Symbotic

Refresh delta (since 2026-06-17)

1. Fiscal Q3 revenue was $720.8M, up 22% year on year, a little above the top of the $700–720M guide the prior dossier recorded. Quarter ended 2026-06-27: total revenue $720,838K vs $592,121K; Systems $671.0M, Software maintenance and support $12.8M (vs $8.1M), Operation services $37.1M. Nine-month revenue was $2,027.3M, up 24% [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1837240/000183724026000043/sym-20260627.htm].

2. Gross profit and operating income. Q3 gross profit was $160.9M. Operating income was $32.9M vs a $(25.8)M loss a year earlier. Net income was $55.0M, of which $43.3M went to noncontrolling interests and $11.7M to common stockholders, or $0.09 per Class A share, basic and diluted. Nine-month net income was $77.8M. Other income, net, was $30.6M in the quarter, including a $19.4M fair-value gain on strategic investments that the 10-Q excludes from Adjusted EBITDA.

3. Adjusted EBITDA was $95.2M vs $45.4M a year earlier, above the $80–85M guide recorded in the dossier. The 10-Q bridge from net income of $55.0M adds stock-based compensation of $50.5M, equity-method loss of $9.6M, depreciation and amortization of $10.2M, and internal-control remediation costs of $1.5M, and subtracts interest income of $11.3M and the $19.4M fair-value gain.

4. Backlog was about $22.5B at 2026-06-27, "the vast majority" with Walmart and Exol, against the dossier's ~$22.7B at 2026-03-28. Remaining performance obligationsRemaining performance obligationsRevenue a company has already signed contracts for but has not yet delivered or booked. on contracts over one year were also $22.5B, mostly undelivered Systems under the Walmart Master Automation Agreement and the Exol commercial agreement; the 10-Q excludes contracts the customer can cancel without a substantial penalty from that figure.

5. Customer concentration rose in the quarter. One customer, labelled "Customer A" in the 10-Q table, was 90.5% of Q3 revenue (83.8% a year earlier) and 87.0% of nine-month revenue (85.1%). It was 82.8% of accounts receivable at 2026-06-27 (75.8% at 2025-09-27). The table does not name the customer; the backlog text names Walmart and Exol as the main counterparties.

6. Systems counts. 77 Systems in Deployment in the quarter vs 46 a year earlier, and 56 Operational Systems under software maintenance contracts vs 42. The dossier carried 52 operational systems and 70 in deployment for the prior quarter.

7. The material weakness is still reported. CEO and CFO concluded disclosure controls were not effective at 2026-06-27 because of the previously reported material weakness over the timing of recognition of cost of revenue, which, with percentage-of-completion accounting, also affected the timing of revenue. Management says the weakness is not remediated, names an ERP vendor-management system due in fiscal 2027, and gives no remediation date. A 10-Q carries no auditor opinion, so the adverse ICFR opinion in the dossier is neither confirmed nor changed by this filing.

8. Litigation. On 2026-07-23 the court granted in part and denied in part Symbotic's motion to dismiss the amended securities class action (class period 2023-11-20 to 2025-02-05 in the amended complaint). A scheduling conference was set for 2026-08-31. The consolidated derivative actions were stayed under a 2025-11-24 order pending that motion. The legal note and Part II Item 1 of this 10-Q do not use the words "investigation" or "whistleblower", so the SEC Rule 21F-17 matter in the dossier's verdict and Lens 10 does not appear in this filing's legal disclosure. Whether the FY2025 10-KForm 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes. discloses it was not checked, because that 10-K is not on the shelf.

9. Cash and working capital. Cash and equivalents were $1,746.4M at 2026-06-27 vs $1,245.0M at 2025-09-27; the balance sheet shows no debt line. Unbilled accounts receivable rose to $459.8M from $181.7M, accounts receivable to $288.5M from $186.7M, and deferred revenue (current) to $1,553.7M from $1,242.3M. Nine-month operating cash flow was $305.6M and free cash flowFree cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $242.8M, but the Q3 quarter alone was $(147.3)M operating cash flow and $(164.6)M free cash flow.

10. Accounting-policy change. Symbotic moved stock-based compensation for time-vesting awards from the accelerated to the straight-line attribution method and applied it to prior periods. The change cut Q3 net income by $2.2M and raised nine-month net income by $5.7M, and recast the year-ago quarter's operating loss from $(36.6)M to $(25.8)M. Stock-based compensation was $50.5M in Q3 and $151.8M for nine months on the Adjusted EBITDA table ($142.9M on the cash-flow statement).

11. Share structure at 2026-06-27. Class A 128,931,651; Class V-1 71,373,131; Class V-3 403,559,196. Total, against the dossier's 602.7M at 2026-03-28.

Where the new facts touch the dossier's own lines (stated as fact; the lines stay as written). The verdict names an "adverse ICFR opinion", an "active SEC whistleblower probe" and ">90% Walmart revenue". The 10-Q reports a continuing material weakness (item 7), no mention of the SEC matter in its legal note (item 8), and a quarterly customer share of 90.5% with nine-month 87.0% (item 5). The seed's EV/sales range and price targets rest on web prices; this run has no filed price and does not recompute them. The seed lists "Q3 FY2026 print" as a catalyst for about August 2026; that print is the filing summarised here. No MarketCall is referenced in the dossier.

What held

• The business is still one customer deep: 90.5% of Q3 revenue, 82.8% of receivables, with backlog still overwhelmingly Walmart and Exol (items 4, 5).
• The material weakness over cost and revenue timing is still unremediated and disclosure controls are still ineffective (item 7).
• Revenue is still recognised on percentage-of-completion and growth is still Systems-led: Systems were $671.0M of $720.8M (item 1).
• Securities litigation is still live (item 8).