Symbotic Reports Fiscal Year 2022 Second Quarter Results
Symbotic reported a 315% year-over-year revenue growth, reaching $96.3 million for Q2 FY2022, driven by increased system installations. Despite this, the company posted a net loss of $29.9 million and an adjusted EBITDA loss of $(26.2) million. Operating expenses rose due to preparations for public operations. The company also announced the appointment of Michael Loparco as CEO, aimed at enhancing operational scalability. Symbotic continues to grow its presence in warehouse automation, targeting Fortune 100 retailers.
- 315% year-over-year revenue growth in Q2 FY2022.
- Record level of quarterly gross profit achieved.
- Increased system installation progress driving revenue.
- Appointment of a new CEO with extensive experience.
- Net loss of $29.9 million for Q2 FY2022.
- Adjusted EBITDA loss of $(26.2) million.
- Higher operating expenses due to non-recurring costs.
Second Quarter Revenue Growth of
Record Level of Quarterly Gross Profit Achieved During the Quarter
“I am very pleased with the progress made by our teams delivering solutions with multiple customers at multiple sites simultaneously,” said
“We achieved
Historical quarterly financial information is posted on the Investor Relations page of the company’s website at https://www.symbotic.com/investor-relations. The presentation has also been filed by
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’s and Symbotic’s 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 Annual Report on Form 10-K filed with the
In addition to factors previously disclosed in SVF’s Annual Report on Form 10-K 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 involving SVF and
In connection with the proposed Business Combination, the Registration Statement has been declared effective by 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 | For the Six Months Ended | ||||||
Revenue: | |||||||
Systems |
|
|
|
|
|||
Software subscriptions | 965 |
920 |
1,940 |
1,544 |
|||
Operation services | 5,747 |
5,497 |
10,614 |
10,415 |
|||
Total revenue | 96,284 |
23,177 |
173,348 |
28,719 |
|||
Cost of revenue: | |||||||
Systems | 71,975 |
13,060 |
128,460 |
13,096 |
|||
Software subscriptions | 1,145 |
765 |
1,955 |
1,556 |
|||
Operation services | 6,258 |
5,856 |
11,559 |
11,135 |
|||
Total cost of revenue | 79,378 |
19,681 |
141,974 |
25,787 |
|||
Gross profit | 16,906 |
3,496 |
31,374 |
2,932 |
|||
Gross margin percentage | 17.6 % |
15.1 % |
18.1 % |
10.2 % |
|||
Operating expenses: | |||||||
Research and development expenses | 23,355 |
17,090 |
45,539 |
31,543 |
|||
Selling, general, and administrative expenses | 23,512 |
13,331 |
38,871 |
24,500 |
|||
Total operating expenses | 46,867 |
30,421 |
84,410 |
56,043 |
|||
Operating loss | (29,961) |
(26,925) |
(53,036) |
(53,111) |
|||
Other income, net | 58 |
70 |
80 |
53 |
|||
Loss before income tax | (29,903) |
(26,855) |
(52,956) |
(53,058) |
|||
Income tax benefit (expense) | - |
- |
- |
- |
|||
Net loss | (29,903) |
(26,855) |
(52,956) |
(53,058) |
|||
Returns on redeemable Preferred Units | (8,641) |
(8,230) |
(17,282) |
(16,459) |
|||
Loss attributable to Class A Units and Class |
|
|
|
|
|||
Loss per unit attributable to Class A Units and Class |
|
|
|
|
|||
Weighted average units used in computing loss per unit attributable to Class A Units and Class |
6,872,944 |
6,426,203 |
6,682,894 |
6,426,203 |
|||
Reconciliation of Non-GAAP Financial Measures (in thousands) |
|||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
Net loss | $ |
(29,903 |
) |
$ |
(26,855 |
) |
$ |
(52,956 |
) |
$ |
(53,058 |
) |
|||
Interest income |
|
(15 |
) |
|
(7 |
) |
|
(26 |
) |
|
(14 |
) |
|||
Income tax benefit (expense) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
Depreciation and amortization |
|
1,416 |
|
|
884 |
|
|
2,774 |
|
|
1,825 |
|
|||
Unit-based compensation |
|
895 |
|
|
18 |
|
|
1,163 |
|
|
39 |
|
|||
Business combination transaction expenses |
|
1,359 |
|
|
- |
|
|
1,530 |
|
|
- |
|
|||
Adjusted EBITDA | $ |
(26,248 |
) |
$ |
(25,960 |
) |
$ |
(47,515 |
) |
$ |
(51,208 |
) |
|||
UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ |
259,044 |
|
$ |
156,634 |
|
|
Accounts receivable |
|
28,598 |
|
|
63,370 |
|
|
Inventories |
|
72,339 |
|
|
33,561 |
|
|
Deferred expenses, current |
|
9 |
|
|
489 |
|
|
Prepaid expenses and other current assets |
|
27,315 |
|
|
6,366 |
|
|
Total current assets |
|
387,305 |
|
|
260,420 |
|
|
Property and equipment, at cost |
|
40,346 |
|
|
37,177 |
|
|
Less: Accumulated depreciation |
|
(21,145 |
) |
|
(18,560 |
) |
|
Property and equipment, net |
|
19,201 |
|
|
18,617 |
|
|
Intangible assets, net |
|
944 |
|
|
1,164 |
|
|
Other long-term assets |
|
341 |
|
|
334 |
|
|
Total assets | $ |
407,791 |
|
$ |
280,535 |
|
|
LIABILITIES, REDEEMABLE PREFERRED AND COMMON UNITS AND MEMBERS' DEFICIT | |||||||
Current liabilities: | |||||||
Accounts payable | $ |
55,751 |
|
$ |
28,018 |
|
|
Accrued expenses |
|
23,382 |
|
|
31,131 |
|
|
Sales tax payable |
|
11,185 |
|
|
18,405 |
|
|
Deferred revenue, current |
|
206,291 |
|
|
259,418 |
|
|
Total current liabilities |
|
296,609 |
|
|
336,972 |
|
|
Deferred revenue, long-term |
|
262,787 |
|
|
216,538 |
|
|
Other long-term liabilities |
|
4,423 |
|
|
3,993 |
|
|
Total liabilities |
|
563,819 |
|
|
557,503 |
|
|
Commitments and contingencies |
|
- |
|
|
- |
|
|
Redeemable preferred and common units: | |||||||
Preferred units, Class B-1, 2 units authorized; 1 unit issued and outstanding at |
|
238,085 |
|
|
232,278 |
|
|
Preferred units, Class B, 1 unit authorized, issued, and outstanding at |
|
470,482 |
|
|
459,007 |
|
|
Common units, Class C, 428,571 units authorized, issued, and outstanding at |
|
168,613 |
|
|
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 |
|
(1,248,771 |
) |
|
(1,154,944 |
) |
|
Accumulated other comprehensive loss |
|
(2,041 |
) |
|
(2,092 |
) |
|
Total members' deficit |
|
(1,033,208 |
) |
|
(1,113,228 |
) |
|
Total liabilities, redeemable preferred and common units, and members' deficit | $ |
407,791 |
|
$ |
280,535 |
|
|
Unaudited Consolidated Statements of Changes of Cash Flows (in thousands) |
|||||||
For the Six Months Ended | |||||||
Cash flows from operating activities: | |||||||
Net loss | $ |
(52,956 |
) |
$ |
(53,058 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization |
|
2,774 |
|
|
1,825 |
|
|
Foreign currency losses |
|
(45 |
) |
|
21 |
|
|
Loss on abandonment of assets |
|
4,098 |
|
|
- |
|
|
Unit-based compensation |
|
50 |
|
|
40 |
|
|
Changes in operating assets and liabilities: | |||||||
Accounts receivable |
|
(25,606 |
) |
|
447 |
|
|
Inventories |
|
(38,544 |
) |
|
(2,311 |
) |
|
Prepaid expenses and other current assets |
|
(20,949 |
) |
|
4,479 |
|
|
Deferred expenses |
|
480 |
|
|
(4,385 |
) |
|
Other long-term assets |
|
(19 |
) |
|
(107 |
) |
|
Accounts payable |
|
26,796 |
|
|
1,786 |
|
|
Accrued expenses |
|
(8,764 |
) |
|
(9,094 |
) |
|
Deferred revenue |
|
49,354 |
|
|
124,320 |
|
|
Other long-term liabilities |
|
429 |
|
|
6,655 |
|
|
Net cash and cash equivalents provided by operating activities |
|
(62,902 |
) |
|
70,618 |
|
|
Cash flows from investing activities: | |||||||
Purchases of property and equipment |
|
(8,560 |
) |
|
(2,562 |
) |
|
Net cash and cash equivalents used in investing activities |
|
(8,560 |
) |
|
(2,562 |
) |
|
Cash flows from financing activities: | |||||||
Proceeds from 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 |
|
76 |
|
|
2 |
|
|
Net increase in cash and cash equivalents |
|
102,410 |
|
|
68,058 |
|
|
Cash and cash equivalents — beginning of period |
|
156,634 |
|
|
58,264 |
|
|
Cash and cash equivalents — end of period | $ |
259,044 |
|
$ |
126,322 |
|
|
Non-cash financing activities: | |||||||
Preferred Return, Class B-1 |
|
5,807 |
|
|
5,531 |
|
|
Preferred Return, Class B | 11,475 |
10,929 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005582/en/
SYMBOTIC INVESTOR RELATIONS
Vice President, Investor Relations & Corporate Development
ir@symbotic.com
svfinvestmentcorp@softbank.com
Source:
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