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Symbotic Inc. (SYM-4.60%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $486,693,000 from $359,943,000 in the same quarter the previous year. This increase is primarily attributed to the continued deployment of systems under the Walmart Master Automation Agreement.
Cost of revenue for the quarter was $406,654,000, representing 84% of sales, compared to 82% in the same quarter of the previous year. This increase in cost ratio is due to additional operational services costs.
The company reported a gross profit of $80,039,000 for the quarter, compared to $64,057,000 in the previous year.
Research and development expenses increased slightly to $43,592,000 from $42,144,000, primarily due to increased prototype-related costs.
Selling, general, and administrative expenses increased to $61,076,000 from $47,012,000, primarily due to increased headcount and professional services fees.
Net loss for the quarter was $18,520,000, compared to $19,072,000 in the previous year.
Net cash provided by operating activities was $205,027,000, while cash used in investing and financing activities was $25,349,000 and $3,862,000, respectively.
Symbotic had a working capital of $1,458,426,000 as of December 28, 2024. The company continues to focus on expanding its customer base and maintaining its existing customer relationships.
The filing also details various legal proceedings, including a response to an SEC investigation and ongoing securities class action lawsuits.
Symbotic identified material weaknesses in its internal controls over financial reporting and is implementing a remediation plan to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Symbotic Inc. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.