FALSE000183724000018372402024-05-062024-05-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2024
SYMBOTIC INC.
(Exact name of registrant as specified in its charter)
Delaware001-4017598-1572401
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
200 Research Drive
Wilmington, MA
01887
(Address of principal executive offices)(Zip Code)
(978) 284-2800
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, par value $0.0001 per shareSYMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
.


Item 2.02Results of Operations and Financial Condition
On May 6, 2024, Symbotic Inc. issued a press release announcing its financial results and other information for the fiscal quarter ended March 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
ExhibitDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 6, 2024
Symbotic Inc.
By:/s/ Carol Hibbard
Name:Carol Hibbard
Title:Chief Financial Officer and Treasurer
.

Exhibit 99.1
g113521dsp001.jpg
FOR IMMEDIATE RELEASE
Symbotic Reports Second Quarter Fiscal Year 2024 Results


Wilmington, Massachusetts (May 6, 2024) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its second fiscal quarter of 2024 ended March 30, 2024. Symbotic posted revenue of $424 million, a net loss of $41 million and adjusted EBITDA1 of $22 million for the second quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $267 million, a net loss of $55 million and an adjusted EBITDA loss1 of $11 million. Cash, cash equivalents and marketable securities on hand increased by $276 million from the prior quarter to $951 million at the end of the second quarter.
“This past quarter we executed well for our customers, made significant progress on our innovation roadmap and delivered solid financial results.” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We made significant advances in both software and hardware this quarter that will benefit customers, accelerate deployment times and increase our deployment capacity.”
“These advancements helped us to accelerate deployment progress during the quarter,” said Symbotic Chief Financial Officer Carol Hibbard. “We started three system deployments and completed three operational systems, while achieving faster revenue growth, higher margins and stronger cash generation than planned for the quarter.”
OUTLOOK
For the third quarter of fiscal 2024, Symbotic expects revenue of $450 million to $470 million, and adjusted EBITDA2 of $27 million to $29 million.
WEBCAST INFORMATION
Symbotic will host a webcast today at 5:00 pm ET to discuss its second quarter fiscal 2024 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q2-2024.
####
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 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; 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:
2


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;
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 the 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
3


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.
4


INVESTOR RELATIONS CONTACT
Jeff Evanson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com
MEDIA INQUIRIES
Kimberly Zminkowski
Director, Marketing
mediainquiry@symbotic.com
5


Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations

Three Months EndedSix Months Ended
 (in thousands, except share and per share information)March 30, 2024December 30,
2023
March 25, 2023March 30, 2024March 25, 2023
Revenue:
Systems$401,662 $356,212 $257,603 $757,874 $455,504 
Software maintenance and support2,566 2,169 1,461 4,735 2,698 
Operation services20,073 10,069 7,790 30,142 14,964 
Total revenue424,301 368,450 266,854 792,751 473,166 
Cost of revenue:
Systems359,151 286,403 213,060 645,555 373,991 
Software maintenance and support1,936 1,726 2,106 3,662 3,777 
Operation services19,052 10,214 8,841 29,266 17,357 
Total cost of revenue380,139 298,343 224,007 678,483 395,125 
Gross profit 44,162 70,107 42,847 114,268 78,041 
Operating expenses:
Research and development expenses46,462 42,144 49,666 88,606 100,406 
Selling, general, and administrative expenses48,652 47,012 50,898 95,663 104,921 
Total operating expenses95,114 89,156 100,564 184,269 205,327 
Operating loss(50,952)(19,049)(57,717)(70,001)(127,286)
Other income, net9,812 6,199 2,284 16,011 4,118 
Loss before income tax(41,140)(12,850)(55,433)(53,990)(123,168)
Income tax benefit (expense)188 (117)17 71 (234)
Net loss(40,952)(12,967)(55,416)(53,919)(123,402)
Net loss attributable to noncontrolling interests(34,372)(11,039)(49,298)(45,411)(110,091)
Net loss attributable to common stockholders$(6,580)$(1,928)$(6,118)$(8,508)$(13,311)
Loss per share of Class A Common Stock:
Basic and Diluted$(0.07)$(0.02)$(0.10)(0.10)$(0.22)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted93,043,769 83,320,943 60,503,119 88,155,791 59,352,634 

6


Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
The following table reconciles GAAP net loss to adjusted EBITDA:
Three Months EndedSix Months Ended
(in thousands)March 30, 2024December 30, 2023March 25, 2023March 30, 2024March 25, 2023
Net loss$(40,952)$(12,967)$(55,416)$(53,919)$(123,402)
Interest income(9,795)(6,149)(2,392)(15,944)(4,225)
Income tax (benefit) expense(188)117 (17)(71)234 
Depreciation and amortization2,468 2,565 1,680 5,033 3,375 
Stock-based compensation34,726 29,462 36,539 64,188 86,079 
Joint venture formation fees— 1,089 — 1,089 — 
CEO transition charges— — — — 2,026 
Restructuring charges34,206 — 8,373 34,206 8,373 
Equity financing transaction costs1,985 — — 1,985 — 
Adjusted EBITDA$22,450 $14,117 $(11,233)$36,567 $(27,540)
The following table reconciles GAAP gross profit to adjusted gross profit:
Three Months EndedSix Months Ended
(in thousands)March 30, 2024December 30, 2023March 25, 2023March 30, 2024March 25, 2023
Gross profit$44,162 $70,107 $42,847 $114,268 $78,041 
Depreciation88 93 189 181 375 
Stock-based compensation5,156 3,431 459 8,587 771 
Restructuring charges34,206 — 5,240 34,206 5,240 
Adjusted gross profit$83,612 $73,631 $48,735 $157,242 $84,427 
Gross profit margin10.4 %19.0 %16.1 %14.4 %16.5 %
Adjusted gross profit margin19.7 %20.0 %18.3 %19.8 %17.8 %


7


Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstanding at the end of each of the periods presented:
March 30, 2024September 30, 2023
Class A Common Shares issued and outstanding101,195,288 82,112,881 
Class V-1 Common Shares issued and outstanding78,432,388 66,931,097 
Class V-3 Common Shares issued and outstanding404,334,196 407,528,941 
583,961,872 556,572,919 
8


Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share data)March 30, 2024September 30, 2023
ASSETS
Current assets:
 
 
Cash and cash equivalents$901,382 $258,770 
Marketable securities49,978 286,736 
Accounts receivable127,677 69,206 
Unbilled accounts receivable173,995 121,149 
Inventories119,772 136,121 
Deferred expenses1,170 34,577 
Prepaid expenses and other current assets109,937 85,236 
Total current assets1,483,911 991,795 
Property and equipment, net75,038 34,507 
Intangible assets, net— 217 
Other long-term assets29,068 24,191 
Total assets$1,588,017 $1,050,710 
LIABILITIES AND EQUITY
Current liabilities:
 
 
Accounts payable$149,829 $109,918 
Accrued expenses and other current liabilities120,781 99,992 
Sales tax payable8,216 28,322 
Deferred revenue812,227 787,227 
Total current liabilities1,091,053 1,025,459 
Deferred revenue44,695 — 
Other long-term liabilities38,643 27,967 
Total liabilities1,174,391 1,053,426 
Commitments and contingencies— — 
Equity:
 
 
Class A Common Stock, 3,000,000,000 shares authorized, 101,195,288 and 82,112,881 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively12 
Class V-1 Common Stock, 1,000,000,000 shares authorized, 78,432,388 and 66,931,097 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively
Class V-3 Common Stock, 450,000,000 shares authorized, 404,334,196 and 407,528,941 shares issued and outstanding at March 30, 2024 and September 30, 2023, respectively40 41 
Additional paid-in capital - warrants— 58,126 
Additional paid-in capital1,738,317 1,254,022 
Accumulated deficit(1,318,943)(1,310,435)
Accumulated other comprehensive loss(2,373)(1,687)
Total stockholders' equity417,061 82 
Noncontrolling interest(3,435)(2,798)
Total equity413,626 (2,716)
Total liabilities and equity$1,588,017 $1,050,710 
9


Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
Three Months EndedSix Months Ended
(in thousands)March 30, 2024December 30, 2023March 25, 2023March 30, 2024March 25, 2023
Cash flows from operating activities:
Net loss$(40,952)$(12,967)$(55,416)$(53,919)$(123,402)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization3,155 3,197 2,069 6,352 4,146 
Foreign currency (gains) / losses(30)22 (16)(8)(6)
Loss on disposal of assets— — 123 — 123 
(Gain) on investments(8,745)— — (8,745)— 
Provision for excess and obsolete inventory34,206 70 6,001 34,276 6,160 
Stock-based compensation28,065 29,462 35,223 57,527 84,763 
Changes in operating assets and liabilities:
Accounts receivable25,328 (83,789)(72,178)(58,461)(121,137)
Inventories(16,353)(1,567)(35,598)(17,920)(54,853)
Prepaid expenses and other current assets(36,369)(41,160)24,123 (77,529)25,372 
Deferred expenses2,106 (7,152)(1,766)(5,046)(7,729)
Other long-term assets440 (5,906)624 (5,466)(5,483)
Accounts payable43,740 (3,830)27,232 39,910 19,718 
Accrued expenses and other current liabilities(15,100)14,687 450 (413)34,583 
Deferred revenue(272)69,966 99,374 69,694 263,464 
Other long-term liabilities1,853 8,817 1,067 10,670 6,645 
Net cash provided by (used in) operating activities21,072 (30,150)31,312 (9,078)132,364 
Cash flows from investing activities:
Purchases of property and equipment and capitalization of software development costs(2,871)(2,993)(6,017)(5,864)(13,007)
Proceeds from maturities of marketable securities140,000 150,000 — 290,000 — 
Purchases of marketable securities(343)(48,317)(106,327)(48,660)(203,140)
Net cash provided by (used in) investing activities136,786 98,690 (112,344)235,476 (216,147)
Cash flows from financing activities:
Payment for taxes related to net share settlement of stock-based compensation awards(3,125)(56)(11,713)(3,181)(11,713)
Net proceeds from issuance of common stock under employee stock purchase plan3,435 — 987 3,435 987 
Proceeds from issuance of Class A Common Stock257,985 — — 257,985 — 
Proceeds from exercise of warrants— 158,702 — 158,702 — 
Net cash provided by (used in) financing activities258,295 158,646 (10,726)416,941 (10,726)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(13)(2)120 (15)138 
Net increase (decrease) in cash, cash equivalents, and restricted cash416,140 227,184 (91,638)643,324 (94,371)
10


Cash, cash equivalents, and restricted cash - beginning of period488,102 260,918 350,724 260,918 353,457 
Cash, cash equivalents, and restricted cash - end of period$904,242 $488,102 $259,086 $904,242 $259,086 

Three Months EndedSix Months Ended
(in thousands)March 30, 2024December 30, 2023March 25, 2023March 30, 2024March 25, 2023
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents$901,382 $485,952 $256,954 $901,382 $256,954 
Restricted cash2,860 2,150 2,132 2,860 2,132 
Cash, cash equivalents, and restricted cash$904,242 $488,102 $259,086 $904,242 $259,086 

11
v3.24.1.u1
Cover
May 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 06, 2024
Entity Registrant Name SYMBOTIC INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40175
Entity Tax Identification Number 98-1572401
Entity Address, Address Line One 200 Research Drive
Entity Address, City or Town Wilmington
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01887
City Area Code 978
Local Phone Number 284-2800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol SYM
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001837240

Symbotic (NASDAQ:SYM)
Historical Stock Chart
From Oct 2024 to Oct 2024 Click Here for more Symbotic Charts.
Symbotic (NASDAQ:SYM)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Symbotic Charts.