Symbotic Inc

For the period ended Jun 29, 2024. Filed Jul 31, 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.

Jun 29, 2024 · Filed Jul 31, 2024

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

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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)

	June 29, 2024	September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$870,469	$258,770
Marketable securities	—	286,736
Accounts receivable	100,499	69,206
Unbilled accounts receivable	160,688	121,149
Inventories	132,111	136,121
Deferred expenses	6,748	34,577
Prepaid expenses and other current assets	100,802	85,236
Total current assets	1,371,317	991,795
Property and equipment, net	81,029	34,507
Intangible assets, net	—	217
Other assets	106,096	24,191
Total assets	$1,558,442	$1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$156,286	$109,918
Accrued expenses and other current liabilities	177,166	128,314
Deferred revenue	714,641	787,227
Total current liabilities	1,048,093	1,025,459
Deferred revenue	81,642	—
Other liabilities	49,412	27,967
Total liabilities	1,179,147	1,053,426
Commitments and contingencies (Note 13)	—	—
Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 103,096,119 and 82,112,881 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	12	8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 77,490,386 and 66,931,097 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	8	7

Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively	41	41
Additional paid-in capital - warrants	—	58,126
Additional paid-in capital	1,742,697	1,254,022
Accumulated deficit	(1,321,431)	(1,310,435)
Accumulated other comprehensive loss	(2,632)	(1,687)
Total stockholders’ equity	418,695	82
Noncontrolling interest	(39,400)	(2,798)
Total equity	379,295	(2,716)
Total liabilities and equity	$1,558,442	$1,050,710

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share information)

	For the Three Months Ended		For the Nine Months Ended
	June 29, 2024	June 24, 2023	June 29, 2024	June 24, 2023
Revenue:
Systems	$472,119	$302,350	$1,229,993	$757,854
Software maintenance and support	3,545	1,768	8,280	4,466
Operation services	16,198	7,719	46,340	22,683
Total revenue	491,862	311,837	1,284,613	785,003
Cost of revenue:
Systems	407,852	244,660	1,053,407	618,651
Software maintenance and support	2,539	3,603	6,201	7,380
Operation services	14,065	10,665	43,331	28,022
Total cost of revenue	424,456	258,928	1,102,939	654,053
Gross profit	67,406	52,909	181,674	130,950
Operating expenses:
Research and development expenses	44,722	48,845	133,327	149,251
Selling, general, and administrative expenses	47,871	46,073	143,535	150,994
Total operating expenses	92,593	94,918	276,862	300,245
Operating loss	(25,187)	(42,009)	(95,188)	(169,295)
Other income, net	11,615	2,937	27,626	7,055
Loss before income tax and equity method investment	(13,572)	(39,072)	(67,562)	(162,240)
Income tax expense	(95)	(5)	(24)	(239)
Loss from equity method investment	(537)	—	(537)	—
Net loss	(14,204)	(39,077)	(68,123)	(162,479)
Net loss attributable to noncontrolling interests	(11,716)	(34,730)	(57,127)	(144,821)
Net loss attributable to common stockholders	$(2,488)	$(4,347)	$(10,996)	$(17,658)
Loss per share of Class A Common Stock:
Basic and Diluted	$(0.02)	$(0.07)	$(0.12)	$(0.29)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	102,414,284	61,782,886	92,891,276	60,160,039

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

	For the Three Months Ended		For the Nine Months Ended
	June 29, 2024	June 24, 2023	June 29, 2024	June 24, 2023
Net loss	$(14,204)	$(39,077)	$(68,123)	$(162,479)
Less: Net loss attributable to noncontrolling interests	(11,716)	(34,730)	(57,127)	(144,821)
Net loss attributable to common stockholders	$(2,488)	$(4,347)	$(10,996)	$(17,658)
Other comprehensive income (loss):
Foreign currency translation adjustments	(161)	651	(302)	169
Changes in unrealized gain on investments, net of income taxes of $— for the three and nine months ended June 29, 2024 and June 24, 2023	(1,318)	1,617	(5,481)	3,969
Total other comprehensive income (loss)	(1,479)	2,268	(5,783)	4,138
Less: other comprehensive income (loss) attributable to noncontrolling interests	(1,220)	2,016	(4,838)	3,678
Other comprehensive income (loss) attributable to common stockholders	$(259)	$252	$(945)	$460
Comprehensive loss	(15,683)	(36,809)	(73,906)	(158,341)
Less: Comprehensive loss attributable to noncontrolling interests	(12,936)	(32,714)	(61,965)	(141,143)
Total comprehensive loss attributable to common stockholders	$(2,747)	$(4,095)	$(11,941)	$(17,198)

Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit)

(in thousands, except share information)

	Three Months Ended June 29, 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 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
Net loss	—	—	—	—	—	—	—	—		(2,488)		(11,716)		(14,204)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	933,829	—	—	—	—	—	—	—		—		—		—
Exchange of Class V-1 and V-3 common stock	967,002	—	(942,002)	—	(25,000)	1	(910)	—		—		910		1
Distributions to Symbotic Holdings LLC partners	—	—	—	—	—	—	—	—		—		(48,100)		(48,100)
Stock-based compensation	—	—	—	—	—	—	5,290	—		—		24,161		29,451
Other comprehensive loss	—	—	—	—	—	—	—	(259)		—		(1,220)		(1,479)
Balance at June 29, 2024	103,096,119	$12	77,490,386	$8	404,309,196	$41	$1,742,697		$(2,632)		$(1,321,431)		$(39,400)		$379,295

	Nine Months Ended June 29, 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	—	—	—	—	—	—	—	—		—		(10,996)		(57,127)		(68,123)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	5,849,738	1	—	—	—	—	—	(3,103)		—		—		(50)		(3,152)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	102,633	—	—	—	—	—	—	3,501		—		—		—		3,501
Exchange of Class V-1 and V-3 common stock	8,530,867	2	(5,311,122)	(2)	(3,219,745)	—	—	(1,064)		—		—		1,064		—
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
Distributions to Symbotic Holdings LLC partners	—	—	—	—	—	—	—	—		—		—		(48,100)		(48,100)
Stock-based compensation	—	—	—	—	—	—	—	14,528		—		—		72,449		86,977
Other comprehensive loss	—	—	—	—	—	—	—	—		(945)		—		(4,838)		(5,783)
Balance at June 29, 2024	103,096,119	$12	77,490,386	$8	404,309,196	$41	$—		$1,742,697		$(2,632)		$(1,321,431)		$(39,400)		$379,295

	Three Months Ended June 24, 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 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
Net loss	—	—	—	—	—	—	—	—		—		(4,347)		(34,730)		(39,077)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	164,675	—	—	—	—	—	—	6		—		—		(6)		—
Exchange of Class V-1 common stock	993,345	—	(993,345)	—	—	—	—	38		—		—		(38)		—
Stock-based compensation	—	—	—	—	—	—	—	4,159		—		—		32,840		36,999
Other comprehensive loss	—	—	—	—	—	—	—	—		252		—		2,016		2,268
Balance at June 24, 2023	62,441,709	$6	76,086,745	$8	416,933,025	$42	$58,126		$1,250,355		$(1,834)		$(1,304,227)		$19,155		$21,631

	Nine Months Ended June 24, 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	—	—	—	—	—	—	—	—		—		(17,658)		(144,821)		(162,479)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	1,841,753	—	—	—	—	—	—	(1,157)		—		—		(10,560)		(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	2,782,949	—	(2,782,949)	—	—	—	—	238		—		—		(238)		—
Cancellation of Class V-1 common stock	—	—	(367,694)	—	—	—	—	—		—		—		—		—
Stock-based compensation	—	—	—	—	—	—	—	13,290		—		—		108,472		121,762
Other comprehensive loss	—	—	—	—	—	—	—	—		460		—		3,678		4,138
Balance at June 24, 2023	62,441,709	$6	76,086,745	$8	416,933,025	$42	$58,126		$1,250,355		$(1,834)		$(1,304,227)		$19,155		$21,631

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.