Symbotic (US:SYM)2025-05-07 20:40Revenue Growth - Total revenue for the three months ended March 29, 2025, was $549,651,000, representing a 40% increase compared to $393,332,000 for the same period in 2024[146] - Total revenue for the six months ended March 29, 2025, was $1,036,344, representing a 38% increase compared to $753,275 for the same period in 2024[151] - The company expects continued revenue growth from the Master Automation Agreement (MAA) with Walmart, which includes the installation of Systems in all 42 regional distribution centers through fiscal year 2029[148] Systems Revenue - Systems revenue increased by 38% to $513,372,000 for the three months ended March 29, 2025, up from $370,693,000 in the prior year, driven by an increase in the number of Systems in Deployment[148] - Systems revenue increased by 36% to $977,431 for the six months ended March 29, 2025, driven by an increase in Systems in Deployment from 37 to 46[151] Software Maintenance and Support - Software maintenance and support revenue surged by 161% to $6,685,000 for the three months ended March 29, 2025, compared to $2,566,000 for the same period in 2024, attributed to an increase in Operational Systems under support contracts[148] - Software maintenance and support revenue surged by 158% to $12,210, attributed to an increase in Operational Systems under contracts from 18 to 37[152] Operational Services Revenue - Operation services revenue rose by 47% to $29,594,000 for the three months ended March 29, 2025, compared to $20,073,000 in the prior year, reflecting an increase in Operational Systems and training services provided[150] - The increase in Operation Services revenue is linked to a rise in Operational Systems and additional training services provided to customers[153] - The company anticipates further growth in operational services contracts as the number of Operational Systems increases[153] Profitability - Gross profit for the three months ended March 29, 2025, was $107,828,000, compared to $30,220,000 for the same period in 2024, resulting in a gross margin of 20%[146] - Gross profit for the six months ended March 29, 2025, reached $187,867, up 99% from $94,276 in the prior year, with Systems gross profit increasing by $88,726[156] - Adjusted gross profit for the three months ended March 29, 2025, was $121,810,000, up from $69,670,000 in the prior year[175] - The adjusted gross profit margin for the three months ended March 29, 2025, was 22.2%, compared to 7.7% in the prior year[175] Expenses - Research and development expenses increased to $61,540,000 for the three months ended March 29, 2025, compared to $46,462,000 in the prior year, reflecting ongoing investment in product development[146] - Research and development expenses for the six months ended March 29, 2025, totaled $105,133, a 19% increase from $88,606, representing 10% of total revenue[160] - Selling, general, and administrative expenses rose to $78,347,000 for the three months ended March 29, 2025, from $48,652,000 in the same period of 2024[146] - Selling, general, and administrative expenses rose by 46% to $139,421 for the six months ended March 29, 2025, primarily due to increased employee-related costs[164] Loss and Income Tax Benefit - Operating loss for the three months ended March 29, 2025, was $(32,059,000), an improvement from $(64,894,000) in the same period of 2024[146] - The net loss for the three months ended March 29, 2025, was $(21,438,000), compared to $(54,830,000) for the same period in 2024[146] - Income tax benefit for the three months ended March 29, 2025, increased to $1,397,000, a 454% increase compared to $252,000 for the same period in 2024[168] - For the six months ended March 29, 2025, income tax benefit rose to $1,248,000, reflecting a 1460% increase from $80,000 in the prior year[169] Cash Flow and Investments - Free cash flow for the six months ended March 29, 2025, was $446,685,000, compared to a negative $14,942,000 for the same period in 2024[176] - Net cash provided by operating activities for the six months ended March 29, 2025, was $474,602,000, a significant increase from a cash outflow of $9,078,000 in the prior year[177] - The company incurred $200,000,000 for the acquisition of ASR during the six months ended March 29, 2025[181] - Cash requirements for the six months ended March 29, 2025, were primarily related to inventory purchases and strategic investments[186] - As of March 29, 2025, the company had a cash and cash equivalents balance of $954.9 million, sufficient to meet foreseeable cash needs for at least the next 12 months[186] Commitments and Future Outlook - The company's vendor commitments total $984.8 million, with $928.4 million due within the next year[188] - The company expects future capital requirements to depend on growth rate, R&D spending, and potential acquisitions[188] - No significant financing activities occurred during the six months ended March 29, 2025, aside from $3.2 million from the issuance of common stock under the ESPP[184] Accounting and Risk Assessment - There have been no significant changes in critical accounting policies and estimates compared to the previous year[189] - As of March 29, 2025, the company had no off-balance sheet arrangements[190] - There have been no material changes in the company's assessment of market risk sensitivity since the last annual report[192]