Symbotic Reports Fourth Quarter and Fiscal Year 2024 Results
Symbotic (Nasdaq: SYM) reported strong Q4 fiscal 2024 results with revenue of $577 million, net income of $28 million, and adjusted EBITDA of $55 million, compared to revenue of $392 million and a net loss of $45 million in Q4 2023. For full fiscal year 2024, revenue grew 55% to $1,822 million with a net loss of $51 million. Cash position ended at $727 million, down $143 million from previous quarter. The company announced a restatement of interim fiscal 2024 results due to timing differences in revenue recognition. For Q1 2025, Symbotic expects revenue between $495-515 million and adjusted EBITDA of $27-31 million.
Symbotic (Nasdaq: SYM) ha riportato risultati solidi per il quarto trimestre dell'anno fiscale 2024, con un fatturato di 577 milioni di dollari, un utile netto di 28 milioni di dollari, e un EBITDA rettificato di 55 milioni di dollari, rispetto a un fatturato di 392 milioni di dollari e una perdita netta di 45 milioni di dollari nel quarto trimestre del 2023. Per l'intero anno fiscale 2024, il fatturato è cresciuto del 55%, raggiungendo 1.822 milioni di dollari con una perdita netta di 51 milioni di dollari. La posizione di cassa ha concluso a 727 milioni di dollari, in calo di 143 milioni di dollari rispetto al trimestre precedente. L'azienda ha annunciato una rettifica dei risultati intermedi del 2024 a causa di differenze temporali nel riconoscimento dei ricavi. Per il primo trimestre del 2025, Symbotic prevede un fatturato tra 495 e 515 milioni di dollari e un EBITDA rettificato di 27-31 milioni di dollari.
Symbotic (Nasdaq: SYM) reportó resultados sólidos para el cuarto trimestre del año fiscal 2024, con ingresos de 577 millones de dólares, un ingreso neto de 28 millones de dólares y un EBITDA ajustado de 55 millones de dólares, en comparación con ingresos de 392 millones de dólares y una pérdida neta de 45 millones de dólares en el cuarto trimestre de 2023. Para todo el año fiscal 2024, los ingresos crecieron un 55%, alcanzando 1,822 millones de dólares con una pérdida neta de 51 millones de dólares. La posición de efectivo terminó en 727 millones de dólares, disminuyendo en 143 millones de dólares respecto al trimestre anterior. La empresa anunció una rectificación de los resultados interinos del año fiscal 2024 debido a diferencias en el reconocimiento de ingresos. Para el primer trimestre de 2025, Symbotic espera ingresos entre 495 y 515 millones de dólares y un EBITDA ajustado de 27 a 31 millones de dólares.
Symbotic (Nasdaq: SYM)는 2024 회계연도 4분기 실적을 발표했으며, 매출은 5억 7,700만 달러, 순이익은 2천 800만 달러, 조정 EBITDA는 5천 500만 달러로 나타났습니다. 2023년 4분기에는 매출이 3억 9,200만 달러, 순손실이 4천 500만 달러였습니다. 2024 회계연도 전체 매출은 55% 증가하여 18억 2천 200만 달러를 기록하였으나 순손실은 5천 100만 달러에 달했습니다. 현금 잔고는 7억 2천 700만 달러로, 이전 분기 대비 1억 4천 300만 달러 감소했습니다. 회사는 수익 인식의 시간 차이로 인해 2024년 회계연도 중간 실적을 수정한다고 발표했습니다. 2025년 1분기에는 Symbotic가 4억 9,500만 달러에서 5억 1,500만 달러 사이의 매출과 2천 700만 달러에서 3천 100만 달러 사이의 조정 EBITDA를 예상하고 있습니다.
Symbotic (Nasdaq: SYM) a annoncé des résultats solides pour le quatrième trimestre de l'exercice 2024 avec des revenus de 577 millions de dollars, un bénéfice net de 28 millions de dollars et un EBITDA ajusté de 55 millions de dollars, comparé à des revenus de 392 millions de dollars et à une perte nette de 45 millions de dollars au quatrième trimestre 2023. Pour l'ensemble de l'exercice 2024, les revenus ont augmenté de 55 % atteignant 1,822 million de dollars avec une perte nette de 51 millions de dollars. La position de liquidités s'est terminée à 727 millions de dollars, en baisse de 143 millions de dollars par rapport au trimestre précédent. L'entreprise a annoncé un retraitement des résultats intermédiaires de l'exercice 2024 en raison de différences de calendrier dans la reconnaissance des revenus. Pour le premier trimestre 2025, Symbotic s'attend à des revenus compris entre 495 et 515 millions de dollars et un EBITDA ajusté de 27 à 31 millions de dollars.
Symbotic (Nasdaq: SYM) berichtete über starke Ergebnisse im vierten Quartal des Geschäftsjahres 2024, mit einem Umsatz von 577 Millionen Dollar, einem Nettogewinn von 28 Millionen Dollar und einem bereinigten EBITDA von 55 Millionen Dollar, im Vergleich zu einem Umsatz von 392 Millionen Dollar und einem Nettoverlust von 45 Millionen Dollar im vierten Quartal 2023. Für das gesamte Geschäftsjahr 2024 wuchs der Umsatz um 55% auf 1.822 Millionen Dollar bei einem Nettoverlust von 51 Millionen Dollar. Die Liquiditätsposition endete bei 727 Millionen Dollar, ein Rückgang um 143 Millionen Dollar im Vergleich zum vorherigen Quartal. Das Unternehmen gab bekannt, dass es eine Neuausweisung der vorläufigen Ergebnisse für das Geschäftsjahr 2024 aufgrund von zeitlichen Unterschieden bei der Umsatzrealisierung vornehmen werde. Für das erste Quartal 2025 erwartet Symbotic einen Umsatz zwischen 495 und 515 Millionen Dollar sowie ein bereinigtes EBITDA von 27 bis 31 Millionen Dollar.
- Q4 revenue increased 47% YoY to $577 million
- Achieved Q4 net income of $28 million, compared to $45 million loss last year
- Q4 adjusted EBITDA improved significantly to $55 million from $13 million YoY
- Full year revenue grew 55% to $1,822 million
- Strong cash position of $727 million
- Full year net loss of $51 million
- Cash decreased by $143 million from previous quarter
- Required restatement of interim fiscal 2024 financial results due to accounting issues
- Q1 2025 guidance suggests sequential revenue decline
Insights
The Q4 results showcase remarkable financial improvement with revenue surging to
The full fiscal year 2024 performance demonstrates robust growth with revenue reaching
The accounting restatement for interim 2024 results, while concerning from a controls perspective, appears to be timing-related without impact on full-year numbers. This transparency, combined with strong operational metrics, suggests underlying business fundamentals remain solid.
Symbotic's AI-enabled robotics technology is gaining significant market traction in the supply chain sector, evidenced by the substantial revenue growth and margin improvements. The transition to profitability in Q4 validates their technology's scalability and market demand. The focus on innovation mentioned by CEO Rick Cohen, coupled with improved operational metrics, suggests successful technology deployment and customer adoption.
The recovery in gross margins to historical levels indicates maturing implementation capabilities and operational efficiency in deploying complex robotics systems. This technological execution strength positions Symbotic favorably in the rapidly growing warehouse automation market, though the interim financial restatements highlight the need for enhanced project milestone tracking systems.
WILMINGTON, Mass., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its fourth fiscal quarter and fiscal year ended September 28, 2024. Symbotic posted revenue of
For the full fiscal year 2024, Symbotic reported revenue of
“I’m pleased with our performance this year, as our focus on innovation and customer success has delivered robust growth. This year’s results, driven by the hard work and dedication of our team, underscore the strength of our long-term strategy and commitment to driving sustainable, long-term growth for our customers, shareholders, and employees,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We look forward to building on this momentum and continuing to deliver exceptional results and value for our stakeholders in the year ahead.”
“We are pleased to finish the fiscal year with another quarter of strong revenue growth, along with a recovery in our gross margin to historical levels,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking forward to the fiscal first quarter of 2025, we expect continued strong topline growth with stable gross margins, along with targeted investments to capture an expanding set of opportunities.”
OUTLOOK
For the first quarter of fiscal 2025, Symbotic expects revenue of
RESTATEMENT OF INTERIM FISCAL 2024 FINANCIAL RESULTS
We have restated our financial statements for the quarters within fiscal year 2024 with respect to our accounting of goods and services received. As we were reviewing our business processes and preparing our full year financial statements, we identified occurrences during fiscal year 2024 where goods and services, primarily relating to specific milestone achievements, were expensed prior to the time that the corresponding milestones were achieved. This resulted in the acceleration of the recognition of cost of revenue. Given that we recognize revenue on a percentage of completion basis, this resulted in the acceleration of recognition of revenue. The quarterly statements of operations and statements of cash flows numbers included in this earnings press release have been restated to record cost of revenue and revenue in the periods in which the milestones were achieved, and the comparisons presented are based on the restated amounts. Given that this first occurred in fiscal year 2024 and we identified this matter in preparing the fiscal year 2024 financial statements, these represent timing differences between quarters with no impact to full-year fiscal year 2024 results. In connection with our decision to restate the previously reported quarters, we also recorded other individually insignificant items affecting fiscal 2024 that were also timing related.
As a result of the restatement of the financial results for the previously reported quarters, we will be filing amendments to Form 10-Qs for fiscal year 2024 to reflect the amounts that are included in this earnings press release. Our Form 8-K with respect to this matter will indicate that our financial statements for those periods should no longer be relied upon. We are not restating any other previously issued financial statements in connection with these matters.
We plan to timely file our Form 10-K next week and that filing will include our evaluation of the effectiveness of our internal control over financial reporting as of the end of the 2024 fiscal year. We expect to complete that evaluation over the next week.
A summary of our restated amounts for each of the quarters of fiscal year 2024 is included in this release. In addition, we are posting on our investor relations website a supplemental presentation that details the variances between the previously reported fiscal 2024 quarterly amounts and the restated amounts, which will also be filed as an exhibit to our Form 8-K with respect to this matter.
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET to discuss its fourth quarter and fiscal 2024 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q4-2024.
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1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.
2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as the provision for stock-based compensation.
ABOUT SYMBOTIC
Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.
USE OF NON-GAAP FINANCIAL INFORMATION
Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.
Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net income or loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; business combination transaction expenses; CEO transition charges; joint venture formation fees; restructuring charges; equity financing transaction costs; equity method investment; and other non-recurring items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation; stock-based compensation; and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.
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, 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, backlog 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.
Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding Symbotic to:
- meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;
- expand its target customer base and maintain its existing customer base;
- realize the benefits expected from the GreenBox joint venture; the Commercial Agreement with GreenBox, Symbotic’s July 2024 acquisition of developed technology intangible assets, and the commercial agreements with Walmart de México y Centroamérica;
- realize its outlook, including its system gross margin;
- anticipate industry trends;
- maintain and enhance its system;
- maintain the listing of the Symbotic Class A Common Stock on Nasdaq;
- execute its growth strategy;
- develop, design and sell systems that are differentiated from those of competitors;
- execute its research and development strategy;
- acquire, maintain, protect and enforce intellectual property;
- attract, train and retain effective officers, key employees or directors;
- comply with laws and regulations applicable to its business;
- stay abreast of modified or new laws and regulations applying to its business;
- successfully defend litigation;
- issue equity securities in connection with future transactions;
- meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;
- timely and effectively remediate any material weaknesses in our internal control over financial reporting;
- anticipate rapid technological changes; and
- effectively respond to general economic and business conditions.
Forward-looking statements also include, but are not limited to, statements with respect to:
- the future performance of our business and operations;
- expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;
- expectations regarding cash flow, liquidity and sources of funding;
- expectations regarding capital expenditures;
- the anticipated benefits of Symbotic’s leadership structure;
- the effects of pending and future legislation;
- business disruption;
- disruption to the business due to Symbotic’s dependency on certain customers;
- increasing competition in the warehouse automation industry;
- any delays in the design, production or launch of our systems and products;
- the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;
- any defects in new products or enhancements to existing products;
- the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of our new products and services and any changes in our product mix that shift too far into lower gross margin products; and
- any consequences associated with joint ventures and legislative and regulatory actions and reforms.
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 Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 30, 2023 filed with the SEC on February 8, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.
In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the SEC on December 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 30, 2023 filed with the SEC on February 8, 2024, and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from adding to our base of outsourcing partners; risks related to the GreenBox joint venture and the effects of pending and future legislation.
Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.
Annualized, projected and estimated numbers 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 Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
INVESTOR RELATIONS CONTACT
Charlie Anderson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com
MEDIA INQUIRIES
Kimberly Zminkowski
Director, Marketing
mediainquiry@symbotic.com
| Symbotic Inc. and Subsidiaries Consolidated Statements of Operations | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands, except share and per share information) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||
| As Restated | |||||||||||||||||||
| Revenue: | |||||||||||||||||||
| Systems | $ | 548,649 | $ | 466,510 | $ | 380,205 | $ | 1,739,501 | $ | 1,138,059 | |||||||||
| Software maintenance and support | 5,893 | 3,545 | 2,135 | 14,173 | 6,601 | ||||||||||||||
| Operation services | 22,226 | 16,198 | 9,548 | 68,566 | 32,231 | ||||||||||||||
| Total revenue | 576,768 | 486,253 | 391,888 | 1,822,240 | 1,176,891 | ||||||||||||||
| Cost of revenue: | |||||||||||||||||||
| Systems | 442,009 | 398,761 | 321,425 | 1,466,841 | 940,076 | ||||||||||||||
| Software maintenance and support | 2,748 | 2,539 | 1,842 | 8,949 | 9,222 | ||||||||||||||
| Operation services | 23,392 | 14,065 | 9,832 | 66,723 | 37,854 | ||||||||||||||
| Total cost of revenue | 468,149 | 415,365 | 333,099 | 1,542,513 | 987,152 | ||||||||||||||
| Gross profit | 108,619 | 70,888 | 58,789 | 279,727 | 189,739 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development expenses | 40,131 | 44,722 | 45,791 | 173,457 | 195,042 | ||||||||||||||
| Selling, general, and administrative expenses | 45,397 | 47,871 | 66,933 | 188,934 | 217,927 | ||||||||||||||
| Total operating expenses | 85,528 | 92,593 | 112,724 | 362,391 | 412,969 | ||||||||||||||
| Operating income (loss) | 23,091 | (21,705 | ) | (53,935 | ) | (82,664 | ) | (223,230 | ) | ||||||||||
| Other income, net | 9,416 | 11,615 | 3,661 | 37,042 | 10,716 | ||||||||||||||
| Income (loss) before income tax | 32,507 | (10,090 | ) | (50,274 | ) | (45,622 | ) | (212,514 | ) | ||||||||||
| Income tax benefit (expense) | (4,194 | ) | (71 | ) | 4,859 | (4,212 | ) | 4,620 | |||||||||||
| Loss from equity method investment | (240 | ) | (537 | ) | — | (777 | ) | — | |||||||||||
| Net income (loss) | 28,073 | (10,698 | ) | (45,415 | ) | (50,611 | ) | (207,894 | ) | ||||||||||
| Net income (loss) attributable to noncontrolling interests | 23,080 | (8,824 | ) | (39,207 | ) | (43,035 | ) | (184,028 | ) | ||||||||||
| Net income (loss) attributable to common stockholders | $ | 4,993 | $ | (1,874 | ) | $ | (6,208 | ) | $ | (7,576 | ) | $ | (23,866 | ) | |||||
| Income (loss) per share of Class A Common Stock: | |||||||||||||||||||
| Basic and Diluted(1) | $ | 0.05 | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.37 | ) | |||||
| Weighted-average shares of Class A Common Stock outstanding: | |||||||||||||||||||
| Basic | 104,146,479 | 102,414,284 | 76,021,439 | 95,697,368 | 64,338,580 | ||||||||||||||
| Diluted (2) | 108,646,977 | n/a | n/a | n/a | n/a | ||||||||||||||
| (1) For the three months ended September 28, 2024, basic and diluted EPS were calculated as the same value and as such presented on the same line. | |||||||||||||||||||
| (2) Periods in which the Company was in a net loss position diluted weighted-average shares of Class A Common Stock outstanding is the same as basic and as such indicated with “n/a”. | |||||||||||||||||||
| Symbotic Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||
The following table reconciles GAAP net loss to Adjusted EBITDA:
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||
| As Restated | |||||||||||||||||||
| Net income (loss) | $ | 28,073 | $ | (10,698 | ) | $ | (45,415 | ) | $ | (50,611 | ) | $ | (207,894 | ) | |||||
| Interest income | (9,354 | ) | (11,610 | ) | (4,192 | ) | (36,907 | ) | (11,391 | ) | |||||||||
| Income tax (benefit) expense | 4,194 | 71 | (4,858 | ) | 4,212 | (4,619 | ) | ||||||||||||
| Depreciation and amortization | 5,781 | 10,032 | 4,479 | 20,845 | 9,475 | ||||||||||||||
| Stock-based compensation | 26,100 | 30,320 | 33,876 | 120,608 | 157,023 | ||||||||||||||
| Business Combination transaction expenses | 324 | — | — | 324 | — | ||||||||||||||
| Joint venture formation fees | — | — | 14,900 | 1,089 | 14,900 | ||||||||||||||
| CEO transition charges | — | — | — | — | 2,026 | ||||||||||||||
| Restructuring charges | (775 | ) | — | 14,526 | 33,431 | 22,899 | |||||||||||||
| Equity financing transaction costs | — | — | — | 1,985 | — | ||||||||||||||
| Equity method investment | 240 | 537 | — | 777 | — | ||||||||||||||
| Adjusted EBITDA | $ | 54,583 | $ | 18,652 | $ | 13,316 | $ | 95,753 | $ | (17,581 | ) | ||||||||
The following table reconciles GAAP gross profit to Adjusted gross profit:
| Three Months Ended | Year Ended | |||||||||||||||||||||||
| (in thousands) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||||||
| As Restated | ||||||||||||||||||||||||
| Gross profit | $ | 108,619 | $ | 70,888 | $ | 58,789 | $ | 279,727 | $ | 189,739 | ||||||||||||||
| Depreciation | 2,208 | 5,359 | 86 | 7,747 | 639 | |||||||||||||||||||
| Stock-based compensation | 3,260 | 3,807 | 1,317 | 15,654 | 6,212 | |||||||||||||||||||
| Restructuring charges | (775 | ) | — | 14,526 | 33,431 | 19,766 | ||||||||||||||||||
| Adjusted gross profit | $ | 113,312 | $ | 80,054 | $ | 74,718 | $ | 336,559 | $ | 216,356 | ||||||||||||||
| Gross profit margin | 18.8 | % | 14.6 | % | 15.0 | % | 15.4 | % | 16.1 | % | ||||||||||||||
| Adjusted gross profit margin | 19.6 | % | 16.5 | % | 19.1 | % | 18.5 | % | 18.4 | % | ||||||||||||||
The following table reconciles GAAP net cash provided by (used in) operating activities to Free cash flow:
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||
| As Restated | |||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | (99,380 | ) | $ | 50,382 | $ | 44,528 | $ | (58,077 | ) | $ | 230,794 | |||||||
| Purchases of property and equipment | (20,730 | ) | (16,846 | ) | 4,675 | (42,237 | ) | (15,688 | ) | ||||||||||
| Capitalization of internal use software development costs | (637 | ) | (297 | ) | (5,638 | ) | (2,137 | ) | (5,638 | ) | |||||||||
| Free cash flow | $ | (120,747 | ) | $ | 33,239 | $ | 43,565 | $ | (102,451 | ) | $ | 209,468 | |||||||
| Symbotic Inc. and Subsidiaries Supplemental Common Share Information | |||||||||||||||||||
Total Common Shares issued and outstanding:
| September 28, 2024 | September 30, 2023 | ||||||
| Class A Common Shares issued and outstanding | 104,689,377 | 82,112,881 | |||||
| Class V-1 Common Shares issued and outstanding | 76,965,386 | 66,931,097 | |||||
| Class V-3 Common Shares issued and outstanding | 404,309,196 | 407,528,941 | |||||
| 585,963,959 | 556,572,919 |
| Symbotic Inc. and Subsidiaries Consolidated Balance Sheets | |||||||
| (in thousands, except share data) | September 28, 2024 | September 30, 2023 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 727,310 | $ | 258,770 | |||
| Marketable securities | — | 286,736 | |||||
| Accounts receivable | 201,548 | 69,206 | |||||
| Unbilled accounts receivable | 252,294 | 121,149 | |||||
| Inventories | 106,136 | 136,121 | |||||
| Deferred expenses | 1,058 | 34,577 | |||||
| Prepaid expenses and other current assets | 101,252 | 85,236 | |||||
| Total current assets | 1,389,598 | 991,795 | |||||
| Property and equipment, net | 97,109 | 34,507 | |||||
| Intangible assets, net | 3,664 | 217 | |||||
| Equity method investment | 81,289 | — | |||||
| Other assets | 40,953 | 24,191 | |||||
| Total assets | $ | 1,612,613 | $ | 1,050,710 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 175,188 | $ | 109,918 | |||
| Accrued expenses and other current liabilities | 165,644 | 128,314 | |||||
| Deferred revenue | 676,314 | 787,227 | |||||
| Total current liabilities | 1,017,146 | 1,025,459 | |||||
| Deferred revenue | 129,233 | — | |||||
| Other liabilities | 42,043 | 27,967 | |||||
| Total liabilities | 1,188,422 | 1,053,426 | |||||
| Commitments and contingencies | — | — | |||||
| Equity: | |||||||
| Class A Common Stock, 3,000,000,000 shares authorized, 104,689,377 and 82,112,881 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively | 13 | 8 | |||||
| Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,965,386 and 66,931,097 shares issued and outstanding at September 28, 2024 and September 28, 2023, respectively | 7 | 7 | |||||
| Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively | 40 | 41 | |||||
| Additional paid-in capital – warrants | — | 58,126 | |||||
| Additional paid-in capital | 1,523,692 | 1,254,022 | |||||
| Accumulated deficit | (1,318,011 | ) | (1,310,435 | ) | |||
| Accumulated other comprehensive loss | (2,594 | ) | (1,687 | ) | |||
| Total stockholders' equity | 203,147 | 82 | |||||
| Noncontrolling interest | 221,044 | (2,798 | ) | ||||
| Total equity | 424,191 | (2,716 | ) | ||||
| Total liabilities and equity | $ | 1,612,613 | $ | 1,050,710 | |||
| Symbotic Inc. and Subsidiaries Consolidated Statements of Cash Flows | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||
| As Restated | |||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net loss | $ | 28,073 | $ | (10,698 | ) | $ | (45,415 | ) | $ | (50,611 | ) | $ | (207,894 | ) | |||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||
| Depreciation and amortization | 6,432 | 10,695 | 4,705 | 23,480 | 11,311 | ||||||||||||||
| Foreign currency (gains) losses, net | — | — | (69 | ) | (8 | ) | (3 | ) | |||||||||||
| Loss on disposal of assets | 337 | — | 2,791 | 337 | 2,914 | ||||||||||||||
| (Gain) on investments | — | (1,340 | ) | — | (10,084 | ) | — | ||||||||||||
| Provision for excess and obsolete inventory | (775 | ) | (171 | ) | 16,116 | 33,330 | 22,276 | ||||||||||||
| Deferred taxes, net | 3,917 | — | (4,620 | ) | 3,917 | (4,620 | ) | ||||||||||||
| Stock-based compensation | 25,350 | 29,332 | 32,465 | 112,208 | 154,227 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Accounts receivable | (101,010 | ) | 27,166 | 4,483 | (132,305 | ) | (65,817 | ) | |||||||||||
| Inventories | 30,202 | (12,179 | ) | 14,401 | 103 | (66,380 | ) | ||||||||||||
| Prepaid expenses and other current assets | (127,091 | ) | 29,353 | (78,485 | ) | (146,111 | ) | (78,906 | ) | ||||||||||
| Deferred expenses | 5,690 | (5,580 | ) | 7,700 | (4,936 | ) | (5,428 | ) | |||||||||||
| Other assets | (3,848 | ) | 1,051 | (12,691 | ) | (8,263 | ) | (18,635 | ) | ||||||||||
| Accounts payable | 47,483 | (5,555 | ) | 35,559 | 65,270 | 41,415 | |||||||||||||
| Accrued expenses and other current liabilities | (10,125 | ) | 50,477 | 44,699 | 38,467 | 64,743 | |||||||||||||
| Deferred revenue | 6,309 | (60,635 | ) | 12,158 | 18,318 | 361,518 | |||||||||||||
| Other liabilities | (10,324 | ) | (1,534 | ) | 10,731 | (1,189 | ) | 20,073 | |||||||||||
| Net cash provided by (used in) operating activities | (99,380 | ) | 50,382 | 44,528 | (58,077 | ) | 230,794 | ||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchases of property and equipment and capitalization of software development costs | (21,367 | ) | (17,143 | ) | (963 | ) | (44,374 | ) | (21,326 | ) | |||||||||
| Proceeds from sale of assets | — | — | 71 | — | 71 | ||||||||||||||
| Proceeds from maturities of marketable securities | — | 50,000 | 80,000 | 340,000 | 130,000 | ||||||||||||||
| Purchases of marketable securities | — | — | (107,112 | ) | (48,660 | ) | (408,209 | ) | |||||||||||
| Acquisitions of strategic investments | (23,996 | ) | (66,489 | ) | — | (90,485 | ) | — | |||||||||||
| Net cash used in investing activities | (45,363 | ) | (33,632 | ) | (28,004 | ) | 156,481 | (299,464 | ) | ||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Payment for taxes related to net share settlement of stock-based compensation awards | — | — | (14,961 | ) | (3,181 | ) | (26,674 | ) | |||||||||||
| Net proceeds from issuance of common stock under employee stock purchase plan | 2,309 | — | 1,586 | 5,743 | 2,573 | ||||||||||||||
| Proceeds from issuance of Class A Common Stock | — | — | — | 257,985 | — | ||||||||||||||
| Distributions to Symbotic Holdings LLC partners | (561 | ) | (47,654 | ) | — | (48,215 | ) | — | |||||||||||
| Proceeds from exercise of warrants | — | — | — | 158,704 | — | ||||||||||||||
| Net cash provided by (used in) financing activities | 1,748 | (47,654 | ) | (13,375 | ) | 371,036 | (24,101 | ) | |||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 17 | (6 | ) | 139 | (4 | ) | 232 | ||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (142,978 | ) | (30,910 | ) | 3,288 | 469,436 | (92,539 | ) | |||||||||||
| Cash, cash equivalents, and restricted cash - beginning of period | 873,332 | 904,242 | 257,630 | 260,918 | 353,457 | ||||||||||||||
| Cash, cash equivalents, and restricted cash - end of period | $ | 730,354 | $ | 873,332 | $ | 260,918 | $ | 730,354 | $ | 260,918 | |||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| (in thousands) | September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | ||||||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||||||||||
| Cash and cash equivalents | $ | 727,310 | $ | 870,469 | $ | 258,770 | $ | 727,310 | $ | 258,770 | |||||||||
| Restricted cash | 3,044 | 2,863 | 2,148 | 3,044 | 2,148 | ||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 730,354 | $ | 873,332 | $ | 260,918 | $ | 730,354 | $ | 260,918 | |||||||||
| Symbotic Inc. and Subsidiaries Restated Table | |||||||||||||||||||
The following table presents a summary of the restated amounts in the condensed consolidated financial statements, including the restated amounts in the condensed consolidated statements of operations and non-GAAP financial measures.
| Three Months Ended | Year Ended | |||||||||||||||||||||||
| (in thousands, except per share information) | December 30, 2023 | March 30, 2024 | June 29, 2024 | September 28, 2024 | September 28, 2024 | |||||||||||||||||||
| As Restated | As Restated | As Restated | ||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||
| Systems | 347,705 | 376,637 | 466,510 | 548,649 | 1,739,501 | |||||||||||||||||||
| Total revenue | 359,943 | 399,276 | 486,253 | 576,768 | 1,822,240 | |||||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||||||
| Systems | 283,946 | 342,125 | 398,761 | 442,009 | 1,466,841 | |||||||||||||||||||
| Total cost of revenue | 295,886 | 363,113 | 415,365 | 468,149 | 1,542,513 | |||||||||||||||||||
| Gross profit | 64,057 | 36,163 | 70,888 | 108,619 | 279,727 | |||||||||||||||||||
| Operating income (loss) | (25,099 | ) | (58,951 | ) | (21,705 | ) | 23,091 | (82,664 | ) | |||||||||||||||
| Income (loss) before income tax | (18,900 | ) | (49,139 | ) | (10,090 | ) | 32,507 | (45,622 | ) | |||||||||||||||
| Income tax benefit (expense) | (172 | ) | 225 | (71 | ) | (4,194 | ) | (4,212 | ) | |||||||||||||||
| Net income (loss) | (19,072 | ) | (48,914 | ) | (10,698 | ) | 28,073 | (50,611 | ) | |||||||||||||||
| Net income (loss) attributable to noncontrolling interests | (16,236 | ) | (41,055 | ) | (8,824 | ) | 23,080 | (43,035 | ) | |||||||||||||||
| Net income (loss) attributable to common stockholders | (2,836 | ) | (7,859 | ) | (1,874 | ) | 4,993 | (7,576 | ) | |||||||||||||||
| Income (loss) per share of Class A Common Stock: | ||||||||||||||||||||||||
| Basic and Diluted(1) | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.02 | ) | $ | 0.05 | $ | (0.08 | ) | ||||||||||
| Adjusted EBITDA | 8,067 | 14,451 | 18,652 | 54,583 | 95,753 | |||||||||||||||||||
| Adjusted Gross Profit | 67,581 | 75,613 | 80,054 | 113,312 | 336,559 | |||||||||||||||||||
| Adjusted Gross Profit Margin | 18.8 | % | 18.9 | % | 16.5 | % | 19.6 | % | 18.5 | % | ||||||||||||||
| (1) For the three months ended September 28, 2024, basic and diluted EPS were calculated as the same value and as such presented on the same line. | ||||||||||||||||||||||||
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