01—Abstract
Summary
Summary of the 10-Q filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (SYM) reported results for the three and nine months ended June 28, 2025.
Total revenue for the quarter was $592.1 milliona, 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 millionb 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 billionc, 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.
02—Key points
Key Highlights
- Total revenue of $592.1 million for the quarter, up from $470.3 million; nine-month revenue of $1.63 billion, up from $1.22 billion.
- Gross profit of $107.6 million for the quarter (18.2% gross margin) versus $55.0 million (11.7%) a year earlier.
- Net loss attributable to common stockholders of $5.9 million for the quarter versus $4.7 million in the prior-year quarter; Adjusted EBITDA of $45.4 million versus $2.7 million.
- Restructuring charges of $16.4 million related to a planned reduction of about 325 employees tied to the ASR Acquisition.
- Cash and cash equivalents of $777.6 million; nine-month net cash from operating activities of $336.3 million and free cash flow of $293.5 million.
- Remaining performance obligations of $22.4 billion, with a substantial majority tied to the Walmart and GreenBox agreements.
- Disclosure controls were not effective at June 28, 2025 due to two material weaknesses related to revenue and cost of revenue recognition; an SEC subpoena and multiple securities class actions remain pending.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, Symbotic lost $0.01.
- Revenue$592.1M100.0%
- Cost of revenue−$480.3M81.1%
- Gross profit$111.8M18.9%
- Operating costs−$137.6M23.2%
- Operating income−$25.8M4.4%
- Interest, other & tax$21.9M3.7%
- Net income−$3.9M0.7%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed August 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $592.12M$470.34M | +25.9% |
| Cost of Revenue | $480.28M$415.37M | +15.6% |
| Gross Profit | $111.84M$54.97M | +103.4% |
| R&D Expenses | $49.73M$44.72M | +11.2% |
| SG&A Expenses | $71.56M$47.87M | +49.5% |
| Operating Expenses | $137.65M$92.59M | +48.7% |
| Operating Income | -$25.80M-$37.62M | +31.4% |
| Net Income | -$3.92M-$4.68M | +16.2% |
| EPS (Basic) | $-0.04$-0.05 | +20.0% |
| EPS (Diluted) | $-0.04$-0.05 | +20.0% |
| Shares Outstanding (Basic) | 109.20M102.41M | +6.6% |
| Shares Outstanding (Diluted) | 109.20M102.41M | +6.6% |
05—Questions
Frequently Asked Questions
How did Symbotic's revenue and profitability change in the third quarter of fiscal 2025?
Total revenue rose to $592.1 million from $470.3 million, and gross profit rose to $107.6 million from $55.0 million. Net loss attributable to common stockholders widened slightly to $5.9 million from $4.7 million, and Adjusted EBITDA improved to $45.4 million from $2.7 million.
What is driving the restructuring charges?
The company recorded $16.4 million of restructuring charges, primarily severance, related to a workforce reduction of approximately 325 employees who joined through the ASR Acquisition. The reduction is expected to be substantially completed by the end of the first quarter of fiscal 2026.
How much backlog does Symbotic have and how concentrated is it?
Remaining performance obligations were $22.4 billion at June 28, 2025, with a substantial majority related to Walmart's Master Automation Agreement and the GreenBox Commercial Agreement. Customer A accounted for 83.8% of third-quarter revenue.
What material weaknesses did management identify?
Management concluded disclosure controls were not effective because of material weaknesses in controls over the timing of cost of revenue recognition, which led to accelerated revenue recognition in fiscal 2024, and in controls over revenue recognition for cost overruns on certain non-billable deployments. Remediation controls were implemented as of February 5, 2025, but are not yet determined to be remediated.
What legal and regulatory matters are pending?
The company is responding to an SEC investigation related to Rule 21F-17 and received an SEC subpoena concerning its November 2024 restatement of fiscal 2024 revenues. Securities class actions (Decker, later amended as Traina) and shareholder derivative actions are pending, and the company intends to defend them vigorously.
06—Continue