Symbotic Inc. Files 2024 Annual Report

Ticker: SYM · Form: 10-K · Filed: 2024-12-04T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Symbotic's 2024 10-K is in. Check financials and strategy.

AI Summary

Symbotic Inc. filed its 10-K for the fiscal year ending September 28, 2024, reporting on its operations in general industrial machinery and equipment. The company, formerly known as SVF Investment Corp. 3, is incorporated in Delaware and headquartered in Wilmington, MA. Key financial data and operational details are presented in this annual report.

Why It Matters

This filing provides a comprehensive overview of Symbotic's financial health and strategic direction for investors and stakeholders, detailing performance over the past fiscal year.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Numbers

Key Players & Entities

FAQ

What were Symbotic Inc.'s total revenues for the fiscal year ending September 28, 2024?

The provided snippet does not contain specific revenue figures for the fiscal year ending September 28, 2024.

What is Symbotic Inc.'s primary business segment?

Symbotic Inc. operates in the General Industrial Machinery & Equipment, NEC sector, SIC code 3569.

When was Symbotic Inc. formerly known as?

Symbotic Inc. was formerly known as SVF Investment Corp. 3 and SVF Investment Corp.

Where is Symbotic Inc. headquartered?

Symbotic Inc. is headquartered at 200 Research Drive, Wilmington, MA 01887.

What is the SEC file number for Symbotic Inc.'s 10-K filing?

The SEC file number for Symbotic Inc.'s 10-K filing is 001-40175.

Filing Stats: 4,419 words · 18 min read · ~15 pages · Grade level 13.7 · Accepted 2024-12-04 16:33:03

Key Financial Figures

Filing Documents

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 45

Cybersecurity

Item 1C. Cybersecurity 45

Properties

Item 2. Properties 46

Legal Proceedings

Item 3. Legal Proceedings 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

[Reserved]

Item 6. [Reserved] 49

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 116

Controls and Procedures

Item 9A. Controls and Procedures 116

Other Information

Item 9B. Other Information 118

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 119

Executive Compensation

Item 11. Executive Compensation 119

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 119

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 119

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 119 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 119

Form 10-K Summary

Item 16. Form 10-K Summary 122

Signatures

Signatures i Table of Contents As used in this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, references to "we," "us," "our," "Symbotic" and the "Company" refer to Symbotic Inc., a Delaware corporation, and its consolidated subsidiaries following the effective time of the business combination between SVF and Symbotic (the "Business Combination") pursuant to that certain Agreement and Plan of Merger, dated December 12, 2021 (the "Merger Agreement"), by and among SVF, Warehouse Technologies LLC, Symbotic Holdings LLC and Saturn Acquisition (DE) Corp. that closed on June 7, 2022. CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K 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, and Section 21E of the Securities Exchange Act of 1934, as amended. Generally, statements that are not historical facts 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 Annual Report on Form 10-K 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 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; the Commercial Agreement with GreenBox, Symbotic's July 2024 acquisition of developed technology intangible assets, and the commercial agreements with Walmart de Mxico y Centroamrica; realize its outlook, including its system gross margin; anticipate industry trends; maintain an

Business

Item 1. Business Company Overview Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative, comprehensive technology solutions that dramatically improve supply chain operations. We automate the processing of pallets and cases in large warehouses or distribution centers for some of the largest retail and wholesale companies in the world. Our supply chain automation system ("System") enhances operations at the front end of the supply chain, and therefore benefits all supply partners further down the chain, irrespective of fulfillment strategy. Symbotic was established to develop technologies to improve operating efficiencies in modern warehouses. Significant funds and resources have been devoted to date in developing the Symbotic system and related applications to create a system with the ability to fundamentally change how the supply chain functions. Symbotic's intellectual property is protected by a portfolio of over 700 issued and/or pending patents. Our revolutionary system accelerates the movement of goods through the supply chain, improves stock keeping unit ("SKU") agility, fulfills orders with 99.9999% accuracy, and does this all with less inventory and operating cost. The underlying architecture of our system differentiates it from everyone else in the marketplace. The system uses Symbots which are high-speed, fully autonomous mobile robots that travel up to 25 miles-per-hour ("mph"). The Symbots are controlled by our artificial intelligence ("A.I.") enabled software to move goods through our proprietary storage or "buffering" structure. Our proprietary modular applications, such as our inbound sorting and outbound palletizing cells, plug into our system to achieve compelling, real world supply chain improvements at scale. We are developing other modular applications that will allow our customers to support all omni-channel strategies, such as brick-and-mortar retail and e-comme

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