Symbotic Reports Fiscal Year 2022 First Quarter Results
Symbotic LLC announced its fiscal Q1 2022 results, reporting revenue of $77.1 million, a significant increase from $5.5 million in Q1 2021. The adjusted EBITDA was ($21.3) million with a net income of ($23.1) million. Gross margin improved to 18.8% from (10.2)% year-over-year. The company's backlog stands at $5.3 billion. Symbotic is in a proposed business combination with SVF Investment Corp. 3, aiming for Nasdaq listing. CEO Rick Cohen highlighted rapid scaling and client deployments as key growth drivers.
- Revenue increased to $77.1 million from $5.5 million year-over-year.
- Gross margin improved to 18.8% from (10.2)% in the same period last year.
- Contracted backlog of $5.3 billion indicates strong future growth potential.
- Net income was ($23.1) million, though improved from ($26.2) million a year prior.
- Adjusted EBITDA remained negative at ($21.3) million.
Continued Momentum with First Quarter of Multiple Customer Deployment Starts
Strong Improvement in Gross Margin to
Announced Proposed Business Combination with
“I am excited to see
“We are excited to end the first quarter of fiscal 2022 with a contracted backlog of
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including adjusted EBITDA.
About
About
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, SVF Investment Corp. 3’s (“SVF”) and Warehouse Technologies LLC’s (“Symbotic”) expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in SVF’s final prospectus filed with the
In addition to factors previously disclosed in SVF’s prospectus filed with the
Any financial projections in this press release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond SVF’s and Symbotic’s control. While all projections are necessarily speculative, SVF and
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in SVF and is not intended to form the basis of an investment decision in SVF. All subsequent written and oral forward-looking statements concerning SVF and
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed business combination transaction involving SVF and
SVF filed a registration statement on Form S-4 with the
PARTICIPANTS IN THE SOLICITATION
SVF,
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(in thousands, except unit and per unit information) | ||||||||
For the Three Months Ended | ||||||||
Revenue: | ||||||||
Systems | $ |
71,222 |
|
$ |
- |
|
||
Software subscriptions and support |
|
975 |
|
|
624 |
|
||
Operation services |
|
4,867 |
|
|
4,918 |
|
||
Total revenue |
|
77,064 |
|
|
5,542 |
|
||
Cost of revenue: | ||||||||
Systems |
|
56,485 |
|
|
37 |
|
||
Software subscriptions and support |
|
810 |
|
|
791 |
|
||
Operation services |
|
5,301 |
|
|
5,279 |
|
||
Total cost of revenue |
|
62,596 |
|
|
6,107 |
|
||
Gross profit (loss) |
|
14,468 |
|
|
(565 |
) |
||
Operating expenses: | ||||||||
Research and development expenses |
|
22,184 |
|
|
14,452 |
|
||
Selling, general, and administrative expenses |
|
15,359 |
|
|
11,169 |
|
||
Total operating expenses |
|
37,543 |
|
|
25,621 |
|
||
Operating loss |
|
(23,075 |
) |
|
(26,186 |
) |
||
Other income/(expense), net |
|
22 |
|
|
(17 |
) |
||
Loss before income tax |
|
(23,053 |
) |
|
(26,203 |
) |
||
Income tax benefit (expense) |
|
- |
|
|
- |
|
||
Net loss |
|
(23,053 |
) |
|
(26,203 |
) |
||
Returns on redeemable Preferred Units |
|
(8,641 |
) |
|
(8,229 |
) |
||
Loss attributable to Class A Units and Class |
$ |
(31,694 |
) |
$ |
(34,432 |
) |
||
Loss per unit attributable to Class A Units and Class |
$ |
(4.88 |
) |
$ |
(5.36 |
) |
||
Weighted average units used in computing loss per unit attributable to Class A Units and Class |
|
6,494,932 |
|
|
6,426,203 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||
(in thousands) | ||||||||
For the Three Months Ended | ||||||||
Adjusted EBITDA | ||||||||
Net loss | $ |
(23,053 |
) |
$ |
(26,203 |
) |
||
Interest income |
|
(11 |
) |
|
(8 |
) |
||
Depreciation and amortization |
|
1,358 |
|
|
941 |
|
||
Unit-based compensation |
|
268 |
|
|
21 |
|
||
Business combination transaction expenses |
|
171 |
|
|
- |
|
||
Adjusted EBITDA (non-GAAP) | $ |
(21,267 |
) |
$ |
(25,249 |
) |
UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
|
|
|
||||||
2021 |
|
2021 |
||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
363,047 |
|
$ |
156,634 |
|
||
Accounts receivable |
|
13,291 |
|
|
63,370 |
|
||
Inventories |
|
44,875 |
|
|
33,561 |
|
||
Deferred expenses, current |
|
502 |
|
|
489 |
|
||
Prepaid expenses and other current assets |
|
11,781 |
|
|
6,366 |
|
||
Total current assets |
|
433,496 |
|
|
260,420 |
|
||
Property and equipment, at cost |
|
39,751 |
|
|
37,177 |
|
||
Less: Accumulated depreciation |
|
(19,761 |
) |
|
(18,560 |
) |
||
Property and equipment, net |
|
19,990 |
|
|
18,617 |
|
||
Intangible assets, net |
|
1,035 |
|
|
1,164 |
|
||
Other long-term assets |
|
340 |
|
|
334 |
|
||
Total assets | $ |
454,861 |
|
$ |
280,535 |
|
||
LIABILITIES, REDEEMABLE PREFERRED AND COMMON UNITS AND MEMBERS' DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
34,463 |
|
$ |
28,018 |
|
||
Accrued expenses |
|
30,858 |
|
|
31,131 |
|
||
Sales tax payable |
|
15,677 |
|
|
18,405 |
|
||
Deferred revenue, current |
|
253,581 |
|
|
259,418 |
|
||
Total current liabilities |
|
334,579 |
|
|
336,972 |
|
||
Deferred revenue, long-term |
|
242,787 |
|
|
216,538 |
|
||
Other long-term liabilities |
|
3,987 |
|
|
3,993 |
|
||
Total liabilities |
|
581,353 |
|
|
557,503 |
|
||
Commitments and contingencies |
|
— |
|
|
— |
|
||
Redeemable preferred and common units: | ||||||||
Preferred units, Class B-1, 2 units authorized; 1 unit issued and outstanding at |
|
235,182 |
|
|
232,278 |
|
||
Preferred units, Class B, 1 unit authorized, issued, and outstanding at |
|
464,744 |
|
|
459,007 |
|
||
Common units, Class C, 428,571 units authorized, issued, and outstanding at |
|
152,195 |
|
|
144,975 |
|
||
Members' deficit: | ||||||||
Common voting units, Class A, 7,071,424 units authorized; 6,444,373 and 5,997,632 units issued and outstanding at |
|
217,604 |
|
|
16,809 |
|
||
Additional paid-in capital |
|
- |
|
|
26,999 |
|
||
Accumulated deficit |
|
(1,193,831 |
) |
|
(1,154,944 |
) |
||
Accumulated other comprehensive loss |
|
(2,386 |
) |
|
(2,092 |
) |
||
Total members' deficit |
|
(978,613 |
) |
|
(1,113,228 |
) |
||
Total liabilities, redeemable preferred and common units, and members' deficit | $ |
454,861 |
|
$ |
280,535 |
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(in thousands) | ||||||||
For the Three Months Ended | ||||||||
|
|
|||||||
Cash flows from operating activities: | ||||||||
Net loss | $ |
(23,053 |
) |
$ |
(26,203 |
) |
||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization |
|
1,358 |
|
|
941 |
|
||
Foreign currency (gains) losses, net |
|
(8 |
) |
|
26 |
|
||
Loss on abandonment of assets |
|
3,469 |
|
|
- |
|
||
Unit-based compensation |
|
27 |
|
|
17 |
|
||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable |
|
(10,424 |
) |
|
(64,658 |
) |
||
Inventories |
|
(11,522 |
) |
|
(999 |
) |
||
Prepaid expenses and other current assets |
|
5,415 |
|
|
1,195 |
|
||
Deferred expenses |
|
(13 |
) |
|
(2,555 |
) |
||
Other long-term assets |
|
7 |
|
|
(66 |
) |
||
Accounts payable |
|
7,059 |
|
|
(757 |
) |
||
Accrued expenses |
|
(9,047 |
) |
|
(2,121 |
) |
||
Deferred revenue |
|
76,740 |
|
|
134,413 |
|
||
Other long-term liabilities |
|
(8 |
) |
|
6,657 |
|
||
Net cash and cash equivalents provided by operating activities |
|
40,000 |
|
|
45,890 |
|
||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment |
|
(7,505 |
) |
|
(1,199 |
) |
||
Net cash and cash equivalents used in investing activities |
|
(7,505 |
) |
|
(1,199 |
) |
||
Cash flows from financing activities: | ||||||||
Proceeds from the issuance of Class A Common Units |
|
173,796 |
|
|
- |
|
||
Net cash and cash equivalents provided by financing activities |
|
173,796 |
|
|
- |
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
122 |
|
|
70 |
|
||
Net increase in cash and cash equivalents |
|
206,413 |
|
|
44,761 |
|
||
Cash and cash equivalents — beginning of period |
|
156,634 |
|
|
58,264 |
|
||
Cash and cash equivalents — end of period | $ |
363,047 |
|
$ |
103,025 |
|
||
Non-cash financing activities: | ||||||||
Preferred Return, Class B-1 |
|
2,904 |
|
|
2,765 |
|
||
Preferred Return, Class B |
|
5,737 |
|
|
5,464 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220301005432/en/
Investors Relations
For
ir@symbotic.com
For
svfinvestmentcorp@softbank.com
Source:
FAQ
What are Symbotic's Q1 2022 financial results?
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