SYM · Symbotic

79 filings

SYM SEC Filings

Symbotic - 79 total filings

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

Showing 1–50 of 79 filings

Symbotic 8-K Report, Material Agreement (Oct 29, 2026)

On October 29, 2026, Symbotic Inc., Symbotic LLC and Walmart Inc. entered into an Enterprise Master Automation Agreement (the "Commercial Agreement") that establishes a global framework governing Symbotic automation systems and technology provided to Walmart and its affiliates. Walmart has made a new commitment to purchase Symbotic systems and fund development programs representing an initial aggregate additional spend of approximately $6,000,000,000 over a number of years across multiple locations. Symbotic expects this Initial Commitment could increase its future backlog by up to $6,920,000,000. The commitment is made up of market program addenda covering ambient-area distribution and fulfillment centers in the United States and select international markets in the Americas, plus a development program addendum under which Walmart committed $125,000,000 to fund next-generation racking and related technology. The Initial Commitment is in addition to purchase commitments under the existing Second Amended and Restated Master Automation Agreement (May 23, 2022) and Master Automation Agreement (January 27, 2025). The agreement also grants Walmart governance rights for so long as it owns more than 5% of Symbotic's fully diluted equity: a right to recommend one independent director candidate to the nominating and corporate governance committee or Board chairperson, and, when Walmart represents more than 50% of consolidated revenue in any trailing four-quarter period, the right to designate two non-voting board observers. The agreement restricts Symbotic from selling or licensing products to a specified company and its affiliates, and it can be terminated for insolvency, uncured material breach, or, by Walmart, certain change of control transactions. It also specifies a calculation for amounts due to Symbotic if Walmart buys fewer systems than committed. Symbotic issued a press release on the same day announcing the agreement, which describes an expansion across 25 U.S. regional distribution centers and an initial commitment of approximately $6 billion.

Oct 29, 2026 8-K

Symbotic 8-K Report, Financial Results (Aug 5, 2026)

Symbotic Inc. (Nasdaq: SYM) reported third-quarter fiscal 2026 results for the quarter ended June 27, 2026. Total revenue was $720.8 million, compared with $592.1 million in the year-ago quarter, and the press release states revenue of $721 million, up 22% year-over-year. Gross profit was $160.9 million (22.3% gross margin) versus $111.8 million (18.9%) a year earlier. Net income was $55.0 million, compared with a net loss of $21.2 million in the third quarter of fiscal 2025. Adjusted EBITDA rose to $95.2 million from $45.4 million, and the company states that is more than double the prior-year figure. Results were helped by a $19.4 million fair value gain on strategic investments in the quarter. Operating income was $32.9 million, versus an operating loss of $25.8 million a year earlier. Cash and cash equivalents were $1.75 billion at June 27, 2026, down from $2.01 billion in cash, equivalents and restricted cash at March 28, 2026. Operating cash flow was negative $147.3 million in the quarter, and free cash flow was negative $164.6 million, driven by a $155.9 million increase in accounts receivable and a $123.8 million decrease in deferred revenue. For the fourth quarter of fiscal 2026, the company expects revenue of $760 million to $780 million and adjusted EBITDA of $100 million to $105 million. The company also cites $22.5 billion of contracted backlog and 77 systems in deployment. The filing also discloses that the board expanded from nine to ten members effective August 4, 2026, and appointed Stephen G. Pagliuca, former Co-Chair of Bain Capital and former managing general partner of the Boston Celtics, as a director.

Aug 5, 2026 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (May 6, 2026)

Symbotic Inc. (Nasdaq: SYM) reported results for its second quarter of fiscal 2026, which ended March 28, 2026. Revenue was $676 million, up 23% year-over-year, and the company reported net income of $9 million, compared with a net loss of $10 million in the second quarter of fiscal 2025. Adjusted EBITDA was $78 million, more than double the $35 million reported a year earlier. Net income attributable to common stockholders was $2.0 million, and a large share of net income went to noncontrolling interests ($7.5 million in the quarter). Cash and cash equivalents rose to $2.0 billion from $1.8 billion at the end of the first quarter. Free cash flow for the quarter was $218.0 million, and operating cash flow was $261.3 million. Systems in deployment rose to 70, and the company cited a contracted backlog of $22.7 billion as of Q2 2026. For the third quarter of fiscal 2026, Symbotic expects revenue of $700 million to $720 million and adjusted EBITDA of $80 million to $85 million. The company said it is not providing GAAP net income guidance because reconciling forward-looking adjusted EBITDA to net income is not possible without unreasonable effort. Management, including CFO Izzy Martins, said it sees a solid growth trajectory supported by rising deployments and enhanced profitability. The filing furnishes a press release (Exhibit 99.1) and an investor presentation (Exhibit 99.2), both dated May 6, 2026. The presentation includes a non-GAAP reconciliation of adjusted EBITDA and free cash flow and reports 52 operational systems.

May 6, 2026 10-Q

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 8-K

Symbotic 8-K Report, Shareholder Vote Results (Mar 9, 2026)

Symbotic Inc. held its 2026 annual meeting of stockholders by live audio webcast on March 5, 2026. Stockholders voted on three proposals described in the company's definitive proxy statement filed January 16, 2026. The record date was January 6, 2026, when 123,250,254 shares of Class A common stock, 72,963,208 shares of Class V-1 common stock and 403,559,196 shares of Class V-3 common stock were outstanding and entitled to vote. Class A and V-1 shares carried one vote each and Class V-3 shares carried three votes each, with all classes voting together as a single class. Shares representing 98.89% of the combined voting power were present or represented by proxy, establishing a quorum. All nine nominees were elected as directors, each to serve for one year until the 2027 Annual Meeting of Stockholders. Merline Saintil received the most withheld votes at 7,708,512, while the other eight nominees each received fewer than 2.1 million withheld votes. Stockholders also approved, on a non-binding advisory basis, the compensation of the company's named executive officers, with 1,361,314,576.94 votes for and 14,005,263.46 against, and a majority of votes cast in favor. The Company's appointment of Grant Thornton LLP as independent registered public accounting firm for the fiscal year ending September 26, 2026 was ratified, with 1,390,596,231.4 votes for, 347,521 against and 306,426 withheld. The filing reports no material strategic, financial or operational announcements. Its substance is limited to the formal results of the annual meeting, including director elections, the advisory say-on-pay vote and auditor ratification.

Mar 9, 2026 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (Feb 4, 2026)

Symbotic Inc. (Nasdaq: SYM) reported first quarter fiscal 2026 results for the quarter ended December 27, 2025, in a press release furnished as Exhibit 99.1 and a supplemental investor presentation furnished as Exhibit 99.2. Revenue was $630 million, up 29% year-over-year from $486.7 million, and the company reported net income of $13 million, compared with a net loss of $17 million in the prior-year quarter. Adjusted EBITDA reached $67 million, versus $18 million a year earlier. Gross profit margin was 21.2% and adjusted gross profit margin was 23.4%, compared with 16.6% and 17.7% in the year-ago quarter. Cash and cash equivalents totaled $1.8 billion at quarter end, a $574 million increase from the prior quarter that includes $424 million of net proceeds from a Class A common stock issuance. Operating cash flow was $191.5 million and free cash flow was $189.5 million for the quarter. The investor presentation cites approximately $22.3 billion of total backlog and 51 operational systems with 57 systems in deployment. For the second quarter of fiscal 2026, Symbotic expects revenue of $650 million to $670 million and adjusted EBITDA of $70 million to $75 million. The company notes it is not providing net income guidance because reconciling forward-looking adjusted EBITDA to net income is unavailable without unreasonable effort.

Feb 4, 2026 8-K

Symbotic 8-K Report, Corporate Update (Jan 16, 2026)

Symbotic Inc. (SYM) filed this Current Report on Form 8-K under Item 8.01 (Other Events) to disclose the terms of four agreements with its executives. The agreements are a letter of intent dated January 23, 2025 between Symbotic LLC, the company's wholly owned subsidiary, and Michael Dunn (the "Dunn LOI"); an offer letter dated June 10, 2024 between Symbotic LLC and James Kuffner (the "Kuffner Offer Letter"); an addendum to that offer letter dated October 1, 2024 (the "Kuffner Addendum"); and a letter agreement dated June 6, 2025 regarding a corporate apartment for Mr. Kuffner (the "Apartment Letter"). The filing is disclosure-only and reports no financial results, financial statement figures, or dollar amounts. The descriptions of each agreement are qualified in their entirety by the full texts, which are filed as Exhibits 10.1 through 10.4 and incorporated by reference. For investors, the filing's significance lies in the governance and compensation disclosure of these arrangements rather than in operating or financial performance. The filing itself does not describe the economic terms of the agreements, so the substance must be reviewed in the exhibits.

Jan 16, 2026 8-K

Symbotic 8-K Report, Corporate Update (Dec 8, 2025)

Symbotic Inc. (SYM) filed this Form 8-K on December 8, 2025 to report that its previously announced underwritten offering of 11,500,000 shares of Class A common stock was completed. The offering consisted of 8,000,000 shares sold by the Company, including the full exercise of the underwriters' option to purchase 1,500,000 additional shares, and 3,500,000 shares sold by selling securityholders. The Company states that net proceeds to it were approximately $425 million, after underwriting discounts, commissions and offering expenses, and that it plans to use them for general corporate purposes. The Company did not receive any proceeds from the shares sold by the selling securityholders. The filing states that the offering was made under an effective shelf registration statement filed December 3, 2025 (File No. 333-291911), with a base prospectus dated December 3, 2025 and a prospectus supplement dated December 4, 2025. The Underwriting Agreement, dated December 4, 2025, was entered into among Symbotic Inc., Symbotic Holdings LLC, the selling securityholders, and Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. as representatives of the underwriters. It contains customary representations, warranties, covenants, and indemnification and contribution obligations. The filing also attaches a legal opinion from Sullivan & Cromwell LLP on the issuance of the shares (Exhibit 5.1), along with the related consent (Exhibit 23.1) and the cover page interactive data file (Exhibit 104). For investors, the key takeaways are the size of the primary equity raise and the fact that the Company receives the proceeds, while the selling securityholders receive the proceeds from their portion.

Dec 8, 2025 8-K

Symbotic 8-K Report, Financial Results (Nov 24, 2025)

Symbotic Inc. (Nasdaq: SYM) reported fourth-quarter and fiscal year 2025 results for the periods ended September 27, 2025, via an 8-K furnishing a press release (Exhibit 99.1) and an investor presentation (Exhibit 99.2). For the fourth quarter, revenue was $618 million, compared with $565 million in the year-earlier quarter. The company posted a net loss of $19 million in the quarter, versus net income of $16 million a year earlier, and adjusted EBITDA of $49 million, compared with $42 million. Cash and cash equivalents totaled $1,245 million at quarter end, an increase of $467 million from the prior quarter. For fiscal year 2025, revenue was $2,247 million, reflecting 26% year-over-year growth, with a net loss of $91 million and adjusted EBITDA of $147 million. Free cash flow for the full year was $787.9 million, based on operating cash flow of $866.9 million, and fourth-quarter operating cash flow was $530.7 million. Restructuring charges totaled $22.9 million for the year. Management highlighted the addition of Medline as its first health care vertical customer. For the first quarter of fiscal 2026, the company expects revenue of $610 million to $630 million and adjusted EBITDA of $49 million to $53 million. Management said the start of fiscal 2026 is consistent with expectations for customers' transition to its next-generation storage structure. The presentation cites a total backlog of about $22.5 billion as of Q4 2025.

Nov 24, 2025 10-K

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 8-K

Symbotic 8-K Report, Executive Changes (Aug 27, 2025)

Symbotic Inc. (SYM) filed a Current Report on Form 8-K disclosing two items. First, the Board of Directors increased its size from eight to nine members, effective August 26, 2025, and appointed Andrew Ross to the Board, effective the same date. Mr. Ross, 58, is President of Parker-Hannifin Corporation (since January 2024) and its Chief Operating Officer (since January 2023). He will receive compensation under the Company's non-employee director compensation program, and has entered into the Company's standard indemnification agreement. Second, under Item 8.01 (Other Events), the filing states that on August 7, 2025, the SEC informed the Company that it had concluded its previously disclosed investigation and does not intend to recommend an enforcement action. The investigation related to alleged violations of Rule 21F-17 and to the Company's 2024 restatement of revenues for the fiscal year ended September 28, 2024, along with certain other matters. For investors, the key takeaways are the closure of the SEC investigation without a recommended enforcement action and the addition of an independent-to-management board member with substantial operating experience at a large industrial company.

Aug 27, 2025 8-K

Symbotic 8-K Report, Financial Results (Aug 6, 2025)

Symbotic Inc. (Nasdaq: SYM) reported third-quarter fiscal 2025 results for the quarter ended June 28, 2025, with revenue of $592 million, up from $470 million in the year-earlier quarter. The company posted a net loss of $32 million, compared with a net loss of $27 million a year earlier, and adjusted EBITDA of $45 million, compared with $3 million. CFO Carol Hibbard stated that revenue grew 26% year over year and that gross margins improved again. Cash and cash equivalents fell by $177 million from the prior quarter to $778 million. Cash flow was weaker in the quarter. Net cash used in operating activities was $138 million, and free cash flow was negative $153 million, versus positive free cash flow of $249 million in the prior quarter. The company recorded $16 million in restructuring charges in the quarter. Deferred revenue declined sharply from the prior quarter's balance, and the company reported a $22.4 billion total backlog as of Q3 2025, according to its investor presentation. For the fourth quarter of fiscal 2025, Symbotic guided to revenue of $590 million to $610 million and adjusted EBITDA of $45 million to $49 million. Management attributed a temporary, short-term revenue impact to the launch of a proprietary next-generation storage structure, which it said shifts some schedules, but stated that the new structure does not affect backlog. The company did not provide net loss guidance, citing the unavailability of reconciling information without unreasonable effort.

Aug 6, 2025 10-Q

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 8-K

Symbotic 8-K Report, Executive Changes (Jun 9, 2025)

Symbotic Inc. (Nasdaq: SYM) announced on June 9, 2025 a leadership change in its finance function. Izilda "Izzy" Martins, currently Executive Vice President and Chief Financial Officer at Avis Budget Group, Inc., will become Chief Financial Officer, Treasurer and principal financial officer effective August 9, 2025, after joining as CFO-designate on July 1, 2025 under an offer letter dated June 5, 2025. Her compensation includes a $650,000 base salary, a target annual bonus of 100% of base salary, a $500,000 sign-on cash bonus subject to clawback, and an equity award with an aggregate target value of $12,000,000, two-thirds in restricted stock units and one-third in performance stock units tied to fiscal year 2028 vesting. Carol Hibbard, the current CFO and Treasurer, is separating from the company. She will remain CFO and Treasurer until August 8, 2025, then serve as a Senior Vice President to assist with transition matters, with her employment ending January 1, 2026. She will then act as a consultant through March 31, 2026. Under her Transition Agreement, she is entitled to $600,000 in severance paid over 12 months, a fiscal 2025 bonus equal to $510,000 multiplied by the company's bonus achievement percentage for the executive leadership team, continued vesting of her restricted stock units through the consulting period, and 12 months of subsidized group medical coverage, subject to a release of claims. The company's press release describes Hibbard's departure as a decision to explore other opportunities and credits her with guiding the company through revenue growth, expansion and investment in innovation, along with improving project execution and controlling costs. The press release is furnished under Item 7.01 and is not deemed filed for Section 18 purposes.

Jun 9, 2025 8-K

Symbotic 8-K Report, Executive Changes (May 15, 2025)

Symbotic Inc. (Nasdaq: SYM) filed a Current Report on Form 8-K dated May 15, 2025 to disclose a board change. On May 12, 2025, the Board approved increasing its size from seven to eight members, effective May 14, 2025, and appointed Eric Branderiz as a director effective the same date. The filing states that Mr. Branderiz, 60, previously served as executive vice president and chief financial officer of Enphase Energy, Inc. from June 2018 to February 2022, and as chief accounting officer and corporate controller of Tesla, Inc. from October 2016 to March 2018. He also held senior finance and accounting roles at SunPower Corporation from 2010 to 2016 and currently serves on the boards of Cognizant Technology Solutions Corporation and Fortive Corporation. Mr. Branderiz will receive compensation under the Company's non-employee director program, which provides a cash retainer for Board service and for service on each committee he joins. The filing incorporates by reference the director compensation description in the Company's proxy statement filed January 17, 2025, and his indemnification agreement, the form of which was filed with an 8-K on June 13, 2022. No financial results or operating metrics are reported in this filing. A press release dated May 15, 2025, furnished as Exhibit 99.1, announces the appointment. In it, Chairman and CEO Rick Cohen states that Mr. Branderiz brings deep financial expertise and experience guiding companies through growth stages, and the release describes him as a Certified Public Accountant in California with a bachelor's degree in Business Commerce from the University of Alberta.

May 15, 2025 8-K

Symbotic 8-K Report, Financial Results (May 7, 2025)

Symbotic Inc. (Nasdaq: SYM) reported results for its second quarter of fiscal year 2025, ended March 29, 2025, via a press release furnished as Exhibit 99.1. Revenue was $550 million (reported as $549,651 thousand), compared with $393 million in the second quarter of fiscal 2024. The company posted a net loss of $21 million (net loss of $21,438 thousand), versus a net loss of $55 million a year earlier, and adjusted EBITDA of $35 million (adjusted EBITDA of $34,718 thousand), up from $9 million. Net loss attributable to common stockholders was $3,925 thousand. Gross profit was $107,828 thousand, and adjusted gross profit margin was 22.2%, compared with 17.7% in the prior-year quarter. Cash and cash equivalents rose by $52 million from the prior quarter to $955 million. Net cash provided by operating activities was $269,575 thousand, and free cash flow was $249,015 thousand for the quarter. For the third quarter of fiscal 2025, Symbotic expects revenue of $520 million to $540 million and adjusted EBITDA of $26 million to $30 million. Management said that "our execution has improved, and our margins expanded," and that second-quarter revenue grew 40% year over year. The company also reported 46 systems in deployment, 37 completed systems, and a total backlog of $22.7 billion as of Q2 2025, as shown in the supplemental investor presentation furnished as Exhibit 99.2. The filing also notes that the results include acquisition-related items, including $200,000 thousand in cash paid for business acquisitions and goodwill of $68,669 thousand on the balance sheet, reflecting the acquisition of Walmart's Advanced Systems and Robotics business. Symbotic also furnished an investor presentation (Exhibit 99.2) under Item 7.01, posted to its investor relations website on May 7, 2025, which restates the financial highlights and provides key operating metrics. Both exhibits are furnished rather than filed, so they are not subject to Section 18 liabilities.

May 7, 2025 10-Q

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 8-K

Symbotic 8-K Report, Shareholder Vote Results (Mar 10, 2025)

Symbotic Inc. held its 2025 annual meeting of stockholders by live audio webcast on March 6, 2025. Stockholders voted on four proposals, which are described in the company's definitive proxy statement filed January 17, 2025. As of the January 6, 2025 record date, there were 106,662,107 shares of Class A common stock, 76,586,618 shares of Class V-1 common stock, and 404,309,196 shares of Class V-3 common stock outstanding and entitled to vote. Holders represented 99.14% of the combined voting power, which established a quorum. Class V-3 shares carry three votes each, and all classes voted together as a single class. All seven director nominees were elected to one-year terms expiring at the 2026 annual meeting. Richard Cohen received 1,367,146,328 votes for and 1,285,260 withheld, and Merline Saintil had the largest number of withheld votes at 5,789,399. On the advisory say-on-pay vote, 1,367,360,411 votes were cast for and 963,769 against. A majority of votes cast favored holding a stockholder vote on executive compensation every year, with 1,366,202,537 votes for a one-year frequency. Stockholders also ratified Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending September 27, 2025, with 1,383,461,333 votes for, 682,826 against, and 66,732 withheld.

Mar 10, 2025 8-K

Symbotic 8-K Report, Financial Results (Feb 5, 2025)

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 million, 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 million, 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 billion 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% 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.

Feb 5, 2025 10-Q

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 8-K

Symbotic 8-K Report, Material Agreement (Jan 28, 2025)

On January 28, 2025, Symbotic Inc. (Nasdaq: SYM) disclosed that it completed its acquisition of the Advanced Systems and Robotics business from Walmart Inc. under a Purchase and Sale Agreement dated January 15, 2025, and entered into a related Master Automation Agreement (the Commercial Agreement) with Walmart on January 27, 2025. The Commercial Agreement covers the development, manufacture and installation of accelerated pickup and delivery systems (APDs) for Walmart. Walmart has committed, subject to defined system performance metrics, to purchase 400 APDs, with an option to buy an additional 200 APDs exercisable within 30 days after acceptance of the 220th APD. Walmart will pay Symbotic LLC a total of $520,000,000 in research and development fees: $230,000,000 at closing, $165,000,000 one year after closing and $125,000,000 two years after closing. For each APD, Walmart will pay implementation cost plus a specified net profit amount, along with software maintenance and support and spare parts fees. The filing states that the transaction and agreement could increase Symbotic's future backlog by more than $5 billion, and that the micro-fulfillment solution expands its addressable market by more than $300 billion in the United States alone. Governance and risk terms matter as well. For as long as Walmart holds more than 5% of Symbotic's fully diluted equity, Walmart may recommend a director nominee and designate a nonvoting board observer. The agreement has an initial twelve-year term, includes most-favored pricing terms relative to other customers, restricts Symbotic LLC's ability to sell or license systems to specified companies and limits third-party system sales, and may trigger a royalty to Walmart if Symbotic commercializes substantially similar APDs with third parties. Walmart may terminate if performance standards are missed or certain change-of-control transactions occur.

Jan 28, 2025 8-K

Symbotic 8-K Report, Material Agreement (Jan 16, 2025)

On January 15, 2025, Symbotic Inc. entered into a Purchase and Sale Agreement with Walmart Inc. to acquire all outstanding equity interests in Walmart Advanced Systems & Robotics Inc. (WASR), a wholly owned Walmart subsidiary. Symbotic will pay $200,000,000 in cash at closing, subject to customary adjustments, plus deferred cash consideration of $175,000,000 payable upon acceptance of the first accelerated pickup and delivery (APD) system under the Commercial Agreement, and $175,000,000 payable upon Walmart's exercise of its Additional APD Option. The Closing is subject to customary conditions; the HSR Act waiting period has already expired, and either party may terminate if the Closing has not occurred by February 14, 2025. Contemporaneously with the Closing, Symbotic LLC and Walmart will enter into a Master Automation Agreement for the development, manufacture and installation of APDs. Walmart commits to purchase 400 APDs, subject to defined system performance metrics, with an option for 200 additional APDs. Walmart will also pay Symbotic LLC a total of $520,000,000 in research and development fees, with $230,000,000 payable at Closing, $165,000,000 one year after Closing and $125,000,000 two years after Closing. The agreement has an initial term ending on the twelfth anniversary of execution and includes governance rights for Walmart, including a right to recommend a board nominee while it holds more than 5% of fully diluted equity, and a nonvoting board observer right. The company's press release states the transaction could add more than $5 billion to future backlog, expands its addressable market by more than $300 billion in the United States, and is expected to be accretive to revenue, margins, adjusted EBITDA and free cash flow. The acquisition is anticipated to close in Symbotic's fiscal second quarter of 2025.

Jan 16, 2025 10-Q

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 10-Q

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 10-Q

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 10-K

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 8-K

Symbotic 8-K/A Report, Financial Results (Nov 27, 2024)

Symbotic Inc. (Nasdaq: SYM) filed an amended Form 8-K/A on November 27, 2024 to disclose that its fourth quarter and fiscal year 2024 results, issued November 18, 2024, should no longer be relied upon. The company is restating its previously issued unaudited interim financial statements for the first, second and third quarters of fiscal 2024, which were filed in Forms 10-Q on February 8, 2024, May 7, 2024 and July 31, 2024. The restatement stems from goods and services, primarily tied to specific milestone achievements, being expensed before the corresponding milestones were achieved. Because revenue is recognized on a percentage of completion basis, this accelerated recognition of both cost of revenue and revenue. A further error was identified on November 25, 2024 involving revenue recognition on cost overruns on certain deployments that will not be billable, which also affected system revenue, income (loss) before income tax, net income (loss) and gross margin in the second, third and fourth quarters of fiscal 2024. The company estimates that correcting these errors will lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 million to $40 million for fiscal 2024 compared with the November 18, 2024 results. Symbotic also revised its first quarter of fiscal 2025 outlook to revenue of $480 million to $500 million and adjusted EBITDA of $12 million to $16 million. The company delayed its Form 10-K for fiscal 2024 by filing a Notification of Late Filing on Form 12b-25 and expects to file the 10-K and amended 10-Qs within the fifteen-calendar-day extension period. Management has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting for fiscal 2024 and is implementing remediation measures. The Audit Committee discussed these matters with Grant Thornton LLP, the company's independent registered public accounting firm, before making its recommendation.

Nov 27, 2024 8-K

Symbotic 8-K Report, Financial Results (Nov 18, 2024)

Symbotic Inc. (Nasdaq: SYM) reported fourth-quarter and fiscal 2024 results for the period ended September 28, 2024, with revenue of $577 million, net income of $28 million, and adjusted EBITDA of $55 million for the quarter, compared with revenue of $392 million, a net loss of $45 million, and adjusted EBITDA of $13 million in the same quarter of fiscal 2023. For the full fiscal year 2024, revenue was $1,822 million, net loss was $51 million, and adjusted EBITDA was $96 million. Cash, cash equivalents and marketable securities decreased by $143 million from the prior quarter to $727 million. Management guided first-quarter fiscal 2025 revenue of $495 million to $515 million and adjusted EBITDA of $27 million to $31 million. The most significant item for investors is the company's decision to restate its unaudited interim financial statements for the first, second and third quarters of fiscal 2024, which should no longer be relied upon. The restatement relates to goods and services, primarily tied to specific milestone achievements, that were expensed before the corresponding milestones were achieved, accelerating the recognition of cost of revenue and, because revenue is recognized on a percentage-of-completion basis, revenue as well. The company states these are timing differences between quarters with no impact on full-year fiscal 2024 results, and it will file amendments to its fiscal 2024 Form 10-Qs. The Audit Committee discussed the matter with Grant Thornton LLP, the independent registered public accounting firm. The company plans to file its Form 10-K the following week, which will include its evaluation of internal control over financial reporting as of fiscal year-end 2024. The filing also furnishes a supplemental presentation detailing the variances between previously reported and restated fiscal 2024 quarterly amounts.

Nov 18, 2024 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (Jul 29, 2024)

Symbotic Inc. (Nasdaq: SYM) reported results for its third fiscal quarter of 2024, ended June 29, 2024, in a press release furnished as Exhibit 99.1. Revenue was $492 million, compared with $312 million in the same quarter of fiscal 2023. The company posted a net loss of $14 million (versus $39 million a year earlier) and adjusted EBITDA of $15 million, compared with an adjusted EBITDA loss of $3 million in the prior-year quarter. Cash, cash equivalents and marketable securities decreased by $81 million from the prior quarter to $870 million. Management said system gross margin fell below expectations due to elongated construction schedules and implementation costs, and that it is focusing on planning, implementation speed and project management. During the quarter the company started five system deployments and completed three operational systems, and it had 39 systems in deployment. The CFO said improving the deployment process may temporarily slow revenue growth, but the company expects system costs to decline and gross margin to return to historical levels in the fourth fiscal quarter. For the fourth quarter of fiscal 2024, Symbotic expects revenue of $455 million to $475 million and adjusted EBITDA of $28 million to $32 million. The company notes it is not providing guidance for net loss, the most comparable GAAP measure, and the filing references risks related to the GreenBox joint venture and pending legislation.

Jul 29, 2024 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (May 6, 2024)

Symbotic Inc. (Nasdaq: SYM) reported results for its second fiscal quarter of 2024, ended March 30, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K. Revenue was $424 million, up from $267 million in the same quarter of fiscal 2023. The net loss was $41 million, compared with $55 million a year earlier, and adjusted EBITDA was $22 million, compared with an adjusted EBITDA loss of $11 million. Management said the company started three system deployments and completed three operational systems during the quarter. Gross profit margin was 10.4%, compared with 16.1% in the prior-year quarter, and the filing also reports an adjusted gross profit margin of 19.7%. The quarter included restructuring charges of $34.2 million. Cash, cash equivalents and marketable securities rose by $276 million from the prior quarter to $951 million. The increase reflects $258.0 million of proceeds from the issuance of Class A Common Stock during the quarter, and net cash provided by operating activities of $21.1 million for the quarter. The company expects third-quarter fiscal 2024 revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million.

May 6, 2024 8-K

Symbotic 8-K Report, Executive Changes (Mar 25, 2024)

Symbotic Inc. (SYM) filed a Form 8-K under Item 5.02 reporting a leadership change in its finance and accounting function. On March 19, 2024, the Company appointed Maria G. Freve as Vice President, Controller and Chief Accounting Officer, effective April 15, 2024. Upon that effective date, Ms. Freve will become the Company's principal accounting officer, and Carol Hibbard will step down from that role while remaining Chief Financial Officer, Treasurer and principal financial officer. Ms. Freve, age 49, most recently served as Vice President and Chief Accounting Officer of Sensata Technologies Holding plc from March 2020 until March 2024. Before that, she spent 11 years in finance and accounting leadership roles at Dell EMC and 13 years at PricewaterhouseCoopers LLP. She holds a B.S. in Management from Tulane University. In connection with her appointment, and subject to Board approval, Ms. Freve is expected to receive an equity-based award with a grant date value of $600,000, with terms to be set by the Board at grant.

Mar 25, 2024 8-K

Symbotic 8-K Report, Corporate Update (Mar 8, 2024)

Symbotic Inc. (NASDAQ: SYM) reported in this Form 8-K, filed March 8, 2024, that the underwriters of its February 2024 public offering exercised in full their option to buy an additional 1,500,000 shares of Class A common stock from the Company. The option was exercised on March 6, 2024, and the closing occurred on March 8, 2024. The filing states that the Company's net proceeds from the option exercise were approximately $59 million, and that the total aggregate net proceeds for the offering, including the option, were approximately $256 million. The original offering closed on February 26, 2024, when the Company and certain selling securityholders sold 10,000,000 shares of Class A common stock in an underwritten offering led by Goldman Sachs & Co. LLC as representative of the underwriters. The offering was made under a shelf registration statement filed with the SEC on August 1, 2023 (File No. 333-273383), a base prospectus dated August 2, 2023, and a prospectus supplement dated February 21, 2024. The filing also attaches an opinion of Sullivan & Cromwell LLP on the issuance of the shares sold through the option exercise (Exhibit 5.1), which is incorporated by reference into the registration statement. The filing does not provide any other financial results or operating information.

Mar 8, 2024 8-K

Symbotic 8-K Report, Shareholder Vote Results (Mar 4, 2024)

Symbotic Inc. (SYM) filed this Current Report on Form 8-K to disclose the results of its 2024 annual meeting of stockholders, held via live audio webcast on March 1, 2024. Stockholders were asked to vote on two proposals described in the company's definitive proxy statement filed January 19, 2024. The record date was January 5, 2024, and the meeting reached a quorum with holders representing 99.24% of the combined voting power of shares entitled to vote. All seven director nominees were elected to one-year terms expiring at the 2025 Annual Meeting. Richard Cohen, Rollin Ford, Charles Kane, Todd Krasnow, Vikas Parekh, Daniela Rus and Merline Saintil each received large majorities of votes cast in favor, with Todd Krasnow and Merline Saintil having the highest numbers of votes withheld at 2,263,679 and 2,727,764, respectively. Stockholders also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending September 28, 2024, with 1,375,493,013 votes for, 31,833 against and 250,898 abstentions. The filing is administrative in nature and reports no new financial results, transactions or strategic developments. Its main significance for investors is the confirmation of the board's composition and the continued engagement of Grant Thornton as auditor. The company's shares are split across Class A, Class V-1 and Class V-3 common stock, with Class V-3 holders entitled to three votes per share, and all classes voted together as a single class.

Mar 4, 2024 8-K

Symbotic 8-K Report, Corporate Update (Feb 26, 2024)

Symbotic Inc. (SYM) filed a Current Report on Form 8-K to disclose the completion of an underwritten offering of 10,000,000 shares of Class A common stock, announced previously and priced under a February 21, 2024 underwriting agreement with Goldman Sachs & Co. LLC as representative. Of the shares, 5,000,000 were sold by the Company and 5,000,000 by selling securityholders. The offering closed on February 26, 2024. The Company reports net proceeds of approximately $197 million after underwriting discounts, commissions and offering expenses, and states that it will use the proceeds for general corporate purposes. The Company received none of the proceeds from the shares sold by the selling securityholders. The underwriters also received a 30-day option to purchase up to an additional 1,500,000 shares. The offering was made under an effective shelf registration statement filed August 1, 2023 (File No. 333-273383), with a base prospectus dated August 2, 2023 and a prospectus supplement dated February 21, 2024. The filing attaches the underwriting agreement (Exhibit 1.1) and a legality opinion from Sullivan & Cromwell LLP (Exhibit 5.1).

Feb 26, 2024 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (Feb 5, 2024)

Symbotic Inc. (Nasdaq: SYM) reported financial results for its first fiscal quarter of 2024, ended December 30, 2023, in a press release furnished as Exhibit 99.1. The company posted revenue of $369 million, a net loss of $13 million, and adjusted EBITDA of $14 million, compared with revenue of $206 million, a net loss of $68 million, and an adjusted EBITDA loss of $16 million in the same quarter of fiscal 2023. Total revenue in the statement of operations was $368,450 thousand, and gross profit was $70,107 thousand, or a 19.0% gross profit margin. Cash, cash equivalents, restricted cash and marketable securities increased by $129 million from the prior quarter to $677 million. The balance sheet shows cash and cash equivalents of $485,952 thousand, up from $258,770 thousand at September 30, 2023. The cash flow statement shows net cash used in operating activities of $30,150 thousand, offset by a $158,702 thousand inflow from the exercise of warrants. Deferred revenue rose to $840,028 thousand in current liabilities, and accounts receivable rose to $153,058 thousand from $69,206 thousand. For the second fiscal quarter of 2024, the company expects revenue of $400 million to $420 million and adjusted EBITDA of $12 million to $15 million. Management stated that it initiated five system deployments and completed three systems during the quarter. The filing also notes that the company is not providing net loss guidance because reconciling forward-looking adjusted EBITDA to net loss is unavailable without unreasonable effort.

Feb 5, 2024 10-K

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 8-K

Symbotic 8-K Report, Financial Results (Nov 20, 2023)

Symbotic Inc. (Nasdaq: SYM) reported results for its fourth quarter and fiscal year ended September 30, 2023, furnishing a press release as Exhibit 99.1. For the fourth quarter, revenue was $392 million, net loss was $45 million, and adjusted EBITDA was $13 million, compared with revenue of $244 million, a net loss of $53 million, and an adjusted EBITDA loss of $20 million in the same quarter of fiscal 2022. Management described this as the company's first quarter of positive adjusted EBITDA. Cash, cash equivalents, restricted cash and marketable securities increased by $35 million from the prior quarter to $548 million at quarter end. For fiscal 2023, revenue was $1,177 million, reflecting 98% year-over-year growth, with a net loss of $208 million and an adjusted EBITDA loss of $18 million. The fourth-quarter results included $14.5 million of restructuring charges and $14.9 million of joint venture formation fees, both excluded from adjusted EBITDA. Adjusted gross profit margin was 19.1% in the fourth quarter, up from 15.1% a year earlier. For the first quarter of fiscal 2024, Symbotic expects revenue of $350 million to $370 million and adjusted EBITDA of $11 million to $14 million. The company did not provide net loss guidance, stating that reconciling forward-looking adjusted EBITDA to net loss is unavailable without unreasonable effort.

Nov 20, 2023 8-K

Symbotic 8-K Report, Executive Changes (Oct 2, 2023)

On October 2, 2023, Symbotic Inc. (Nasdaq: SYM) announced a leadership change in its finance function. Thomas Ernst, Chief Financial Officer and Treasurer, will retire effective December 15, 2023, or earlier if his employment ends for any reason. Under a transition agreement dated October 1, 2023, he will continue in his current roles through the retirement date and then serve as a consultant to the CEO and new CFO through September 28, 2024. Carol Hibbard, formerly Senior Vice President and Controller at The Boeing Company, was appointed Chief Financial Officer and Treasurer effective December 15, 2023. Her employment begins October 23, 2023, and she will serve as CFO designate until she assumes the role. The filing sets out Ernst's severance package, which includes $375,000 in severance paid over twelve months, a $50,000 consulting fee, continued vesting of certain equity awards through the consulting period, and his fiscal 2023 annual bonus. Hibbard's offer includes a base salary of $600,000, a target annual bonus of 85% of base salary, a $300,000 sign-on cash bonus, and an equity award with an aggregate target value of $10,000,000, split between restricted stock units and performance stock units. Severance protections for Hibbard include twelve months of base salary and medical benefits continuation if she is terminated without Cause or resigns for Good Reason. The transition is planned and gradual, with Ernst remaining in his role until year-end and the incoming CFO joining several weeks earlier. The filing also includes a press release in which CEO Rick Cohen credits Ernst with leading the finance organization and the company's public listing, and describes Hibbard as bringing extensive financial and operational experience to the company's next phase of growth.

Oct 2, 2023 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (Jul 31, 2023)

Symbotic Inc. (Nasdaq: SYM) furnished an 8-K on July 31, 2023 under Item 2.02 (Results of Operations and Financial Condition) to announce results for its third fiscal quarter ended June 24, 2023. The company reported revenue of $311.8 million for the quarter, up from $175.6 million in the same quarter of fiscal 2022, with a net loss of $39.1 million (compared with $32.9 million a year earlier) and adjusted EBITDA loss of $3.4 million (compared with $21.8 million). Gross profit was $52.9 million, and adjusted gross profit margin was 18.3%. Operating loss narrowed to $42.0 million from $33.0 million in the prior-year quarter's comparison shown in the filing's tables, while nine-month revenue reached $785.0 million versus $348.9 million a year earlier. Cash, cash equivalents, restricted cash and marketable securities rose by $48 million from the prior quarter to $513 million at quarter-end, according to the press release. Balance sheet data show cash and cash equivalents of $255.5 million, marketable securities of $255.4 million, and deferred revenue, current, of $742.2 million, which is large relative to total current liabilities of $898.0 million. Management highlighted the formation of the GreenBox joint venture with SoftBank, which it says adds over $500 billion to annual total addressable market and lifts contracted backlog to approximately $23 billion. For the fourth quarter of fiscal 2023, the company guided to revenue of $290 million to $310 million and adjusted EBITDA of $0 million to $3 million. The filing notes that the press release is furnished, not filed, under Section 18 of the Exchange Act. The release refers readers to risk factors in the company's Form 10-K filed December 9, 2022, and cautions that the GreenBox transaction, customer dependencies and material weaknesses in internal control over financial reporting could affect future results.

Jul 31, 2023 8-K

Symbotic 8-K Report, Material Agreement (Jul 24, 2023)

Symbotic Inc. (Nasdaq: SYM) announced on July 23-24, 2023 the formation of GreenBox Systems LLC, a warehouse-as-a-service joint venture with SoftBank. The company entered into a Framework Agreement, an LLC Agreement, and a Commercial Agreement with GreenBox. Under the Commercial Agreement, GreenBox commits to spend at least $7.5 billion in aggregate on Symbotic systems over a six-year period, with implementation expected to begin in fiscal year 2024. GreenBox pays Symbotic the implementation cost plus a specified net profit amount, plus fees for software maintenance and support and for spare parts and other expenses. The filing states that Symbotic's capital commitment to GreenBox is approximately $1.7 billion through Symbotic Holdings, and that GreenBox will not be consolidated because Symbotic is not the primary beneficiary. The transaction also includes equity and governance terms. Symbotic issued Sunlight Investment Corp. a warrant for up to 11,434,360 Class A shares, subject to vesting conditions. The Framework Agreement imposes a standstill on SoftBank and its controlled affiliates until the earlier of the fourth anniversary of the agreement or the date SoftBank and its affiliates own less than 5% of fully diluted equity. It also requires a board observer seat for SoftBank if the board has no full-time SoftBank employee. The press release accompanying the filing adds that SoftBank and Symbotic own 65% and 35% of GreenBox, respectively, and that Symbotic issued SoftBank warrants for up to 2.0% of fully diluted shares, with a strike price of $41.9719 per share. Separately, SoftBank bought approximately 17.8 million shares from Chairman and CEO Rick Cohen at $28.05 per share in a 100% secondary sale. For investors, the key items are the size of the contracted backlog, the timing of revenue recognition beginning in fiscal 2024, the expected recurring software, parts and services revenue of more than $500 million annually once systems are operational, and the dilution from the warrants. The Commercial Agreement also allows GreenBox to reduce its purchase commitment by 50% if Symbotic has no named successor to Richard B. Cohen as CEO when he is no longer employed by the company.

Jul 24, 2023 8-K

Symbotic 8-K Report, Executive Changes (Jun 7, 2023)

Symbotic Inc. (SYM) filed this Current Report on Form 8-K under Item 5.02, disclosing a leadership change in its finance and accounting function. Santhosh Daniel resigned as Vice President and Controller effective June 16, 2023. Effective June 5, 2023, he no longer serves as principal accounting officer, and he will remain employed as a Vice President through June 16, 2023 to assist with transition matters. The company states that his resignation was not the result of any dispute or disagreement with Symbotic, including any matters relating to its accounting practices or financial reporting. Effective June 5, 2023, Thomas Ernst, the Company's Chief Financial Officer and Treasurer, assumed the responsibilities of chief accounting officer. He will serve as principal financial officer and principal accounting officer for SEC purposes. Biographical information on Mr. Ernst is incorporated by reference from the company's definitive proxy statement on Schedule 14A filed January 18, 2023. For investors, the filing is primarily a routine executive transition with no financial figures disclosed. The key points are the consolidation of principal financial and accounting officer roles under the CFO and the explicit statement that the departure did not stem from any disagreement over accounting or financial reporting.

Jun 7, 2023 10-Q

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 8-K

Symbotic 8-K Report, Financial Results (May 1, 2023)

Symbotic Inc. (Nasdaq: SYM) reported results for its second fiscal quarter ended March 25, 2023, in a press release furnished as Exhibit 99.1. Revenue for the quarter was $266.9 million, compared with $96.3 million in the same quarter of fiscal 2022. The company posted a net loss of $55.4 million, versus $29.9 million a year earlier, and an adjusted EBITDA loss of $11.2 million, compared with $26.2 million in the prior-year quarter. Gross profit was $42.8 million, and the gross profit margin was 16.1%. Management attributed the quarter to completing one system and initiating seven new system deployments, and said the transition to outsourcing partnerships included an $8.4 million severance and restructuring charge tied to ceasing manufacturing in Montreal and curtailing capacity in Wilmington, Massachusetts. For the third fiscal quarter of 2023, Symbotic expects revenue of $245 million to $265 million and an adjusted EBITDA loss of $11 million to $8 million, compared with a $21.8 million adjusted EBITDA loss in the third quarter of fiscal 2022. At March 25, 2023, cash, cash equivalents, restricted cash and marketable securities totaled $464.6 million, and the filing states this was an increase of $17.1 million from the prior quarter. Total deferred revenue, current, was $665.4 million, which the balance sheet shows rising from $394.2 million at September 24, 2022. The filing is a furnished (not filed) Item 2.02 notice, and the press release relies on non-GAAP measures, principally adjusted EBITDA and adjusted gross profit, which the company reconciles to GAAP net loss and gross profit. Stock-based compensation was $36.5 million in the quarter, a major reconciling item between GAAP and adjusted results.

May 1, 2023 8-K

Symbotic 8-K Report, Shareholder Vote Results (Mar 2, 2023)

On March 1, 2023, Symbotic Inc. held its 2023 annual meeting of stockholders by live audio webcast. Stockholders voted on two proposals described in the definitive proxy statement filed with the SEC on January 18, 2023. The record date was January 3, 2023, when 59,359,050 Class A, 78,389,034 Class V-1 and 416,933,025 Class V-3 shares were outstanding and entitled to vote. Holders of Class A and V-1 shares had one vote per share, and Class V-3 holders had three votes per share. All classes voted together as a single class. Shares representing 99.32% of the combined voting power as of the record date were present or represented by proxy, establishing a quorum. Stockholders elected all seven director nominees to one-year terms ending at the 2024 Annual Meeting: Richard Cohen, Rollin Ford, Charles Kane, Todd Krasnow, Vikas Parekh, Daniela Rus and Merline Saintil. Each nominee received well over 1.37 billion votes for election, with withheld votes ranging from 146,996 to 435,248 and 6,065,127 broker non-votes for each nominee. Stockholders also ratified the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2023, with 1,379,109,367 votes for, 3,023 against and 13,725 abstentions. The filing reports no broker non-votes on this proposal.

Mar 2, 2023