01—Abstract
Summary
Summary of the 8-K filed February 5, 2025. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (Nasdaq: SYM) reported first quarter fiscal 2025 results for the quarter ended December 28, 2024, in a press release furnished as Exhibit 99.1, with a supplemental investor presentation furnished as Exhibit 99.2.
Revenue was $486.7 milliona, compared with $564.6 million in the prior quarter and $359.9 million in the year-ago quarter. The company posted a net loss of $18.5 million, of which $15.0 million was attributable to noncontrolling interests, leaving a net loss of $3.5 million attributable to common stockholders. Adjusted EBITDA was $17.9 million, versus $8.1 million a year earlier.
Gross profit margin was 16.4%, and adjusted gross profit margin was 17.7%. Operating expenses rose to $104.7 millionb, led by a jump in selling, general, and administrative expenses to $61.1 million. Cash and cash equivalents increased to $903.0 million at quarter end, and operating cash flow was $205.0 million, producing free cash flow of $197.7 million.
Management noted that the acquisition of Walmart's Advanced Systems and Robotics business has been completed. The company cited 44 systems in deployment and a total backlog of $22.4 billionc as of Q1 2025 in its investor presentation. For the second quarter of fiscal 2025, Symbotic expects revenue of $510 million to $530 million and adjusted EBITDA of $26 million to $30 million.
The CFO stated that the company expects at least 30%d year-over-year revenue growth in that quarter, with expanding margins. The filing also notes risks tied to integrating the Walmart business and to the company's reliance on certain customers.
02—Key points
Key Highlights
- Revenue of $486.7 million for the quarter ended December 28, 2024, up from $359.9 million in the prior-year quarter.
- Net loss of $18.5 million overall; net loss attributable to common stockholders was $3.5 million.
- Adjusted EBITDA of $17.9 million, compared with $8.1 million in the year-ago quarter.
- Cash and cash equivalents rose to $903.0 million, and free cash flow was $197.7 million for the quarter.
- Gross profit margin was 16.4% and adjusted gross profit margin was 17.7%, both lower than the prior-year quarter's 17.8% and 18.8%.
- Q2 fiscal 2025 outlook: revenue of $510 million to $530 million and adjusted EBITDA of $26 million to $30 million.
- Completion of the Walmart Advanced Systems and Robotics acquisition; 44 systems in deployment and $22.4 billion total backlog.
03—Questions
Frequently Asked Questions
How did Symbotic's revenue and profitability compare with the prior-year quarter?
Total revenue was $486.7 million versus $359.9 million a year earlier. Net loss was $18.5 million, compared with a net loss of $19.1 million in the prior-year quarter. Adjusted EBITDA improved to $17.9 million from $8.1 million.
What drove the cash position and free cash flow this quarter?
Net cash provided by operating activities was $205.0 million, and capital expenditures were $7.4 million, yielding free cash flow of $197.7 million. Cash and cash equivalents increased to $903.0 million from $727.3 million at fiscal year-end 2024.
What guidance did Symbotic provide for the second quarter of fiscal 2025?
The company expects revenue of $510 million to $530 million and adjusted EBITDA of $26 million to $30 million. The CFO said the company expects at least 30% year-over-year revenue growth with expanding margins.
Did the Walmart acquisition affect the results?
The press release states that the acquisition of Walmart's Advanced Systems and Robotics business has been completed. The filing lists failure to realize the expected benefits of the acquisition as a risk factor.
Are there margin pressures investors should note?
Gross profit margin was 16.4%, down from 17.8% a year earlier, and adjusted gross profit margin was 17.7%, down from 18.8%. Selling, general, and administrative expenses rose to $61.1 million from $47.0 million in the prior-year quarter.
04—Continue