-- the fluctuation of operating results from period to period due to a 
      number of factors, including the pace of customer adoption of Symbotic's 
      new products and services and any changes in its 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 28, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on December 4, 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 28, 2024 filed with the SEC on December 4, 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 the acquisition of Walmart's Advanced Systems and Robotics business and risks related to the acquisition.

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

ir@symbotic.com

MEDIA INQUIRIES

mediainquiry@symbotic.com

 
 
                  Symbotic Inc. and Subsidiaries 
               Consolidated Statements of Operations 
 
                                 Three Months Ended 
(in thousands, 
except share and 
per share          December 28,   September 28, 
information)           2024           2024       December 30, 2023 
                   -------------  -------------  ----------------- 
Revenue: 
  Systems          $    464,059   $    536,447    $     347,705 
  Software 
   maintenance 
   and support            5,525          5,893            2,169 
  Operation 
   services              17,109         22,226           10,069 
                    -----------    -----------       ---------- 
    Total revenue       486,693        564,566          359,943 
Cost of revenue: 
  Systems               381,819        442,009          283,946 
  Software 
   maintenance 
   and support            1,884          2,748            1,726 
  Operation 
   services              22,951         23,392           10,214 
                    -----------    -----------       ---------- 
    Total cost of 
     revenue            406,654        468,149          295,886 
                    -----------    -----------       ---------- 
  Gross profit           80,039         96,417           64,057 
                    -----------    -----------       ---------- 
Operating 
expenses: 
  Research and 
   development 
   expenses              43,592         40,130           42,144 
  Selling, 
   general, and 
   administrative 
   expenses              61,076         45,399           47,012 
                    -----------    -----------       ---------- 
    Total 
     operating 
     expenses           104,668         85,529           89,156 
                    -----------    -----------       ---------- 
  Operating 
   income (loss)        (24,629)        10,888          (25,099) 
Other income, net         7,823          9,416            6,199 
                    -----------    -----------       ---------- 
  Income (loss) 
   before income 
   tax                  (16,806)        20,304          (18,900) 
Income tax 
 expense                   (150)        (4,110)            (172) 
Loss from equity 
 method 
 investment              (1,564)          (240)              -- 
                    -----------    -----------       ---------- 
  Net income 
   (loss)               (18,520)        15,954          (19,072) 
Net income (loss) 
 attributable to 
 noncontrolling 
 interests              (15,044)        13,118          (16,236) 
                    -----------    -----------       ---------- 
  Net income 
   (loss) 
   attributable 
   to common 
   stockholders    $     (3,476)  $      2,836    $      (2,836) 
                    ===========    ===========       ========== 
 
Income (loss) per 
share of Class A 
Common Stock: 
  Basic and 
   Diluted(1)      $      (0.03)  $       0.03    $       (0.03) 
Weighted-average 
shares of Class A 
Common Stock 
outstanding: 
  Basic             106,098,566    104,146,479       83,320,943 
  Diluted(2)                 n/a   108,646,977                 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 income (loss) 
 to Adjusted EBITDA: 
 
                                    Three Months Ended 
                   December 28, 
(in thousands)         2024       September 28, 2024   December 30, 2023 
                  --------------  -------------------  ----------------- 
Net income 
 (loss)            $    (18,520)    $      15,954       $     (19,072) 
  Interest 
   income                (7,769)           (9,353)             (6,149) 
  Income tax 
   expense                  150             4,110                 172 
  Depreciation 
   and 
   amortization           6,860             5,780               2,565 
  Stock-based 
   compensation          28,741            26,100              29,462 
  Business 
   Combination 
   transaction 
   expenses               3,802               324                  -- 
  Joint venture 
   formation 
   fees                      --                --               1,089 
  Internal 
  controls 
  remediation             3,076                --                  -- 
  Restructuring 
   charges                   --              (775)                 -- 
  Equity method 
   investment             1,564               240                  -- 
                      ---------   ---  ----------          ---------- 
Adjusted EBITDA    $     17,904     $      42,380       $       8,067 
                      =========   ===  ==========          ========== 
 
 
The following table reconciles GAAP gross profit to 
 Adjusted gross profit: 
 
                                     Three Months Ended 
                                       September 28, 

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