In This Story
Symbotic Inc. (SYM-5.36%) has submitted its Form 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing total revenue of $1,788,179,000, an increase from $1,176,891,000 in the previous year. Systems revenue accounted for the majority of this increase.
Cost of revenue for the year was $1,542,513,000, leading to a gross profit of $245,666,000. This represents a gross profit margin of 13.7%, down from 16.1% in the previous year.
Research and development expenses were reported at $173,457,000, a decrease from $195,042,000 in the previous year. Selling, general, and administrative expenses also decreased to $188,934,000 from $217,927,000.
The company reported an operating loss of $116,725,000, compared to a loss of $223,230,000 in the previous year.
Net loss for the year was $84,672,000, compared to a net loss of $207,894,000 in the previous year. The loss per share of Class A Common Stock was $0.14.
Symbotic's backlog as of September 28, 2024, was approximately $22.4 billion, with a significant portion expected to be recognized as revenue in fiscal year 2025.
The filing also discusses the company's joint venture with SoftBank, GreenBox Systems LLC, which was established to build and automate supply chain networks globally.
Symbotic identified material weaknesses in its internal controls over financial reporting, specifically related to the timing of revenue recognition and cost of revenue.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Symbotic Inc. annual 10-K report dated December 4, 2024. To report an error, please email earnings@qz.com.