Washington, D.C. 20549
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 20, 2023
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
File Number)
(I.R.S. Employer
Identification Number)
200 Research Drive
Wilmington, MA
(Address of principal executive offices)(Zip Code)
(978) 284-2800
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange
on which registered
Class A common stock, par value $0.0001 per shareSYMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02Results of Operations and Financial Condition
On November 20, 2023, Symbotic Inc. issued a press release announcing its financial results and other information for the fiscal quarter and year ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 20, 2023
Symbotic Inc.
By:/s/ Thomas Ernst
Name:Thomas Ernst
Title:Chief Financial Officer and Treasurer

Exhibit 99.1
Symbotic Reports 2023 Results with Record Revenue and Improved Margin as Deployments Accelerated

Wilmington, Massachusetts (November 20, 2023) -- 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 30, 2023. Symbotic posted revenue of $392 million, a net loss of $45 million and adjusted EBITDA1 of $13 million for the fourth quarter of fiscal 2023. In the same quarter of fiscal 2022, Symbotic had revenue of $244 million, a net loss of $53 million and an adjusted EBITDA loss1 of $20 million. Cash, cash equivalents, restricted cash and marketable securities on hand increased by $35 million from the prior quarter of 2023, to $548 million at the end of the fourth quarter.
For the full fiscal year 2023, Symbotic reported revenue of $1,177 million, reflecting 98% growth year over year, a net loss of $208 million, and an adjusted EBITDA loss1 of $18 million.
“This has been a year of tremendous growth and progress for Symbotic. Our financial performance is a testament to the hard work and dedication of our talented team,” said Symbotic Chairman and Chief Executive Officer, Rick Cohen. “In fiscal 2024, we will continue to invest in driving innovation, strengthening our partnerships, and scaling for growth.”
“We are pleased to report another quarter of strong revenue growth and margins, as we initiated four new system deployments and completed commissioning of two systems. We also accelerated the pace of system deployments,” said Symbotic Chief Financial Officer, Tom Ernst. “We are excited to be reporting our first quarter of positive adjusted EBITDA1 which demonstrates the strong operating leverage of our business.”
For the first quarter of fiscal 2024, Symbotic expects revenue of $350 million to $370 million, and adjusted EBITDA1,2 of $11 million to $14 million.
Symbotic will host a webcast today at 5:00 pm ET to discuss its fourth quarter and full year fiscal 2023 results. The webcast link is:
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 measures.
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.

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, 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 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; business combination transaction expenses; joint venture formation fees; CEO transition charges; restructuring 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, 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 effects of pending and future legislation;
business disruption, including business disruption following the GreenBox transaction;
the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements entered into in connection with the GreenBox transaction;
the effect of the announcement of the GreenBox transaction on the Company’s business relationships, performance, and business generally;
the amount of the costs, fees, expenses and other charges related to the GreenBox transaction;
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 9, 2022, and Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on August 2, 2023. 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 Symbotic’s Quarterly Report on Form 10-Q filed with the SEC on August 2, 2023, 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
Consolidated Statements of Operations

Three Months EndedYear Ended
 (in thousands, except share and per share information)September 30, 2023June 24, 2023September 24, 2022September 30, 2023September 24, 2022
Systems$380,205 $302,350 $237,696 $1,138,059 $567,993 
Software maintenance and support2,135 1,768 933 6,601 3,735 
Operation services9,548 7,719 5,783 32,231 21,584 
Total revenue391,888 311,837 244,412 1,176,891 593,312 
Cost of revenue:
Systems321,425 244,660 199,704 940,076 464,179 
Software maintenance and support1,842 3,603 1,166 9,222 4,390 
Operation services9,832 10,665 6,813 37,854 25,096 
Total cost of revenue333,099 258,928 207,683 987,152 493,665 
Gross profit 58,789 52,909 36,729 189,739 99,647 
Operating expenses:
Research and development expenses45,791 48,845 43,462 195,042 124,141 
Selling, general, and administrative expenses66,933 46,073 47,575 217,927 115,881 
Total operating expenses112,724 94,918 91,037 412,969 240,022 
Operating loss(53,935)(42,009)(54,308)(223,230)(140,375)
Other income, net3,661 2,937 1,050 10,716 1,286 
Loss before income tax(50,274)(39,072)(53,258)(212,514)(139,089)
Income tax benefit (expense)4,859 (5)— 4,620 — 
Net loss(45,415)(39,077)(53,258)(207,894)(139,089)
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination— — — — (72,134)
Net loss attributable to noncontrolling interests(39,207)(34,730)(47,709)(184,028)(60,092)
Net loss attributable to common stockholders$(6,208)$(4,347)$(5,549)$(23,866)$(6,863)
Loss per share of Class A Common Stock:
Basic and Diluted$(0.08)$(0.07)$(0.10)$(0.37)$(0.13)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted76,021,439 61,782,886 54,800,914 64,338,580 54,086,381 


Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
The following table reconciles GAAP net loss to Adjusted EBITDA:
Three Months EndedYear Ended
(in thousands)September 30, 2023June 24, 2023September 24, 2022September 30, 2023September 24, 2022
Net loss$(45,415)$(39,077)$(53,258)$(207,894)$(139,089)
Interest income(4,192)(2,974)(1,083)(11,391)(1,287)
Income tax (benefit) expense(4,858)— (4,619)— 
Depreciation and amortization4,479 1,621 1,789 9,475 5,989 
Stock-based compensation33,876 37,068 30,426 157,023 40,556 
Business Combination transaction expenses— — 1,669 — 4,069 
Joint venture formation fees14,900 — — 14,900 — 
CEO transition charges— — — 2,026 — 
Restructuring charges14,526 — — 22,899 — 
Adjusted EBITDA$13,316 $(3,357)$(20,457)$(17,581)$(89,762)
The following table reconciles GAAP gross profit to Adjusted gross profit:
Three Months EndedYear Ended
(in thousands)September 30, 2023June 24, 2023September 24, 2022September 30, 2023September 24, 2022
Gross profit$58,789 $52,909 $36,729 $189,739 $99,647 
Depreciation86 178 110 639 353 
Stock-based compensation1,317 4,124 — 6,212 — 
Restructuring charges14,526 — — 19,766 — 
Adjusted gross profit$74,718 $57,211 $36,839 $216,356 $100,000 
Gross profit margin15.0 %17.0 %15.0 %16.1 %16.8 %
Adjusted gross profit margin19.1 %18.3 %15.1 %18.4 %16.9 %


Symbotic Inc. and Subsidiaries
Supplemental Common Share Information
Total Common Shares issued and outstanding:
September 30, 2023September 24, 2022
Class A Common Shares issued and outstanding82,112,881 57,718,836 
Class V-1 Common Shares issued and outstanding66,931,097 79,237,388 
Class V-3 Common Shares issued and outstanding407,528,941 416,933,025 
556,572,919 553,889,249 

Symbotic Inc. and Subsidiaries
Consolidated Balance Sheets

(in thousands, except share data)September 30, 2023September 24, 2022
Current assets:
Cash and cash equivalents$258,770 $353,457 
Marketable securities286,736 — 
Accounts receivable69,206 3,412 
Unbilled accounts receivable121,149 101,816 
Inventories136,121 91,900 
Deferred expenses34,577 29,150 
Prepaid expenses and other current assets85,236 25,663 
Total current assets991,795 605,398 
Property and equipment, net34,507 24,878 
Intangible assets, net217 650 
Other long-term assets24,191 337 
Total assets$1,050,710 $631,263 
Current liabilities:
Accounts payable$109,918 $68,448 
Accrued expenses and other current liabilities99,992 47,312 
Sales tax payable28,322 12,953 
Deferred revenue787,227 394,244 
Total current liabilities1,025,459 522,957 
Deferred revenue— 31,465 
Other long-term liabilities27,967 7,901 
Total liabilities1,053,426 562,323 
Commitments and contingencies— — 
Class A Common Stock, 3,000,000,000 shares authorized, 82,112,881 and 57,718,836 shares issued and outstanding at September 30, 2023 and September 24, 2022, respectively
Class V-1 Common Stock, 1,000,000,000 shares authorized, 66,931,097 and 79,237,388 shares issued and outstanding at September 30, 2023 and September 24, 2022, respectively
Class V-3 Common Stock, 450,000,000 shares authorized, 407,528,941 and 416,933,025 shares issued and outstanding at September 30, 2023 and September 24, 2022, respectively41 42 
Additional paid-in capital - warrants58,126 58,126 
Additional paid-in capital1,254,022 1,237,865 
Accumulated deficit(1,310,435)(1,286,569)
Accumulated other comprehensive loss(1,687)(2,294)
Total stockholders' equity82 7,184 
Noncontrolling interest(2,798)61,756 
Total equity(2,716)68,940 
Total liabilities and equity$1,050,710 $631,263 

Symbotic Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Three Months EndedYear Ended
(in thousands)September 30, 2023June 24, 2023September 24, 2022September 30, 2023September 24, 2022
Cash flows from operating activities:
Net loss$(45,415)$(39,077)$(53,258)$(207,894)$(139,089)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization4,705 2,460 1,789 11,311 5,989 
Foreign currency (gains) losses, net(69)72 47 (3)25 
Loss on disposal of assets2,791 — — 2,914 4,098 
Deferred taxes, net(4,620)— — (4,620)— 
Stock-based compensation32,465 36,999 26,808 154,227 26,858 
Changes in operating assets and liabilities:
Accounts receivable4,483 50,837 (852)(65,817)(508)
Inventories30,517 (25,928)34,372 (44,104)(59,572)
Prepaid expenses and other current assets(78,485)(25,793)(78,074)(78,906)(121,143)
Deferred expenses7,700 (5,399)(28,604)(5,428)(28,665)
Other long-term assets(12,691)(461)39 (18,635)49 
Accounts payable35,559 (13,862)(27,563)41,415 41,528 
Accrued expenses and other current liabilities44,699 (13,558)25,157 64,743 37,898 
Deferred revenue12,158 85,896 46,703 361,518 80,377 
Other long-term liabilities10,731 2,697 1,918 20,073 3,908 
Net cash provided by (used in) operating activities44,528 54,883 (51,518)230,794 (148,247)
Cash flows from investing activities:
Purchases of property and equipment and capitalization of software development costs(963)(8,337)(7,181)(21,326)(17,950)
Proceeds from sale of assets71 — — 71 — 
Proceeds from maturity of marketable securities80,000 50,000 — 130,000 — 
Purchases of marketable securities(107,112)(97,957)— (408,209)— 
Net cash used in investing activities(28,004)(56,294)(7,181)(299,464)(17,950)
Cash flows from financing activities:
Payment for taxes related to net share settlement of stock-based compensation awards(14,961)— — (26,674)— 
Net proceeds from issuance of common stock under employee stock purchase plan1,586 — — 2,573 — 
Net proceeds from equity infusion from the Business Combination— — — — 384,672 
Purchase of interest from non-controlling interest— — — — (300,000)
Proceeds from exercise of warrants— — — — 277,776 
Net cash provided by (used in) financing activities(13,375)— — (24,101)362,448 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash139 (45)494 232 572 

Net increase (decrease) in cash, cash equivalents, and restricted cash3,288 (1,456)(58,205)(92,539)196,823 
Cash, cash equivalents, and restricted cash - beginning of period257,630 259,086 411,662 353,457 156,634 
Cash, cash equivalents, and restricted cash - end of period$260,918 $257,630 $353,457 $260,918 $353,457