Symbotic Reports Third Quarter Fiscal Year 2024 Results
Symbotic Inc. (Nasdaq: SYM), an A.I.-enabled robotics technology leader for supply chains, reported its Q3 fiscal 2024 results. The company posted revenue of $492 million, a net loss of $14 million, and adjusted EBITDA of $15 million. This marks significant improvement from Q3 fiscal 2023, which saw revenue of $312 million, a net loss of $39 million, and an adjusted EBITDA loss of $3 million.
The company's cash position decreased by $81 million to $870 million. Symbotic started five system deployments and completed three operational systems during the quarter. For Q4 fiscal 2024, Symbotic projects revenue between $455-$475 million and adjusted EBITDA of $28-$32 million.
Despite record revenue, system gross margin fell below expectations due to extended construction schedules and implementation costs. The company is focusing on improving its planning, implementation speed, and project management to enhance performance.
Symbotic Inc. (Nasdaq: SYM), leader nella tecnologia robotica abilitata dall'IA per le catene di approvvigionamento, ha riportato i suoi risultati finanziari del terzo trimestre fiscale 2024. L'azienda ha registrato ricavi di 492 milioni di dollari, una perdita netta di 14 milioni di dollari e un EBITDA aggiustato di 15 milioni di dollari. Questo rappresenta un miglioramento significativo rispetto al terzo trimestre fiscale 2023, in cui si sono visti ricavi di 312 milioni di dollari, una perdita netta di 39 milioni di dollari e una perdita EBITDA aggiustato di 3 milioni di dollari.
La posizione di cassa dell'azienda è diminuita di 81 milioni di dollari, raggiungendo i 870 milioni di dollari. Symbotic ha avviato cinque distribuzioni di sistema e completato tre sistemi operativi durante il trimestre. Per il quarto trimestre fiscale 2024, Symbotic prevede ricavi tra 455 e 475 milioni di dollari e un EBITDA aggiustato compreso tra 28 e 32 milioni di dollari.
Nonostante i ricavi record, il margine lordo del sistema è sceso al di sotto delle aspettative a causa di prolungati tempi di costruzione e costi di implementazione. L'azienda si sta concentrando sul miglioramento della pianificazione, della velocità di implementazione e della gestione dei progetti per migliorare le performance.
Symbotic Inc. (Nasdaq: SYM), líder en tecnología robótica habilitada por IA para cadenas de suministro, ha reportado sus resultados del tercer trimestre fiscal 2024. La compañía registró ingresos de 492 millones de dólares, una pérdida neta de 14 millones de dólares y un EBITDA ajustado de 15 millones de dólares. Esto representa una mejora significativa con respecto al tercer trimestre fiscal 2023, que vio ingresos de 312 millones de dólares, una pérdida neta de 39 millones de dólares y una pérdida de EBITDA ajustado de 3 millones de dólares.
La posición de efectivo de la compañía disminuyó en 81 millones de dólares, totalizando 870 millones de dólares. Symbotic inició cinco implementaciones de sistemas y completó tres sistemas operativos durante el trimestre. Para el cuarto trimestre fiscal 2024, Symbotic proyecta ingresos entre 455 y 475 millones de dólares y un EBITDA ajustado de entre 28 y 32 millones de dólares.
A pesar de los ingresos récord, el margen bruto del sistema cayó por debajo de las expectativas debido a tiempos de construcción prolongados y costos de implementación. La empresa se está enfocando en mejorar su planificación, velocidad de implementación y gestión de proyectos para aumentar el rendimiento.
Symbotic Inc. (Nasdaq: SYM), 공급망을 위한 AI 기반 로봇 기술의 선두주자가 2024 회계 연도 3분기 실적을 발표했습니다. 이 회사는 4억 9,200만 달러의 매출, 1,400만 달러의 순손실, 1,500만 달러의 조정 EBITDA를 기록했습니다. 이는 2023 회계 연도 3분기의 3억 1,200만 달러 매출, 3,900만 달러의 순손실, 300만 달러의 조정 EBITDA 손실에 비해 상당히 개선된 것입니다.
회사의 현금 보유액은 8,100만 달러 감소하여 8억 7천만 달러에 달했습니다. Symbotic는 분기 동안 5개의 시스템 배치를 시작하고 3개의 운영 시스템을 완성했습니다. 2024 회계 연도 4분기에는 4억 5,500만에서 4억 7,500만 달러 사이의 매출과 2,800만에서 3,200만 달러 사이의 조정 EBITDA를 예상합니다.
기록적인 매출에도 불구하고 시스템 총 마진은 건설 일정 지연과 구현 비용으로 인해 예상 이하로 떨어졌습니다. 이 회사는 성능 향상을 위해 계획, 구현 속도 및 프로젝트 관리를 개선하는 데 집중하고 있습니다.
Symbotic Inc. (Nasdaq: SYM), leader en technologie robotique habilitée par l'IA pour les chaînes d'approvisionnement, a publié ses résultats financiers du troisième trimestre de l'exercice fiscal 2024. La société a enregistré des revenus de 492 millions de dollars, une perte nette de 14 millions de dollars et un EBITDA ajusté de 15 millions de dollars. Cela constitue une amélioration significative par rapport au troisième trimestre de l'exercice fiscal 2023, qui affichait des revenus de 312 millions de dollars, une perte nette de 39 millions de dollars et une perte d'EBITDA ajusté de 3 millions de dollars.
La trésorerie de la société a diminué de 81 millions de dollars pour atteindre 870 millions de dollars. Symbotic a lancé cinq déploiements de systèmes et a complété trois systèmes opérationnels au cours de ce trimestre. Pour le quatrième trimestre de l'exercice fiscal 2024, Symbotic prévoit des revenus compris entre 455 et 475 millions de dollars et un EBITDA ajusté de 28 à 32 millions de dollars.
Malgré des revenus record, la marge brute des systèmes est tombée en dessous des attentes en raison de délais de construction prolongés et de coûts d'implémentation. L'entreprise se concentre sur l'amélioration de sa planification, de sa vitesse d'implémentation et de la gestion de projet pour améliorer la performance.
Symbotic Inc. (Nasdaq: SYM), führend in der auf KI gestützten Robotertechnologie für Lieferketten, hat seine Finanzergebnisse für das dritte Quartal des Geschäftsjahres 2024 veröffentlicht. Das Unternehmen verzeichnete Umsätze von 492 Millionen Dollar, einen Nettoverlust von 14 Millionen Dollar und ein bereinigtes EBITDA von 15 Millionen Dollar. Dies stellt eine erhebliche Verbesserung im Vergleich zum dritten Quartal des Geschäftsjahres 2023 dar, das Umsätze von 312 Millionen Dollar, einen Nettoverlust von 39 Millionen Dollar und einen bereinigten EBITDA-Verlust von 3 Millionen Dollar aufwies.
Die Zahlungsmittelposition des Unternehmens verringerte sich um 81 Millionen Dollar auf 870 Millionen Dollar. Symbotic startete fünf Systemimplementierungen und schloss während des Quartals drei operative Systeme ab. Für das vierte Quartal des Geschäftsjahres 2024 prognostiziert Symbotic Umsätze zwischen 455 und 475 Millionen Dollar und ein bereinigtes EBITDA von 28 bis 32 Millionen Dollar.
Trotz Rekordumsätzen fiel die Bruttomarge des Systems unter die Erwartungen, was auf verlängerte Bauzeiten und Implementierungskosten zurückzuführen ist. Das Unternehmen konzentriert sich darauf, seine Planung, Umsetzungsgeschwindigkeit und Projektmanagement zu verbessern, um die Leistung zu steigern.
- Revenue increased significantly from $312 million in Q3 2023 to $492 million in Q3 2024
- Adjusted EBITDA improved from a $3 million loss in Q3 2023 to a $15 million gain in Q3 2024
- Net loss decreased from $39 million in Q3 2023 to $14 million in Q3 2024
- Started five new system deployments and completed three operational systems in Q3 2024
- Projected Q4 2024 revenue of $455-$475 million and adjusted EBITDA of $28-$32 million
- System gross margin fell below expectations due to elongated construction schedules and implementation costs
- Cash, cash equivalents, and marketable securities decreased by $81 million from the previous quarter
- Company still reporting a net loss, albeit reduced from previous year
- Potential slowdown in revenue growth as the company focuses on improving deployment processes
Symbotic's Q3 FY2024 results present a mixed picture. While revenue growth is impressive, increasing
The adjusted EBITDA of
The company's system gross margin underperformance is a red flag. While management attributes this to elongated construction schedules and implementation costs, it raises questions about Symbotic's ability to scale efficiently. The focus on improving planning, implementation speed and project management is important but may impact short-term revenue growth.
Looking ahead, the Q4 guidance of
Investors should closely monitor Symbotic's ability to improve its gross margins and deployment process efficiency in the coming quarters, as these will be critical for long-term profitability and growth.
Symbotic's Q3 results highlight both the potential and challenges in the AI-enabled robotics sector for supply chains. The company's continued innovation, particularly the enhancements to SymBot and the development of the minibot for BreakPack, demonstrates its commitment to staying at the forefront of warehouse automation technology.
The extension of SymBot's capabilities through an enhanced sensor array is particularly noteworthy. This likely improves the robot's ability to navigate complex warehouse environments and interact with a wider variety of items, potentially increasing efficiency and reducing errors. The development of the minibot for BreakPack suggests Symbotic is expanding its product range to address different segments of the warehouse automation market, possibly targeting smaller items or more intricate picking tasks.
However, the challenges in system deployment and implementation costs raise questions about the scalability of Symbotic's technology. The complexity of integrating advanced robotics and AI systems into existing warehouse infrastructure may be more challenging than initially anticipated. This could potentially slow down market adoption and impact the company's growth trajectory.
The focus on improving planning, speed of implementation and project management is crucial. If successful, these improvements could significantly enhance Symbotic's competitive position and profitability. However, the short-term impact on revenue growth suggests that the technological advantages have yet to translate into smooth, predictable financial performance.
Investors should keep an eye on Symbotic's ability to streamline its deployment process and reduce system costs, as these factors will be critical in determining the company's long-term success in the rapidly evolving warehouse automation market.
WILMINGTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its third fiscal quarter of 2024 ended June 29, 2024. Symbotic posted revenue of
“Symbotic continues to innovate. During the quarter, we extended the future capabilities of SymBot by incorporating an enhanced sensor array and we advanced development of our new minibot for BreakPack,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implementation costs. We are focused on improving our planning, speed of implementation and project management to improve performance.”
“As planned, system deployments reaccelerated from last quarter. We started five system deployments and completed three operational systems,” said Symbotic Chief Financial Officer, Carol Hibbard. “Looking ahead, improving our deployment process may temporarily slow our revenue growth. However, we expect system costs to decline and gross margin to return to historical levels during our fourth fiscal quarter.”
OUTLOOK
For the fourth quarter of fiscal 2024, Symbotic expects revenue of
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET to discuss its third quarter fiscal 2024 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q3-2024.
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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 net loss 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 and adjusted gross profit margin. 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 loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; 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. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit and adjusted gross profit margin, 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;
- realize its outlook, including its system gross margin;
- anticipate industry trends;
- maintain and enhance its platform;
- 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 filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q 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 filed with the SEC on December 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q 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
Jeff Evanson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com
MEDIA INQUIRIES
Kimberly Zminkowski
Director, Marketing
mediainquiry@symbotic.com
| Symbotic Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands, except share and per share information) | June 29, 2024 | March 30, 2024 | June 24, 2023 | June 29, 2024 | June 24, 2023 | |||||||||||
| Revenue: | ||||||||||||||||
| Systems | $ | 472,119 | $ | 401,662 | $ | 302,350 | $ | 1,229,993 | $ | 757,854 | ||||||
| Software maintenance and support | 3,545 | 2,566 | 1,768 | 8,280 | 4,466 | |||||||||||
| Operation services | 16,198 | 20,073 | 7,719 | 46,340 | 22,683 | |||||||||||
| Total revenue | 491,862 | 424,301 | 311,837 | 1,284,613 | 785,003 | |||||||||||
| Cost of revenue: | ||||||||||||||||
| Systems | 407,852 | 359,151 | 244,660 | 1,053,407 | 618,651 | |||||||||||
| Software maintenance and support | 2,539 | 1,936 | 3,603 | 6,201 | 7,380 | |||||||||||
| Operation services | 14,065 | 19,052 | 10,665 | 43,331 | 28,022 | |||||||||||
| Total cost of revenue | 424,456 | 380,139 | 258,928 | 1,102,939 | 654,053 | |||||||||||
| Gross profit | 67,406 | 44,162 | 52,909 | 181,674 | 130,950 | |||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development expenses | 44,722 | 46,462 | 48,845 | 133,327 | 149,251 | |||||||||||
| Selling, general, and administrative expenses | 47,871 | 48,652 | 46,073 | 143,535 | 150,994 | |||||||||||
| Total operating expenses | 92,593 | 95,114 | 94,918 | 276,862 | 300,245 | |||||||||||
| Operating loss | (25,187 | ) | (50,952 | ) | (42,009 | ) | (95,188 | ) | (169,295 | ) | ||||||
| Other income, net | 11,615 | 9,812 | 2,937 | 27,626 | 7,055 | |||||||||||
| Loss before income tax and equity method investment | (13,572 | ) | (41,140 | ) | (39,072 | ) | (67,562 | ) | (162,240 | ) | ||||||
| Income tax benefit (expense) | (95 | ) | 188 | (5 | ) | (24 | ) | (239 | ) | |||||||
| Loss from equity method investment | (537 | ) | — | — | (537 | ) | — | |||||||||
| Net loss | (14,204 | ) | (40,952 | ) | (39,077 | ) | (68,123 | ) | (162,479 | ) | ||||||
| Net loss attributable to noncontrolling interests | (11,716 | ) | (34,372 | ) | (34,730 | ) | (57,127 | ) | (144,821 | ) | ||||||
| Net loss attributable to common stockholders | $ | (2,488 | ) | $ | (6,580 | ) | $ | (4,347 | ) | $ | (10,996 | ) | $ | (17,658 | ) | |
| Loss per share of Class A Common Stock: | ||||||||||||||||
| Basic and Diluted | $ | (0.02 | ) | $ | (0.07 | ) | $ | (0.07 | ) | (0.12 | ) | $ | (0.29 | ) | ||
| Weighted-average shares of Class A Common Stock outstanding: | ||||||||||||||||
| Basic and Diluted | 102,414,284 | 93,043,769 | 61,782,886 | 92,891,276 | 60,160,039 | |||||||||||
| Symbotic Inc. and Subsidiaries | ||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||
| The following table reconciles GAAP net loss to adjusted EBITDA: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands) | June 29, 2024 | March 30, 2024 | June 24, 2023 | June 29, 2024 | June 24, 2023 | |||||||||||
| Net loss | $ | (14,204 | ) | $ | (40,952 | ) | $ | (39,077 | ) | $ | (68,123 | ) | $ | (162,479 | ) | |
| Interest income | (11,610 | ) | (9,795 | ) | (2,974 | ) | (27,554 | ) | (7,199 | ) | ||||||
| Income tax (benefit) expense | 95 | (188 | ) | 5 | 24 | 239 | ||||||||||
| Depreciation and amortization | 10,032 | 2,468 | 1,621 | 15,065 | 4,996 | |||||||||||
| Stock-based compensation | 30,320 | 34,726 | 37,068 | 94,508 | 123,147 | |||||||||||
| Joint venture formation fees | — | — | — | 1,089 | — | |||||||||||
| CEO transition charges | — | — | — | — | 2,026 | |||||||||||
| Restructuring charges | — | 34,206 | — | 34,206 | 8,373 | |||||||||||
| Equity financing transaction costs | — | 1,985 | — | 1,985 | — | |||||||||||
| Equity method investment | 537 | — | — | 537 | — | |||||||||||
| Adjusted EBITDA | $ | 15,170 | $ | 22,450 | $ | (3,357 | ) | $ | 51,737 | $ | (30,897 | ) | ||||
| The following table reconciles GAAP gross profit to adjusted gross profit: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands) | June 29, 2024 | March 30, 2024 | June 24, 2023 | June 29, 2024 | June 24, 2023 | |||||||||||
| Gross profit | $ | 67,406 | $ | 44,162 | $ | 52,909 | $ | 181,674 | $ | 130,950 | ||||||
| Depreciation | 5,359 | 88 | 178 | 5,540 | 553 | |||||||||||
| Stock-based compensation | 3,807 | 5,156 | 4,124 | 12,394 | 4,895 | |||||||||||
| Restructuring charges | — | 34,206 | — | 34,206 | 5,240 | |||||||||||
| Adjusted gross profit | $ | 76,572 | $ | 83,612 | $ | 57,211 | $ | 233,814 | $ | 141,638 | ||||||
| Gross profit margin | 13.7 | % | 10.4 | % | 17.0 | % | 14.1 | % | 16.7 | % | ||||||
| Adjusted gross profit margin | 15.6 | % | 19.7 | % | 18.3 | % | 18.2 | % | 18.0 | % | ||||||
| Symbotic Inc. and Subsidiaries | ||||||
| Supplemental Common Share Information | ||||||
| Total Common Shares issued and outstanding at the end of each of the periods presented: | ||||||
| June 29, 2024 | September 30, 2023 | |||||
| Class A Common Stock issued and outstanding | 103,096,119 | 82,112,881 | ||||
| Class V-1 Common Stock issued and outstanding | 77,490,386 | 66,931,097 | ||||
| Class V-3 Common Stock issued and outstanding | 404,309,196 | 407,528,941 | ||||
| 584,895,701 | 556,572,919 | |||||
| Symbotic Inc. and Subsidiaries | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (in thousands, except share data) | June 29, 2024 | September 30, 2023 | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 870,469 | $ | 258,770 | ||
| Marketable securities | — | 286,736 | ||||
| Accounts receivable | 100,499 | 69,206 | ||||
| Unbilled accounts receivable | 160,688 | 121,149 | ||||
| Inventories | 132,111 | 136,121 | ||||
| Deferred expenses | 6,748 | 34,577 | ||||
| Prepaid expenses and other current assets | 100,802 | 85,236 | ||||
| Total current assets | 1,371,317 | 991,795 | ||||
| Property and equipment, net | 81,029 | 34,507 | ||||
| Intangible assets, net | — | 217 | ||||
| Other assets | 106,096 | 24,191 | ||||
| Total assets | $ | 1,558,442 | $ | 1,050,710 | ||
| LIABILITIES AND EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 156,286 | $ | 109,918 | ||
| Accrued expenses and other current liabilities | 177,166 | 128,314 | ||||
| Deferred revenue | 714,641 | 787,227 | ||||
| Total current liabilities | 1,048,093 | 1,025,459 | ||||
| Deferred revenue | 81,642 | — | ||||
| Other liabilities | 49,412 | 27,967 | ||||
| Total liabilities | 1,179,147 | 1,053,426 | ||||
| Commitments and contingencies | — | — | ||||
| Equity: | ||||||
| Class A Common Stock, 3,000,000,000 shares authorized, 103,096,119 and 82,112,881 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively | 12 | 8 | ||||
| Class V-1 Common Stock, 1,000,000,000 shares authorized, 77,490,386 and 66,931,097 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively | 8 | 7 | ||||
| Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at June 29, 2024 and September 30, 2023, respectively | 41 | 41 | ||||
| Additional paid-in capital - warrants | — | 58,126 | ||||
| Additional paid-in capital | 1,742,697 | 1,254,022 | ||||
| Accumulated deficit | (1,321,431 | ) | (1,310,435 | ) | ||
| Accumulated other comprehensive loss | (2,632 | ) | (1,687 | ) | ||
| Total stockholders' equity | 418,695 | 82 | ||||
| Noncontrolling interest | (39,400 | ) | (2,798 | ) | ||
| Total equity | 379,295 | (2,716 | ) | |||
| Total liabilities and equity | $ | 1,558,442 | $ | 1,050,710 | ||
| Symbotic Inc. and Subsidiaries | ||||||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands) | June 29, 2024 | March 30, 2024 | June 24, 2023 | June 29, 2024 | June 24, 2023 | |||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ | (14,204 | ) | $ | (40,952 | ) | $ | (39,077 | ) | $ | (68,123 | ) | $ | (162,479 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 10,695 | 3,155 | 2,460 | 17,048 | 6,606 | |||||||||||
| Foreign currency (gains) / losses | — | (30 | ) | 72 | (8 | ) | 66 | |||||||||
| Loss on disposal of assets | — | — | — | — | 123 | |||||||||||
| (Gain) on investments | (1,340 | ) | (8,745 | ) | — | (10,084 | ) | — | ||||||||
| Provision for excess and obsolete inventory | (171 | ) | 34,206 | — | 34,105 | 6,160 | ||||||||||
| Stock-based compensation | 29,332 | 28,065 | 36,999 | 86,858 | 121,762 | |||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | 27,166 | 25,328 | 50,837 | (31,295 | ) | (70,300 | ) | |||||||||
| Inventories | (12,179 | ) | (16,353 | ) | (25,928 | ) | (30,099 | ) | (80,781 | ) | ||||||
| Prepaid expenses and other current assets | 22,319 | (36,369 | ) | (25,793 | ) | (55,211 | ) | (421 | ) | |||||||
| Deferred expenses | (5,580 | ) | 2,106 | (5,399 | ) | (10,626 | ) | (13,128 | ) | |||||||
| Other assets | 1,051 | 440 | (461 | ) | (4,415 | ) | (5,944 | ) | ||||||||
| Accounts payable | 6,458 | 43,740 | (13,862 | ) | 46,368 | 5,856 | ||||||||||
| Accrued expenses and other current liabilities | 49,007 | (15,100 | ) | (13,558 | ) | 48,593 | 20,044 | |||||||||
| Deferred revenue | (60,635 | ) | (272 | ) | 85,896 | 9,059 | 349,360 | |||||||||
| Other liabilities | (1,534 | ) | 1,853 | 2,697 | 9,136 | 9,342 | ||||||||||
| Net cash provided by operating activities | 50,385 | 21,072 | 54,883 | 41,306 | 186,266 | |||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of property and equipment and capitalization of software development costs | (17,143 | ) | (2,871 | ) | (8,337 | ) | (23,007 | ) | (20,363 | ) | ||||||
| Proceeds from maturities of marketable securities | 50,000 | 140,000 | 50,000 | 340,000 | 50,000 | |||||||||||
| Purchases of marketable securities | — | (343 | ) | (97,957 | ) | (48,660 | ) | (301,097 | ) | |||||||
| Purchases of strategic investments | (66,489 | ) | — | — | (66,489 | ) | — | |||||||||
| Net cash provided by (used in) investing activities | (33,632 | ) | 136,786 | (56,294 | ) | 201,844 | (271,460 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Payment for taxes related to net share settlement of stock-based compensation awards | — | (3,125 | ) | — | (3,181 | ) | (11,713 | ) | ||||||||
| Net proceeds from issuance of common stock under employee stock purchase plan | — | 3,435 | — | 3,435 | 987 | |||||||||||
| Proceeds from issuance of Class A Common Stock | — | 257,985 | — | 257,985 | — | |||||||||||
| Proceeds from exercise of warrants | — | — | — | 158,704 | — | |||||||||||
| Distributions to Symbotic Holdings LLC partners | (47,654 | ) | — | — | (47,654 | ) | — | |||||||||
| Net cash provided by (used in) financing activities | (47,654 | ) | 258,295 | — | 369,289 | (10,726 | ) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (9 | ) | (13 | ) | (45 | ) | (25 | ) | 93 | |||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (30,910 | ) | 416,140 | (1,456 | ) | 612,414 | (95,827 | ) | ||||||||
| Cash, cash equivalents, and restricted cash - beginning of period | 904,242 | 488,102 | 259,086 | 260,918 | 353,457 | |||||||||||
| Cash, cash equivalents, and restricted cash - end of period | $ | 873,332 | $ | 904,242 | $ | 257,630 | $ | 873,332 | $ | 257,630 | ||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (in thousands) | June 29, 2024 | March 30, 2024 | June 24, 2023 | June 29, 2024 | June 24, 2023 | |||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash: | ||||||||||||||||
| Cash and cash equivalents | $ | 870,469 | $ | 901,382 | $ | 255,490 | $ | 870,469 | $ | 255,490 | ||||||
| Restricted cash | 2,863 | 2,860 | 2,140 | 2,863 | 2,140 | |||||||||||
| Cash, cash equivalents, and restricted cash | $ | 873,332 | $ | 904,242 | $ | 257,630 | $ | 873,332 | $ | 257,630 | ||||||
FAQ
What was Symbotic's (SYM) revenue for Q3 fiscal 2024?
How did Symbotic's (SYM) Q3 2024 results compare to Q3 2023?
What is Symbotic's (SYM) financial outlook for Q4 fiscal 2024?
How many system deployments did Symbotic (SYM) start and complete in Q3 2024?
