Symbotic Reports Fourth Quarter and Fiscal Year 2024 Results

WILMINGTON, Mass., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Symbotic Inc. (NASDAQ:SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its fourth fiscal quarter and fiscal year ended September 28, 2024. Symbotic posted revenue of $577 million, net income of $28 million and adjusted EBITDA¹ of $55 million for the fourth quarter of fiscal 2024. In the same quarter of fiscal 2023, Symbotic had revenue of $392 million, a net loss of $45 million and adjusted EBITDA¹ of $13 million. Cash, cash equivalents and marketable securities on hand decreased by $143 million from the prior quarter to $727 million at the end of the fourth quarter.

For the full fiscal year 2024, Symbotic reported revenue of $1,822 million, reflecting 55% growth year over year, a net loss of $51 million, and adjusted EBITDA¹ of $96 million.

"I'm pleased with our performance this year, as our focus on innovation and customer success has delivered robust growth. This year's results, driven by the hard work and dedication of our team, underscore the strength of our long-term strategy and commitment to driving sustainable, long-term growth for our customers, shareholders, and employees," said Rick Cohen, Chairman and Chief Executive Officer of Symbotic. "We look forward to building on this momentum and continuing to deliver exceptional results and value for our stakeholders in the year ahead."

"We are pleased to finish the fiscal year with another quarter of strong revenue growth, along with a recovery in our gross margin to historical levels," said Symbotic Chief Financial Officer, Carol Hibbard. "Looking forward to the fiscal first quarter of 2025, we expect continued strong topline growth with stable gross margins, along with targeted investments to capture an expanding set of opportunities."

OUTLOOK

For the first quarter of fiscal 2025, Symbotic expects revenue of $495 million to $515 million, and adjusted EBITDA² of $27 million to $31 million.

RESTATEMENT OF INTERIM FISCAL 2024 FINANCIAL RESULTS

We have restated our financial statements for the quarters within fiscal year 2024 with respect to our accounting of goods and services received. As we were reviewing our business processes and preparing our full year financial statements, we identified occurrences during fiscal year 2024 where goods and services, primarily relating to specific milestone achievements, were expensed prior to the time that the corresponding milestones were achieved. This resulted in the acceleration of the recognition of cost of revenue. Given that we recognize revenue on a percentage of completion basis, this resulted in the acceleration of recognition of revenue. The quarterly statements of operations and statements of cash flows numbers included in this earnings press release have been restated to record cost of revenue and revenue in the periods in which the milestones were achieved, and the comparisons presented are based on the restated amounts. Given that this first occurred in fiscal year 2024 and we identified this matter in preparing the fiscal year 2024 financial statements, these represent timing differences between quarters with no impact to full-year fiscal year 2024 results. In connection with our decision to restate the previously reported quarters, we also recorded other individually insignificant items affecting fiscal 2024 that were also timing related.

As a result of the restatement of the financial results for the previously reported quarters, we will be filing amendments to Form 10-Qs for fiscal year 2024 to reflect the amounts that are included in this earnings press release. Our Form 8-K with respect to this matter will indicate that our financial statements for those periods should no longer be relied upon. We are not restating any other previously issued financial statements in connection with these matters.

We plan to timely file our Form 10-K next week and that filing will include our evaluation of the effectiveness of our internal control over financial reporting as of the end of the 2024 fiscal year. We expect to complete that evaluation over the next week.

A summary of our restated amounts for each of the quarters of fiscal year 2024 is included in this release. In addition, we are posting on our investor relations website a supplemental presentation that details the variances between the previously reported fiscal 2024 quarterly amounts and the restated amounts, which will also be filed as an exhibit to our Form 8-K with respect to this matter.

WEBCAST INFORMATION

Symbotic will host a webcast today at 5:00 pm ET to discuss its fourth quarter and fiscal 2024 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q4-2024.

__________________________________

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.

ABOUT SYMBOTIC

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 www.symbotic.com.

USE OF NON-GAAP FINANCIAL INFORMATION

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, adjusted gross profit margin, and free cash flow. 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 income or loss excluding the following items: interest income; income taxes; depreciation and amortization; stock-based compensation; business combination transaction expenses; CEO transition charges; joint venture formation fees; restructuring charges; equity financing transaction costs; equity method investment; 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. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic's financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic's business because they highlight trends in its core business.

FORWARD-LOOKING STATEMENTS

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; the Commercial Agreement with GreenBox, Symbotic's July 2024 acquisition of developed technology intangible assets, and the commercial agreements with Walmart de México y Centroamérica;
• realize its outlook, including its system gross margin;
• anticipate industry trends;
• maintain and enhance its system;
• 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 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 for the fiscal year ended September 30, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") on December 11, 2023, and Symbotic's Quarterly Report on Form 10-Q for the fiscal quarter ended December 30, 2023 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 for the fiscal year ended September 30, 2023 filed with the SEC on December 11, 2023, and Symbotic's Quarterly Report on Form 10-Q for the fiscal quarter ended December 30, 2023 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.

INVESTOR RELATIONS CONTACT

Charlie Anderson

Vice President, Investor Relations & Corporate Development

[email protected] 

MEDIA INQUIRIES

Kimberly Zminkowski

Director, Marketing

[email protected]

Symbotic Inc. and Subsidiaries Consolidated Statements of Operations
	Three Months Ended												Year Ended
(in thousands, except share and per share information)	September 28, 2024				June 29, 2024				September 30, 2023				September 28, 2024				September 30, 2023
					As Restated
Revenue:
Systems	$	548,649			$	466,510			$	380,205			$	1,739,501			$	1,138,059
Software maintenance and support		5,893				3,545				2,135				14,173				6,601
Operation services		22,226				16,198				9,548				68,566				32,231
Total revenue		576,768				486,253				391,888				1,822,240				1,176,891
Cost of revenue:
Systems		442,009				398,761				321,425				1,466,841				940,076
Software maintenance and support		2,748				2,539				1,842				8,949				9,222
Operation services		23,392				14,065				9,832				66,723				37,854
Total cost of revenue		468,149				415,365				333,099				1,542,513				987,152
Gross profit		108,619				70,888				58,789				279,727				189,739
Operating expenses:
Research and development expenses		40,131				44,722				45,791				173,457				195,042
Selling, general, and administrative expenses		45,397				47,871				66,933				188,934				217,927
Total operating expenses		85,528				92,593				112,724				362,391				412,969
Operating income (loss)		23,091				(21,705	)			(53,935	)			(82,664	)			(223,230	)
Other income, net		9,416				11,615				3,661				37,042				10,716
Income (loss) before income tax		32,507				(10,090	)			(50,274	)			(45,622	)			(212,514	)
Income tax benefit (expense)		(4,194	)			(71	)			4,859				(4,212	)			4,620
Loss from equity method investment		(240	)			(537	)			—				(777	)			—
Net income (loss)		28,073				(10,698	)			(45,415	)			(50,611	)			(207,894	)
Net income (loss) attributable to noncontrolling interests		23,080				(8,824	)			(39,207	)			(43,035	)			(184,028	)
Net income (loss) attributable to common stockholders	$	4,993			$	(1,874	)		$	(6,208	)		$	(7,576	)		$	(23,866	)
Income (loss) per share of Class A Common Stock:
Basic and Diluted(1)	$	0.05			$	(0.02	)		$	(0.08	)		$	(0.08	)		$	(0.37	)
Weighted-average shares of Class A Common Stock outstanding:
Basic		104,146,479				102,414,284				76,021,439				95,697,368				64,338,580
Diluted (2)		108,646,977				n/a				n/a				n/a				n/a
(1) For the three months ended September 28, 2024, basic and diluted EPS were calculated as the same value and as such presented on the same line.
(2) Periods in which the Company was in a net loss position diluted weighted-average shares of Class A Common Stock outstanding is the same as basic and as such indicated with "n/a".
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 28, 2024				June 29, 2024				September 30, 2023				September 28, 2024				September 30, 2023
					As Restated
Net income (loss)	$	28,073			$	(10,698	)		$	(45,415	)		$	(50,611	)		$	(207,894	)
Interest income		(9,354	)			(11,610	)			(4,192	)			(36,907	)			(11,391	)
Income tax (benefit) expense		4,194				71				(4,858	)			4,212				(4,619	)
Depreciation and amortization		5,781				10,032				4,479				20,845				9,475
Stock-based compensation		26,100				30,320				33,876				120,608				157,023
Business Combination transaction expenses		324				—				—				324				—
Joint venture formation fees		—				—				14,900				1,089				14,900
CEO transition charges		—				—				—				—				2,026
Restructuring charges		(775	)			—				14,526				33,431				22,899
Equity financing transaction costs		—				—				—				1,985				—
Equity method investment		240				537				—				777				—
Adjusted EBITDA	$	54,583			$	18,652			$	13,316			$	95,753			$	(17,581	)

The following table reconciles GAAP gross profit to Adjusted gross profit:

	Three Months Ended															Year Ended
(in thousands)	September 28, 2024					June 29, 2024					September 30, 2023					September 28, 2024					September 30, 2023
						As Restated
Gross profit	$	108,619				$	70,888				$	58,789				$	279,727				$	189,739
Depreciation		2,208					5,359					86					7,747					639
Stock-based compensation		3,260					3,807					1,317					15,654					6,212
Restructuring charges		(775	)				—					14,526					33,431					19,766
Adjusted gross profit	$	113,312				$	80,054				$	74,718				$	336,559				$	216,356
Gross profit margin		18.8		%			14.6		%			15.0		%			15.4		%			16.1		%
Adjusted gross profit margin		19.6		%			16.5		%			19.1		%			18.5		%			18.4		%

 

The following table reconciles GAAP net cash provided by (used in) operating activities to Free cash flow:

	Three Months Ended												Year Ended
(in thousands)	September 28, 2024				June 29, 2024				September 30, 2023				September 28, 2024				September 30, 2023
					As Restated
Net cash provided by (used in) operating activities	$	(99,380	)		$	50,382			$	44,528			$	(58,077	)		$	230,794
Purchases of property and equipment		(20,730	)			(16,846	)			4,675				(42,237	)			(15,688	)
Capitalization of internal use software development costs		(637	)			(297	)			(5,638	)			(2,137	)			(5,638	)
Free cash flow	$	(120,747	)		$	33,239			$	43,565			$	(102,451	)		$	209,468
Symbotic Inc. and Subsidiaries Supplemental Common Share Information

Total Common Shares issued and outstanding:

		September 28, 2024				September 30, 2023
Class A Common Shares issued and outstanding		104,689,377				82,112,881
Class V-1 Common Shares issued and outstanding		76,965,386				66,931,097
Class V-3 Common Shares issued and outstanding		404,309,196				407,528,941
		585,963,959				556,572,919

Symbotic Inc. and Subsidiaries Consolidated Balance Sheets
(in thousands, except share data)	September 28, 2024				September 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	727,310			$	258,770
Marketable securities		—				286,736
Accounts receivable		201,548				69,206
Unbilled accounts receivable		252,294				121,149
Inventories		106,136				136,121
Deferred expenses		1,058				34,577
Prepaid expenses and other current assets		101,252				85,236
Total current assets		1,389,598				991,795
Property and equipment, net		97,109				34,507
Intangible assets, net		3,664				217
Equity method investment		81,289				—
Other assets		40,953				24,191
Total assets	$	1,612,613			$	1,050,710
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	175,188			$	109,918
Accrued expenses and other current liabilities		165,644				128,314
Deferred revenue		676,314				787,227
Total current liabilities		1,017,146				1,025,459
Deferred revenue		129,233				—
Other liabilities		42,043				27,967
Total liabilities		1,188,422				1,053,426
Commitments and contingencies		—				—
Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 104,689,377 and 82,112,881 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively		13				8
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,965,386 and 66,931,097 shares issued and outstanding at September 28, 2024 and September 28, 2023, respectively		7				7
Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively		40				41
Additional paid-in capital – warrants		—				58,126
Additional paid-in capital		1,523,692				1,254,022
Accumulated deficit		(1,318,011	)			(1,310,435	)
Accumulated other comprehensive loss		(2,594	)			(1,687	)
Total stockholders' equity		203,147				82
Noncontrolling interest		221,044				(2,798	)
Total equity		424,191				(2,716	)
Total liabilities and equity	$	1,612,613			$	1,050,710

Symbotic Inc. and Subsidiaries Consolidated Statements of Cash Flows
	Three Months Ended												Year Ended
(in thousands)	September 28, 2024				June 29, 2024				September 30, 2023				September 28, 2024				September 30, 2023
					As Restated
Cash flows from operating activities:
Net loss	$	28,073			$	(10,698	)		$	(45,415	)		$	(50,611	)		$	(207,894	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		6,432				10,695				4,705				23,480				11,311
Foreign currency (gains) losses, net		—				—				(69	)			(8	)			(3	)
Loss on disposal of assets		337				—				2,791				337				2,914
(Gain) on investments		—				(1,340	)			—				(10,084	)			—
Provision for excess and obsolete inventory		(775	)			(171	)			16,116				33,330				22,276
Deferred taxes, net		3,917				—				(4,620	)			3,917				(4,620	)
Stock-based compensation		25,350				29,332				32,465				112,208				154,227
Changes in operating assets and liabilities:
Accounts receivable		(101,010	)			27,166				4,483				(132,305	)			(65,817	)
Inventories		30,202				(12,179	)			14,401				103				(66,380	)
Prepaid expenses and other current assets		(127,091	)			29,353				(78,485	)			(146,111	)			(78,906	)
Deferred expenses		5,690				(5,580	)			7,700				(4,936	)			(5,428	)
Other assets		(3,848	)			1,051				(12,691	)			(8,263	)			(18,635	)
Accounts payable		47,483				(5,555	)			35,559				65,270				41,415
Accrued expenses and other current liabilities		(10,125	)			50,477				44,699				38,467				64,743
Deferred revenue		6,309				(60,635	)			12,158				18,318				361,518
Other liabilities		(10,324	)			(1,534	)			10,731				(1,189	)			20,073
Net cash provided by (used in) operating activities		(99,380	)			50,382				44,528				(58,077	)			230,794
Cash flows from investing activities:
Purchases of property and equipment and capitalization of software development costs		(21,367	)			(17,143	)			(963	)			(44,374	)			(21,326	)
Proceeds from sale of assets		—				—				71				—				71
Proceeds from maturities of marketable securities		—				50,000				80,000				340,000				130,000
Purchases of marketable securities		—				—				(107,112	)			(48,660	)			(408,209	)
Acquisitions of strategic investments		(23,996	)			(66,489	)			—				(90,485	)			—
Net cash used in investing activities		(45,363	)			(33,632	)			(28,004	)			156,481				(299,464	)
Cash flows from financing activities:
Payment for taxes related to net share settlement of stock-based compensation awards		—				—				(14,961	)			(3,181	)			(26,674	)
Net proceeds from issuance of common stock under employee stock purchase plan		2,309				—				1,586				5,743				2,573
Proceeds from issuance of Class A Common Stock		—				—				—				257,985				—
Distributions to Symbotic Holdings LLC partners		(561	)			(47,654	)			—				(48,215	)			—
Proceeds from exercise of warrants		—				—				—				158,704				—
Net cash provided by (used in) financing activities		1,748				(47,654	)			(13,375	)			371,036				(24,101	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		17				(6	)			139				(4	)			232
Net increase (decrease) in cash, cash equivalents, and restricted cash		(142,978	)			(30,910	)			3,288				469,436				(92,539	)
Cash, cash equivalents, and restricted cash - beginning of period		873,332				904,242				257,630				260,918				353,457
Cash, cash equivalents, and restricted cash - end of period	$	730,354			$	873,332			$	260,918			$	730,354			$	260,918
	Three Months Ended												Year Ended
(in thousands)	September 28, 2024				June 29, 2024				September 30, 2023				September 28, 2024				September 30, 2023
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	727,310			$	870,469			$	258,770			$	727,310			$	258,770
Restricted cash		3,044				2,863				2,148				3,044				2,148
Cash, cash equivalents, and restricted cash	$	730,354			$	873,332			$	260,918			$	730,354			$	260,918
Symbotic Inc. and Subsidiaries Restated Table

The following table presents a summary of the restated amounts in the condensed consolidated financial statements, including the restated amounts in the condensed consolidated statements of operations and non-GAAP financial measures.

	Three Months Ended																				Year Ended
(in thousands, except per share information)	December 30, 2023					March 30, 2024					June 29, 2024					September 28, 2024					September 28, 2024
	As Restated					As Restated					As Restated
Revenue:
Systems		347,705					376,637					466,510					548,649					1,739,501
Total revenue		359,943					399,276					486,253					576,768					1,822,240
Cost of revenue:
Systems		283,946					342,125					398,761					442,009					1,466,841
Total cost of revenue		295,886					363,113					415,365					468,149					1,542,513
Gross profit		64,057					36,163					70,888					108,619					279,727
Operating income (loss)		(25,099	)				(58,951	)				(21,705	)				23,091					(82,664	)
Income (loss) before income tax		(18,900	)				(49,139	)				(10,090	)				32,507					(45,622	)
Income tax benefit (expense)		(172	)				225					(71	)				(4,194	)				(4,212	)
Net income (loss)		(19,072	)				(48,914	)				(10,698	)				28,073					(50,611	)
Net income (loss) attributable to noncontrolling interests		(16,236	)				(41,055	)				(8,824	)				23,080					(43,035	)
Net income (loss) attributable to common stockholders		(2,836	)				(7,859	)				(1,874	)				4,993					(7,576	)
Income (loss) per share of Class A Common Stock:
Basic and Diluted(1)	$	(0.03	)			$	(0.08	)			$	(0.02	)			$	0.05				$	(0.08	)
Adjusted EBITDA		8,067					14,451					18,652					54,583					95,753
Adjusted Gross Profit		67,581					75,613					80,054					113,312					336,559
Adjusted Gross Profit Margin		18.8		%			18.9		%			16.5		%			19.6		%			18.5		%
(1) For the three months ended September 28, 2024, basic and diluted EPS were calculated as the same value and as such presented on the same line.