Skip to content

SYM · Symbotic

5 filings

10-K

SYM 10-K Annual Reports

Symbotic - 5 annual reports

Filing record · 2021–202610-K510-Q238-K51

2025
Symbotic Annual Report, Year Ended Sep 27, 2025
Symbotic Inc. (Nasdaq: SYM) reported fiscal 2025 (year ended September 27, 2025) total revenue of $2,246,922 thousand, up 26% from $1,788,179 thousand, with Systems revenue of $2,118,868 thousand. Gross profit rose to $422,610 thousand (19% of revenue, versus 14% a year earlier), but the company still posted an operating loss of $115,006 thousand and a net loss of $91,032 thousand, compared with a net loss of $84,672 thousand in fiscal 2024. Adjusted EBITDA, a non-GAAP measure, was $147,457 thousand versus $61,692 thousand. Walmart accounted for approximately 85% of total revenue, and the company reported a backlog of approximately $22.5 billion as of September 27, 2025, of which approximately 12% is expected to be recognized as revenue in fiscal 2026. Cash and cash equivalents increased to $1,244,993 thousand from $727,310 thousand, driven by net cash provided by operating activities of $866,939 thousand, largely from a $606,406 thousand increase in deferred revenue. Free cash flow was $787,909 thousand. Total deferred revenue reached $1,367,244 thousand in contract liabilities. The company disclosed a material weakness in internal control over financial reporting related to the timing of recognition of cost of revenue, and Grant Thornton LLP issued an adverse opinion on internal control. Management stated the material weakness was not expected to cause a material misstatement of the financial statements for the year. The filing also describes pending securities class actions (Decker/Traina) and shareholder derivative actions, with a motion to dismiss hearing scheduled for December 16, 2025, and states that the company cannot estimate the possible loss. The Class A founder-controlled voting structure gives Richard B. Cohen and affiliates 69.3% of voting power, and the GreenBox joint venture, in which the company holds a 35% stake, carries an $11.6 billion portion of backlog.
Nov 24, 2025
2024
Symbotic Annual Report, Year Ended Sep 28, 2024
Symbotic Inc. (Nasdaq: SYM) reported net revenue of $1.79 billion for the fiscal year ended September 28, 2024, up from $1.18 billion in fiscal 2023, driven by 44 Systems in Deployment versus 35 a year earlier, largely from the Walmart Master Automation Agreement. Gross profit rose to $245.7 million from $189.7 million, but the company still posted a net loss of $84.7 million, narrowed from $207.9 million the prior year. Adjusted EBITDA was $61.7 million, compared with a loss of $17.6 million in fiscal 2023. Backlog stood at approximately $22.4 billion as of September 28, 2024, of which Walmart and GreenBox comprise the vast majority. The filing discloses material weaknesses in internal control over financial reporting. Management concluded that controls over the timing of cost of revenue recognition and over revenue on non-billable cost overruns were ineffective, and the auditor, Grant Thornton LLP, issued an adverse opinion on internal control. The company restated its unaudited quarterly financial statements for the first three quarters of fiscal 2024, and several securities class actions and shareholder derivative suits have been filed. Operating cash flow was negative $58.1 million and free cash flow was negative $102.5 million, while cash and cash equivalents were $727.3 million at year end. The company also disclosed a $300.0 million-plus tax receivable agreement obligation tied to the Up-C structure, with projected TRA payments of $442.6 million over 41 years. Control remains concentrated with founder Richard B. Cohen, whose holdings carry 87.4% of voting power. Investors should weigh strong backlog and revenue growth against thin gross margins, continuing losses, control weaknesses, and pending litigation.
Dec 4, 2024
2023
Symbotic Annual Report, Year Ended Sep 30, 2023
Symbotic Inc. (Nasdaq: SYM) reported fiscal year 2023 results for the year ended September 30, 2023, with total revenue of $1,176,891 thousand ($1.18 billion), up from $593,312 thousand in fiscal 2022, and a net loss of $207,894 thousand. Systems revenue was $1,138,059 thousand. Gross profit rose to $189,739 thousand, and operating loss was $223,230 thousand. Stock-based compensation was $154,227 thousand for the year, and adjusted EBITDA was a loss of $17,581 thousand as reported under the company's non-GAAP definition. Net cash provided by operating activities was $230.8 million, driven largely by customer payments in advance of performance, and cash and cash equivalents plus short-term marketable securities totaled $258.8 million and $286.7 million, respectively. The company stated that its current cash, marketable securities, working capital and forecasted operating cash flows are sufficient to meet foreseeable cash needs for at least the next 12 months. Backlog stood at approximately $23.3 billion as of September 30, 2023, of which approximately 8% is expected to be recognized as revenue in fiscal 2024. The backlog is driven largely by the Walmart Master Automation Agreement, which covers all 42 of Walmart's regional distribution centers and accounted for approximately 88% of total revenue in fiscal 2023. The GreenBox joint venture with SoftBank entities, formed in July 2023, added approximately $11.5 billion to backlog under a commitment of at least $7.5 billion over six years, with Symbotic holding a 35% stake. Investors should weigh several structural factors: the company remains loss-making, has an accumulated deficit of $1,310.4 million, and its founder-led dual-class structure gives Richard B. Cohen and related parties 89.8% of the voting power. The company also has a Tax Receivable Agreement obligating it to pay 85% of certain realized tax savings, with estimated payments of $350.3 million over 41 years. Management concluded that internal control over financial reporting was effective as of September 30, 2023.
Dec 11, 2023
2022
Symbotic Annual Report, Year Ended Sep 24, 2022
Symbotic Inc. (formerly SVF Investment Corp. 3, which completed a business combination with Legacy Warehouse on June 7, 2022) reported its annual results for the fiscal year ended September 24, 2022. Revenue rose to $593.3 million from $251.9 million in fiscal 2021, driven mainly by systems revenue of $568.0 million. Gross profit was $99.6 million, compared with $10.4 million a year earlier, and the operating loss narrowed to $140.4 million from $122.4 million despite higher research and development ($124.1 million) and selling, general and administrative ($115.9 million) expenses. Net loss was $139.1 million, and Adjusted EBITDA, a non-GAAP measure, was $(89.8) million. Cash and cash equivalents were $353.5 million at year end, and net cash used in operating activities was $148.2 million. The company's contracted backlog stood at $11.1 billion as of September 24, 2022, of which a substantial majority relates to the Walmart Master Automation Agreement, which was amended on May 20, 2022 to add $6.1 billion of backlog. Walmart accounted for approximately 94% of total revenue in fiscal 2022. The filing states that the company is an early-stage company with a history of losses and an accumulated deficit of $1,286.6 million. It also discloses a dual-class structure in which Chairman and CEO Richard B. Cohen and affiliated holders control 91.5% of voting power, and a Tax Receivable Agreement under which 85% of certain tax savings will be paid to TRA Holders, with an estimated liability of $112.1 million from the Business Combination purchases. The filing states that management excluded its report on internal control over financial reporting for fiscal 2022 because of the Business Combination, and the company describes itself as an emerging growth company. Its Class A Common Stock trades on NASDAQ under the symbol SYM, and the company has never paid cash dividends.
Dec 9, 2022
2021
Symbotic Annual Report, Year Ended Dec 31, 2021
SVF Investment Corp. 3, a Cayman Islands blank check company (now Symbotic Inc.), filed this annual report for the year ended December 31, 2021. The company has no operations and no revenue. Its March 11, 2021 IPO raised $320.0 million gross from 32,000,000 Class A ordinary shares, and $320,016,430 was held in the Trust Account at year-end. The company had approximately $813,000 outside the trust and a working capital deficit of approximately $2.5 million. For 2021 it reported a net loss of $6,475,753, driven mainly by $6.4 million of general and administrative expenses. The auditor, Marcum LLP, included a going concern explanatory paragraph because the company must complete a business combination by March 11, 2023 or liquidate. On December 12, 2021, the company agreed to merge with Symbotic Holdings LLC and Warehouse Technologies LLC, with Symbotic to become the post-combination company Symbotic Inc. The filing describes Symbotic's business as warehouse automation. It names Walmart, Inc. as its largest customer, at approximately 67% of total revenue for the fiscal year ended September 25, 2021, and C&S Wholesale Grocers, an affiliate, among other customers. The filing also says the transaction includes a $205 million PIPE subscription for 20,500,000 shares, a $150 million forward purchase commitment with an additional $50 million election, and a Tax Receivable Agreement. The filing discloses a material weakness in internal control over accounting for complex financial instruments, which led to restatement of prior interim periods.
Mar 23, 2022