Symbotic Reports First Quarter Fiscal 2023 Results

January 30, 2023 at 4:05 PM EST

Achieved 168% Revenue Growth Year-Over-Year

Initiated a Record Six System Deployments

Contracted Backlog Increased to $12 Billion

WILMINGTON, Mass., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced financial results for its first fiscal quarter ended December 24, 2022. Symbotic posted revenue of $206.3 million, a net loss of $68.0 million and an adjusted EBITDA loss1 of $16.3 million for the first quarter of fiscal 2023. In the same quarter of fiscal 2022, Symbotic had revenue of $77.1 million, a net loss of $23.1 million and an adjusted EBITDA loss1 of $21.3 million.

“Symbotic achieved triple-digit revenue growth and added to our base of outsourcing partners during the first quarter. We are optimistic about our outlook and are poised for continued strong growth. Demand for our solutions continues to grow and our backlog increased to $12.0 billion in the quarter,” said Symbotic Chairman and Chief Executive Officer Rick Cohen.

“In addition to our 168% annual revenue growth, gross margin improved and operating expenses, excluding stock-based compensation, declined sequentially,” said Symbotic Chief Financial Officer Tom Ernst. “We initiated a record six system deployments during the first quarter as we continue to rapidly scale operations and deliver for our customers. Cash, cash equivalents and marketable securities on hand increased by $94.1 million from the prior quarter to $447.5 million, leaving us well capitalized to execute our growth strategy.”


For the second quarter of fiscal 2023, Symbotic expects revenue of $205 million to $230 million, more than double the second quarter fiscal 2022 revenue. The company also expects an adjusted EBITDA1 loss2 of $13 million to $17 million, compared to a $26.2 million adjusted EBITDA1 loss in the second quarter of fiscal 2022.


Symbotic will host a webcast today at 5:00 pm EST to discuss its first quarter fiscal 2023 results. The webcast link is:


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


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”), including adjusted EBITDA and adjusted gross profit. These non-GAAP 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 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 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 measures presented in this press release are reconciled to their closest reported U.S. GAAP measures. Symbotic recommends that investors review the reconciliation of these non-GAAP 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 of tangible and intangible assets; stock-based compensation; business combination transaction expenses; CEO transition charges; 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 and stock-based compensation. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA and adjusted gross profit non-GAAP financial measures are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.


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:

  • 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;
  • 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;
  • backlog;
  • expectations regarding revenues, expenses, adjusted EBITDA loss and anticipated cash needs;
  • expectations regarding cash flow, liquidity and sources of funding;
  • expectations regarding capital expenditures;
  • the effects of pending and future legislation;
  • business disruption;
  • risks related to the impact of the COVID-19 pandemic on the financial condition and results of operations of Symbotic;
  • 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; and
  • 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.

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 9, 2022. 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 9, 2022, 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; the effects of pending and future legislation; and risks related to the impact of the COVID-19 pandemic on the financial condition and results of operations of Symbotic.

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, pro forma, 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.


Jeff Evanson
Vice President, Investor Relations & Corporate Development


Kimberly Zminkowski
Director, Marketing

Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
       (in thousands, except share and per share information)
  Three Months Ended
  December 24, 2022   September 24, 2022   December 25, 2021  
Systems $          197,901   $           237,696   $            71,222  
Software maintenance and support 1,237   933   975  
Operation services 7,174   5,783   4,867  
Total revenue 206,312   244,412   77,064  
Cost of revenue:            
Systems 160,931   199,704   56,485  
Software maintenance and support 1,671   1,166   810  
Operation services 8,516   6,813   5,301  
Total cost of revenue 171,118   207,683   62,596  
Gross profit 35,194   36,729   14,468  
Operating expenses:            
Research and development expenses 50,740   43,462   22,184  
Selling, general, and administrative expenses 54,023   47,575   15,359  
Total operating expenses 104,763   91,037   37,543  
Operating loss (69,569 ) (54,308 ) (23,075 )
Other income, net 1,834   1,050   22  
Loss before income tax (67,735 ) (53,258 ) (23,053 )
Income tax expense (251 )    
Net loss (67,986 ) (53,258 ) (23,053 )
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination     (23,053 )
Net loss attributable to noncontrolling interests (60,793 ) (47,709 )  
Net loss attributable to common stockholders $             (7,193 ) $             (5,549 ) $  
Loss per share of Class A Common Stock: (1)            
Basic and Diluted $              (0.12 ) $               (0.10 ) N/M  
Weighted-average shares of Class A Common Stock outstanding:            
Basic and Diluted 58,235,506   54,800,914   N/M  
(1) Loss per share information has not been presented for periods prior to the Business Combination, as it resulted in values that would not be meaningful to the users of the consolidated financial statements. This has been indicated on these statements of operations as “N/M”.


Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(in thousands, except share and per share information)
The following table reconciles GAAP net loss to Adjusted EBITDA:
  Three Months Ended
  December 24,  2022   September 24,  2022   December 25, 2021  
Net loss $ (67,986 ) $ (53,258 ) $ (23,053 )
Interest income (1,833 ) (1,083 ) (11 )
Income tax expense 251      
Depreciation and amortization 1,695   1,789   1,358  
Stock-based compensation 49,540   30,426   268  
Business Combination transaction expenses   1,669   171  
CEO transition charges 2,026      
Adjusted EBITDA $ (16,307 ) $ (20,457 ) $ (21,267 )


The following table reconciles GAAP gross profit to Adjusted gross profit:
  Three Months Ended
  December 24,  2022 September 24, 2022 December 25, 2021
Gross profit $ 35,194 $ 36,729 $ 14,468
Depreciation 186 110 74
Stock-based compensation 312
Adjusted gross profit $ 35,692 $ 36,839 $ 14,542


Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstanding:    
  December 24, 2022 September 24, 2022
Class A Common Shares issued and outstanding 58,584,690 57,718,836
Class V-1 Common Shares issued and outstanding 78,389,034 79,237,388
Class V-3 Common Shares issued and outstanding 416,933,025 416,933,025
  553,906,749 553,889,249


Symbotic Inc. and Subsidiaries    
Unaudited Condensed Consolidated Balance Sheets    
(in thousands, except share information)    
  December 24, 2022   September 24, 2022  
Current assets:        
Cash and cash equivalents $          350,724   $          353,457  
Marketable securities 96,799    
Accounts receivable 52,327   3,412  
Unbilled accounts receivable 93,821   101,816  
Inventories 110,914   91,900  
Deferred expenses 35,110   29,150  
Prepaid expenses and other current assets 32,409   25,663  
Total current assets 772,104   605,398  
Property and equipment, at cost 55,662   48,722  
Less: Accumulated depreciation (25,416 ) (23,844 )
Property and equipment, net 30,246   24,878  
Intangible assets, net 540   650  
Other long-term assets 6,056   337  
Total assets $          808,946   $          631,263  
Current liabilities:        
Accounts payable $            60,885   $            68,448  
Accrued expenses and other current liabilities 73,122   47,312  
Sales tax payable 21,365   12,953  
Deferred revenue, current 580,457   394,244  
Total current liabilities 735,829   522,957  
Deferred revenue, long-term 9,341   31,465  
Other long-term liabilities 13,474   7,901  
Total liabilities 758,644   562,323  
Commitments and contingencies    
Equity (deficit):        
Class A Common Stock, 3,000,000,000 shares authorized, 58,584,690 and 57,718,836 shares issued and outstanding at December 24, 2022 and September 24, 2022, respectively 6   6  
Class V-1 Common Stock, 1,000,000,000 shares authorized, 78,389,034 and 79,237,388 shares issued and outstanding at December 24, 2022 and September 24, 2022, respectively 8   8  
Class V-3 Common Stock, 450,000,000 shares authorized, 416,933,025 shares issued and outstanding at December 24, 2022 and September 24, 2022 42   42  
Additional paid-in capital - warrants 58,126   58,126  
Additional paid-in capital 1,243,217   1,237,865  
Accumulated deficit (1,293,762 ) (1,286,569 )
Accumulated other comprehensive loss (2,314 ) (2,294 )
Total stockholders' equity 5,323   7,184  
Noncontrolling interest 44,979   61,756  
Total equity 50,302   68,940  
Total liabilities and equity $          808,946   $          631,263  


Symbotic Inc. and Subsidiaries  
Unaudited Condensed Consolidated Statements of Cash Flows  
(in thousands)  
  Three Months Ended  
  December 24,
  September 24,
  December 25,
Cash flows from operating activities:            
Net loss $ (67,986 )   $ (53,258 )   $ (23,053 )  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:            
Depreciation and amortization   2,077       1,789       1,358    
Foreign currency (gains) / losses   10       47       (8 )  
Losses on abandonment of assets               3,469    
Stock-based compensation   49,540       26,808       27    
Changes in operating assets and liabilities:            
Accounts receivable   (48,959 )     (852 )     (10,424 )  
Inventories   (19,096 )     34,372       (11,522 )  
Prepaid expenses and other current assets   1,249       (78,074 )     5,415    
Deferred expenses   (5,963 )     (28,604 )     (13 )  
Other long-term assets   (6,107 )     39       7    
Accounts payable   (7,514 )     (27,563 )     7,059    
Accrued expenses and other current liabilities   34,133       25,157       (9,047 )  
Deferred revenue   164,090       46,703       76,740    
Other long-term liabilities   5,578       1,918       (8 )  
Net cash and cash equivalents provided by (used in) operating activities   101,052       (51,518 )     40,000    
Cash flows from investing activities:            
Purchases of property and equipment   (6,990 )     (7,181 )     (7,505 )  
Purchases of marketable securities   (96,813 )              
Net cash and cash equivalents used in investing activities   (103,803 )     (7,181 )     (7,505 )  
Cash flows from financing activities:            
Proceeds from issuance of Class A Common Units               173,796    
Net cash and cash equivalents provided by financing activities               173,796    
Effect of exchange rate changes on cash and cash equivalents   18       494       122    
Net increase (decrease) in cash and cash equivalents   (2,733 )     (58,205 )     206,413    
Cash and cash equivalents - beginning of period   353,457       411,662       156,634    
Cash and cash equivalents - end of period $ 350,724     $ 353,457     $ 363,047    

1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP 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.