Symbotic Reports Second Quarter Fiscal Year 2024 Results

May 6, 2024 at 4:00 PM EDT

WILMINGTON, Mass., May 06, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its second fiscal quarter of 2024 ended March 30, 2024. Symbotic posted revenue of $424 million, a net loss of $41 million and adjusted EBITDA¹ of $22 million for the second quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $267 million, a net loss of $55 million and an adjusted EBITDA loss¹ of $11 million. Cash, cash equivalents and marketable securities on hand increased by $276 million from the prior quarter to $951 million at the end of the second quarter.

“This past quarter we executed well for our customers, made significant progress on our innovation roadmap and delivered solid financial results,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. “We made significant advances in both software and hardware this quarter that will benefit customers, accelerate deployment times and increase our deployment capacity.”

“These advancements helped us to accelerate deployment progress during the quarter,” said Symbotic Chief Financial Officer Carol Hibbard. “We started three system deployments and completed three operational systems, while achieving faster revenue growth, higher margins and stronger cash generation than planned for the quarter.”


For the third quarter of fiscal 2024, Symbotic expects revenue of $450 million to $470 million, and adjusted EBITDA² of $27 million to $29 million.


Symbotic will host a webcast today at 5:00 pm ET to discuss its second quarter fiscal 2024 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 financial measures”), including adjusted EBITDA, adjusted gross profit and adjusted gross profit margin. These non-GAAP financial 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 financial 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 financial 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 financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial 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; stock-based compensation; CEO transition charges; joint venture formation fees; restructuring charges; equity financing transaction costs; 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; stock-based compensation; and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by revenue. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit and adjusted gross profit 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, 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;
  • realize the benefits expected from the GreenBox joint venture;
  • 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;
  • expectations regarding revenues, expenses, adjusted EBITDA 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; 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;
  • 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; and
  • any consequences associated with joint ventures and legislative and regulatory actions and reforms.

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 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on February 8, 2024. 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 11, 2023, and Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on February 8, 2024, 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; risks related to the GreenBox joint venture and the effects of pending and future legislation.

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, 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
  Three Months Ended Six Months Ended
(in thousands, except share and per share information) March 30,
December 30,
March 25,
 March 30,
March 25,
Systems $401,662 $356,212 $257,603  $757,874 $455,504 
Software maintenance and support  2,566  2,169  1,461   4,735  2,698 
Operation services  20,073  10,069  7,790   30,142  14,964 
Total revenue  424,301  368,450  266,854   792,751  473,166 
Cost of revenue:       
Systems  359,151  286,403  213,060   645,555  373,991 
Software maintenance and support  1,936  1,726  2,106   3,662  3,777 
Operation services  19,052  10,214  8,841   29,266  17,357 
Total cost of revenue  380,139  298,343  224,007   678,483  395,125 
Gross profit  44,162  70,107  42,847   114,268  78,041 
Operating expenses:       
Research and development expenses  46,462  42,144  49,666   88,606  100,406 
Selling, general, and administrative expenses  48,652  47,012  50,898   95,663  104,921 
Total operating expenses  95,114  89,156  100,564   184,269  205,327 
Operating loss  (50,952) (19,049) (57,717)  (70,001) (127,286)
Other income, net  9,812  6,199  2,284   16,011  4,118 
Loss before income tax  (41,140) (12,850) (55,433)  (53,990) (123,168)
Income tax benefit (expense)  188  (117) 17   71  (234)
Net loss  (40,952) (12,967) (55,416)  (53,919) (123,402)
Net loss attributable to noncontrolling interests  (34,372) (11,039) (49,298)  (45,411) (110,091)
Net loss attributable to common stockholders $(6,580)$(1,928)$(6,118) $(8,508)$(13,311)
Loss per share of Class A Common Stock:       
Basic and Diluted $(0.07)$(0.02)$(0.10) $(0.10)$(0.22)
Weighted-average shares of Class A Common Stock outstanding:       
Basic and Diluted  93,043,769  83,320,943  60,503,119   88,155,791  59,352,634 

Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
The following table reconciles GAAP net loss to adjusted EBITDA:
  Three Months Ended Six Months Ended
(in thousands) March 30,
December 30,
March 25,
 March 30,
March 25,
Net loss $(40,952)$(12,967)$(55,416) $(53,919)$(123,402)
Interest income  (9,795) (6,149) (2,392)  (15,944) (4,225)
Income tax (benefit) expense  (188) 117  (17)  (71) 234 
Depreciation and amortization  2,468  2,565  1,680   5,033  3,375 
Stock-based compensation  34,726  29,462  36,539   64,188  86,079 
Joint venture formation fees    1,089     1,089   
CEO transition charges           2,026 
Restructuring charges  34,206    8,373   34,206  8,373 
Equity financing transaction costs  1,985       1,985   
Adjusted EBITDA $22,450 $14,117 $(11,233) $36,567 $(27,540)
The following table reconciles GAAP gross profit to adjusted gross profit:
  Three Months Ended Six Months Ended
(in thousands) March 30,
December 30,
March 25,
 March 30,
March 25,
Gross profit $44,162 $70,107 $42,847  $114,268 $78,041 
Depreciation  88  93  189   181  375 
Stock-based compensation  5,156  3,431  459   8,587  771 
Restructuring charges  34,206    5,240   34,206  5,240 
Adjusted gross profit $83,612 $73,631 $48,735  $157,242 $84,427 
Gross profit margin  10.4% 19.0% 16.1%  14.4% 16.5%
Adjusted gross profit margin  19.7% 20.0% 18.3%  19.8% 17.8%

Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstandng at the end of each of the periods presented:
  March 30,

 September 30,
Class A Common Shares issued and outstanding 101,195,288  82,112,881 
Class V-1 Common Shares issued and outstanding 78,432,388  66,931,097 
Class V-3 Common Shares issued and outstanding 404,334,196  407,528,941 
  583,961,872  556,572,919 

Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share data) March 30,
 September 30,
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 
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      

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 

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 liabilities and equity $1,588,017  $1,050,710 

Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
  Three Months Ended Six Months Ended
(in thousands) March 30,
December 30,
March 25,
 March 30,
March 25,
Cash flows from operating activities:       
Net loss $(40,952)$(12,967)$(55,416) $(53,919)$(123,402)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       
Depreciation and amortization  3,155  3,197  2,069   6,352  4,146 
Foreign currency (gains) / losses  (30) 22  (16)  (8) (6)
Loss on disposal of assets      123     123 
(Gain) on investments  (8,745)      (8,745)  
Provision for excess and obsolete inventory  34,206  70  6,001   34,276  6,160 
Stock-based compensation  28,065  29,462  35,223   57,527  84,763 
Changes in operating assets and liabilities:       
Accounts receivable  25,328  (83,789) (72,178)  (58,461) (121,137)
Inventories  (16,353) (1,567) (35,598)  (17,920) (54,853)
Prepaid expenses and other current assets  (36,369) (41,160) 24,123   (77,529) 25,372 
Deferred expenses  2,106  (7,152) (1,766)  (5,046) (7,729)
Other long-term assets  440  (5,906) 624   (5,466) (5,483)
Accounts payable  43,740  (3,830) 27,232   39,910  19,718 
Accrued expenses and other current liabilities  (15,100) 14,687  450   (413) 34,583 
Deferred revenue  (272) 69,966  99,374   69,694  263,464 
Other long-term liabilities  1,853  8,817  1,067   10,670  6,645 
Net cash provided by (used in) operating activities  21,072  (30,150) 31,312   (9,078) 132,364 
Cash flows from investing activities:       
Purchases of property and equipment and capitalization of software development costs  (2,871) (2,993) (6,017)  (5,864) (13,007)
Proceeds from maturities of marketable securities  140,000  150,000     290,000   
Purchases of marketable securities  (343) (48,317) (106,327)  (48,660) (203,140)
Net cash provided by (used in) investing activities  136,786  98,690  (112,344)  235,476  (216,147)
Cash flows from financing activities:       
Payment for taxes related to net share settlement of stock-based compensation awards  (3,125) (56) (11,713)  (3,181) (11,713)
Net proceeds from issuance of common stock under employee stock purchase plan  3,435    987   3,435  987 
Proceeds from issuance of Class A Common Stock  257,985       257,985   
Proceeds from exercise of warrants    158,702     158,702   
Net cash provided by (used in) financing activities  258,295  158,646  (10,726)  416,941  (10,726)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (13) (2) 120   (15) 138 
Net increase (decrease) in cash, cash equivalents, and restricted cash  416,140  227,184  (91,638)  643,324  (94,371)
Cash, cash equivalents, and restricted cash – beginning of period  488,102  260,918  350,724   260,918  353,457 
Cash, cash equivalents, and restricted cash – end of period $904,242 $488,102 $259,086  $904,242 $259,086 
Reconciliation of cash, cash equivalents, and restricted cash:       
Cash and cash equivalents $901,382 $485,952 $256,954  $901,382 $256,954 
Restricted cash  2,860  2,150  2,132   2,860  2,132 
Cash, cash equivalents, and restricted cash $904,242 $488,102 $259,086  $904,242 $259,086 

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