Symbotic Inc

For the period ended Mar 30, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 30, 2024 · Filed May 7, 2024

SYM$37.62-0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Unaudited Condensed Consolidated Financial Statements

PART I - FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share data)

	March 30, 2024	September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$901,382	$258,770
Marketable securities	49,978	286,736
Accounts receivable	127,677	69,206
Unbilled accounts receivable	173,995	121,149
Inventories	119,772	136,121
Deferred expenses	1,170	34,577
Prepaid expenses and other current assets	109,937	85,236
Total current assets	1,483,911	991,795
Property and equipment, net	75,038	34,507
Intangible assets, net	—	217
Other long-term assets	29,068	24,191
Total assets	$1,588,017	$1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$149,829	$109,918
Accrued expenses and other current liabilities	120,781	99,992
Sales tax payable	8,216	28,322
Deferred revenue	812,227	787,227
Total current liabilities	1,091,053	1,025,459
Deferred revenue	44,695	—
Other long-term liabilities	38,643	27,967
Total liabilities	1,174,391	1,053,426
Commitments and contingencies (Note 12)	—	—
Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 101,195,288 and 82,112,881 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	12	8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 78,432,388 and 66,931,097 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	8	7

Class V-3 Common Stock, 450,000,000 shares authorized, 404,334,196 and 407,528,941 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively	40	41
Additional paid-in capital - warrants	—	58,126
Additional paid-in capital	1,738,317	1,254,022
Accumulated deficit	(1,318,943)	(1,310,435)
Accumulated other comprehensive loss	(2,373)	(1,687)
Total stockholders’ equity	417,061	82
Noncontrolling interest	(3,435)	(2,798)
Total equity	413,626	(2,716)
Total liabilities and equity	$1,588,017	$1,050,710

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share information)

	For the Three Months Ended		For the Six Months Ended
	March 30, 2024	March 25, 2023	March 30, 2024	March 25, 2023
Revenue:
Systems	$401,662	$257,603	$757,874	$455,504
Software maintenance and support	2,566	1,461	4,735	2,698
Operation services	20,073	7,790	30,142	14,964
Total revenue	424,301	266,854	792,751	473,166
Cost of revenue:
Systems	359,151	213,060	645,555	373,991
Software maintenance and support	1,936	2,106	3,662	3,777
Operation services	19,052	8,841	29,266	17,357
Total cost of revenue	380,139	224,007	678,483	395,125
Gross profit	44,162	42,847	114,268	78,041
Operating expenses:
Research and development expenses	46,462	49,666	88,606	100,406
Selling, general, and administrative expenses	48,652	50,898	95,663	104,921
Total operating expenses	95,114	100,564	184,269	205,327
Operating loss	(50,952)	(57,717)	(70,001)	(127,286)
Other income, net	9,812	2,284	16,011	4,118
Loss before income tax	(41,140)	(55,433)	(53,990)	(123,168)
Income tax benefit (expense)	188	17	71	(234)
Net loss	(40,952)	(55,416)	(53,919)	(123,402)
Net loss attributable to noncontrolling interests	(34,372)	(49,298)	(45,411)	(110,091)
Net loss attributable to common stockholders	$(6,580)	$(6,118)	$(8,508)	$(13,311)
Loss per share of Class A Common Stock:
Basic and Diluted	$(0.07)	$(0.10)	$(0.10)	$(0.22)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	93,043,769	60,503,119	88,155,791	59,352,634

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

	For the Three Months Ended		For the Six Months Ended
	March 30, 2024	March 25, 2023	March 30, 2024	March 25, 2023
Net loss	$(40,952)	$(55,416)	$(53,919)	$(123,402)
Less: Net loss attributable to noncontrolling interests	(34,372)	(49,298)	(45,411)	(110,091)
Net loss attributable to common stockholders	$(6,580)	$(6,118)	$(8,508)	$(13,311)
Other comprehensive income (loss):
Foreign currency translation adjustments	(502)	(290)	(141)	(482)
Changes in unrealized gain on investments, net of income taxes of $— for the three and six months ended March 30, 2024 and March 25, 2023	(3,251)	2,352	(4,163)	2,352
Total other comprehensive income (loss)	(3,753)	2,062	(4,304)	1,870
Less: other comprehensive income (loss) attributable to noncontrolling interests	(3,150)	1,834	(3,618)	1,662
Other comprehensive income (loss) attributable to common stockholders	$(603)	$228	$(686)	$208
Comprehensive loss	(44,705)	(53,354)	(58,223)	(121,532)
Less: Comprehensive loss attributable to noncontrolling interests	(37,522)	(47,464)	(49,029)	(108,429)
Total comprehensive loss attributable to common stockholders	$(7,183)	$(5,890)	$(9,194)	$(13,103)

Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)

(in thousands, except share information)

	Three Months Ended March 30, 2024
Class A Common Stock · Class V-1 Common Stock · Class V-3 Common Stock · Additional Paid-in Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Noncontrolling Interest · Total Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Balance at December 30, 2023	85,106,588	$10	81,489,643	$8	406,512,941	$41	$1,474,681		$(1,770)		$(1,312,363)		$11,268		$171,875
Net loss	—	—	—	—	—	—	—	—		(6,580)		(34,372)		(40,952)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	4,250,067	—	—	—	—	—	(3,095)	—		—		—		(3,095)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—	—	—	—	—	3,500	—		—		—		3,500
Exchange of Class V-1 and V-3 common stock	5,236,000	1	(3,057,255)	—	(2,178,745)	(1)	381	—		—		(381)		—
Issuance of common stock in connection with equity offering	6,500,000	1	—	—	—	—	257,985	—		—		—		257,986
Stock-based compensation	—	—	—	—	—	—	4,865	—		—		23,200		28,065
Other comprehensive loss	—	—	—	—	—	—	—	(603)		—		(3,150)		(3,753)
Balance at March 30, 2024	101,195,288	$12	78,432,388	$8	404,334,196	$40	$1,738,317		$(2,373)		$(1,318,943)		$(3,435)		$413,626

	Six Months Ended March 30, 2024
Class A Common Stock · Class V-1 Common Stock · Class V-3 Common Stock · Additional Paid-in Capital - Warrants · Additional Paid-in Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Noncontrolling Interest · Total Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Balance at September 30, 2023	82,112,881	$8	66,931,097	$7	407,528,941	$41	$58,126		$1,254,022		$(1,687)		$(1,310,435)		$(2,798)		$(2,716)
Net loss	—	—	—	—	—	—	—	—		—		(8,508)		(45,411)		(53,919)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	4,915,909	—	—	—	—	—	—	(3,103)		—		—		(50)		(3,153)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—	—	—	—	—	—	3,500		—		—		—		3,500
Exchange of Class V-1 common stock	7,563,865	3	(4,369,120)	(2)	(3,194,745)	(1)	—	(155)		—		—		155		—
Issuance of common stock in connection with equity offering	6,500,000	1	—	—	—	—	—	257,985		—		—		—		257,986
Exercise of warrants	—	—	15,870,411	3	—	—	(58,126)	216,828		—		—		—		158,705
Stock-based compensation	—	—	—	—	—	—	—	9,240		—		—		48,287		57,527
Other comprehensive loss	—	—	—	—	—	—	—	—		(686)		—		(3,618)		(4,304)
Balance at March 30, 2024	101,195,288	$12	78,432,388	$8	404,334,196	$40	$—		$1,738,317		$(2,373)		$(1,318,943)		$(3,435)		$413,626

	Three Months Ended March 25, 2023
Class A Common Stock · Class V-1 Common Stock · Class V-3 Common Stock · Additional Paid-in Capital - Warrants · Additional Paid-in Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Noncontrolling Interest · Total Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Balance at December 24, 2022	58,584,690	$6	78,389,034	$8	416,933,025	$42	$58,126		$1,243,217		$(2,314)		$(1,293,762)		$44,979		$50,302
Net loss	—	—	—	—	—	—	—	—		—		(6,118)		(49,298)		(55,416)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,659,578	—	—	—	—	—	—	(1,163)		—		—		(10,554)		(11,717)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	98,171	—	—	—	—	—	—	119		—		—		868		987
Exchange of Class V-1 common stock	941,250	—	(941,250)	—	—	—	—	90		—		—		(90)		—
Cancellation of Class V-1 common stock	—	—	(367,694)	—	—	—	—	—		—		—		—		—
Stock-based compensation	—	—	—	—	—	—	—	3,889		—		—		31,334		35,223
Other comprehensive loss	—	—	—	—	—	—	—	—		228		—		1,834		2,062
Balance at March 25, 2023	61,283,689	$6	77,080,090	$8	416,933,025	$42	$58,126		$1,246,152		$(2,086)		$(1,299,880)		$19,073		$21,441

	Six Months Ended March 25, 2023
Class A Common Stock · Class V-1 Common Stock · Class V-3 Common Stock · Additional Paid-in Capital - Warrants · Additional Paid-in Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Noncontrolling Interest · Total Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Balance at September 24, 2022	57,718,836	$6	79,237,388	$8	416,933,025	$42	$58,126		$1,237,865		$(2,294)		$(1,286,569)		$61,756		$68,940
Net loss	—	—	—	—	—	—	—	—		—		(13,311)		(110,091)		(123,402)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,677,078	—	—	—	—	—	—	(1,163)		—		—		(10,554)		(11,717)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	98,171	—	—	—	—	—	—	119		—		—		868		987
Exchange of Class V-1 common stock	1,789,604	—	(1,789,604)	—	—	—	—	200		—		—		(200)		—
Cancellation of Class V-1 common stock	—	—	(367,694)	—	—	—	—	—		—		—		—		—
Stock-based compensation	—	—	—	—	—	—	—	9,131		—		—		75,632		84,763
Other comprehensive loss	—	—	—	—	—	—	—	—		208		—		1,662		1,870
Balance at March 25, 2023	61,283,689	$6	77,080,090	$8	416,933,025	$42	$58,126		$1,246,152		$(2,086)		$(1,299,880)		$19,073		$21,441

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	For the Six Months Ended
	March 30, 2024	March 25, 2023
Cash flows from operating activities:
Net loss	$(53,919)	$(123,402)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,352	4,146
Foreign currency (gains)	(8)	(6)
(Gain) on investments	(8,745)	—
Provision for excess and obsolete inventory	34,276	6,160
Loss on disposal of assets	—	123
Stock-based compensation	57,527	84,763
Changes in operating assets and liabilities:
Accounts receivable	(58,461)	(121,137)
Inventories	(17,920)	(54,853)
Prepaid expenses and other current assets	(77,529)	25,372
Deferred expenses	(5,046)	(7,729)
Other long-term assets	(5,466)	(5,483)
Accounts payable	39,910	19,718
Accrued expenses and other current liabilities	(413)	34,583
Deferred revenue	69,694	263,464
Other long-term liabilities	10,670	6,645
Net cash provided by (used in) operating activities	(9,078)	132,364
Cash flows from investing activities:
Purchases of property and equipment	(4,661)	(13,007)
Capitalization of internal use software development costs	(1,203)	—
Proceeds from maturities of marketable securities	290,000	—
Purchases of marketable securities	(48,660)	(203,140)
Net cash provided by (used in) investing activities	235,476	(216,147)
Cash flows from financing activities:
Payment for taxes related to net share settlement of stock-based compensation awards	(3,181)	(11,713)
Net proceeds from issuance of common stock under employee stock purchase plan	3,435	987
Proceeds from issuance of Class A Common Stock	257,985	—
Proceeds from exercise of warrants	158,702	—
Net cash provided by (used in) financing activities	416,941	(10,726)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(15)	138
Net increase (decrease) in cash, cash equivalents, and restricted cash	643,324	(94,371)
Cash, cash equivalents, and restricted cash — beginning of period	260,918	353,457
Cash, cash equivalents, and restricted cash — end of period	$904,242	$259,086
Non-cash activities:

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$5,818	$—
Transfer of equipment from deferred cost to property and equipment	$38,454	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.