Symbotic Reports Second Quarter Fiscal Year 2025 Results

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INVESTOR RELATIONS CONTACT Charlie Anderson Vice President, Investor Relations & Corporate Development ir@symbotic.com MEDIA INQUIRIESmediainquiry@symbotic.com Symbotic Inc.and SubsidiariesConsolidated Statements of Operations  Three Months Ended Six Months Ended (in thousands, except share and per share information)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024Revenue:         Systems$513,372  $464,059  $370,693  $977,431  $718,398 Software maintenance and support 6,685   5,525   2,566   12,210   4,735 Operation services 29,594   17,109   20,073   46,703   30,142 Total revenue 549,651   486,693   393,332   1,036,344   753,275 Cost of revenue:         Systems 414,560   381,819   342,124   796,378   626,071 Software maintenance and support 2,095   1,884   1,936   3,979   3,662 Operation services 25,168   22,951   19,052   48,120   29,266 Total cost of revenue 441,823   406,654   363,112   848,477   658,999 Gross profit 107,828   80,039   30,220   187,867   94,276 Operating expenses:         Research and development expenses 61,540   43,592   46,462   105,133   88,606 Selling, general, and administrative expenses 78,347   61,076   48,652   139,421   95,663 Total operating expenses 139,887   104,668   95,114   244,554   184,269 Operating loss (32,059)  (24,629)  (64,894)  (56,687)  (89,993)Other income, net 11,714   7,823   9,812   19,536   16,011 Loss before income tax and equity method investment (20,345)  (16,806)  (55,082)  (37,151)  (73,982)Income tax expense (benefit) 1,397   (150)  252   1,248   80 Loss from equity method investment (2,490)  (1,564)  —   (4,055)  — Net loss (21,438)  (18,520)  (54,830)  (39,958)  (73,902)Net loss attributable to noncontrolling interests (17,513)  (15,044)  (46,021)  (32,557)  (62,257)Net loss attributable to common stockholders$(3,925) $(3,476) $(8,809) $(7,401) $(11,645)          Loss per share of Class A Common Stock:         Basic and Diluted$(0.04) $(0.03) $(0.09)  (0.07) $(0.13)Weighted-average shares of Class A Common Stock outstanding:         Basic and Diluted 107,726,978   106,098,566   93,043,769   106,900,622   88,155,791                      Symbotic Inc.and SubsidiariesReconciliation of Non-GAAP Financial Measures The following table reconciles GAAP net loss to Adjusted EBITDA:  Three Months Ended Six Months Ended(in thousands)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024Net loss$(21,438) $(18,520) $(54,830) $(39,958) $(73,902)Interest income (7,229)  (7,769)  (9,795)  (14,998)  (15,944)Income tax expense (benefit) (1,397)  150   (252)  (1,248)  (80)Depreciation and amortization 11,169   6,860   2,468   18,029   5,033 Stock-based compensation 47,962   28,741   34,726   76,703   64,188 Business Combination transaction expenses 3,298   3,802   —   7,100   — Equity method investment 2,490   1,564   —   4,055   — Internal control remediation 2,175   3,076   —   5,251   — Business transformation costs 2,400   —   —   2,400   — Fair value adjustments on strategic investments (4,481)  —   —   (4,481)  — Restructuring charges (231)  —   34,206   (231)  34,206 Joint venture formation fees —   —   —   —   1,089 Equity financing transaction costs —   —   1,985   —   1,985 Adjusted EBITDA$34,718  $17,904  $8,508  $52,622  $16,575                      The following table reconciles GAAP gross profit to Adjusted gross profit:  Three Months Ended Six Months Ended(in thousands)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024Gross profit$107,828  $80,039  $30,220  $187,867  $94,276 Depreciation 2,949   2,469   88   5,418   181 Stock-based compensation 11,264   3,709   5,156   14,973   8,587 Restructuring charges (231)  —   34,206   (231)  34,206 Adjusted gross profit$121,810  $86,217  $69,670  $208,027  $137,250                     Gross profit margin 19.6%  16.4%  7.7%  18.1%  12.5%Adjusted gross profit margin 22.2%  17.7%  17.7%  20.1%  18.2%                     The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:  Three Months Ended Six Months Ended(in thousands)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024          Net cash provided by (used in) operating activities$269,575  $205,027  $21,072  $474,602  $        (9,078)Purchases of property and equipment and capitalization of internal use software development costs (20,560)  (7,357)  (2,871)  (27,917)          (5,864)Free cash flow$249,015  $197,670  $18,201  $446,685  $        (14,942)                     Symbotic Inc.and Subsidiaries Supplemental Common Share Information Total Common Shares issued and outstanding:  March 29, 2025 September 28, 2024Class A Common Shares issued and outstanding108,380,772 104,689,377Class V-1 Common Shares issued and outstanding76,223,325 76,965,386Class V-3 Common Shares issued and outstanding404,309,196 404,309,196 588,913,293 585,963,959     Symbotic Inc.and SubsidiariesConsolidated Balance Sheets (in thousands, except share data)March 29, 2025 September 28, 2024ASSETSCurrent assets:   Cash and cash equivalents$954,944  $727,310 Accounts receivable 137,562   201,548 Unbilled accounts receivable 160,248   218,233 Inventories 146,281   106,136 Deferred expenses 4,979   1,058 Prepaid expenses and other current assets 93,966   101,252 Total current assets 1,497,980   1,355,537 Property and equipment, net 123,706   97,109 Intangible assets, net 125,793   3,664 Goodwill 68,669   — Equity method investment 85,323   81,289 Other assets 62,714   40,953 Total assets$1,964,185  $1,578,552 LIABILITIES AND EQUITYCurrent liabilities:   Accounts payable$220,027  $175,188 Accrued expenses and other current liabilities 166,269   165,644 Deferred revenue 1,086,297   676,314 Total current liabilities 1,472,593   1,017,146 Deferred revenue 8,152   129,233 Other liabilities 61,866   42,043 Total liabilities 1,542,611   1,188,422 Commitments and contingencies —   — Equity:   Class A Common Stock, 3,000,000,000 shares authorized, 108,380,772 and 104,689,377 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively 13   13 Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,223,325 and 76,965,386 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively 7   7 Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 shares issued and outstanding at March 29, 2025 and September 28, 2024 40   40 Additional paid-in capital 1,539,378   1,523,692 Accumulated deficit (1,331,326)  (1,323,925)Accumulated other comprehensive loss (2,698)  (2,594)Total stockholders' equity 205,414   197,233 Noncontrolling interest 216,160   192,897 Total equity 421,574   390,130 Total liabilities and equity$1,964,185  $1,578,552          Symbotic Inc.and SubsidiariesConsolidated Statements of Cash Flows  Three Months Ended Six Months Ended(in thousands)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024Cash flows from operating activities:         Net loss$(21,438) $(18,520) $(54,830) $(39,958) $(73,902)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:         Depreciation and amortization 12,279   7,645   3,155   19,924   6,352 Equity in net loss from equity method investment 4,055   —   —   4,055   — Foreign currency (gains) losses, net 20   (32)  (30)  (12)  (8)Gain on investments —   —   (8,745)  —   (8,745)Loss on disposal of assets —   201   —   201   — Provision for excess and obsolete inventory 292   688   34,206   980   34,276 Stock-based compensation 43,355   26,773   28,065   70,128   57,527 Gain from strategic investment fair value adjustment (4,481)  —   —   (4,481)  — Changes in operating assets and liabilities:         Accounts receivable (3,195)  67,376   25,328   64,181   (58,461)Inventories (23,232)  (10,425)  (16,353)  (33,657)  (17,920)Prepaid expenses and other current assets 89,491   10,317   (9,777)  99,808   (42,430)Deferred expenses (1,757)  (2,164)  2,106   (3,921)  (5,046)Other assets (6,400)  (1,079)  440   (7,479)  (5,466)Accounts payable 13,806   31,145   30,576   44,951   23,315 Accrued expenses and other current liabilities (65,685)  45,540   (17,600)  (20,145)  (1,884)Deferred revenue 230,283   58,336   2,678   288,619   72,644 Other liabilities 2,182   (10,774)  1,853   (8,592)  10,670   Net cash provided by (used in) operating activities 269,575   205,027   21,072   474,602   (9,078)Cash flows from investing activities:         Purchases of property and equipment and capitalization of internal use software development costs (20,560)  (7,357)  (2,871)  (27,917)  (5,864)Proceeds from maturities of marketable securities —   —   140,000   —   290,000 Purchases of marketable securities —   —   (343)  —   (48,660)Acquisitions of strategic investments —   (17,992)  —   (17,992)  — Cash paid for business acquisitions (200,000)  —   —   (200,000)  — Net cash provided by (used in) investing activities (220,560)  (25,349)  136,786   (245,909)  235,476 Cash flows from financing activities:         Payment for taxes related to net share settlement of stock-based compensation awards —   (3,012)  (3,125)  (3,012)  (3,181)Net proceeds from issuance of common stock under employee stock purchase plan 3,233   —   3,435   3,233   3,435 Distributions to or on behalf of Symbotic Holdings LLC partners (382)  (850)  —   (1,232)  — Proceeds from issuance of Class A Common Stock —   —   257,985   —   257,985 Proceeds from exercise of warrants —   —   —   —   158,702 Net cash provided by (used in) financing activities 2,851   (3,862)  258,295   (1,011)  416,941 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 50   (84)  (13)  (34)  (15)Net increase in cash, cash equivalents, and restricted cash 51,916   175,732   416,140   227,648   643,324 Cash, cash equivalents, and restricted cash - beginning of period 906,086   730,354   488,102   730,354   260,918 Cash, cash equivalents, and restricted cash - end of period$958,002  $906,086  $904,242  $958,002  $904,242                      Three Months Ended Six Months Ended(in thousands)March 29, 2025 December 28, 2024 March 30, 2024 March 29, 2025 March 30, 2024Reconciliation of cash, cash equivalents, and restricted cash:         Cash and cash equivalents$954,944  $903,034  $901,382  $954,944  $901,382 Restricted cash 3,058   3,052   2,860   3,058   2,860 Cash, cash equivalents, and restricted cash$958,002  $906,086  $904,242  $958,002  $904,242  1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under "Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort.

Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to: meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;expand its target customer base and maintain its existing customer base;realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;realize its outlook, including its system gross margin;anticipate industry trends;maintain and enhance its system;maintain the listing of the Symbotic Class A Common Stock on Nasdaq;execute its growth strategy;develop, design and sell systems that are differentiated from those of competitors;execute its research and development strategy;acquire, maintain, protect and enforce intellectual property;attract, train and retain effective officers, key employees or directors;comply with laws and regulations applicable to its business;stay abreast of modified or new laws and regulations applying to its business;successfully defend litigation;issue equity securities in connection with future transactions;meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;timely and effectively remediate any material weaknesses in its internal control over financial reporting;anticipate rapid technological changes; andeffectively respond to general economic and business conditions.

Forward-looking statements also include, but are not limited to, statements with respect to: the future performance of Symbotic’s business and operations;expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;expectations regarding cash flow, liquidity and sources of funding;expectations regarding capital expenditures;the anticipated benefits of Symbotic’s leadership structure;the effects of pending and future legislation, regulation and trade practices, including tariffs;business disruption;disruption to the business due to Symbotic’s dependency on certain customers;increasing competition in the warehouse automation industry;any delays in the design, production or launch of Symbotic’s systems and products;the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;           any defects in new products or enhancements to existing products;the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; andany consequences associated with joint ventures and legislative and regulatory actions and reforms.

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Author / Journalist: Symbotic Inc.

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Published On: 2025-05-07 @ 20:00:00 (1 days ago)

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