Symbotic Reports Fourth Quarter and Fiscal Year 2022 Results

November 21, 2022 at 4:15 PM EST

Achieved Record Quarterly Revenue of $244 Million (167% Growth Year Over Year)

Rick Cohen Named Chief Executive Officer

Established Key Partnerships to Support Growth Through 2025

Expanded Customer Base with New Multi-System Win

WILMINGTON, Mass., Nov. 21, 2022 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced financial results for its fourth quarter and fiscal year ended September 24, 2022. Symbotic posted revenue of $244.4 million, a net loss of $53.3 million and an adjusted EBITDA loss1 of $20.4 million for the fourth quarter of fiscal 2022. In the same quarter of fiscal 2021, Symbotic had revenue of $91.7 million, a net loss of $31.5 million and an adjusted EBITDA loss1 of $24.0 million.

For the full fiscal year 2022, Symbotic reported revenue of $593.3 million, reflecting 136% growth year over year, a loss of $139.1 million, and an adjusted EBITDA loss1 of $89.8 million.

The company also announced that Symbotic Chairman of the Board and current President & Chief Product Officer, Rick Cohen, will return to his role as Chief Executive Officer. Michael Loparco will serve as a Special Advisor to the Board for a period of transition.

“Reflecting on our critical next phase of growth, we determined that a single point of leadership is the best way to lead Symbotic. Michael helped us scale for future growth and advanced our partner network and operations,” said Rick Cohen. “We thank him for his contributions and wish him success in his future endeavors."

“Symbotic achieved record quarterly revenue with accelerated system installations during the fourth quarter. We are excited to have established multiple worldwide outsourcing partnerships to support our robust growth plans through 2025, and we expanded our customer base with a new multi-system win,” continued Rick Cohen.

“Fourth quarter 2022 revenue grew 167% and adjusted EBITDA margin1 improved by more than 14 percentage points, compared to the same period a year ago,” said Symbotic Chief Financial Officer Tom Ernst. “We initiated a record five system deployments during the fourth quarter as we continue to rapidly scale operations and deliver for our customers.” “For our first quarter of fiscal 2023, we expect revenue of $170 million to $200 million, more than double our first quarter fiscal 2022 revenue. We also expect an adjusted EBITDA2 loss of $21 million to $25 million reflecting reduced system cost, offset by continued investments in innovation and scaling of our business.”

Webcast Information
Symbotic will host a webcast today at 5:00 pm EST to discuss its fourth quarter and fiscal year 2022 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. 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; unit-based compensation; business combination transaction expenses; and other non-recurring items that may arise from time to time. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA and Adjusted EBITDA margin, 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 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 the 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;
  • 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 anticipated benefits of Symbotic’s leadership structure;
  • 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 Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2022 and amended on July 20, 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 Registration Statement on Form S-1 filed with the SEC on June 29, 2022, and amended on July 20, 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 the business combination between SVF Investment Corp. 3 (“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; 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 during 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 used for illustrative purpose only, 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
Consolidated Statements of Operations
(in thousands, except share and per share information)


  Three Months Ended Year Ended  
  September 24,
June 25, 
September 25,
September 24,
September 25,
Systems $ 237,696   $ 169,503   $ 85,535   $ 567,993   $ 227,563    
Software maintenance and support   933     862     1,233     3,735     4,009    
Operation services   5,783     5,187     4,940     21,584     20,341    
Total revenue   244,412     175,552     91,708     593,312     251,913    
Cost of revenue:            
Systems   199,704     136,015     77,837     464,179     216,577    
Software maintenance and support   1,166     1,269     705     4,390     2,962    
Operation services   6,813     6,724     5,314     25,096     21,927    
Total cost of revenue   207,683     144,008     83,856     493,665     241,466    
Gross profit (loss)   36,729     31,544     7,852     99,647     10,447    
Operating expenses:            
Research and development expenses   43,462     35,140     20,909     124,141     73,386    
Selling, general, and administrative expenses   47,575     29,435     18,435     115,881     59,442    
Total operating expenses   91,037     64,575     39,344     240,022     132,828    
Operating loss   (54,308 )   (33,031 )   (31,492 )   (140,375 )   (122,381 )  
Other income, net   1,050     156     8     1,286     67    
Loss before income tax   (53,258 )   (32,875 )   (31,484 )   (139,089 )   (122,314 )  
Income tax benefit                      
Net loss   (53,258 )   (32,875 )   (31,484 )   (139,089 )   (122,314 )  
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination       (19,178 )   (31,484 )   (72,134 )   (122,314 )  
Net loss attributable to noncontrolling interests   (47,709 )   (12,383 )       (60,092 )      
Net loss attributable to common stockholders $ (5,549 ) $ (1,314 ) $   $ (6,863 ) $    
Loss per share of Class A Common Stock: (1)            
Basic and Diluted $ (0.10 ) $ (0.03 ) $   $ (0.13 ) $    
Weighted-average shares of Class A Common Stock outstanding:            
Basic and Diluted   54,800,914     50,664,146         54,086,381   $    


(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 these consolidated financial statements.

Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(in thousands)


  Three Months Ended Year Ended
  September 24,
June 25,
September 25,
September 24,
September 25,
Net loss $ (53,258 ) $ (32,875 ) $ (31,484 ) $ (139,089 ) $ (122,314 )
Interest income   (1,083 )   (178 )   (9 )   (1,287 )   (35 )
Income tax benefit                    
Depreciation and amortization   1,789     1,426     1,283     5,989     4,491  
Unit and Stock-based compensation   30,426     8,967     4,517     40,556     11,736  
Business Combination transaction expenses   1,669     869     1,664     4,069     2,761  
Adjusted EBITDA $ (20,457 ) $ (21,791 ) $ (24,029 ) $ (89,762 ) $ (103,361 )


Symbotic Inc. and Subsidiaries
Supplemental Common Share Information

Total Common Shares issued and outstanding:


  September 24,
June 25,
Class A Common Shares issued and outstanding 57,718,836 50,664,146
Class V-1 Common Shares issued and outstanding 79,237,388 60,844,573
Class V-3 Common Shares issued and outstanding 416,933,025 416,933,025
  553,889,249 528,441,744


Symbotic Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)


  September 24, 2022 September 25, 2021
Current assets:    
Cash and cash equivalents $ 353,457   $ 156,634  
Accounts receivable   3,412     63,370  
Unbilled accounts receivable   101,816      
Inventories   91,900     33,561  
Deferred expenses   29,150     489  
Prepaid expenses and other current assets   25,663     6,366  
Total current assets   605,398     260,420  
Property and equipment, at cost   48,722     37,177  
Less: Accumulated depreciation   (23,844 )   (18,560 )
Property and equipment, net   24,878     18,617  
Intangible assets, net   650     1,164  
Other long-term assets   337     334  
Total assets $ 631,263   $ 280,535  
Current liabilities:    
Accounts payable $ 68,448   $ 28,018  
Accrued expenses   47,312     31,131  
Sales tax payable   12,953     18,405  
Deferred revenue, current   394,244     259,418  
Total current liabilities   522,957     336,972  
Deferred revenue, long-term   31,465     216,538  
Other long-term liabilities   7,901     3,993  
Total liabilities   562,323     557,503  
Commitments and contingencies        
Redeemable preferred and common units:    
Preferred units, Class B-1, 0 units authorized, issued, and outstanding at September 24, 2022 and 2 units authorized, 1 unit issued and outstanding at September 25, 2021       232,278  
Preferred units, Class B, 0 units authorized, issued, and outstanding at September 24, 2022 and 1 unit authorized, issued, and outstanding at September 25, 2021       459,007  
Common units, Class C, 0 units authorized, issued, and outstanding at September 24, 2022 and 428,571 units authorized, issued, and outstanding at September 25, 2021       144,975  
Equity (deficit):    
Common voting units, Class A, 0 units authorized, issued, and outstanding at September 24, 2022 and 7,071,424 units authorized, 5,997,632 units issued and outstanding at September 25, 2021       16,809  
Common shares, Class A, 3,000,000,000 shares authorized, 57,718,836 shares issued and outstanding at September 24, 2022 and 0 shares authorized, issued, and outstanding at September 25, 2021   6      
Common voting shares, Class V-1, 1,000,000,000 shares authorized, 79,237,388 shares issued and outstanding at September 24, 2022 and 0 shares authorized, issued, and outstanding at September 25, 2021   8      
Common voting shares, Class V-3, 450,000,000 shares authorized, 416,933,025 shares issued and outstanding at September 24, 2022 and 0 shares authorized, issued, and outstanding at September 25, 2021   42      
Additional paid-in capital - warrants   58,126     26,999  
Additional paid-in capital   1,237,865      
Accumulated deficit   (1,286,569 )   (1,154,944 )
Accumulated other comprehensive loss   (2,294 )   (2,092 )
Total stockholders' equity / members’ deficit   7,184     (1,113,228 )
Noncontrolling interest   61,756      
Total equity (deficit)   68,940     (1,113,228 )
Total liabilities, redeemable preferred and common units, and equity (deficit) $ 631,263   $ 280,535  


Symbotic Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)

  Three Months Ended Year Ended
  September 24,
June 25,
September 25,
September 24,
September 25,
Cash flows from operating activities:          
Net loss $ (53,258 ) $ (32,875 ) $ (31,484 ) $ (139,089 ) $ (122,314 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization   1,789     1,426     1,283     5,989     4,491  
Foreign currency losses   47     23     6     25     53  
Losses on abandonment of assets               4,098      
Stock-based compensation   26,808         27     26,858     97  
Deferred taxes, net                    
Changes in operating assets and liabilities:          
Accounts receivable   (852 )   25,950     12,914     (508 )   (1,619 )
Inventories   34,372     (55,400 )   (10,225 )   (59,572 )   (16,817 )
Prepaid expenses and other current assets   (78,074 )   (22,120 )   626     (121,143 )   3,736  
Deferred expenses   (28,604 )   (541 )   36,518     (28,665 )   132,683  
Other long-term assets   39     29     710     49     2,313  
Accounts payable   (27,563 )   42,295     14,740     41,528     22,169  
Accrued expenses   25,157     21,505     9,914     37,898     16,187  
Deferred revenue   46,703     (15,680 )   (22,052 )   80,377     67,100  
Other long-term liabilities   1,918     1,561     566     3,908     1,488  
Net cash and cash equivalents provided by (used in) operating activities   (51,518 )   (33,827 )   13,543     (148,247 )   109,567  
Cash flows from investing activities:          
Purchases of property and equipment   (7,181 )   (2,209 )   (6,835 )   (17,950 )   (12,168 )
Proceeds from sale of assets                    
Net cash and cash equivalents used in investing activities   (7,181 )   (2,209 )   (6,835 )   (17,950 )   (12,168 )
Cash flows from financing activities:          
Net proceeds from equity infusion from the Business Combination       384,672         384,672      
Purchase of interest from non-controlling interest       (300,000 )       (300,000 )    
Proceeds from exercise of warrants       103,980         277,776      
Class B-1 Preferred Unit member contributions                    
Net cash and cash equivalents provided by financing activities       188,652         362,448      
Effect of exchange rate changes on cash and cash equivalents   494     2     1,021     572     971  
Net increase (decrease) in cash and cash equivalents   (58,205 )   152,618     7,729     196,823     98,370  
Cash and cash equivalents - beginning of period   411,662     259,044     148,905     156,634     58,264  
Cash and cash equivalents - end of period $ 353,457   $ 411,662   $ 156,634   $ 353,457   $ 156,634  

1 Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA margin (Adjusted EBITDA divided by revenue) are non-GAAP measures 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.