Symbotic (US:SYM)2025-08-06 20:14Revenue Performance - Total revenue for the three months ended June 28, 2025, was $592,121,000, representing a 26% increase from $470,338,000 for the same period in 2024[155] - Total revenue for the nine months ended June 28, 2025, was $1,628,465, an increase of $404,852 or 33% compared to $1,223,613 for the same period in 2024[162] Systems Revenue - Systems revenue increased by 24% to $559,108,000 for the three months ended June 28, 2025, compared to $450,595,000 for the same period in 2024, driven by an increase in Systems in Deployment from 39 to 46[158] - Systems revenue increased by $367,546 or 31% to $1,536,539 due to an increase in Systems in Deployment from 39 to 46[162] Software Maintenance and Support Revenue - Software maintenance and support revenue surged by 129% to $8,121,000 for the three months ended June 28, 2025, up from $3,545,000 in the same period in 2024, due to an increase in Operational Systems under support contracts from 21 to 42[159] - Software Maintenance and Support revenue rose by 146% to $20,331, attributed to an increase in Operational Systems under contracts from 21 to 42[163] Operation Services Revenue - Operation services revenue rose by 54% to $24,892,000 for the three months ended June 28, 2025, compared to $16,198,000 for the same period in 2024, attributed to an increase in Operational Systems[160] - Operation Services revenue increased by 54% to $71,595, driven by a higher number of Operational Systems and increased training services[164] Profit and Loss - Gross profit for the three months ended June 28, 2025, was $107,622,000, up from $54,973,000 in the same period in 2024, reflecting improved revenue performance[155] - Gross profit for the nine months ended June 28, 2025, was $295,489, up $146,240 or 98% from $149,249 in the prior year[168] - The net loss for the three months ended June 28, 2025, was $31,925,000, compared to a net loss of $26,724,000 for the same period in 2024, reflecting ongoing investment in growth despite increased revenues[155] - The company reported a net loss of $(31,925) for the three months ended June 28, 2025, compared to $(26,724) in the same period in 2024, and a net loss of $(71,883) for the nine months ended June 28, 2025, compared to $(100,626) in 2024[190] Operating Expenses - Total operating expenses increased to $144,178,000 for the three months ended June 28, 2025, from $92,593,000 in the same period in 2024, primarily due to higher research and development and selling, general, and administrative expenses[155] - Research and development expenses for the three months ended June 28, 2025, were $52,147,000, compared to $44,722,000 for the same period in 2024, indicating a focus on product development[155] - Selling, general, and administrative expenses for the nine months ended June 28, 2025, totaled $215,092, an increase of $71,557 or 50% from $143,535 in the previous year[176] Restructuring Charges - Restructuring charges amounted to $16,361,000 for the three months ended June 28, 2025, indicating ongoing adjustments within the company[155] - Restructuring charges for the three months ended June 28, 2025, were $16,361, representing a 100% increase due to workforce reductions related to the ASR Acquisition[178] - Restructuring charges for the nine months ended June 28, 2025, were $16,130 compared to $34,206 in 2024[190] Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended June 28, 2025, was $336.3 million, significantly higher than $41.3 million for the same period in 2024[192] - Free cash flow for the nine months ended June 28, 2025, was $293.5 million, compared to $18.3 million for the same period in 2024, indicating a substantial improvement[191] - As of June 28, 2025, the company had a cash and cash equivalents balance of $777.6 million, providing a strong liquidity position[202] - The company expects its current cash and cash equivalents, along with forecasted cash flows, to meet foreseeable cash needs for at least the next 12 months[203] Stock-Based Compensation - Stock-based compensation for the three months ended June 28, 2025, was $50,279, compared to $30,320 in the same period in 2024, and for the nine months ended June 28, 2025, it was $126,982 compared to $94,508 in 2024[190] - Stock-based compensation for the nine months ended June 28, 2025, was $119.6 million, compared to $86.9 million for the same period in 2024, reflecting a 38% increase[194] Other Income and Tax Expenses - Other income, net for the three months ended June 28, 2025, decreased by $3,164 or 27% to $8,451, impacted by lower cash balances despite higher interest rates[180] - For the nine months ended June 28, 2025, other income, net was $27,626, a decrease of $361 or 1% compared to $27,987 for the same period in 2024[181] - The income tax expense for the three months ended June 28, 2025, was $(44), a decrease of $138 or 76% from $(182) in the same period in 2024[182] - The income tax benefit for the nine months ended June 28, 2025, was $(102), a decrease of $1,306 or 1280% compared to an income tax benefit of $1,204 for the same period in 2024[183] Adjusted Financial Metrics - Adjusted EBITDA for the three months ended June 28, 2025, was $45,394, compared to $2,737 for the same period in 2024, while for the nine months ended June 28, 2025, it was $98,016 compared to $19,312 in 2024[190] - Adjusted gross profit margin for the three months ended June 28, 2025, was 21.5%, up from 13.6% in the same period in 2024, and for the nine months ended June 28, 2025, it was 20.6% compared to 16.5% in 2024[190] - The company believes that non-GAAP financial measures provide a useful comparison of operating results and future prospects, excluding unusual or infrequent items[184][185]