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Symbotic Reports Third Quarter Fiscal Year 2023 Results

Achieved Record Revenue and Operating Margin

Cash, Cash Equivalents, Restricted Cash and Marketable Securities Reach $513 Million

GreenBox Joint Venture Doubles Addressable Market & Increases Order Backlog To $23 Billion

WILMINGTON, Mass., July 31, 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 third fiscal quarter ended June 24, 2023. Symbotic posted revenue of $312 million, a net loss of $39 million and an adjusted EBITDA loss1 of $3 million for the third quarter of fiscal 2023. In the same quarter of fiscal 2022, Symbotic had revenue of $176 million, a net loss of $33 million and an adjusted EBITDA loss of $22 million. Cash, cash equivalents, restricted cash and marketable securities on hand increased by $48 million from the prior quarter of 2023, to $513 million at the end of the third quarter.

“We are pleased to report another quarter of strong revenue growth and record operating margin, as we initiated six new system deployments and completed commissioning of one system,” said Symbotic Chief Financial Officer, Tom Ernst. “During the quarter, we maintained our focus on scaling for growth and investing in innovation, while still achieving strong operating leverage. Additionally, a new systems sales contract with GreenBox increases our contracted backlog to approximately $23 billion, addressing the needs of customers who want leading automation on an outsourced basis.”

“Our GreenBox joint venture advances our strategic vision by adding over $500 billion to Symbotic’s annual total addressable market,” said Symbotic Chairman and Chief Executive Officer, Rick Cohen. “As confidence in our ability to scale platform deliveries has grown, we feel now is the right time to realize the vision we have had for many years to add warehouse-as-a-service capability. We believe SoftBank is the best partner with which to launch the GreenBox joint venture because of our shared vision and expertise in scaling operations, and SoftBank’s global reach.”


For the fourth quarter of fiscal 2023, Symbotic expects revenue of $290 million to $310 million, and an adjusted EBITDA2 of $0 million to $3 million.


Symbotic will host a webcast today at 8:00 am ET to discuss its third 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, 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 of tangible and intangible assets; stock-based compensation; business combination transaction expenses; CEO transition charges; restructuring; and other 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. 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 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;
  • 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;
  • 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, 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;
  • 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;
  • 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. 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


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 Inc. and Subsidiaries 
Unaudited Condensed Consolidated Statements of Operations 
 Three Months Ended Nine Months Ended
(in thousands, except share and per share information)June 24,
March 25,
June 25,
 June 24,
June 25,
Systems$302,350 $257,603 $169,503  $757,854 $330,297 
Software maintenance and support 1,768  1,461  862   4,466  2,802 
Operation services 7,719  7,790  5,187   22,683  15,801 
Total revenue 311,837  266,854  175,552   785,003  348,900 
Cost of revenue:      
Systems 244,660  213,060  136,015   618,651  264,475 
Software maintenance and support 3,603  2,106  1,269   7,380  3,224 
Operation services 10,665  8,841  6,724   28,022  18,283 
Total cost of revenue 258,928  224,007  144,008   654,053  285,982 
Gross profit 52,909  42,847  31,544   130,950  62,918 
Operating expenses:      
Research and development expenses 48,845  49,666  35,140   149,251  80,679 
Selling, general, and administrative expenses 46,073  50,898  29,435   150,994  68,306 
Total operating expenses 94,918  100,564  64,575   300,245  148,985 
Operating loss (42,009) (57,717) (33,031)  (169,295) (86,067)
Other income, net 2,937  2,284  156   7,055  236 
Loss before income tax (39,072) (55,433) (32,875)  (162,240) (85,831)
Income tax benefit (expense) (5) 17     (239)  
Net loss (39,077 (55,416) (32,875)  (162,479) (85,831)
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination     (19,178)    (72,134)
Net loss attributable to noncontrolling interests (34,730) (49,298) (12,383)  (144,821) (12,383)
Net loss attributable to common stockholders$(4,347$(6,118)$(1,314) $(17,658)$(1,314)
Loss per share of Class A Common Stock:      
Basic and Diluted$(0.07)$(0.10)$(0.03)  (0.29$(0.03)
Weighted-average shares of Class A Common Stock outstanding:      
Basic and Diluted 61,782,886  60,503,119  50,664,146   60,160,039  50,664,146 

Symbotic Inc. and Subsidiaries 
Reconciliation of Non-GAAP Financial Measures 
The following table reconciles GAAP net loss to Adjusted EBITDA:
 Three Months Ended Nine Months Ended
(in thousands)June 24,
March 25,
June 25,
 June 24,
June 25,
Net loss$(39,077)$(55,416)$(32,875) $(162,479)$(85,831)
Interest income (2,974) (2,392) (178)  (7,199) (204)
Income tax (benefit) expense 5  (17    239   
Depreciation and amortization 1,621  1,680  1,426   4,996  4,200 
Stock-based compensation 37,068  36,539  8,967   123,147  10,130 
Business Combination transaction expenses     869     2,400 
CEO transition charges        2,026   
Restructuring charges   8,373     8,373   
Adjusted EBITDA$(3,357)$(11,233)$(21,791) $(30,897)$(69,305)

The following table reconciles GAAP gross profit to Adjusted gross profit:
 Three Months Ended Nine Months Ended
(in thousands)June 24,
March 25,
June 25,
 June 24,
June 25,
Gross profit$52,909$42,847$31,544 $130,950$62,918
Depreciation 178 189 89  553 243
Stock-based compensation 4,124 459   4,895 
Restructuring charges  5,240   5,240 
Adjusted gross profit$57,211$48,735$31,633 $141,638$63,161

The following table shows GAAP Gross profit margin and Adjusted gross profit margin:
 Three Months Ended Nine Months Ended
 June 24,
March 25,
June 25,
 June 24,
June 25,
Gross profit margin17.0%16.1%18.0% 16.7%18.0%
Adjusted gross profit margin18.3%18.3%18.0% 18.0%18.1%

Symbotic Inc. and Subsidiaries  
Supplemental Common Share Information 
Total Common Shares issued and outstanding:
 June 24, 2023September 24, 2022
Class A Common Shares issued and outstanding62,441,70957,718,836
Class V-1 Common Shares issued and outstanding76,086,74579,237,388
Class V-3 Common Shares issued and outstanding416,933,025416,933,025

Symbotic Inc. and Subsidiaries 
Unaudited Condensed Consolidated Balance Sheets 
(in thousands, except share data)June 24, 2023September 24, 2022
Current assets:  
Cash and cash equivalents$255,490 $353,457 
Marketable securities 255,413   
Accounts receivable 73,696  3,412 
Unbilled accounts receivable 91,696  101,816 
Inventories 166,877  91,900 
Deferred expenses 42,286  29,150 
Prepaid expenses and other current assets 36,204  25,663 
Total current assets 921,662  605,398 
Property and equipment, at cost 69,496  48,722 
Less: Accumulated depreciation (28,583) (23,844)
Property and equipment, net 40,913  24,878 
Intangible assets, net 335  650 
Other long-term assets 6,830  337 
Total assets$969,740 $631,263 
Current liabilities:  
Accounts payable$74,377 $68,448 
Accrued expenses and other current liabilities 60,702  47,312 
Sales tax payable 20,685  12,953 
Deferred revenue, current 742,241  394,244 
Total current liabilities 898,005  522,957 
Deferred revenue, long-term 32,842  31,465 
Other long-term liabilities 17,262  7,901 
Total liabilities 948,109  562,323 
Commitments and contingencies    
Class A Common Stock, 3,000,000,000 shares authorized, 62,441,709 and 57,718,836 shares issued and outstanding at June 24, 2023 and September 24, 2022, respectively 6  6 
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,086,745 and 79,237,388 shares issued and outstanding at June 24, 2023 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 June 24, 2023 and September 24, 2022 42  42 
Additional paid-in capital - warrants 58,126  58,126 
Additional paid-in capital 1,250,355  1,237,865 
Accumulated deficit (1,304,227) (1,286,569)
Accumulated other comprehensive loss (1,834) (2,294)
Total stockholders' equity 2,476  7,184 
Noncontrolling interest 19,155  61,756 
Total equity 21,631  68,940 
Total liabilities and equity$969,740 $631,263 

Symbotic Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
 Three Months Ended Nine Months Ended
(in thousands)June 24,
March 25,
June 25,
 June 24,
June 25,
Cash flows from operating activities:      
Net loss$(39,077)$(55,416)$(32,875) $(162,479)$(85,831)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 2,460  2,069  1,426   6,606  4,200 
Foreign currency (gains) / losses 72  (16)  23   66  (22)
Loss on abandonment of assets          4,098 
Loss on impairment of assets   123     123   
Stock-based compensation 36,999  35,223     121,762  50 
Changes in operating assets and liabilities:      
Accounts receivable 50,837  (72,178 25,950   (70,300) 344 
Inventories (25,928 (29,597) (55,400)  (74,621) (93,944)
Prepaid expenses and other current assets (25,793) 24,123  (22,120)  (421) (43,069)
Deferred expenses (5,399) (1,766 (541)  (13,128) (61)
Other long-term assets (461) 624  29   (5,944) 10 
Accounts payable (13,862) 27,232  42,295   5,856  69,091 
Accrued expenses and other current liabilities (13,558) 450  21,505   21,025  12,741 
Deferred revenue 85,896  99,374  (15,680)  349,360  33,674 
Other long-term liabilities 2,697  1,067  1,561   9,342  1,990 
Net cash provided by (used in) operating activities 54,883  31,312  (33,827)  187,247  (96,729)
Cash flows from investing activities:      
Purchases of property and equipment (8,337) (6,017) (2,209)  (21,344) (10,769)
Proceeds from maturity of marketable securities 50,000       50,000   
Purchases of marketable securities (97,957) (106,327)    (301,097)  
Net cash used in investing activities (56,294) (112,344) (2,209)  (272,441) (10,769)
Cash flows from financing activities:      
Proceeds from issuance of Class A Common Units     (173,796)     
Payment for taxes related to net share settlement of stock-based compensation awards   (11,713)    (11,713)  
Net proceeds from issuance of common stock under employee stock purchase plan   987     987   
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     277,776     277,776 
Net cash provided by (used in) financing activities   (10,726) 188,652   (10,726) 362,448 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (45) 120  2   93  78 
Net increase (decrease) in cash, cash equivalents, and restricted cash (1,456) (91,638) 152,618   (95,827) 255,028 
Cash, cash equivalents, and restricted cash - beginning of period 259,086  350,724  259,044   353,457  156,634 
Cash, cash equivalents, and restricted cash - end of period$257,630 $259,086 $411,662  $257,630 $411,662 
 Three Months Ended Nine Months Ended
(in thousands)June 24,
March 25,
June 25,
 June 24,
June 25,
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents$255,490 $256,954 $411,662  $255,490 $411,662 
Restricted cash 2,140  2,132     2,140   
Cash, cash equivalents, and restricted cash$257,630 $259,086 $411,662  $257,630 $411,662 

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