Symbotic Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Symbotic Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024.</b>

AI Summary

Symbotic Inc. (SYM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Symbotic Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 28th. Symbotic Inc. was formerly known as SVF Investment Corp. 3 and SVF Investment III Corp. The company is incorporated in Delaware.

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: medium — Symbotic Inc. shows moderate risk based on this filing. This is a standard 10-Q filing, providing routine financial updates. No immediate high-risk or high-reward indicators are present in the header information alone.

Analyst Insight

Analyze the financial statements and management discussion within the full 10-Q filing to identify any significant trends or changes in Symbotic Inc.'s performance.

Key Numbers

• 2024-03-30 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 0928 — Fiscal Year End (Fiscal year end)
• 3569 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Symbotic Inc. (company) — Filer
• 2024-03-30 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• SVF Investment Corp. 3 (company) — Former company name
• SVF Investment III Corp. (company) — Former company name
• DE (jurisdiction) — State of incorporation
• 978-284-2800 (phone) — Business phone
• Wilmington (location) — Business address city

FAQ

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-20240330.htm (10-Q) — 1314KB
• greenboxsystemsllc-amendme.htm (EX-10.1) — 27KB
• exhibit311-q224.htm (EX-31.1) — 10KB
• exhibit312-q224.htm (EX-31.2) — 10KB
• exhibit321-q224.htm (EX-32.1) — 5KB
• exhibit322-q224.htm (EX-32.2) — 5KB
• 0001837240-24-000111.txt (&nbsp;) — 6232KB
• sym-20240330.xsd (EX-101.SCH) — 44KB
• sym-20240330_cal.xml (EX-101.CAL) — 62KB
• sym-20240330_def.xml (EX-101.DEF) — 224KB
• sym-20240330_lab.xml (EX-101.LAB) — 541KB
• sym-20240330_pre.xml (EX-101.PRE) — 386KB
• sym-20240330_htm.xml (XML) — 745KB

- 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 March 30, 202 4 and September 30, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 30, 2024 and March 25, 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended March 30, 2024 and March 25, 2023 4 Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Six Months Ended March 30, 2024 and March 25, 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended March 30, 2024 and March 25, 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 10

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 38 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) March 30, 2024 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 901,382 $ 258,770 Marketable securities 49,978 286,736 Accounts receivable 127,677 69,206 Unbilled accounts receivable 173,995 121,149 Inventories 119,772 136,121 Deferred expenses 1,170 34,577 Prepaid expenses and other current assets 109,937 85,236 Total current assets 1,483,911 991,795 Property and equipment, net 75,038 34,507 Intangible assets, net — 217 Other long-term assets 29,068 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 liabilities 120,781 99,992 Sales tax payable 8,216 28,322 Deferred revenue 812,227 787,227 Total current liabilities 1,091,053 1,025,459 Deferred revenue 44,695 — Other long-term liabilities 38,643 27,967 Total liabilities 1,174,391 1,053,426 Commitments and contingencies (Note 12) — — 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, respectively 12 8 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 8 7 1 Table of Contents 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, respectively 40 41 Additional paid-in capital - warrants — 58,126 Additional paid-in capital 1,738,317 1,254,022 Accumulated deficit ( 1,318,943 ) ( 1,310,435 ) Accumulated other comprehensive loss ( 2,373 ) ( 1,687 ) Total stockholders' equity 417,061 82 Noncontrolling interest ( 3,435 ) ( 2,798 ) Total equity 413,626 ( 2,716 ) Total li