
Diluted EPS: -$0.03; compared with -$0.12 a year earlier

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	TABLE OF CONTENTS
		Page
	Part I - Financial Information
Item 1.	Financial Statements (As Restated)	1
	Unaudited Condensed Consolidated Financial Statements (As Restated)	1
	Unaudited Condensed Consolidated Balance Sheets as of December 30, 2023 and September 30, 2023 (As Restated)	1
	Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended December 30, 2023 and December 24, 2022 (As Restated)	3
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended December 30, 2023 and December 24, 2022 (As Restated)	4
	Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three Months Ended December 30, 2023 and December 24, 2022 (As Restated)	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 30, 2023 and December 24, 2022 (As Restated)	6
	Notes to Unaudited Condensed Consolidated Financial Statements (As Restated)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
	Part II - Other Information
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
	Signatures	38


	December 30, 2023		September 30, 2023
	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	485,952	$	258,770
Marketable securities	189,011		286,736
Accounts receivable	153,058		69,206
Unbilled accounts receivable	139,449		121,149
Inventories	137,666		136,121
Deferred expenses	41,736		34,577
Prepaid expenses and other current assets	104,324		85,236
Total current assets	1,251,196		991,795
Property and equipment, net	34,990		34,507
Intangible assets, net	—		217
Other long-term assets	29,611		24,191
Total assets	$	1,315,797	$	1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	102,657	$	109,918
Accrued expenses	115,800		99,992
Sales tax payable	37,571		28,322
Deferred revenue	840,028		787,227
Total current liabilities	1,096,056		1,025,459
Deferred revenue	17,169		—
Other long-term liabilities	36,802		27,967
Total liabilities	1,150,027		1,053,426

Commitments and contingencies (Note 12)	—		—

Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 85,106,588 and 82,112,881 shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively	10		8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 81,489,643 and 66,931,097 shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively	8		7


Class V-3 Common Stock, 450,000,000 shares authorized, 406,512,941 and 407,528,941shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively	41		41
Additional paid-in capital - warrants	—		58,126
Additional paid-in capital	1,257,853		1,254,022
Accumulated deficit	(1,313,271)		(1,310,435)
Accumulated other comprehensive loss	(1,770)		(1,687)
Total stockholders’ equity	(57,129)		82
Noncontrolling interest	222,899		(2,798)
Total equity	165,770		(2,716)
Total liabilities and equity	$	1,315,797	$	1,050,710


	For the Three Months Ended
	December 30, 2023		December 24, 2022
	As Restated
Revenue:
Systems	$	347,705	$	197,901
Software maintenance and support	2,169		1,237
Operation services	10,069		7,174
Total revenue	359,943		206,312
Cost of revenue:
Systems	283,946		160,931
Software maintenance and support	1,726		1,671
Operation services	10,214		8,516
Total cost of revenue	295,886		171,118
Gross profit	64,057		35,194
Operating expenses:
Research and development expenses	42,144		50,740
Selling, general, and administrative expenses	47,012		54,023
Total operating expenses	89,156		104,763
Operating loss	(25,099)		(69,569)
Other income, net	6,199		1,834
Loss before income tax	(18,900)		(67,735)
Income tax expense	(172)		(251)
Net loss	(19,072)		(67,986)
Net loss attributable to noncontrolling interests	(16,236)		(60,793)
Net loss attributable to common stockholders	$	(2,836)	$	(7,193)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.03)	$	(0.12)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	83,320,943		58,235,506


☒			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 December 30, 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
												As Restated				As Restated		As Restated		As Restated
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	—	—		—	—		—	—		—		—		—		(2,836)		(16,236)		(19,072)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	665,842	—		—	—		—	—		—		(8)		—		—		(50)		(58)
Exchange of Class V-1 and V-3 common stock	2,327,865	2		(1,311,865)	(2)		(1,016,000)	—		—		(536)		—		—		536		—
Stock-based compensation	—	—		—	—		—	—		—		4,375		—		—		25,087		29,462
Other comprehensive loss	—	—		—	—		—	—		—		—		(83)		—		(468)		(551)
Exercise of warrants	—	—		15,870,411	3		—	—		(58,126)		—		—		—		216,828		158,705
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


	Three Months Ended December 24, 2022
	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	—	—		—	—		—	—		—		—		—		(7,193)		(60,793)		(67,986)
Issuance of common stock under stock plans	17,500	—		—	—		—	—		—		—		—		—		—		—
Exchange of Class V-1 common stock	848,354	—		(848,354)	—		—	—		—		110		—		—		(110)		—
Stock-based compensation	—	—		—	—		—	—		—		5,242		—		—		44,298		49,540
Other comprehensive loss	—	—		—	—		—	—		—		—		(20)		—		(172)		(192)
Balance at December 24, 2022	58,584,690	$	6	78,389,034	$	8	416,933,025	$	42	$	58,126	$	1,243,217	$	(2,314)	$	(1,293,762)	$	44,979	$	50,302


	Three Months Ended
	December 30, 2023		December 24, 2022
Cash and cash equivalents	$	485,952	$	350,724
Restricted cash classified in:
Other long-term assets	2,150		—
Cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	488,102	$	350,724


	December 30, 2023
	As Reported		Adjustment		As Restated
Assets
Unbilled accounts receivable	$	147,956	$	(8,507)	$	139,449
Total current assets	1,259,703		(8,507)		1,251,196
Total assets	$	1,324,304	$	(8,507)	$	1,315,797
Liabilities and Equity
Accounts payable	$	106,088	$	(3,431)	$	102,657
Accrued expenses and other current liabilities	114,771		1,029		115,800
Total current liabilities	1,098,458		(2,402)		1,096,056
Total liabilities	1,152,429		(2,402)		1,150,027

Additional paid-in capital	1,474,681		(216,828)		1,257,853
Accumulated deficit	(1,312,363)		(908)		(1,313,271)
Total stockholders' equity	160,607		(217,736)		(57,129)
Noncontrolling interest	11,268		211,631		222,899
Total equity	171,875		(6,105)		165,770

Total liabilities and equity	$	1,324,304	$	(8,507)	$	1,315,797


	For the Three Months Ended December 30, 2023
	As Reported		Adjustment		As Restated
Revenue
Systems	$	356,212	$	(8,507)	$	347,705
Total revenue	368,450		(8,507)		359,943
Cost of revenue
Systems	286,403		(2,457)		283,946
Total cost of revenue	298,343		(2,457)		295,886

Gross profit	70,107		(6,050)		64,057

Operating loss	(19,049)		(6,050)		(25,099)
Loss before income tax and equity method investment	(12,850)		(6,050)		(18,900)
Income tax expense	(117)		(55)		(172)
Net loss	(12,967)		(6,105)		(19,072)
Net loss attributable to noncontrolling interests	(11,039)		(5,197)		(16,236)
Net loss attributable to common stockholders	$	(1,928)	$	(908)	$	(2,836)

Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.02)	$	(0.01)	$	(0.03)


	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 September 30, 2023	82,112,881	474,460,038	556,572,919
Issuances	665,842	15,870,411	16,536,253
Exchanges	2,327,865	(2,327,865)	—
Balance at December 30, 2023	85,106,588	488,002,584	573,109,172	14.8	%	85.2	%	100	%


	December 30, 2023		September 30, 2023
Customer A	85.0	%	86.6	%
Customer B	n/a		10.3	%
Aggregate Percent of Total Accounts Receivable	85.0	%	96.9	%


	December 30, 2023		September 30, 2023
ROU assets:
Other long-term assets	$	17,609	$	12,398

Lease Liabilities:
Accrued expenses and other current liabilities	$	1,874	$	1,347
Other long-term liabilities	17,369		12,291
Total lease liabilities	$	19,243	$	13,638


FORM 10-Q/A (Amendment No. 1)


	December 30, 2023
Remaining fiscal year 2024	$	2,370
Fiscal year 2025	3,113
Fiscal year 2026	3,524
Fiscal year 2027	3,681
Fiscal year 2028 and thereafter	12,747
Total future minimum payments	$	25,435
Less: Implied interest	(6,192)
Total lease liabilities	$	19,243


	December 30, 2023		September 30, 2023
Raw materials and components	$	115,883	$	124,446
Finished goods	21,783		11,675
Total inventories	$	137,666	$	136,121


	December 30, 2023		September 30, 2023
Computer equipment and software, furniture and fixtures, and test equipment	$	41,306	$	40,437
Internal use software	6,458		5,638
Leasehold improvements	8,433		7,194
Total property and equipment	56,197		53,269
Less accumulated depreciation	(21,207)		(18,762)
Property and equipment, net	$	34,990	$	34,507


	December 30, 2023								September 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	446,217	$	—	$	—	$	446,217	$	219,945	$	—	$	—	$	219,945
U.S. Treasury securities	—		189,011		—		189,011		—		286,736		—		286,736
Total assets	$	446,217	$	189,011	$	—	$	635,228	$	219,945	$	286,736	$	—	$	506,681


	December 30, 2023			September 30, 2023
United States	$	34,414		$	33,828
Canada	576			679
Total property and equipment, net	$	34,990		$	34,507
Percentage of property and equipment, net held outside of the United States	2		%	2		%


	For the Three Months Ended				Change
	December 30, 2023		December 24, 2022		Amount		%
	As Restated				As Restated		As Restated
	(dollars in thousands)
Systems	$	347,705	$	197,901	$	149,804	76	%
Software maintenance and support	2,169		1,237		932		75	%
Operation services	10,069		7,174		2,895		40	%
Total revenue	$	359,943	$	206,312	$	153,631	74	%


	Change
	(in thousands)
Employee-related costs	$	(10,456)
Prototype-related costs, allocated overhead expenses, and other	1,860
	$	(8,596)


Gross profit margin	17.8	%	17.1	%
Adjusted gross profit margin	18.8	%	17.3	%


			Payments due in:
	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
	(in thousands)
Vendor commitments	$	1,243,711	$	1,221,226	$	22,462	$	23	$	—


Symbotic Inc.

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


Date: December 4, 2024	By:	/s/ Richard B. Cohen
		Richard B. Cohen
		Chairman and Chief Executive Officer
		(Principal Executive Officer)


Date: December 4, 2024	By:	/s/ Carol Hibbard
		Carol Hibbard
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)