Symbotic Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Symbotic Inc. has filed its Q1 2024 10-Q report, detailing financial information for the period ending December 30, 2023.</b>

AI Summary

Symbotic Inc. (SYM) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Symbotic Inc. filed its quarterly report (10-Q) for the period ending December 30, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 28th. Symbotic Inc. is incorporated in Delaware. The company's business and mailing address is 200 Research Drive, Wilmington, MA 01887.

Why It Matters

For investors and stakeholders tracking Symbotic Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Symbotic Inc. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — Symbotic Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Symbotic Inc.'s performance and potential challenges.

Revenue Breakdown

Key Numbers

• 2023-12-30 — Period End Date (Quarterly report period)
• 2024-02-08 — Filing Date (Date the report was filed)
• 2023-09-28 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Symbotic Inc. (company) — Filer name
• 20231230 (date) — Period of report
• 20240208 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 200 Research Drive, Wilmington, MA 01887 (address) — Business address
• SVF Investment Corp. 3 (company) — Former company name
• SVF Investment III Corp. (company) — Former company name
• 978-284-2800 (phone) — Business phone

Forward-Looking Statements

• Symbotic Inc. will continue to reduce its net loss and potentially achieve profitability within the next 12-18 months if current revenue growth trends persist. (Symbotic Inc.) — medium confidence, target: 2025-06-30
• Systems revenue will remain the dominant revenue stream, indicating continued strong demand for automated warehouse solutions. (Symbotic Inc.) — high confidence, target: 2024-09-30

FAQ

Key Dates

• 2023-12-30: Quarter End — End of the reporting period for the 10-Q.
• 2024-02-08: Filing Date — Date Symbotic Inc. filed its 10-Q with the SEC.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share SYM The Nasdaq Stock Market L

Filing Documents

• sym-20231230.htm (10-Q) — 899KB
• exhibit101-walterodishooff.htm (EX-10.1) — 15KB
• exhibit311-q124.htm (EX-31.1) — 10KB
• exhibit312-q124.htm (EX-31.2) — 10KB
• exhibit321-q124.htm (EX-32.1) — 5KB
• exhibit322-q124.htm (EX-32.2) — 5KB
• image.jpg (GRAPHIC) — 14KB
• image1.jpg (GRAPHIC) — 18KB
• 0001837240-24-000039.txt (&nbsp;) — 5445KB
• sym-20231230.xsd (EX-101.SCH) — 42KB
• sym-20231230_cal.xml (EX-101.CAL) — 60KB
• sym-20231230_def.xml (EX-101.DEF) — 228KB
• sym-20231230_lab.xml (EX-101.LAB) — 573KB
• sym-20231230_pre.xml (EX-101.PRE) — 377KB
• sym-20231230_htm.xml (XML) — 554KB

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements 1 Unaudited Condensed Consolidated Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of December 30 , 2023 and September 30 , 202 3 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended December 30 , 2023 and December 24 , 2022 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended December 30 , 2023 and December 24 , 2022 4 Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three Months Ended December 30 , 2023 and December 24 , 2022 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended Decemb er 30 , 2023 and December 24 , 2022 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

Signatures

Signatures 32 i CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include, but are not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," or "intends" or similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our ability to, or expectations that we will: meet the technical requirements of existing or future supply agreements with our customers, including with respect to existing backlog; expand our target customer base and maintain our existing customer base; realize the benefits expected from the GreenBox joint venture and the Commercial Agreement with GreenBox (each as defined herein); anticipate industry trends; maintain and enhance our platform; maintain the listing of the Symbotic Class A Common Stock on NASDAQ; develop, design, and sell systems that are differentiated from those of competitors; execute our research and development strategy; acquire, maintain, protect, and enforce intellectual property; attract, train, and retain effective officers, key employees, or directors; comply wit

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements Symbotic Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands, except share data) December 30, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 485,952 $ 258,770 Marketable securities 189,011 286,736 Accounts receivable 153,058 69,206 Unbilled accounts receivable 147,956 121,149 Inventories 137,666 136,121 Deferred expenses 41,736 34,577 Prepaid expenses and other current assets 104,324 85,236 Total current assets 1,259,703 991,795 Property and equipment, net 34,990 34,507 Intangible assets, net — 217 Other long-term assets 29,611 24,191 Total assets $ 1,324,304 $ 1,050,710 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 106,088 $ 109,918 Accrued expenses 114,771 99,992 Sales tax payable 37,571 28,322 Deferred revenue 840,028 787,227 Total current liabilities 1,098,458 1,025,459 Deferred revenue 17,169 — Other long-term liabilities 36,802 27,967 Total liabilities 1,152,429 1,053,426 Commitments and contingencies (Note 11) — — Equity: Class A Common Stock, 3,000,000,000 shares authorized, 85,106,588 and 82,112,881 shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively 10 8 Class V-1 Common Stock, 1,000,000,000 shares authorized, 81,489,643 and 66,931,097 shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively 8 7 1 Table of Contents Class V-3 Common Stock, 450,000,000 shares authorized, 406,512,941 and 407,528,941 shares issued and outstanding at December 30, 2023 and September 30, 2023, respectively 41 41 Additional paid-in capital - warrants — 58,126 Additional paid-in capital 1,474,681 1,254,022 Accumulated deficit ( 1,312,363 ) ( 1,310,435 ) Accumulated other comprehensive loss ( 1,770 ) ( 1,687 ) Total stockholders' equity 160,607 82 Noncontrolling interest 11,268 ( 2,798 ) Total equity 171,875 ( 2,716 ) Total liabilities and equit