Symbotic Inc.

Previous wording

Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative, comprehensive technology solutions that dramatically improve supply chain operations. We currently automate the processing of pallets and cases in large warehouses for some of the largest retail companies in the world. Our System enhances operations at the front end of the supply chain, and therefore benefit all supply partners further down the chain, irrespective of fulfillment strategy.

Current wording

Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative, comprehensive technology solutions that dramatically improve supply chain operations. We currently automate the processing of pallets, cases, and eaches in large warehouses for some of the largest retail companies in the world. Our System enhances operations at the front end of the supply chain, and therefore benefit all supply partners further down the chain, irrespective of fulfillment strategy.

Previous wording

Operation services: “Operation Services” is defined as assistance services we provide our customers operating the System and ensuring user experience is optimized for efficiency and effectiveness. Fees for Operation Services are typically invoiced to our customers on a time and materials basis monthly in arrears or using a fixed fee structure. Also included in Operation Services is revenue generated from the sales of spare parts to our customers as needed to service their System.

Current wording

Operation services: “Operation Services” is defined as assistance services, which can range from training services to managed services to on-site services we provide our customers operating the System and ensuring user experience is optimized for efficiency and effectiveness. Fees for Operation Services are typically invoiced to our customers on a time and materials basis monthly in arrears or using a fixed fee structure. Also included in Operation Services is revenue generated from the sales of spare parts to our customers as needed to service their System.

Previous wording

Operation services: Operation Services cost of revenue consists primarily of labor cost for our operations team who is providing services to our customers to run their System within their warehouse. Operation Services cost of revenue also includes the cost of spare parts sold to our customers as needed to service their System. Operation Services cost of revenue is expensed as incurred.

Current wording

Operation services: Operation Services cost of revenue consists primarily of labor cost for our operations team who is providing assistance services to our customers. Operation Services cost of revenue also includes the cost of spare parts sold to our customers as needed to service their System. Operation Services cost of revenue is expensed as incurred.

Previous wording

Results of Operations for the Three and Six Months Ended March 29, 2025 and March 30, 2024

Current wording

Results of Operations for the Three and Nine Months Ended June 28, 2025 and June 29, 2024

Previous wording

Three and Six Months Ended March 29, 2025 Compared to the Three and Six Months Ended March 30, 2024

Current wording

Three and Nine Months Ended June 28, 2025 Compared to the Three and Nine Months Ended June 29, 2024

Previous wording

Systems revenue increased during the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, due to there being 46 Systems in Deployment during the fiscal quarter ending March 29, 2025, as compared to 37 Systems in Deployment during the same quarter of fiscal 2024. The increase in Deployments is primarily due to the continued build out of our Systems pursuant to the terms of the MAA and includes the addition of the 2025 MAA. Pursuant to the MAA, we are installing and implementing our System within all of Walmart’s 42 regional distribution centers. We expect the MAA to continue to generate Systems revenue as we install and implement the Systems at the remaining regional distribution centers through fiscal year 2029.

Current wording

Systems revenue increased during the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, due to there being 46 Systems in Deployment during the fiscal quarter ending June 28, 2025, as compared to 39 Systems in Deployment during the same quarter of fiscal 2024. The increase in Systems revenue is primarily due to the additional revenue generated from the 2025 MAA for ASR.

Previous wording

The increase in Software Maintenance and Support revenue is due to 37 Operational Systems which are under Software Maintenance and Support contracts for the three months ended March 29, 2025, as compared to 18 Operational Systems which are under Software Maintenance and Support contracts for the three months ended March 30, 2024.

Current wording

The increase in Software Maintenance and Support revenue is due to 42 Operational Systems which are under Software Maintenance and Support contracts for the three months ended June 28, 2025, as compared to 21 Operational Systems which were under Software Maintenance and Support contracts for the three months ended June 29, 2024.

Previous wording

Systems revenue increased during the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, due to there being 46 System in Deployment during the fiscal quarter ending March 29, 2025, as compared to 37 Systems in Deployment during the same quarter of fiscal 2024. The increase in Deployments is primarily due to the continued build out of our Systems per the term of the MAA and includes the addition of the 2025 MAA. Pursuant to the MAA, we are installing and implementing our System within all of Walmart’s 42 regional distribution centers. We expect the MAA to continue to generate Systems revenue as we install and implement the Systems at the remaining regional distribution centers through fiscal year 2029.

Current wording

Systems revenue increased during the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, due to there being 46 System in Deployment during the fiscal quarter ending June 28, 2025, as compared to 39 Systems in Deployment during the same quarter of fiscal 2024. The increase in Systems revenue includes the addition of the revenue generated from the 2025 MAA for ASR.

Previous wording

The increase in Software Maintenance and Support revenue is due to 37 Operational Systems which are under Software Maintenance and Support contracts for the six months ended March 29, 2025, as compared to 18 Operational Systems which are under Software Maintenance and Support contracts for the six months ended March 30, 2024.

Current wording

The increase in Software Maintenance and Support revenue is due to 42 Operational Systems which are under Software Maintenance and Support contracts for the nine months ended June 28, 2025, as compared to 21 Operational Systems which were under Software Maintenance and Support contracts for the nine months ended June 29, 2024.

Previous wording

The increase in Operation Services revenue is attributable to an increase in Operational Systems where we are performing Operation Services for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected. The increase in Operation Services revenue for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, is also attributable to an increase in training services provided to our customers in connection with the increase in the number of Operational Systems.

Current wording

The increase in Operation Services revenue is attributable to an increase in Operational Systems where we are performing Operation Services for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected. The increase in Operation Services revenue for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, is also attributable to an increase in training services provided to our customers in connection with the increase in the number of Operational Systems.

Previous wording

Systems gross profit increased $70.2 million for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024. The increase in Systems gross profit is primarily driven by 46 Systems in Deployment during the three months ended March 29, 2025, as compared to 37 Systems in Deployment during the three months ended March 30, 2024.

Current wording

Systems gross profit increased $49.4 million for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024. The increase in Systems gross profit is primarily driven by 46 Systems in Deployment during the three months ended March 29, 2025, as compared to 39 Systems in Deployment during the three months ended June 29, 2024. The increase in Systems gross profit was further driven by lower cost of revenue resulting from better cost control.

Previous wording

The increase in Operation Services gross profit for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, is driven by an increase in additional training services provided to our customers and services related to the ASR Acquisition.

Current wording

The decrease in Operation Services gross profit for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, is driven by a mix in the profit generated from the sale of spare parts to our customers.

Previous wording

The following table sets forth our gross profit for the six months ended March 29, 2025 and March 30, 2024:

Current wording

The following table sets forth our gross profit for the nine months ended June 28, 2025 and June 29, 2024:

Previous wording

Systems gross profit increased $88.7 million during the six months ended March 29, 2025, as compared to the six months ended March 30, 2024. The increase in Systems gross profit is primarily driven by 46 Systems in Deployment during the six months ended March 29, 2025, as compared to 37 Systems in Deployment during the six months ended March 30, 2024.

Current wording

Systems gross profit increased $138.1 million during the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024. The increase in Systems gross profit is primarily driven by 46 Systems in Deployment during the nine months ended June 28, 2025, as compared to 39 Systems in Deployment during the nine months ended June 29, 2024. The increase in Systems gross profit was further driven by lower cost of revenue resulting from better cost control.

Previous wording

The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which are under Software Maintenance and Support contracts for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, while costs to perform our Maintenance and Support Services remained relatively flat.

Current wording

The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which are under Software Maintenance and Support contracts for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, while costs to perform our Maintenance and Support Services remained relatively flat.

Previous wording

The decrease in Operation Services gross profit for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is driven by an increase in Operation Services costs at certain of our customer sites, partially offset by additional training services provided to our customers and services related to the ASR Acquisition.

Current wording

The decrease in Operation Services gross profit for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, is driven by an increase in Operation Services costs at certain of our customer sites, a decrease in the mix in the profit generated from the sale of spare parts to our customers, which was partially offset by additional training services provided to our customers, and services related to the ASR Acquisition.

Previous wording

Employee-related costs increased for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024. The primary driver in the increase to employee-related costs for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, is from the increase to payroll and payroll-related costs to support the growth within our employee base. There was also an increase in the cost for contractors and consultants for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, which we use to support our growth.

Current wording

Employee-related costs decreased for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024. The primary driver in the decrease to employee-related costs for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, was from an increase in engineering resources assigned to customer projects, which was primarily related to the 2025 MAA.

Previous wording

Prototyping-related costs, allocated overhead expenses, and other expenses increased for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, primarily from an increase in prototype expenses as we implement efforts to expand our current product offerings, as well as an increase in amortization expense attributable to the intangible assets we acquired through our asset and business combination transactions.

Current wording

Prototyping-related costs, allocated overhead expenses, and other expenses increased for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, primarily from an increase in amortization expense attributable to the intangible assets that we acquired through our asset and business combination transactions.

Previous wording

The increase in research and development expenses for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is due to the following:

Current wording

The increase in research and development expenses for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, is due to the following:

Previous wording

Employee-related costs increased for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024. The primary driver for the increase in employee-related costs for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is from the increase to payroll and payroll-related costs to support the growth within our employee base. There was also an increase in the cost for contractors and consultants for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, which we use to support our growth.

Current wording

Employee-related costs increased for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024. The primary driver for the increase in employee-related costs for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, is from an increase in engineering resources assigned to customer projects, which was primarily related to the 2025 MAA. There was also an increase in the cost for contractors and consultants for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, which we use to support our growth.

Previous wording

Prototyping-related costs, allocated overhead expenses, and other expenses increased for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, primarily from an increase in prototype expenses as we implement efforts to expand our current product offerings, as well as an increase in amortization expense attributable to the intangible assets we acquired through our asset and business combination transactions.

Current wording

Prototyping-related costs, allocated overhead expenses, and other expenses increased for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, primarily from an increase in prototype expenses as we implement efforts to expand our current product offerings, as well as an increase in amortization expense attributable to the intangible assets that we acquired through our asset and business combination transactions.

Previous wording

Allocated overhead and other expenses increased in the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in audit, tax, and legal expenses. The increase in audit, tax, and legal expenses for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, is primarily attributable to increased professional services fees related to strategic acquisitions and our internal controls remediation.

Current wording

Allocated overhead and other expenses increased in the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in legal expenses, primarily attributable to increased professional services fees related to strategic acquisitions and our internal controls remediation.

Previous wording

The increase in selling, general, and administrative expenses for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is due to the following:

Current wording

The increase in selling, general, and administrative expenses for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, is due to the following:

Previous wording

Employee-related costs increased in the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, primarily as a result of our full-time employee and contractor headcount growth within our selling, general, and administrative functions. We increased our headcount primarily to support our rapid acceleration of System Deployments and business transformation. We incurred incremental costs related to building both shorter-term as well as permanent processes and infrastructure to ramp partnerships and operations.

Current wording

Employee-related costs increased in the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, primarily as a result of our full-time employee and contractor headcount growth within our selling, general, and administrative functions. We increased our headcount primarily to support our rapid acceleration of System Deployments and business transformation. We incurred incremental costs related to building both shorter-term as well as permanent processes and infrastructure to ramp partnerships and operations.

Previous wording

Allocated overhead and other expenses increased in the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in audit, tax, and legal expenses. The increase in audit, tax, and legal expenses for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is primarily attributable to increased professional services fees related to strategic acquisitions and our internal controls remediation.

Current wording

Allocated overhead and other expenses increased in the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in audit, tax, and legal expenses, primarily attributable to increased professional services fees related to strategic acquisitions and our internal controls remediation.

Previous wording

The increase in other income, net for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, was due to higher interest earned on invested cash balances and marketable securities as well as a higher cash balance.

Current wording

The decrease in other income, net for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, was due to higher interest earned on invested cash balances as a result of increased interest rates, which was offset by a lower cash balance.

Previous wording

The increase in other income, net for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, was due to higher interest earned on invested cash balances and marketable securities as well as a higher cash balance.

Current wording

The increase in other income, net for the nine months ended June 28, 2025, as compared to the nine months ended June 29, 2024, was due to higher interest earned on invested cash balances as a result of increased interest rates as well as other income earned on the fair value adjustment recorded for the nine months ended June 28, 2025 related to our derivative instrument.

Previous wording

The increase in income tax benefit for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, is attributable to the expense related to current state income taxes offset by the partial release of the valuation allowance in connection with the ASR Acquisition.

Current wording

The decrease in income tax expense for the three months ended June 28, 2025, as compared to the three months ended June 29, 2024, is attributable to the expense related to current state income taxes offset by a benefit in international taxes and by the partial release of the valuation allowance in connection with the ASR Acquisition.

Previous wording

The increase in income tax benefit for the six months ended March 29, 2025, as compared to the six months ended March 30, 2024, is attributable to the expense related to current state income taxes offset by the partial release of the valuation allowance in connection with the ASR Acquisition.

Current wording

The income tax benefit for the nine months ended June 28, 2025, as compared to the income tax expense for the nine months ended June 29, 2024, is attributable to the expense related to current state income and international taxes offset by the partial release of the valuation allowance in connection with the ASR Acquisition.

Previous wording

In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. We use these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation, and to evaluate our financial performance. These non-GAAP financial measures are Adjusted EBITDA, Adjusted gross profit, Adjusted gross profit margin, and free cash flow, as discussed below.

Current wording

In addition to providing financial measurements based on GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. We use these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation, and to evaluate our financial performance. These non-GAAP financial measures are Adjusted EBITDA, Adjusted gross profit, Adjusted gross profit margin, Adjusted research and development expenses, Adjusted selling, general, and administrative expenses, and free cash flow, as discussed below.

Previous wording

•Restructuring charges – Restructuring charges represent the charges incurred associated with certain actions to restructure parts of the Company within the U.S. and Canada. These charges include severance and related expenses for workforce reductions, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of these programs. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

Current wording

•Restructuring charges – Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of cost and net realizable value adjustments to inventory and long- lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined the Company’s workforce in connection with the ASR Acquisition. The restructuring charges in fiscal year 2024 represent those charges incurred associated with certain actions to restructure parts of the Company within the U.S. and Canada. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

Previous wording

•Equity financing transaction costs – Equity financing transaction costs represents the costs incurred, including for legal, professional fees for accountants, transaction fees, advisory fees, due diligence costs, and certain other professional fees that are directly related to an equity financing transaction.

Current wording

•Equity financing transaction costs – Equity financing transaction costs represent the costs incurred, including for legal, professional fees for accountants, transaction fees, advisory fees, due diligence costs, and certain other professional fees that are directly related to an equity financing transaction.

Previous wording

•Business transformation costs– Business transformation fees represent consultancy fees incurred for specific business initiatives that do not reflect the cost of normal business operations.

Current wording

•Business transformation costs– Business transformation costs represent consultancy fees incurred for specific business initiatives that do not reflect the cost of normal business operations.

Previous wording

The following table reconciles GAAP net loss to Adjusted EBITDA for the three and six months ended March 29, 2025 and March 30, 2024 (in thousands):

Current wording

The following table reconciles GAAP net loss to Adjusted EBITDA for the three and nine months ended June 28, 2025 and June 29, 2024 (in thousands):

Previous wording

We consider Adjusted gross profit and Adjusted gross profit margin to be important indicators of profitability which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation and stock-based compensation expense. We define Adjusted gross profit margin, a non-GAAP financial measure, as non-GAAP Adjusted gross profit divided by total revenue. The following table reconciles GAAP gross profit to Adjusted gross profit and gross profit margin to Adjusted gross profit margin during the periods presented (dollars in thousands):

Current wording

We consider Adjusted gross profit and Adjusted gross profit margin to be important indicators of profitability which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. We define Adjusted gross profit margin, a non-GAAP financial measure, as non-GAAP Adjusted gross profit divided by total revenue. The following table reconciles GAAP gross profit to Adjusted gross profit and gross profit margin to Adjusted gross profit margin during the periods presented (dollars in thousands):

Previous wording

The following table shows net cash provided by (used in) operating activities, net cash provided by (used in) investing activities, and net cash provided by (used in) financing activities for the six months ended March 29, 2025 and March 30, 2024:

Current wording

The following table shows net cash provided by operating activities, net cash provided by (used in) investing activities, and net cash provided by (used in) financing activities for the nine months ended June 28, 2025 and June 29, 2024:

Previous wording

Our net cash provided by (used in) operating activities consists of net loss adjusted for certain non-cash items, including depreciation and amortization, foreign currency gains and losses, loss on disposal of assets, provision for excess and obsolete inventory, and stock-based compensation, as well as changes in operating assets and liabilities. The primary changes in working capital items, such as the changes in accounts receivable and deferred revenue, result from the difference in timing of payments from our customers related to system installations and the associated costs incurred by us to fulfill the System performance obligation. This may result in an operating cash flow source or use for the period, depending on the timing of payments received as compared to the fulfillment of the System performance obligation.

Current wording

Our net cash provided by operating activities consists of net loss adjusted for certain non-cash items, including depreciation and amortization, foreign currency gains and losses, loss on disposal of assets, provision for excess and obsolete inventory, and stock-based compensation, as well as changes in operating assets and liabilities. The primary changes in working capital items, such as the changes in accounts receivable and deferred revenue, result from the difference in timing of payments from our customers related to System Deployments and the associated costs incurred by us to fulfill the System performance obligation. This may result in an operating cash flow source or use for the period, depending on the timing of payments received as compared to the fulfillment of the System performance obligation.

Previous wording

Net cash used in operating activities was $9.1 million during the six months ended March 30, 2024. Net cash used in operating activities was primarily due to our net loss of $73.9 million adjusted for non-cash items of $89.4 million, primarily consisting of $6.4 million depreciation and amortization, $57.5 million stock-based compensation, and $34.3 million provision for excess and obsolete inventory, in addition to cash used in operating assets and liabilities of $24.6 million. Cash used in operating assets and liabilities of $24.6 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers.

Current wording

Net cash provided by operating activities was $336.3 million during the nine months ended June 28, 2025. Net cash provided by operating activities was primarily due to our net loss of $71.9 million adjusted for non-cash items of $162.1 million, primarily consisting of $34.1 million depreciation and amortization, $119.6 million stock-based compensation, and $4.9 million provision for excess and obsolete inventory, offset by cash provided by operating assets and liabilities of $246.1 million. Cash provided by operating assets and liabilities of $246.1 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers.

Previous wording

Net cash provided by operating activities was $474.6 million during the six months ended March 29, 2025. Net cash provided by operating activities was primarily due to our net loss of $40.0 million adjusted for non-cash items of $90.8 million, primarily consisting of $19.9 million depreciation and amortization, $70.1 million stock-based compensation, and $4.1 million equity in net loss from equity method investment, in addition to cash provided by operating assets and liabilities of $423.8 million. Cash used in operating assets and liabilities of $423.8 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers.

Current wording

Net cash provided by operating activities was $41.3 million during the nine months ended June 29, 2024. Net cash provided by operating activities was primarily due to our net loss of $100.6 million adjusted for non-cash items of $128.5 million, primarily consisting of $17.0 million depreciation and amortization, $86.9 million stock-based compensation, and $34.1 million provision for excess and obsolete inventory, offset by cash provided by operating assets and liabilities of $13.5 million. Cash provided by operating assets and liabilities of $13.5 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers.

Previous wording

Net cash and cash equivalents provided by investing activities during the six months ended March 30, 2024 is primarily driven by $290.0 million in proceeds upon the maturity of certain U.S. Treasury securities, offset by purchases of U.S. Treasury securities of $48.7 million.

Current wording

Net cash and cash equivalents provided by investing activities during the nine months ended June 29, 2024 is primarily driven by $340.0 million in proceeds upon the maturity of certain U.S. Treasury securities, offset by purchases of U.S. Treasury securities of $48.7 million. Additionally, we made strategic investments of $66.5 million. No other significant investing activities occurred during the nine months ended June 29, 2024.