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SYM · Symbotic

23 filings

10-Q

SYM 10-Q Quarterly Reports

Symbotic - 23 quarterly reports

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

2026-Q3
Symbotic Quarterly Report for Q3 Ended Jun 27, 2026
Symbotic Inc. (SYM) reported a quarter ended June 27, 2026 with total revenue of $720.8 million for the three months, up from $592.1 million a year earlier, and $2.03 billion for the nine months versus $1.63 billion. Gross profit rose to $160.9 million for the quarter from $111.8 million, and operating income was $32.9 million compared with an operating loss of $25.8 million in the prior-year quarter. Net income was $55.0 million for the quarter, of which $11.7 million was attributable to common stockholders after noncontrolling interests. Management reports Adjusted EBITDA of $95.2 million for the quarter and $239.9 million for the nine months, and free cash flow of $242.8 million for the nine months. The balance sheet strengthened, with cash and cash equivalents of $1.75 billion at June 27, 2026, up from $1.24 billion at September 27, 2025, following $424.3 million in net proceeds from a Class A common stock issuance in December 2025. Remaining performance obligations totaled $22.5 billion, substantially all tied to the Walmart Master Automation Agreement and the Exol commercial agreement. Customer A, which the filing identifies as a single customer, accounted for 90.5% of revenue in the quarter. The filing discloses a continuing material weakness in internal control over financial reporting related to the timing of cost of revenue recognition, and the CEO and CFO concluded disclosure controls were not effective. A targeted recall and component replacement program carried a $34.3 million liability recorded in the second quarter of fiscal 2026. Securities class action litigation (Decker v. Symbotic Inc.) remains pending, with the court granting in part and denying in part the motion to dismiss on July 23, 2026.
Aug 5, 2026
2026-Q2
Symbotic Quarterly Report for Q2 Ended Mar 28, 2026
Symbotic Inc. reported results for the three and six months ended March 28, 2026. Total revenue was $676.5 million for the quarter, up from $549.7 million a year earlier, and $1.31 billion for the six months, up from $1.04 billion. Systems revenue was $634.5 million for the quarter. Gross profit rose to $150.0 million for the quarter, and operating income was $6.1 million, compared with an operating loss of $20.5 million in the prior-year quarter. Net income attributable to common stockholders was $2.0 million for the quarter, versus a loss of $1.8 million a year earlier. Adjusted EBITDA was $77.8 million for the quarter and $144.7 million for the six months, both non-GAAP measures defined by the company. The balance sheet strengthened considerably. Cash and cash equivalents rose to $2.01 billion from $1.24 billion at September 27, 2025, and deferred revenue (current plus long-term) reached $1.86 billion. The company stated that its backlog, measured as remaining performance obligations, was $22.7 billion, with a substantial majority tied to the Walmart Master Automation Agreement and the Exol commercial agreement. Net cash from operating activities was $452.9 million for the six months, and free cash flow was $407.5 million, after a $424.3 million net equity issuance completed in December 2025. The filing also flags risks. Management concluded that disclosure controls were not effective because of a previously reported material weakness related to the timing of cost of revenue recognition, and it does not expect remediation until an ERP solution is implemented in fiscal 2027. The company recorded a $34.3 million liability for a targeted component replacement program and recall, and warranty reserves rose to $81.6 million. Customer A accounted for 85.0% of six-month revenue and 68.7% of receivables. Securities class actions and shareholder derivative actions remain pending, and the company does not expect them to have a material adverse effect on its financial condition.
May 6, 2026
2026-Q1
Symbotic Quarterly Report for Q1 Ended Dec 27, 2025
Symbotic Inc. (SYM) reported revenue of $629,985 thousand ($630.0 million) for the three months ended December 27, 2025, up from $486,693 thousand in the prior-year quarter, with Systems revenue of $590,292 thousand and Software maintenance and support revenue of $10,885 thousand. Gross profit rose to $133,424 thousand from $81,016 thousand, and operating income was $6,526 thousand compared with an operating loss of $22,968 thousand a year earlier. Net income was $13,358 thousand, of which $2,602 thousand was attributable to common stockholders, or $0.02 per Class A share on a basic and diluted basis. Stock-based compensation was $45,941 thousand in operating cash flow, and the company reported Adjusted EBITDA of $66,903 thousand versus $17,905 thousand in the prior-year quarter. The balance sheet strengthened substantially during the quarter. Cash and cash equivalents rose to $1,819,102 thousand from $1,244,993 thousand at September 27, 2025, following net proceeds of $424,368 thousand from the issuance of Class A common stock in an equity offering in December 2025. Deferred revenue, both current and long-term, increased, and the company reported remaining performance obligations of $22.3 billion, with a substantial majority tied to the 2025 Walmart Master Automation Agreement and the Exol Commercial Agreement. Customer A accounted for 85.6% of total revenue in the quarter. The filing also discloses that disclosure controls were not effective due to a previously reported material weakness related to the timing of cost of revenue recognition, which management is remediating. Two securities class actions and two shareholder derivative actions remain pending, and management does not believe they will have a material adverse effect on financial condition, though outcomes could be material to results for a given period.
Feb 4, 2026
2025-Q3
Symbotic Quarterly Report for Q3 Ended Jun 28, 2025
Symbotic Inc. (SYM) reported results for the three and nine months ended June 28, 2025. Total revenue for the quarter was $592.1 million, up from $470.3 million a year earlier, with Systems revenue of $559.1 million. Gross profit rose to $107.6 million from $55.0 million, and the gross margin was 18.2% versus 11.7% in the prior-year quarter. Net loss attributable to common stockholders was $5.9 million for the quarter, compared with $4.7 million a year earlier. Restructuring charges of $16.4 million were recorded tied to a workforce reduction of approximately 325 employees, primarily related to employees who joined through the ASR Acquisition. Adjusted EBITDA was $45.4 million for the quarter versus $2.7 million a year earlier. The balance sheet shows cash and cash equivalents of $777.6 million at June 28, 2025, and deferred revenue of $918.1 million in current liabilities. Remaining performance obligations totaled $22.4 billion, a substantial majority tied to the Walmart Master Automation Agreement and the GreenBox Commercial Agreement. Net cash provided by operating activities was $336.3 million for the nine months, and free cash flow was $293.5 million. The company acquired Walmart's Advanced Systems & Robotics Inc. for $200.0 million in cash in January 2025. The filing discloses that disclosure controls were not effective as of June 28, 2025, due to material weaknesses in controls over the timing of cost of revenue recognition and revenue recognition for cost overruns. The company also disclosed an SEC subpoena relating to its November 2024 restatement of fiscal 2024 revenues, and several securities class actions and shareholder derivative actions are pending.
Aug 6, 2025
2025-Q2
Symbotic Quarterly Report for Q2 Ended Mar 29, 2025
Symbotic Inc. reported revenue of $549.7 million for the three months ended March 29, 2025, up from $393.3 million in the prior-year quarter, with total revenue of $1.04 billion for the six months. Systems revenue was $513.4 million for the quarter, and the filing attributes the growth primarily to 46 Systems in Deployment versus 37 a year earlier, driven by the Walmart Master Automation Agreement. Gross profit rose to $107.8 million (19.6% gross profit margin per the non-GAAP table, versus 7.7% a year earlier), and the operating loss narrowed to $32.1 million from $64.9 million. Net loss attributable to common stockholders was $3.9 million for the quarter. Adjusted EBITDA was $34.7 million for the quarter and $52.6 million for the six months. Cash flow and liquidity improved markedly: operating cash flow was $474.6 million for the six months, driven largely by a $288.6 million increase in deferred revenue, and free cash flow was $446.7 million. Cash and cash equivalents stood at $954.9 million at March 29, 2025. The company acquired Walmart's Advanced Systems & Robotics Inc. for $200.0 million in cash on January 27, 2025, recording $68.7 million of goodwill and $115.0 million of developed technology intangibles. Remaining performance obligations totaled $22.7 billion, and Customer A accounted for 85.6% of quarterly revenue. The filing discloses that disclosure controls were not effective due to material weaknesses related to the timing of cost of revenue recognition and revenue recognition on cost overruns. It also describes pending SEC inquiries, including a subpoena tied to the November 2024 revenue restatement, and securities class and shareholder derivative actions. In May 2025, management approved a workforce reduction of approximately 320 to 390 employees, with estimated costs of $12.0 million to $14.0 million.
May 7, 2025
2025-Q1
Symbotic Quarterly Report for Q1 Ended Dec 28, 2024
Symbotic Inc. reported results for the first quarter of fiscal 2025 (three months ended December 28, 2024). Total revenue rose to $486.7 million from $359.9 million in the prior-year quarter, with Systems revenue of $464.1 million and the filing attributing the increase to 44 Systems in Deployment versus 37 a year earlier, largely from the Walmart Master Automation Agreement. Gross profit was $80.0 million compared with $64.1 million, and the net loss narrowed slightly to $18.5 million from $19.1 million. Net loss attributable to common stockholders was $3.5 million, or $(0.03) per Class A share. Operating cash flow was $205.0 million, and free cash flow was $197.7 million, against cash and cash equivalents of $903.0 million at quarter end. Selling, general, and administrative expenses rose 30% to $61.1 million, partly due to professional fees tied to acquisitions and internal control remediation. The filing discloses that management concluded disclosure controls and procedures were not effective because of two material weaknesses relating to the timing of cost of revenue recognition and revenue recognition on non-billable cost overruns. Management stated that all remediation controls had been implemented as of February 5, 2025, but that the weaknesses will not be considered remediated until the controls operate effectively over a sufficient period. The company also disclosed a $22.4 billion remaining performance obligation, with about 11% expected to convert to revenue within 12 months, and it reports that one customer accounted for 86.1% of revenue. Multiple securities class actions, a shareholder derivative action, and an SEC subpoena relating to the November 2024 revenue restatement remain pending. After the quarter, on January 15, 2025, Symbotic agreed to acquire Walmart Advanced Systems & Robotics for up to $200 million in cash, closing January 27, 2025, alongside a Walmart Master Automation Agreement for 400 accelerated pickup and delivery systems with an option for 200 more and $520 million of research and development fees payable in installments.
Feb 5, 2025
2024-Q3-A
Symbotic Quarterly Report (Amendment) for Q3 Ended Jun 29, 2024
Symbotic Inc. filed this Amendment No. 1 on Form 10-Q/A to restate its unaudited financial statements for the three and nine months ended June 29, 2024. The Audit Committee concluded on November 18, 2024 that the previously filed 2024 Form 10-Qs should no longer be relied upon. The restatement corrects goods and services expensed before related milestones were achieved, which accelerated cost of revenue and, because revenue is recognized on a percentage-of-completion basis, revenue. It also corrects revenue recognized on cost overruns on certain deployments that will not be billable, and a classification error within equity. For the three months ended June 29, 2024, total revenue is restated to $470.3 million from $491.9 million as reported, and net loss is restated to $(26.7) million from $(14.2) million. For the nine months, total revenue is restated to $1.22 billion from $1.28 billion, and net loss to $(100.6) million from $(68.1) million. Adjusted EBITDA for the nine months is restated to $19.3 million from $51.7 million as reported. The balance sheet at June 29, 2024 shows cash and cash equivalents of $870.5 million, up from $258.8 million at September 30, 2023, and marketable securities of zero versus $286.7 million a year earlier. Net cash provided by operating activities was $41.3 million for the nine months, and the filing cites $17.0 million of depreciation and amortization and $86.9 million of stock-based compensation among non-cash items. Remaining performance obligations were $22.7 billion, with the filing stating that a substantial majority relates to the Master Automation Agreement with Walmart Inc. and the Commercial Agreement with GreenBox. Customer A accounted for 89.6% of total revenue in the three months ended June 29, 2024, as restated. Management concluded that disclosure controls and procedures and internal control over financial reporting were not effective as of June 29, 2024 because of material weaknesses. These relate to the timing of recognizing cost of revenue and to revenue recognition on non-billable cost overruns, which resulted in an overstatement of revenue. A remediation plan is in progress, including compensating controls, ERP enhancements, and training, and management stated it cannot assure when the weaknesses will be remediated.
Dec 4, 2024
2024-Q2-A
Symbotic Quarterly Report (Amendment) for Q2 Ended Mar 30, 2024
Symbotic Inc. (SYM) filed this Amendment No. 1 on Form 10-Q/A to restate its unaudited condensed consolidated financial statements for the three and six months ended March 30, 2024, originally filed May 7, 2024. The restatement corrects goods and services, primarily tied to specific milestone achievements, that were expensed before the milestones were achieved, which accelerated cost of revenue and, because revenue is recognized on a percentage-of-completion basis, accelerated revenue. It also corrects revenue recognition errors on cost overruns on certain deployments that will not be billable, and a classification error within equity. The Audit Committee concluded on November 18, 2024 that the financial statements in the related 2024 Forms 10-Q should no longer be relied upon. As restated, total revenue for the three months ended March 30, 2024 is $393.3 million, versus $424.3 million as reported, and the net loss is $(54.8) million, versus $(41.0) million as reported. For the six months, total revenue is $753.3 million (previously $792.8 million) and the net loss is $(73.9) million (previously $(53.9) million). Restated Adjusted EBITDA for the three months is $8.5 million, versus $22.5 million as reported. Cash and cash equivalents were $901.4 million and marketable securities were $50.0 million at March 30, 2024. Management concluded that disclosure controls and internal control over financial reporting were not effective, citing two material weaknesses. Remaining performance obligations were $22.7 billion at March 30, 2024, with a substantial majority tied to the Walmart Master Automation Agreement and the GreenBox Commercial Agreement. One customer accounted for 85.3% of revenue for the three months ended March 30, 2024. The company states that it expects to cease to be an emerging growth company as of the end of fiscal year 2024.
Dec 4, 2024
2024-Q1-A
Symbotic Quarterly Report (Amendment) for Q1 Ended Dec 30, 2023
Symbotic Inc. (SYM) filed Amendment No. 1 on Form 10-Q/A to restate its unaudited financial statements for the quarter ended December 30, 2023, originally filed February 8, 2024. The Audit Committee determined on November 18, 2024 that the original statements should no longer be relied upon. The restatement stems from goods and services, primarily tied to specific milestone achievements, being expensed before the milestones were achieved. That accelerated cost of revenue and, because revenue is recognized on a percentage-of-completion basis, also accelerated revenue. A classification error within equity was also corrected. Management identified a material weakness in internal control over financial reporting, and disclosure controls were concluded to be not effective as of December 30, 2023. As restated, total revenue for the quarter was $359.9 million, versus $368.5 million as originally reported, and gross profit was $64.1 million, down from $70.1 million. Net loss was $19.1 million, compared with $13.0 million as originally reported. Net loss attributable to common stockholders was $2.8 million, versus $1.9 million originally. Adjusted EBITDA was $8.1 million as restated, down from $14.1 million. Cash and cash equivalents were $486.0 million and marketable securities were $189.0 million at quarter end. Operating cash flow was negative $30.2 million, and the company received $158.7 million from Walmart's gross exercise of vested warrants in December 2023. The filing states the transaction price allocated to remaining performance obligations was $23.2 billion. The restatement changed the equity presentation significantly. Total stockholders' equity moved from $160.6 million as originally reported to a deficit of $57.1 million, and noncontrolling interest rose to $222.9 million from $11.3 million. Total equity was $165.8 million as restated.
Dec 4, 2024
2024-Q3
Symbotic Quarterly Report for Q3 Ended Jun 29, 2024
Symbotic Inc. (SYM) reported results for the three and nine months ended June 29, 2024 in its Form 10-Q filed July 31, 2024. Total revenue for the quarter was $491.9 million, up from $311.8 million, and for the nine months was $1.28 billion, up from $785.0 million. Systems revenue drove the growth, with 39 Deployments in the quarter versus 33 a year earlier, primarily tied to the Master Automation Agreement with Walmart covering its 42 regional distribution centers. Gross profit for the quarter was $67.4 million, and the company posted a net loss of $14.2 million for the quarter and $68.1 million for the nine months. Net loss attributable to common stockholders was $2.5 million for the quarter and $11.0 million for the nine months, as most of the loss was attributable to noncontrolling interests. Cash and cash equivalents rose to $870.5 million at June 29, 2024, from $258.8 million at September 30, 2023, supported by $257.99 million from a Class A common stock offering and $158.7 million from Walmart's gross exercise of vested warrants. Operating cash flow was positive at $41.3 million for the nine months. Remaining performance obligations totaled $22.8 billion, of which the filing states about 9% is expected to be recognized as revenue in the next 12 months. Customer A accounted for 91.3% of revenue in the quarter. The company also reported a deferred revenue balance of $714.6 million current and $81.6 million non-current, a GreenBox joint venture with SoftBank in which Symbotic holds a variable interest, and a $470.2 million estimated future Tax Receivable Agreement obligation. The company stated it expects current cash, working capital and forecasted operating cash flows to be sufficient for at least the next 12 months. The filing also discloses an announced Asset Purchase Agreement with Veo Robotics, Inc. on July 19, 2024 for a total purchase price of $8.7 million, and that the company will cease to be an emerging growth company as of the end of fiscal year 2024.
Jul 31, 2024
2024-Q2
Symbotic Quarterly Report for Q2 Ended Mar 30, 2024
Symbotic Inc. (SYM) reported net loss of $40.952 million for the three months ended March 30, 2024, compared with a net loss of $55.416 million in the prior-year quarter, and a net loss of $53.919 million for the six months ended March 30, 2024 versus $123.402 million a year earlier. Total revenue rose to $424.301 million for the quarter from $266.854 million and to $792.751 million for the six months from $473.166 million. Systems revenue drove the increase, and the filing attributes it to 37 system deployments in progress versus 28 a year earlier, largely tied to the Master Automation Agreement with Walmart covering all 42 of its regional distribution centers. Gross profit was $44.162 million for the quarter, down from $42.847 million in the prior year on a higher gross profit base, and the filing notes a restructuring charge of $34.206 million in the quarter related to outsourcing bot assembly and component inventory management. Adjusted EBITDA was $22.450 million for the quarter, compared with negative $11.233 million a year earlier. Liquidity improved substantially. Cash and cash equivalents rose to $901.382 million at March 30, 2024 from $258.770 million at September 30, 2023. The company received $158.7 million from the gross exercise of Walmart's vested warrants in December 2023 and $258.0 million from a Class A common stock issuance in March 2024. Net cash used in operating activities was $9.078 million for the six months, compared with net cash provided of $132.364 million a year earlier. Remaining performance obligations totaled $22.8 billion, and the company stated that current cash, marketable securities, and forecasted operating cash flows are sufficient for at least the next 12 months. The filing also discloses that Customer A accounted for 84.2% of three-month revenue, and that the company expects to cease to be an emerging growth company at the end of fiscal year 2024. Deferred revenue and contract liabilities were $856.922 million, and the company reported a full valuation allowance against domestic deferred tax assets.
May 7, 2024
2024-Q1
Symbotic Quarterly Report for Q1 Ended Dec 30, 2023
Symbotic Inc. (SYM) reported revenue of $368.5 million for the three months ended December 30, 2023, up from $206.3 million in the prior-year quarter, with systems revenue of $356.2 million. Gross profit rose to $70.1 million from $35.2 million, and operating loss narrowed to $19.0 million from $69.6 million. Net loss attributable to common stockholders was $1.9 million, or $(0.02) per Class A share, compared with $7.2 million, or $(0.12), a year earlier. Adjusted EBITDA was $14.1 million, compared with $(16.3) million in the prior-year quarter. The filing attributes systems revenue growth primarily to 37 system deployments in progress versus 22 a year earlier, driven by the ongoing Master Automation Agreement with Walmart, which covers all 42 of Walmart's regional distribution centers. Liquidity improved significantly during the quarter. Walmart gross exercised its vested warrant for $158.7 million in December 2023, and cash and cash equivalents rose to $486.0 million from $258.8 million at September 30, 2023. Marketable securities were $189.0 million. Operating cash flow was negative at $(30.2) million, compared with $101.1 million provided in the prior-year quarter, reflected in a $83.8 million increase in accounts receivable and a $70.0 million increase in deferred revenue. Remaining performance obligations totaled $23.2 billion, and the company expects to recognize approximately 9% of them as revenue in the next 12 months. The filing also discloses a $382.0 million future Tax Receivable Agreement obligation, with no TRA liability recorded given the full valuation allowance on domestic deferred tax assets. Customer A accounted for 82.5% of total revenue. The company disclosed an ongoing implementation of a new SAP S/4HANA ERP system, which it identifies as a factor in its internal control environment, and it concluded that disclosure controls were effective at the reasonable assurance level.
Feb 8, 2024
2023-Q3
Symbotic Quarterly Report for Q3 Ended Jun 24, 2023
Symbotic Inc. (SYM) reported results for the third quarter of fiscal 2023 (three months ended June 24, 2023) and the nine months then ended. Total revenue for the quarter was $311.8 million, up from $175.6 million, and for the nine months was $785.0 million, up from $348.9 million. Systems revenue drove the increase, with the filing attributing it to 33 system deployments in progress versus 13 a year earlier, largely tied to the Master Automation Agreement with Walmart covering all 42 of its regional distribution centers. Gross profit was $52.9 million for the quarter (17.0% gross margin) and $130.9 million for the nine months, while operating loss widened to $42.0 million for the quarter and $169.3 million for the nine months, driven by higher research and development and selling, general and administrative expenses, including $121.8 million of stock-based compensation for the nine months. Net loss attributable to common stockholders was $4.3 million for the quarter and $17.7 million for the nine months, with the remainder attributed to noncontrolling interests. Balance sheet and cash flow were strong on the operating side. Cash and cash equivalents were $255.5 million and marketable securities $255.4 million at June 24, 2023. Deferred revenue, current, rose to $742.2 million from $394.2 million, and net cash provided by operating activities was $186.3 million for the nine months, compared with a use of $96.7 million a year earlier. The company stated that its current cash, marketable securities, working capital and forecasted operating cash flows are expected to be sufficient for at least the next 12 months. Remaining performance obligations totaled $12.0 billion, with a substantial majority tied to the Walmart agreement, and one customer accounted for 89.2% of third-quarter revenue. Subsequent events disclosed in the filing include a July 23, 2023 Framework Agreement with Sunlight Investment Corp. and SVF II Strategic Investments AIV LLC (SoftBank) to form GreenBox Systems LLC as a strategic joint venture, in which Symbotic Holdings and Sunlight hold 35% and 65% respectively, along with a Commercial Agreement under which GreenBox purchases Symbotic's automated case handling systems and a GreenBox Warrant to purchase Class A Common Stock. Separately, the RC Entities sold 17,825,312 shares of Class A Common Stock to SVF for an aggregate of $500 million. The filing also discloses restructuring charges in the second quarter, including $2.3 million of severance and $5.3 million of inventory impairment, and identifies the GreenBox Transaction as expected to be material to financial condition and results of operations.
Aug 2, 2023
2023-Q2
Symbotic Quarterly Report for Q2 Ended Mar 25, 2023
Symbotic Inc. (SYM) reported total revenue of $266.9 million for the three months ended March 25, 2023, up from $96.3 million a year earlier, and $473.2 million for the six months, up from $173.3 million. Systems revenue drove the increase, which the filing attributes to 28 system deployments in progress versus 9 a year earlier, primarily tied to the Master Automation Agreement with Walmart covering all 42 of its regional distribution centers. Gross profit rose to $42.8 million for the quarter, but the company still posted an operating loss of $57.7 million and a net loss of $55.4 million for the quarter, with stock-based compensation of $35.2 million for the quarter and $84.8 million for the six months. The balance sheet shows cash and cash equivalents of $257.0 million and marketable securities of $205.5 million at March 25, 2023. Deferred revenue (current) rose to $665.4 million from $394.2 million, and contract liabilities totaled $689.2 million. Net cash provided by operating activities was $132.4 million for the six months, compared with a use of $62.9 million a year earlier, and management states that current cash, marketable securities and forecasted operating cash flows are sufficient for at least the next 12 months. The filing reports remaining performance obligations of $12.0 billion, with one customer accounting for 89.7% of three-month revenue and 96.6% of accounts receivable at quarter end. The company recorded restructuring charges of $8.4 million in the quarter, comprising severance, inventory impairment and property impairment tied to restructuring in the U.S. and Canada to support outsourcing partnerships. Adjusted EBITDA was a loss of $11.2 million for the quarter, compared with a loss of $26.2 million a year earlier. The company is a smaller reporting company and an emerging growth company, and a tax receivable agreement liability of $117.8 million in future payments is disclosed, with no liability recorded.
May 5, 2023
2023-Q1
Symbotic Quarterly Report for Q1 Ended Dec 24, 2022
Symbotic Inc. (SYM) reported its first quarter of fiscal 2023 (three months ended December 24, 2022) in this Form 10-Q. Total revenue rose to $206.3 million from $77.1 million in the prior-year quarter, a 168% increase, driven by Systems revenue of $197.9 million, up from $71.2 million. The filing attributes the Systems growth to 22 system deployments in progress versus 9 a year earlier, primarily tied to the Master Automation Agreement with Walmart covering all 42 of its regional distribution centers. Gross profit was $35.2 million, compared with $14.5 million a year earlier, but operating expenses more than doubled to $104.8 million, producing an operating loss of $69.6 million and a net loss of $68.0 million. Stock-based compensation of $49.5 million and CEO transition charges of $2.0 million were significant contributors to the expense increase. Balance sheet and cash flow results were stronger. Cash and cash equivalents were $350.7 million and marketable securities were $96.8 million at quarter end. Net cash provided by operating activities was $101.1 million, supported by a $164.1 million increase in deferred revenue, and total deferred revenue (current and long-term) was $589.8 million in contract liabilities. The company reported remaining performance obligations of $12.0 billion, with approximately 9% expected to be recognized as revenue over the next 12 months. Adjusted EBITDA was a loss of $16.3 million, compared with a loss of $21.3 million a year earlier. Customer concentration remains high: Customer A accounted for 81.4% of total revenue, and two customers together accounted for 91.9%. Management states 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. The company also disclosed a full valuation allowance against its deferred tax assets, a tax receivable agreement liability of $114.8 million that is not currently recorded, and a Class A EPS loss of $(0.12) for the quarter.
Feb 3, 2023
2022-Q3
Symbotic Quarterly Report for Q3 Ended Jun 25, 2022
Symbotic Inc. (formerly SVF Investment Corp. 3) filed this Form 10-Q for the quarter ended June 25, 2022, following its June 7, 2022 business combination with Legacy Warehouse, which was accounted for as a reverse recapitalization. For the three months ended June 25, 2022, total revenue was $175.6 million, up from $131.5 million a year earlier, driven by Systems revenue of $169.5 million. Gross profit was $31.5 million versus a $0.3 million loss in the prior-year quarter, while operating loss narrowed to $33.0 million from $37.8 million. Net loss was $32.9 million, of which $12.4 million was attributable to noncontrolling interests and $1.3 million to common stockholders. For the nine months, revenue was $348.9 million and net loss was $85.8 million. The company's balance sheet at June 25, 2022 showed cash and cash equivalents of $411.7 million, inventories of $127.0 million, and total deferred revenue of $379.0 million (current $290.4 million plus long-term $88.6 million). Operating cash flow was negative $96.7 million for the nine months, driven by inventory purchases and working capital changes, while financing activities provided $362.4 million, including net business combination proceeds of $384.7 million offset by a $300.0 million purchase of noncontrolling interest units. The filing states that the company expects current cash, working capital and forecasted operating cash flows to be sufficient for at least the next 12 months. The company disclosed that remaining performance obligations totaled $11.3 billion, a substantial majority tied to the Walmart Master Automation Agreement covering all 42 of Walmart's regional distribution centers. One customer accounted for 96% of revenue in the quarter. Management reported that disclosure controls were effective, and the filing states that the report does not include management's assessment of internal control over financial reporting due to the transition period for newly public companies.
Aug 5, 2022
2022-Q2
Symbotic Quarterly Report for Q2 Ended Mar 31, 2022
SVF Investment Corp. 3 is a blank check company incorporated in the Cayman Islands on December 11, 2020, formed to effect a business combination. Its March 11, 2021 IPO raised $320.0 million gross from 32,000,000 Class A ordinary shares, with $320,043,033 held in the Trust Account as of March 31, 2022. As of that date the company had about $3.3 million in its operating bank account and a working capital deficit of about $4.7 million, and it drew $3.0 million on a Sponsor Working Capital Loan. The filing states that the mandatory liquidation date of March 11, 2023 raises substantial doubt about the company's ability to continue as a going concern. The company reported a net loss of $2,303,304 for the three months ended March 31, 2022, compared with $523,923 a year earlier, driven mainly by general and administrative expenses of $2,299,907. Total shareholders' deficit was $(15,844,544). The company disclosed that its disclosure controls were not effective due to a material weakness in accounting for complex financial instruments, which led to restatement of interim financial information for the quarters ended March 31, June 30 and September 30, 2021. The filing describes the pending Business Combination with Warehouse Technologies LLC and Symbotic Holdings LLC, under which the company will domesticate as a Delaware corporation and be renamed Symbotic Inc. The Form S-4 was declared effective on May 9, 2022, and an extraordinary general meeting is scheduled for June 3, 2022. Subscription agreements cover 20,500,000 shares at $10.00 for $205,000,000, and the Forward Purchase Investor elected on March 23, 2022 to buy an additional $50 million of forward purchase shares.
May 13, 2022
2021-Q2-A
Symbotic Quarterly Report (Amendment) for Q2 Ended Mar 31, 2021
SVF Investment Corp. 3 (now Symbotic Inc.) is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses not yet identified. On March 11, 2021, the company completed its initial public offering of 32,000,000 Class A ordinary shares at $10.00 per share, generating gross proceeds of $320.0 million, along with a private placement of 1,040,000 shares to the sponsor for $10.4 million. Of the IPO proceeds, $320,000,000 was placed in a trust account. Offering costs were approximately $18.1 million, including approximately $11.2 million of deferred underwriting commissions. As of March 31, 2021, the company had approximately $2.0 million in its operating bank account and working capital of approximately $3.6 million, and the trust account investments were valued at $320,001,069. For the three months ended March 31, 2021, the company reported a net loss of $523,923, consisting of general and administrative expenses of $508,266 plus $16,726 paid to a related party, partly offset by $1,069 of income from trust investments. The company has not generated operating revenue and will not until completing a business combination. If it fails to complete a combination within 24 months of the IPO, or by March 11, 2023, it must redeem public shares at the trust amount per share. This amended filing restates prior financial information to classify all Class A ordinary shares subject to possible redemption as temporary equity, which moved total shareholders' equity from $5,000,010 to a deficit of $(7,589,410) as of March 31, 2021. Management concluded that disclosure controls were not effective due to a material weakness in controls over accounting for complex financial instruments. The restatement had no impact on net loss or cash flows.
Jan 26, 2022
2021-Q3-A
Symbotic Quarterly Report (Amendment) for Q3 Ended Jun 30, 2021
SVF Investment Corp. 3 is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses it had not yet identified. Its Initial Public Offering closed on March 11, 2021, selling 32,000,000 Class A ordinary shares at $10.00 per share for gross proceeds of $320.0 million, including the full exercise of the over-allotment option. Simultaneously, the company sold 1,040,000 private placement shares to its sponsor, SVF Sponsor III (DE) LLC, for $10.4 million. The full $320.0 million was placed in a trust account, and offering costs were approximately $18.1 million, of which approximately $11.2 million was deferred underwriting commissions. As of June 30, 2021, the company held about $2.7 million in its operating bank account and working capital of approximately $1.1 million, and reported total assets of $324,000,881 with investments held in the Trust Account of $320,005,932. For the three months ended June 30, 2021, the net loss was $2,512,146, and for the six months ended June 30, 2021, it was $3,036,069, primarily consisting of general and administrative expenses. The company has a Combination Period of 24 months, ending March 11, 2023, to complete a business combination before it must redeem public shares. This filing is an amended quarterly report on Form 10-Q/A that restates prior financial information. The restatement reclassifies all 32,000,000 Class A ordinary shares subject to possible redemption into temporary equity, and management disclosed that its disclosure controls were not effective as of June 30, 2021 due to a material weakness in accounting for complex financial instruments. The restatement had no impact on net loss or cash flows.
Jan 26, 2022
2021-Q3-A2
Symbotic Quarterly Report (Amendment) for Q3 Ended Sep 30, 2021
SVF Investment Corp. 3 is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses it has not yet identified. Its initial public offering closed on March 11, 2021, selling 32,000,000 Class A ordinary shares at $10.00 per share for gross proceeds of $320.0 million, with $320,000,000 placed in a Trust Account. Offering costs were approximately $18.1 million, including approximately $11.2 million of deferred underwriting commissions payable only if a Business Combination is completed. A private placement to the Sponsor of 1,040,000 shares generated $10.4 million. For the nine months ended September 30, 2021, the company reported a net loss of $4,982,163, driven by $4,923,011 in general and administrative expenses, partly offset by $10,848 of trust income. As of September 30, 2021, it held approximately $2.7 million in its operating bank account, with a working capital deficit of approximately $858,000, and the Trust Account investments were valued at $320,010,848. The company must complete a Business Combination by March 11, 2023 or redeem public shares at trust value. This filing is a restated Form 10-Q. The restatement reclassifies all Class A ordinary shares subject to possible redemption into temporary equity and corrects earnings per share presentation; it had no impact on net loss or cash flows. Management concluded that disclosure controls were not effective due to a material weakness in accounting for complex financial instruments.
Jan 26, 2022
2021-Q3
Symbotic Quarterly Report for Q3 Ended Sep 30, 2021
SVF Investment Corp. 3 is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses it has not yet identified. On March 11, 2021, it completed its initial public offering of 32,000,000 Class A ordinary shares at $10.00 per share, generating gross proceeds of $320.0 million, with offering costs of approximately $18.1 million, including approximately $11.2 million of deferred underwriting commissions. Concurrently, it sold 1,040,000 private placement shares to its sponsor, SVF Sponsor III (DE) LLC, for gross proceeds of $10.4 million. Proceeds of $320.0 million are held in a trust account with Continental Stock Transfer & Trust Company. As of September 30, 2021, the company reported total assets of $323,801,300, including $320,010,848 in investments held in the Trust Account and approximately $2.7 million in cash. Total liabilities were $15,848,950, and the company reported a working capital deficit of approximately $858,000. For the three months ended September 30, 2021, the net loss was $1,946,094, driven mainly by general and administrative expenses, and for the nine months ended September 30, 2021, the net loss was $4,982,163. The company has not generated operating revenue and has until March 11, 2023 to complete a business combination, after which it would redeem public shares if no combination is completed. The filing also discloses a revision to previously reported financials related to the initial recognition of Class A shares subject to redemption, which management determined was not material to prior periods but is significant to the current quarter's statements. Management concluded that disclosure controls and procedures were not effective solely because of this initial recognition, and it identified a material weakness and outlined remediation plans. On November 9, 2021, the sponsor and the company agreed to increase the Working Capital Loan commitment by $1.0 million, bringing it to $3.0 million from the original $2.0 million.
Nov 9, 2021
2021-Q3
Symbotic Quarterly Report for Q3 Ended Jun 30, 2021
SVF Investment Corp. 3 is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses it had not yet identified. On March 11, 2021, it completed its initial public offering of 32,000,000 Class A ordinary shares at $10.00 per share, generating gross proceeds of $320.0 million, including the full exercise of the underwriters' over-allotment option. Concurrently, the sponsor, SVF Sponsor III (DE) LLC, purchased 1,040,000 private placement shares for gross proceeds of $10.4 million. Offering costs were approximately $18.1 million, of which approximately $11.2 million represents deferred underwriting commissions payable only upon completion of a business combination. Investments held in the Trust Account totaled $320,005,932 as of June 30, 2021. As of June 30, 2021, the company had cash of $2,707,252, working capital of approximately $1.1 million, and a net loss of $2.5 million for the three months and $3.0 million for the six months ended June 30, 2021, driven almost entirely by general and administrative expenses. Total shareholders' deficit was $(10,101,556). The company must complete a business combination by March 11, 2023, or it will redeem public shares at the trust amount per share. On August 4, 2021, the sponsor agreed to provide $2.0 million in Working Capital Loans. The filing also discloses a revision of the March 31, 2021 financial statements to classify all 32,000,000 Class A shares as temporary equity at $320,000,000, which led management to conclude that disclosure controls were not effective as of June 30, 2021 solely due to this item. The filing contains no revenue, and the company will not generate operating revenue until an initial business combination is completed. Its only non-operating income is trust account investment income, which totaled $5,932 for the six months ended June 30, 2021. Management stated that the COVID-19 pandemic could have a negative effect on the company's search for a target, but that the specific impact was not readily determinable.
Aug 11, 2021
2021-Q2
Symbotic Quarterly Report for Q2 Ended Mar 31, 2021
SVF Investment Corp. 3 is a blank check company incorporated as a Cayman Islands exempted company on December 11, 2020, formed to effect a business combination with one or more businesses it had not yet identified. The company had not commenced operations as of March 31, 2021. On March 11, 2021, it completed its initial public offering of 32,000,000 Class A ordinary shares, including 4,000,000 shares from the underwriters' full exercise of the over-allotment option, at $10.00 per share, generating gross proceeds of $320.0 million. Offering costs were approximately $18.1 million, of which approximately $11.2 million was deferred underwriting commissions. A private placement of 1,040,000 Class A shares to the sponsor, SVF Sponsor III (DE) LLC, generated $10.4 million. As of March 31, 2021, the company held $320,001,069 in its Trust Account and approximately $2.0 million in its operating bank account, with working capital of approximately $3.6 million. For the three months ended March 31, 2021, it reported a net loss of $523,923, consisting primarily of general and administrative expenses, partly offset by $1,069 of income from Trust Account investments. Management stated that it believes the company will have sufficient working capital to meet its needs through the earlier of a business combination or one year from the filing date, and that the impact of COVID-19 on its search for a target is not readily determinable. The Trust Account holds public shares redeemable at $10.00 per share. If no business combination is completed by March 11, 2023, the company will cease operations and redeem public shares. The company has also entered into a forward purchase agreement for $150 million of shares, plus an optional additional $50 million, to close concurrently with a business combination.
May 13, 2021