Symbotic Inc. Files 10-Q for Q3 2024

TL;DR

Symbotic's Q3 10-Q is in: check financials for latest performance update.

AI Summary

Symbotic Inc. filed its 10-Q for the period ending June 29, 2024, reporting on its financial performance. The company, formerly SVF Investment Corp. 3, is based in Wilmington, MA. Key financial details and operational segments are outlined in the filing, which provides a comprehensive update on its business activities and fiscal health.

Why It Matters

This filing provides investors and stakeholders with crucial financial data and operational insights into Symbotic Inc.'s performance during the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal performance trends, potential risks, or strategic shifts impacting the company's valuation.

Key Numbers

• 20240629 — Reporting Period End Date (The end date for the financial reporting period covered by this 10-Q.)
• 20240731 — Filing Date (The date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• Symbotic Inc. (company) — Filer
• SVF Investment Corp. 3 (company) — Former Company Name
• Wilmington, MA (location) — Business Address
• June 29, 2024 (date) — Reporting Period End Date

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-20240629.htm (10-Q) — 1368KB
• exhibit311-q324.htm (EX-31.1) — 10KB
• exhibit312-q324.htm (EX-31.2) — 10KB
• exhibit321-q324.htm (EX-32.1) — 5KB
• exhibit322-q324.htm (EX-32.2) — 5KB
• 0001837240-24-000168.txt ( ) — 6672KB
• sym-20240629.xsd (EX-101.SCH) — 47KB
• sym-20240629_cal.xml (EX-101.CAL) — 64KB
• sym-20240629_def.xml (EX-101.DEF) — 234KB
• sym-20240629_lab.xml (EX-101.LAB) — 581KB
• sym-20240629_pre.xml (EX-101.PRE) — 413KB
• sym-20240629_htm.xml (XML) — 829KB

- 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 June 29 , 2024 and September 30, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended June 29 , 2024 and June 24 , 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended June 29 , 2024 and June 24, 2023 4 Unaudited Condensed Consolidated Statements of Changes in Equity (Deficit) for the Three and Nine Months Ended June 29 , 2024 and June 24 , 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 29, 2024 and June 2 4 , 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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 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) 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 (Note 13) — — 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 1 Table of Contents 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 The accompa