Symbotic Inc.

Previous wording

Our robotic based automation systems, which include hardware and essential software, move, store and sort cases and eaches in warehouses. Our systems are operational in a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC, which is now doing business as Exol (“Exol”), our warehouse-as-a-service joint venture. We have spent significant time working closely with our customers to develop, test and refine our technology. We have approximately $22.3 billion of backlog as of December 27, 2025, of which our agreements with Walmart and Exol comprise the vast majority.

Current wording

Our robotic based automation systems, which include hardware and essential software, move, store and sort cases and eaches in warehouses. Our systems are operational in a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC, which is now doing business as Exol (“Exol”), our warehouse-as-a-service joint venture. We have spent significant time working closely with our customers to develop, test and refine our technology. We have approximately $22.7 billion of backlog as of March 28, 2026, of which our agreements with Walmart and Exol comprise the vast majority.

Previous wording

Results of Operations for the Three Months Ended December 27, 2025 and December 28, 2024

Current wording

Results of Operations for the Three and Six Months Ended March 28, 2026 and March 29, 2025

Previous wording

Three Months Ended December 27, 2025 Compared to the Three Months Ended December 28, 2024

Current wording

Three and Six Months Ended March 28, 2026 Compared to the Three and Six Months Ended March 29, 2025

Previous wording

The increase in Software Maintenance and Support revenue is due to 51 Operational Systems which are under Software Maintenance and Support contracts for the three months ended December 27, 2025, as compared to 29 Operational Systems which were under Software Maintenance and Support contracts for the three months ended December 28, 2024.

Current wording

The increase in Software Maintenance and Support revenue is due to 52 Operational Systems which are under Software Maintenance and Support contracts for the three months ended March 28, 2026, as compared to 37 Operational Systems which were under Software Maintenance and Support contracts for the three months ended March 29, 2025.

Previous wording

The increase in Operation Services revenue is attributable to an increase in the number of Operational Systems where we are performing Operation Services for the three months ended December 27, 2025, as compared to the three months ended

Current wording

The decrease in Operation Services revenue is primarily attributable to a decrease in training services provided to our customers for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025.

Previous wording

Systems revenue increased during the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, due to additional revenue generated from the 2025 Walmart MAA for ASR and there being 57 Systems in Deployment during the fiscal quarter ending December 27, 2025, as compared to 44 Systems in Deployment during the same quarter of fiscal 2025.

Current wording

Systems revenue increased during the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, due to additional revenue generated from the 2025 Walmart MAA and there being 70 Systems in Deployment during the six months ended March 28, 2026, as compared to 46 Systems in Deployment during the same quarter of fiscal 2025.

Previous wording

December 28, 2024. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.

Current wording

The increase in Operation Services revenue is attributable to an increase in the number of Operational Systems where we are performing Operation Services for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, partially offset by a decrease in training services provided to our customers. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.

Previous wording

Systems gross profit increased $37.4 million for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024. The increase in Systems gross profit is primarily driven by 57 Systems in Deployment during the three months ended March 29, 2025, as compared to 44 Systems in Deployment during the three months ended December 28, 2024. The increase in Systems gross profit was further driven by continued performance improvements.

Current wording

Systems gross profit increased $37.4 million for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025. The increase in Systems gross profit is primarily driven by our capture of the increasing value we are driving for customers as well as the 70 Systems in Deployment during the three months ended March 29, 2025, as compared to 46 Systems in Deployment during the three months ended March 29, 2025. The increase in Systems gross profit was further driven by continued strong project execution and cost discipline, partially offset by increased tariff expenses as tariff regulations continue to evolve and increased warranty expense.

Previous wording

The increase in Operation Services gross profit for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, is driven by operational efficiencies and an increase in the number of Operational Systems from the prior year.

Current wording

The increase in Operation Services gross profit for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, is primarily driven by operational efficiencies and an increase in the number of Operational Systems from the prior year.

Previous wording

Employee-related costs decreased for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024. The primary driver in the decrease to employee-related costs for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, was from an increase in engineering resources assigned to customer projects, which was primarily related to the 2025 MAA.

Current wording

Employee-related costs decreased for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025. The primary driver in the decrease to employee-related costs for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, 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 three months ended December 27, 2025, as compared to the three months ended December 28, 2024, primarily from an increase in amortization expense attributable to the intangible assets that we acquired through our asset and business combination transactions.

Current wording

Prototyping-related costs, allocated overhead expenses, and other expenses decreased for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, primarily from a decrease in prototype-related costs as we have completed older research and development projects, while costs for current research and development projects require fewer prototypes. This decrease was partially offset by an increase in amortization expense attributable to the intangible assets that we acquired through our asset and business combination transactions.

Previous wording

Employee-related costs increased in the three months ended December 27, 2025, as compared to the three months ended December 28, 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 three months ended March 28, 2026, as compared to the three months ended March 29, 2025, 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 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 decreased in the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, primarily due to a decrease in legal expenses from the prior year as we incurred more legal expenses related to our internal controls remediation and acquisition activity for the three months ended December 28, 2024. This decrease was offset by an increase in information technology related costs to support growth within our employee base and infrastructure.

Current wording

Allocated overhead and other expenses increased in the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure. This increase was partially offset by a decrease in legal expenses from the prior year as we incurred more legal expenses related to our internal controls remediation and acquisition activity for the three months ended March 29, 2025.

Previous wording

The increase in other income, net for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, was due to higher interest earned on invested cash balances as a result of an increase of nearly $1.0 million on our cash balance for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024.

Current wording

The increase in other income, net for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025, was primarily due to higher interest earned on invested cash balances for the six months ended March 28, 2026, as compared to the six months ended March 29, 2025.

Previous wording

The increase in income tax expense for the three months ended December 27, 2025, as compared to the three months ended December 28, 2024, is attributable to the expense related to international income taxes offset by a benefit in international taxes.

Current wording

The increase in income tax expense for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, is attributable to the expense related to current international and state income taxes which were offset in fiscal year 2025 by a partial release of the valuation allowance in connection with the ASR Acquisition.

Previous wording

•Business combination transaction expenses – Business combination transaction expenses represent the expenses incurred related to strategic acquisition opportunities. It primarily includes investment banker fees, legal fees, professional fees for accountants, transaction fees, advisory fees, due diligence costs, certain other professional fees, and other direct costs associated with strategic activities. These amounts are impacted by the timing of the strategic acquisition opportunities which we may pursue. We exclude business combination transaction expenses from our non-

Current wording

•Business combination transaction expenses – Business combination transaction expenses represent the expenses incurred related to strategic acquisition opportunities. It primarily includes investment banker fees, legal fees, professional fees for accountants, transaction fees, advisory fees, due diligence costs, certain other professional fees, and other direct costs associated with strategic activities. These amounts are impacted by the timing of the strategic acquisition opportunities which we may pursue. We exclude business combination transaction expenses from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to peer companies because such amounts vary significantly based on the magnitude of the transaction and do not reflect our core operations.

Previous 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. 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 our workforce in connection with the ASR Acquisition. 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

The following table reconciles GAAP net loss to Adjusted EBITDA for the three months ended December 27, 2025 and December 28, 2024 (in thousands):

Current wording

The following table reconciles GAAP net loss to Adjusted EBITDA for the three and six months ended March 28, 2026 and March 29, 2025 (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, 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

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 operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the three months ended December 27, 2025 and December 28, 2024:

Current wording

The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the six months ended March 28, 2026 and March 29, 2025:

Previous wording

Net cash provided by operating activities was $191.5 million during the three months ended December 27, 2025. Net cash provided by operating activities was primarily due to our net income of $13.4 million adjusted for non-cash items of $65.0 million, primarily consisting of $8.7 million depreciation and amortization, $45.9 million stock-based compensation, and $4.8 million provision for excess and obsolete inventory, offset by cash provided by operating assets and liabilities of $113.2 million. Cash provided by operating assets and liabilities of $113.2 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 $452.9 million during the six months ended March 28, 2026. Net cash provided by operating activities was primarily due to our net income of $22.8 million adjusted for non-cash items of $139.2 million, primarily consisting of $20.0 million depreciation and amortization, $94.5 million stock-based compensation, and $9.6 million provision for excess and obsolete inventory, offset by cash provided by operating assets and liabilities of $290.9 million. Cash provided by operating assets and liabilities of $290.9 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 $205.0 million during the three months ended December 28, 2024. Net cash provided by operating activities was primarily due to our net loss of $16.9 million adjusted for non-cash items of $34.7 million, primarily consisting of $6.9 million depreciation and amortization, $24.6 million stock-based compensation, offset by cash provided by operating assets and liabilities of $187.2 million. Cash provided by operating assets and liabilities of $187.2 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers, an increase in inventory purchases to meet our installation timeline for our customers’ upcoming System installations in connection with the Walmart MAA and other customer contracts, as well as an increase in deferred revenue resulting from an increase in the number of active System Deployments.

Current 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 $26.7 million adjusted for non-cash items of $76.2 million, primarily consisting of $18.0 million depreciation and amortization, $55.5 million stock-based compensation, offset by cash provided by operating assets and liabilities of $425.1 million. Cash provided by operating assets and liabilities of $425.1 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers, an increase in inventory purchases to meet our installation timeline for our customer’s Deployments in connection with the Walmart MAA and other customer contracts, as well as an increase in deferred revenue resulting from an increase in the number of Deployments.

Previous wording

Net cash and cash equivalents used in investing activities during the three months ended December 27, 2025 was primarily driven by $38.5 million of cash paid for strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol. No other significant investing activities occurred during the three months ended December 27, 2025.

Current wording

Net cash and cash equivalents used in investing activities during the six months ended March 28, 2026 consisted of $45.4 million of purchased property and equipment and $70.0 million of cash paid for strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol. No other significant investing activities occurred during the six months ended March 28, 2026.

Previous wording

Net cash and cash equivalents provided by investing activities during the three months ended December 28, 2024 consisted of $7.4 million of purchased property and equipment and $18.0 million related to acquisitions of strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol.

Current wording

Net cash and cash equivalents provided by investing activities during the six months ended March 29, 2025 consisted of $27.9 million of purchased property and equipment and $18.0 million related to acquisitions of strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol, and cash paid for the acquisition of ASR of $200.0 million.

Previous wording

During the three months ended December 27, 2025, we received net proceeds of $424.4 million from the issuance of Class A common stock upon completion of our equity financing transaction in December 2025. No other significant financing activities occurred during the three months ended December 27, 2025.

Current wording

During the six months ended March 28, 2026, we received net proceeds of $424.3 million from the issuance of Class A common stock upon completion of our equity financing transaction in December 2025. No other significant financing activities occurred during the six months ended March 28, 2026.

Previous wording

During the three months ended December 28, 2024, we paid taxes of $3.0 million related to net share settlement of RSUs and we also paid $0.9 million in distributions to or on behalf of Symbotic Holdings partners to fund all or part of their obligations with respect to the taxable income of Symbotic Holdings that is allocated to them.

Current wording

During the six months ended March 29, 2025, we paid taxes of $3.0 million related to net share settlement of RSUs and we also paid $1.2 million in distributions to or on behalf of Symbotic Holdings partners to fund all or part of their obligations with respect to the taxable income of Symbotic Holdings that is allocated to them.

Previous wording

Our cash flows from operations along with equity infusions have historically been sufficient to fund our operating activities and other cash requirements. At December 27, 2025, we had a cash and cash equivalents balance of $1,819.1 million. Our cash requirements for the three months ended December 27, 2025 were primarily related to inventory purchases in order to deliver our Systems to our customers in an orderly manner in line with our installation timeline, and acquisitions of strategic investments to expand our investment profile.

Current wording

Our cash flows from operations along with equity infusions have historically been sufficient to fund our operating activities and other cash requirements. At March 28, 2026, we had a cash and cash equivalents balance of $2,009.4 million. Our cash requirements for the three and six months ended March 28, 2026 were primarily related to inventory purchases in order to deliver our Systems to our customers in an orderly manner in line with our installation timeline, and acquisitions of strategic investments to expand our investment profile.

Previous wording

Other than the change in accounting principle disclosed below, there have been no significant changes in our critical accounting policies and estimates during the three months ended December 27, 2025, as compared to the critical accounting policies and estimates disclosed in the audited consolidated financial statements and related notes thereto as of and for the year ended September 27, 2025, which are included within the Annual Report on Form 10-K filed with the SEC on November 24, 2025.

Current wording

Other than the change in accounting principle disclosed below, there have been no significant changes in our critical accounting policies and estimates during the six months ended March 28, 2026, as compared to the critical accounting policies and estimates disclosed in the audited consolidated financial statements and related notes thereto as of and for the year ended September 27, 2025, which are included within the Annual Report on Form 10-K filed with the SEC on November 24, 2025.