NEW ORLEANS, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 3, 2025 to file lead plaintiff applications in a securities class action lawsuit against Symbotic Inc. (the “Company”) (NasdaqGM: SYM), if they purchased the Company’s securities between February 8, 2024 and November 26, 2024, inclusive (the “Class Period”). This action is pending in the United States Distric ...

SAN DIEGO, Dec. 4, 2024 /PRNewswire/ -- Robbins LLP informs investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired Symbotic Inc. (NASDAQ: SYM) securities between February 8, 2024 and November 26, 2024. Symbotic is an automation technology company that engages in the production of a robotics and automation-based product movement technology platform.For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. ...

Financial Position - As of September 28, 2024, cash and cash equivalents totaled $727.3 million, up from $258.8 million as of September 30, 2023[184]. - The company had no off-balance sheet arrangements as of September 28, 2024[184]. - The company has high investment-grade credit ratings for its financial institutions, mitigating risks related to deposits exceeding federally insured limits[184]. - Total current assets rose to $1,355,537 as of September 28, 2024, compared to $991,795 as of September 30, 2023, marking a 36.6% increase[207]. - Total liabilities decreased slightly to $1,188,422 as of September 28, 2024, from $1,053,426 as of September 30, 2023[207]. - Total assets increased to $1,578,552 as of September 28, 2024, from $1,050,710 as of September 30, 2023, reflecting strong growth in the asset base[209]. - The company reported a net loss of $72,134,000 pre-business combination[220]. - The company had an accumulated deficit of $1,154,944,000[220]. - The total amount of redeemable preferred units was $144,975,000[220]. - The company reported a provision for excess and obsolete inventory of $33.330 million, indicating proactive management of inventory levels[224]. - The company recorded a valuation allowance of $690.2 million as of September 28, 2024, with $679.8 million related to the United States and $10.4 million in foreign jurisdictions[280]. - The Company had total deferred tax assets before valuation allowance of $692.3 million as of September 28, 2024, compared to $493.4 million in the previous year[277]. - The net deferred tax asset as of September 28, 2024 was $994 thousand, compared to $4,918 thousand in the previous year[277]. - Total assets as of September 28, 2024, amounted to $725.3 million, a significant increase from $506.7 million as of September 30, 2023, representing a growth of approximately 43.2%[286]. Revenue and Profitability - Total revenue for the year ended September 28, 2024, was $1,788,179, an increase of 51.8% compared to $1,176,891 for the year ended September 30, 2023[212]. - Gross profit for the year ended September 28, 2024, was $245,666, representing a gross margin of approximately 13.7%[212]. - The company reported a basic and diluted loss per share of $0.14 for the year ended September 28, 2024, compared to a loss of $0.37 for the year ended September 30, 2023[212]. - The company reported a net income attributable to common stockholders of $2,836 thousand for the three months ended September 28, 2024, a significant improvement from a net loss of $4,681 thousand in the previous quarter[254]. - The Company reported a net loss attributable to common shareholders of $13.49 million for the year ended September 28, 2024, compared to a net loss of $23.87 million for the year ended September 30, 2023[306]. - The net loss for the year ended September 30, 2023, was $84.672 million, compared to a net loss of $207.894 million for the previous year[224]. - The Company recorded a net income (loss) before income tax and equity method investment of $20,304 thousand for the three months ended September 28, 2024, compared to a loss of $26,005 thousand in the previous quarter[254]. Expenses and Cost Management - Research and development expenses for the year ended September 28, 2024, were $173,457, down from $195,042 for the year ended September 30, 2023, indicating a focus on cost management[212]. - Selling, general, and administrative expenses decreased to $188,934 for the year ended September 28, 2024, from $217,927 for the year ended September 30, 2023[212]. - The company reported stock-based compensation of $112.208 million for the year ended September 28, 2024, down from $154.227 million in the previous year[224]. - The total depreciation and amortization for the year was $23.480 million, an increase from $11.311 million in the previous year[224]. - The Company incurred $1.1 million, $0.9 million, and $0.7 million in aircraft usage expenses for the years ended September 28, 2024, September 30, 2023, and September 24, 2022, respectively[288]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $58.077 million, a significant decrease from the net cash provided of $230.794 million in the prior year[224]. - The net cash provided by investing activities was $156.481 million, a turnaround from the net cash used of $299.464 million in the prior year[224]. - The net cash provided by financing activities was $371.036 million, compared to a net cash used of $(24.101) million in the previous period[226]. - The company reported a net increase in cash of $469.436 million, contrasting with a decrease of $(92.539) million in the prior period[226]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $730.354 million, up from $260.918 million at the beginning of the period, representing an increase of 179%[226]. Revenue Recognition and Accounting - The company recognized Systems revenue over time using a cost-to-cost measure of progress, which involves significant judgment in estimating costs at completion[194]. - The company did not effectively design and execute controls over the timing of the recognition of revenue and cost of revenue as of September 28, 2024[200]. - Revenue is recognized following the five-step model set forth by ASU 2014-09, ensuring compliance with accounting standards[241]. - The Company generates revenue through the design and installation of supply chain automation systems, with a significant portion of revenue recognized over time based on a cost-to-cost measure of progress[243]. - The Company identified three distinct performance obligations: Systems, Software maintenance and support, and Operation services, with the majority of software maintenance contracts lasting 15 years[243]. - Revenue from Systems is predominantly recognized over time, with contract costs incurred over multiple years requiring significant management judgment for estimation[245]. - The Company recorded no contract losses for the fiscal years ended September 28, 2024, September 30, 2023, and September 24, 2022[245]. Legal and Regulatory Matters - The Company is currently involved in legal proceedings related to alleged violations of federal securities laws, which may result in substantial damages if found liable[292]. - The Company is involved in two shareholder derivative actions filed on October 2, 2024, which assert claims against senior officers for breach of fiduciary duty and misleading information regarding expected earnings for Q3 FY 2024[294]. - The Company does not believe that the ongoing legal proceedings will have a material adverse effect on its financial condition, although outcomes could impact operating results for specific periods[294]. - The Company has made appropriate provisions for loss contingencies and does not expect these matters to materially affect its consolidated operations or liquidity as of September 28, 2024[294]. Stock and Equity - The Company has authorized 3 billion shares of Class A Common Stock, with 104,689,377 shares issued and outstanding as of September 28, 2024[300]. - The Company has entered into a Framework Agreement with SoftBank and GreenBox to automate supply chain networks globally using advanced AI and automation technology[298]. - The Class V-1 Common Stock has 76,965,386 shares outstanding, while Class V-3 Common Stock has 404,309,196 shares outstanding as of September 28, 2024[300]. - The Company issued 20.0 million Earnout Shares upon achieving stock price targets of $12.00, $14.00, and $16.00, all of which were met by September 30, 2023[258]. - The Company classified its redeemable Preferred Units as mezzanine equity due to liquidation features not solely within the Company's control[304]. Management and Governance - Management is committed to remediating material weaknesses in internal controls over financial reporting and has engaged third-party consultants for evaluation and simplification of business processes[327]. - Corey Dufresne, Senior Vice President and General Counsel, has a Rule 10b5-1 trading plan allowing for the sale of up to 62,362 shares of Class A Common Stock, expiring on August 31, 2025[327]. - William Boyd, Chief Strategy Officer, has a Rule 10b5-1 trading plan allowing for the sale of up to 105,665 shares of Class A Common Stock, expiring on December 31, 2025[327]. - Michael Dunn, Senior Vice President, Sales, Marketing and Product Strategy, has a Rule 10b5-1 trading plan allowing for the sale of up to 106,596 shares of Class A Common Stock, expiring on June 30, 2025[327].

NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Symbotic Inc. (“Symbotic” or “the Company”) (NASDAQ: SYM) and certain of its officers. Class Definition This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Symbotic securit ...

NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Symbotic Inc. (“Symbotic” or the “Company”) (NASDAQ: SYM) securities between February 8, 2024 and November 26, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal sec ...

NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Symbotic Inc. (NASDAQ: SYM) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Symbotic, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/symbotic-inc. Investors have until February 3, 2025, to ask the Court to be appointed to lead th ...

SAN FRANCISCO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Girard Sharp, LLP, a national investment, securities, and consumer class action firm, is investigating securities claims on behalf of Symbotic Inc. (NASDAQ: SYM) investors who sustained losses. If you are a Symbotic investor who sustained losses, we encourage you to fill out our contact form, email apolk@girardsharp.com, or call (415) 544-6280 for a free consultation. Symbotic is a robotics manufacturing company that builds and operates warehouse robotics sys ...

NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of securities of Symbotic Inc. (NASDAQ: SYM) between February 8, 2024 and November 26, 2024, both dates inclusive (the "Class Period"). A class action has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 3, 2025 in the securities class action first filed by the Firm.So what: If you purchased S ...

NEW YORK, Dec. 02, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Symbotic Inc. (NASDAQ: SYM) resulting from allegations that Symbotic may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Symbotic securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. ...

NEWTOWN, Pa., Dec. 2, 2024 /PRNewswire/ -- Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Symbotic, Inc. ("Symbotic" or "the Company") (NASDAQ: SYM) resulting from allegations of providing potentially misleading business information to the investing public.If you have non-public information that could assist in the Symbotic Investigation or if you are a Symbotic investor who suffered a loss and would like to learn more, you can provide your information HE ...