Symbotic Reports 2023 Results with Record Revenue and


WILMINGTON, Mass., Nov. 20, 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 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: 


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;
  • backlog;
  • 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


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
Consolidated Statements of Operations

  Three Months Ended   Year Ended
 (in thousands, except share and per share information) September 30,
  June 24,
  September 24,
  September 30,
  September 24,
Systems $ 380,205     $ 302,350     $ 237,696     $ 1,138,059     $ 567,993  
Software maintenance and support   2,135       1,768       933       6,601       3,735  
Operation services   9,548       7,719       5,783       32,231       21,584  
Total revenue   391,888       311,837       244,412       1,176,891       593,312  
Cost of revenue:                  
Systems   321,425       244,660       199,704       940,076       464,179  
Software maintenance and support   1,842       3,603       1,166       9,222       4,390  
Operation services   9,832       10,665       6,813       37,854       25,096  
Total cost of revenue   333,099       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 expenses   45,791       48,845       43,462       195,042       124,141  
Selling, general, and administrative expenses   66,933       46,073       47,575       217,927       115,881  
Total operating expenses   112,724       94,918       91,037       412,969       240,022  
Operating loss   (53,935 )     (42,009 )     (54,308 )     (223,230 )     (140,375 )
Other income, net   3,661       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 Diluted   76,021,439       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 Ended   Year Ended
(in thousands) September 30,
  June 24,
  September 24,
  September 30,
  September 24,
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 )     5             (4,619 )      
Depreciation and amortization   4,479       1,621       1,789       9,475       5,989  
Stock-based compensation   33,876       37,068       30,426       157,023       40,556  
Business Combination transaction expenses               1,669             4,069  
Joint venture formation fees   14,900                   14,900        
CEO transition charges                     2,026        
Restructuring charges   14,526                   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 Ended   Year Ended
(in thousands) September 30,
  June 24,
  September 24,
  September 30,
  September 24,
Gross profit $ 58,789   $ 52,909   $ 36,729   $ 189,739   $ 99,647
Depreciation   86     178     110     639     353
Stock-based compensation   1,317     4,124         6,212    
Restructuring charges   14,526             19,766    
Adjusted gross profit $ 74,718   $ 57,211   $ 36,839   $ 216,356   $ 100,000
Gross profit margin 15.0 %   17.0 %   15.0 %   16.1 %   16.8 %
Adjusted gross profit margin 19.1 %   18.3 %   15.1 %   18.4 %   16.9 %

Symbotic Inc. and Subsidiaries
Supplemental Common Share Information

Total Common Shares issued and outstanding:

  September 30, 2023   September 24, 2022
Class A Common Shares issued and outstanding 82,112,881   57,718,836
Class V-1 Common Shares issued and outstanding 66,931,097   79,237,388
Class V-3 Common Shares issued and outstanding 407,528,941   416,933,025
  556,572,919   553,889,249

Symbotic Inc. and Subsidiaries
Consolidated Balance Sheets

(in thousands, except share data) September 30, 2023   September 24, 2022
Current assets:      
Cash and cash equivalents $ 258,770     $ 353,457  
Marketable securities   286,736        
Accounts receivable   69,206       3,412  
Unbilled accounts receivable   121,149       101,816  
Inventories   136,121       91,900  
Deferred expenses   34,577       29,150  
Prepaid expenses and other current assets   85,236       25,663  
Total current assets   991,795       605,398  
Property and equipment, net   34,507       24,878  
Intangible assets, net   217       650  
Other long-term assets   24,191       337  
Total assets $ 1,050,710     $ 631,263  
Current liabilities:      
Accounts payable $ 109,918     $ 68,448  
Accrued expenses and other current liabilities   99,992       47,312  
Sales tax payable   28,322       12,953  
Deferred revenue   787,227       394,244  
Total current liabilities   1,025,459       522,957  
Deferred revenue         31,465  
Other long-term liabilities   27,967       7,901  
Total liabilities   1,053,426       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   8       6  
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   7       8  
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, respectively   41       42  
Additional paid-in capital – warrants   58,126       58,126  
Additional paid-in capital   1,254,022       1,237,865  
Accumulated deficit   (1,310,435 )     (1,286,569 )
Accumulated other comprehensive loss   (1,687 )     (2,294 )
Total stockholders’ equity   82       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 Ended   Year Ended  
(in thousands) September 30,
June 24,
September 24,
  September 30,
September 24,
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 amortization   4,705     2,460     1,789       11,311     5,989    
Foreign currency (gains) losses, net   (69 )   72     47       (3 )   25    
Loss on disposal of assets   2,791               2,914     4,098    
Deferred taxes, net   (4,620 )             (4,620 )      
Stock-based compensation   32,465     36,999     26,808       154,227     26,858    
Changes in operating assets and liabilities:              
Accounts receivable   4,483     50,837     (852 )     (65,817 )   (508 )  
Inventories   30,517     (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 expenses   7,700     (5,399 )   (28,604 )     (5,428 )   (28,665 )  
Other long-term assets   (12,691 )   (461 )   39       (18,635 )   49    
Accounts payable   35,559     (13,862 )   (27,563 )     41,415     41,528    
Accrued expenses and other current liabilities   44,699     (13,558 )   25,157       64,743     37,898    
Deferred revenue   12,158     85,896     46,703       361,518     80,377    
Other long-term liabilities   10,731     2,697     1,918       20,073     3,908    
Net cash provided by (used in) operating activities   44,528     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 assets   71               71        
Proceeds from maturity of marketable securities   80,000     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 plan   1,586               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 cash   139     (45 )   494       232     572    
Net increase (decrease) in cash, cash equivalents, and restricted cash   3,288     (1,456 )   (58,205 )     (92,539 )   196,823    
Cash, cash equivalents, and restricted cash – beginning of period   257,630     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    

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