UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 2827, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40175

SYMBOTIC INC.

(Exact name of registrant as specified in its charter)


Delaware			98-1572401
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

200 Research Drive Wilmington, MA 01887 (978) 284-2800
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	SYM	The Nasdaq Stock Market LLC

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ☑

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

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Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☑

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of March 3029, ~~2024~~2025, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the common equity of the registrant held by non-affiliates was approximately $1.90 billion (based on the closing sales price of the Class A common stock on March 28, ~~2024~~2025 of $4520.0016).

As of ~~December~~November 221, ~~2024~~2025, the following shares of common stock were outstanding:

~~106~~113,~~352~~614,~~609~~046 shares of Class A common stock, par value $0.0001 per share

7674,~~757~~344,~~485~~708 shares of Class V-1 common stock, par value $0.0001 per share

~~404~~403,~~309~~559,196 shares of Class V-3 common stock, par value $0.0001 per share

DOCUMENTS INCORPORATED BY REFERENCE

The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended September 2827, ~~2024~~2025. Portions of such proxy statement are incorporated by reference into Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K.

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Symbotic Inc.

Table of Contents

		Page
Part I
Item 1.	Business	3
Item 1A.	Risk Factors	1817
Item 1B.	Unresolved Staff Comments	4544
Item 1C.	Cybersecurity	4544
Item 2.	Properties	4645
Item 3.	Legal Proceedings	4645
Item 4.	Mine Safety Disclosures	4746
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4847
Item 6.	[Reserved]	4948
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4948
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 8.	Financial Statements and Supplementary Data	6564
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosures	~~116~~110
Item 9A.	Controls and Procedures	~~116~~110
Item 9B.	Other Information	~~118~~112
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~119~~113
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	~~119~~113
Item 11.	Executive Compensation	~~119~~113
Item 12.	Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters	~~119~~113
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~119~~113
Item 14.	Principal Accounting Fees and Services	~~119~~113
Part IV
Item 15.	Exhibits, Financial Statement Schedules	~~119~~113
Item 16.	Form 10-K Summary	~~122~~116
Signatures

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As used in this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” “Symbotic” and the “Company” refer to Symbotic Inc., a Delaware corporation, and its consolidated subsidiaries following the effective time of the business combination between SVF and Symbotic (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger, dated December 12, 2021 (the “Merger Agreement”), by and among SVF, Warehouse Technologies LLC, Symbotic Holdings LLC and Saturn Acquisition (DE) Corp. ~~that closed on June 7, 2022.~~

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Generally, statements that are not historical facts are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions.

Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about our ability to, or expectations that we will:

•meet the technical requirements of existing or future ~~supply~~ agreements with ~~its~~our customers, including with respect to existing backlog;

•expand ~~its~~our target customer base and maintain ~~its~~our existing customer base;

•realize the benefits expected from ~~the~~our GreenBox Systems LLC (“GreenBox”) joint venture;, the ~~Commercial~~commercial ~~Agreement~~agreement with GreenBox, ~~Symbotic’s~~the ~~July~~commercial ~~2024~~agreement ~~acquisition~~with ofNueva ~~developed~~Wal ~~technology~~Mart ~~intangible~~de ~~assets~~México, S. de R.L. de C.V and the ~~commercial~~acquisition ~~agreements~~of ~~with~~the ~~Walmart~~Advanced desystems ~~México~~and yRobotics ~~Centroamérica~~business from Walmart;

•realize ~~its~~our outlook, including ~~its~~our ~~system~~ gross ~~margin~~margins;

•anticipate industry trends;

•maintain and enhance ~~its~~our ~~system~~systems;

•~~maintain~~anticipate ~~the~~rapid ~~listing~~technological ~~of the Symbotic Class A Common Stock on Nasdaq~~changes;

•execute ~~its~~our growth strategy;

•develop, design and sell systems that are differentiated from those of competitors;

•execute ~~its~~our research and development strategy;

•acquire, maintain, protect and enforce intellectual property;

•attract, train and retain effective officers, key employees or directors;

•comply with laws and regulations applicable to ~~its~~our business;

•stay abreast of modified or new laws and regulations applying to ~~its~~our business;

•successfully defend litigation;

•issue equity securities in connection with future transactions;

•meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;

•timely and effectively remediate any material weaknesses in our internal control over financial reporting;

•anticipate rapid technological changes; ~~and~~

•maintain the listing of our common stock on Nasdaq; and

•effectively respond to general economic and business conditions.

Forward-looking statements made in this Annual Report on Form 10-K also include, but are not limited to, statements with respect to:

•the future performance of our business and operations;

•expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;

•expectations regarding cash flow, liquidity and sources of funding;

•expectations regarding capital expenditures;

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•~~expectations~~the ~~regarding~~anticipated ~~capital~~benefits ~~expenditures;~~of our leadership structure;

•the anticipated benefits of Symbotic’s leadership structure;

•the effects of pending and future legislation;

•business disruption;

•disruption to ~~the~~our business due to ~~Symbotic’s~~our dependency on ~~certain customers~~Walmart;

•increasing competition in the warehouse automation industry;

•any delays in the design, production or launch of our systems and products;

•the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;

•any defects in new products or enhancements to existing products;

•the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of our new products and services and any changes in our 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.~~

•legislative and regulatory actions and reforms.

The forward-looking statements made in this Annual Report on Form 10-K are expressed in good faith, relate only to events as of the date on which the statements are made, and are based on the beliefs, estimates, expectations, and opinions of management on that date. We are not under any obligation, and expressly disclaim any obligation, to update, alter, or otherwise revise any forward-looking statements made in this Annual Report on Form 10-K, whether as a result of new information, future events or otherwise, except as required by law.

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. 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 other sections of this Annual Report on Form 10-K, including Part I, Item 1A “Risk Factors” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.” These risk factors will be important to consider in determining future results and should be reviewed in their entirety.

Annualized and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

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PART I

Item 1. Business

Company Overview

Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative, and comprehensive technology solutions that dramatically improve supply chain operations. We automate the processing of pallets, ~~and~~ cases ~~in large warehouses or distribution centers for some of the largest retail~~ and ~~wholesale~~items ~~companies~~(known inas ~~the world. Our supply chain automation system (“System”~~eaches) ~~enhances~~in ~~operations at the front end of the supply chain, and therefore benefits all supply partners further down the chain, irrespective of fulfillment strategy~~warehouses.

~~Symbotic~~Our ~~was~~robotic ~~established~~based toautomation ~~develop~~systems, ~~technologies~~which toinclude ~~improve~~hardware ~~operating~~and ~~efficiencies~~essential insoftware, ~~modern~~move, ~~warehouses.~~store ~~Significant~~and ~~funds~~sort cases and ~~resources~~eaches ~~have~~in ~~been~~warehouses. ~~devoted~~Our tosystems ~~date~~are operational in ~~developing~~a number of the ~~Symbotic~~world’s ~~system~~largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and ~~related~~are ~~applications~~being todeployed ~~create~~in GreenBox Systems LLC (“GreenBox”), our warehouse-as-a-service ~~system~~joint venture. We have spent significant time working closely with ~~the~~our ~~ability~~customers to ~~fundamentally~~develop, ~~change~~test ~~how~~and ~~the~~refine ~~supply~~our ~~chain~~technology. ~~functions~~We have approximately $22.5 ~~Symbotic’s~~billion ~~intellectual~~of ~~property~~backlog isas ~~protected~~of bySeptember a27, ~~portfolio~~2025, of ~~over~~which ~~700~~our ~~issued~~agreements with Walmart and~~/or~~ ~~pending~~GreenBox ~~patents~~comprise the vast majority.

~~Our~~We ~~revolutionary~~have ~~system~~devoted ~~accelerates~~significant ~~the~~funds ~~movement~~and ofresources ~~goods~~to ~~through~~date ~~the~~in ~~supply~~developing ~~chain,~~and ~~improves~~diversifying ~~stock~~our ~~keeping~~systems ~~unit~~and ~~(“SKU”)~~related ~~agility, fulfills orders with 99~~applications.~~9999%~~ ~~accuracy,~~Our ~~and~~systems ~~does~~are ~~this~~designed ~~all~~to ~~with~~increase ~~less~~efficiency, ~~inventory~~speed and ~~operating~~flexibility ~~cost. The underlying architecture~~ of ~~our system differentiates it from everyone else in~~ the ~~marketplace.~~supply ~~The~~chain ~~system~~by ~~uses~~using ~~Symbots~~proprietary ~~which~~robotics ~~are~~and ~~high~~A.I.-~~speed,~~powered ~~fully~~software ~~autonomous~~for ~~mobile~~the ~~robots~~movement ~~that~~and ~~travel~~storage upof ~~to 25 miles-per-hour (“mph”)~~goods. ~~The~~Our ~~Symbots~~intellectual ~~are~~property ~~controlled~~is protected by ~~our~~a ~~artificial~~portfolio ~~intelligence~~of ~~(“A.I.”)~~approximately ~~enabled~~1,100 ~~software~~issued ~~to move goods through our proprietary storage~~ and/or ~~“buffering”~~pending ~~structure~~patents.

~~Our~~We ~~proprietary~~believe ~~modular~~that ~~applications~~the global supply chain has reached a point of critical stress, ~~such~~driving asan ~~our~~inflection ~~inbound~~in ~~sorting~~demand for intelligent and ~~outbound~~scalable ~~palletizing~~automation. ~~cells~~As consumer buying habits change, ~~plug~~the ~~into~~labor ~~our~~market ~~system~~shifts, toand ~~achieve~~cost ~~compelling~~of living wages increase, ~~real~~the ~~world~~demand ~~supply~~on ~~chain~~warehouse ~~improvements~~workers atis ~~scale~~becoming overly burdensome. WeManual operations are ~~developing~~becoming ~~other~~unsustainable ~~modular~~and ~~applications~~older ~~that~~automation ~~will~~systems ~~allow~~are ~~our~~not ~~customers~~capable toof ~~support~~optimally ~~all~~satisfying ~~omni-channel~~modern ~~strategies,~~operational ~~such~~needs. asThe ~~brick-and-mortar~~dramatic ~~retail~~growth ~~and~~in e-commerce ~~with~~has increased supply chain complexity by putting pressure on retailers to support multiple sales channels and orders of eaches in~~-store~~ ~~pickup~~addition orto ~~home~~cases ~~delivery~~and pallets. Meanwhile, ~~from~~consumer expectations have evolved to demand a ~~single~~larger ~~centralized~~variety ~~warehouse/fulfillment~~of ~~facility~~items to be delivered quickly and seamlessly. This has placed significant strain on the traditional supply chain and the people who support it. We help our customers thrive in this increasingly challenging environment.

~~Our~~In ~~system~~January ~~varies~~2025, inwe ~~size~~acquired ~~and~~the ~~price.~~Advanced ASystems ~~system~~and ~~can~~Robotics be(“ASR”) asbusiness ~~small~~from asWalmart and signed a ~~football~~Master ~~field~~Automation ~~(i.e.,~~Agreement ~~48,000~~that ~~square~~provides ~~feet)~~for the development, ~~which~~manufacture ~~can~~and ~~serve~~installation 25of orautomated ~~more~~systems ~~stores~~for online pickup and ~~can~~delivery ~~scale~~at Walmart retail stores (“2025 Walmart MAA”). This acquisition added a new product category for us to ~~meet~~address the ~~needs~~opportunity for automated fulfillment of customer orders at the ~~world’s~~local ~~largest~~and ~~retailers.~~store ~~Our~~level, ~~system’s~~which ~~modular~~supports ~~design~~the ~~and~~growth ~~greater~~of ~~storage~~e-commerce. ~~density~~Under ~~enables~~the ~~installation~~2025 inWalmart ~~existing~~MAA, ~~and~~as ~~active~~of ~~warehouses~~September 27, ~~with~~2025, ~~limited~~we ~~interruption~~are operating several micro-fulfillment systems, which we will continue to ~~ongoing~~support. ~~operations~~We are in the process of developing an advanced micro-fulfillment system for future deployments.

Our system separates inbound freight (i.e., divide it into a common unit) from pallets-to-cases and cases-to-items (currently in development of our second generation, referred to as our Breakpack system), digitize the attributes of these units without re-labeling, and move the units to buffering in their original (or native) packaging with bottom lift technology on our autonomous mobile robots instead of re-transferring goods to trays, shuttles, or cranes. As the distribution center receives replenishment orders from stores, our autonomous robots retrieve the desired units in specified sequence to facilitate orderly fulfillment.

Our system can also build pallets autonomously. The system can build pallets with goods ordered from a specific store and specific aisle. This facilitates rapid and sequential provisioning of the goods from the pallets to a specific store and a specific shelf (i.e., store plan-o-grammed pallets). The system also builds the pallets with improved structural integrity, which in turn leads to denser, taller pallets that improve truck packing density while reducing product damage.

We believe that the global supply chain has reached a point of critical stress, driving an inflection in demand for warehouse automation across all industries. As the labor force shifts toward an older, more highly educated demographic, the warehouse labor pool is shrinking and becoming more expensive, while most well-located warehouses are either operating manually or utilizing outdated, static mechanized conveyor systems. The dramatic growth in e-commerce has increased supply chain complexity by putting pressure on retailers to support multiple sales channels and orders of individual items in addition to cases and pallets. Meanwhile, consumer expectations have evolved to demand a larger variety of items to be delivered quickly and seamlessly. This has placed significant strain on the traditional supply chain and the people who support it. We help our customers thrive in this increasingly challenging environment.

Our system is deployed in the warehouses of a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and warehouse as a service providers, including GreenBox. We have spent significant time working closely with our customers to develop, test, and refine our technology. This has translated into approximately $22.4 billion of backlog as of September 28, 2024, of which Walmart and GreenBox comprise the vast majority.

We believe the potential market opportunity for our system is large and expanding. We are initially targeting the largest brick-and-mortar companies across five verticals: general merchandise, ambient grocery, ambient food distribution, consumer

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packaged food, and apparel. Based on identified North American warehouses of the largest companies in each of these five verticals, we believe that our strategically addressed market opportunity is approximately $144 billion. When considering deeper penetration in our initial verticals, adding additional adjacent verticals, and entering the European market, we believe our total addressable market increases to $432 billion.

Industry Background

First Principles of the Supply Chain

The first principles of the supply chain are to align three mismatches between producers and recipients of goods in a cost-effective manner. These three mismatches relate to the quantity, timing, and location of goods. They exist because a small number of producers concentrate resources to serve many consumers in the pursuit of economies of scale.

The first mismatch relates to the quantity of goods. A relatively small number of producers generate a greater quantity of goods than any single consumer desires. The supply chain aligns this mismatch by “singulating” (i.e., dividing into a common unit) production quantities into quantities desired by consumers. This means pallets are separated into cases and then cases are separated into ~~individual items (also known as “~~eaches”).

The second mismatch relates to the timing of when goods are produced versus needed. Producers generate goods continuously, but end users purchase and consume goods at a much slower or cyclical rate. This mismatch is aligned by storing goods in inventory (known as “buffering”). Buffering is analogous to a water reservoir managing the variation between precipitation and household water consumption.

The third and final mismatch relates to location. Goods are needed at the point of consumption rather than the point of production. Thus, movement of goods is a critical function of the supply chain.

~~Types of Warehouses~~3

Modern warehouses are a node in the supply chain where singulating, buffering, and movement activities align these mismatches. Two common types of warehouses are distribution centers and e-commerce fulfillment centers. Manufacturers package finished goods in either pallets or cases and the goods enter the supply chain in either pallets or cases. The pallets and cases flow downstream to the consumers. Our system automates the separation of pallet-to-case upstream in the supply chain. Thus, our system benefits all downstream users in the supply chain. With this advantage, and because the majority of supply chain cost resides in the distribution center, it is easier to integrate systems downstream, rather than upstream (see “Our Competitive Strengths”).

Distribution Centers E-Commerce Fulfillment Flow of Goods Upstream Downstream Typical Function Singulate and buffering between producers and next node Items selection Packing and shipping Typical Location Rural, Suburban Suburban, Urban Common Fulfillment Unit Pallets, Cases Items/Eaches Optimized for Low cost per case Speed of fulfillment & delivery Volume High Low to moderate SKU count/variety Low to Moderate High

Current supply chain operations are generally manual, inflexible, expensive, require significant investments in inventory, and require goods to be manually handled multiple times before being shipped to stores or consumers. The supply chain is expensive because it tends to be slow and labor intensive, which leads to significant damage and waste. In a typical supply chain operation, single-SKU pallets are delivered to a distribution center where hundreds, or thousands, of people are required to move and store pallets. They then select individual cases from the pallets and combine those individual cases into store-ready pallets. In e-commerce fulfillment, they unpack the cases, store individual items in totes or other storage structures and then select and combine individual items for individual customer order fulfillment. Even mechanized warehouses require significant human intervention, are very inflexible, and face disruption from numerous single points of failure. These factors contribute to high maintenance costs and damage, resulting in limited total cost savings.

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Nodes in the Supply Chain

Distribution centers receive packaged finished goods in either pallets or cases from manufacturers. At the distribution center, our systems automate the separation of pallet-to-case and case-to-each and then into multi-stock keeping unit (“SKU”) pallets and totes. These pallets and totes flow downstream to either retail stores or micro-fulfillment centers.

At micro-fulfillment centers, which can be standalone or attached to a brick-and-mortar retail store, eaches are picked and packed into multi-SKU totes for shipment or into cartons or bags for pickup by the consumer. This downstream category of the supply chain is often referred to as “micro-fulfillment.” Our system for this category automates the process of picking orders and is currently operational at several Walmart stores.

Distribution Centers

E-Commerce or Micro-Fulfillment

Flow of Goods

Upstream

Downstream

Typical Function

Singulate and buffering between producers and next node

Items selection
Packing and shipping

Typical Location

Rural or Suburban

Suburban, Urban or Store-Based

Common Fulfillment Unit

Pallets, Cases

Items/Eaches

Optimized for

Low cost per case

Low cost per item
Speed of fulfillment and delivery

Volume

High

Low to moderate

SKU count/variety

Low to Moderate

High

Current supply chain operations are generally manual, inflexible, expensive, require significant investments in inventory, and require goods to be manually handled multiple times before being shipped to stores or consumers. The supply chain is expensive because it tends to be slow and labor intensive, which leads to significant damage and waste. In a typical supply chain operation, single-SKU pallets are delivered to a distribution center where hundreds, or thousands, of people are required to move and store pallets. They then select individual cases from the pallets and combine those individual cases into store-ready pallets. In micro-fulfillment, they unpack the cases, store eaches in totes or other storage structures and then select and combine eaches for individual customer order fulfillment. Even mechanized warehouses require significant human intervention, are very inflexible, and face disruption from numerous single points of failure. These factors contribute to high maintenance costs and damage, resulting in limited total cost savings.

Retail and Supply Chain Trends

Several trends within the retail industry supply chain have exacerbated the costs and inflexibility of this supply chain:

•Labor Scarcity and Cost—As the labor force matures and becomes more highly educated, warehouse labor is becoming increasingly scarce and expensive. The turnover rate for transportation, warehousing, and utilities employees was 2320% higher than the turnover rate for all nonfarm employees in ~~2023~~the first half of calendar year 2025, according to the U.S. Bureau of Labor Statistics.

•Omni-Channel Strategies—As online shopping has become more popular with consumers, brick-and-mortar retailers must support multiple distribution channels. Traditional brick-and-mortar retailers must ~~also~~ support buy online with home delivery, buy online pick up in store, as well as support for channel-related reverse logistics. Not only does the growth of distribution channels increase complexity, but the e-commerce channel itself is more complex than traditional brick-and-mortar. They are more complex because they need to deliver a continuously changing and increasingly diverse range of items to a broader range of locations faster and in an increasing variety of ways.

•Growing Consumer Expectations and SKU Proliferation—The internet has made the world’s goods available to more consumers, so now shoppers expect retailers to offer increased product diversity. At the same time, manufacturers continue to adopt mass personalization product strategies, which adds to an already growing number of SKUs and accelerates the frequency and speed of SKU transitions. These trends require retailers to find a way to efficiently store, handle, and make available a wider variety of SKUs while managing seasonal and geographic variability. This requires either a greater number of specialized supply chain processes or greater flexibility of ~~existing~~legacy processes.

Existing warehouse automation systems are largely engineered to solve single challenges in the supply chain. They have discrete applicability focused on a particular niche in the warehouse automation value chain (e.g., specific pick and pack, e-commerce fulfillment robotics) or are older manufacturing technologies that automate high-volume, lower-value repetitive tasks (e.g., conveyor belts and sensors). We believe our system is unique as it is a comprehensive warehouse automation system.4

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Legacy alternative warehouse automation systems have been largely engineered to solve single challenges in the supply chain. They have discrete applicability focused on a particular niche in the warehouse automation value chain (e.g., specific pick and pack, e-commerce fulfillment robotics) or are older manufacturing technologies that automate high-volume, lower-value repetitive tasks (e.g., conveyor belts and sensors). We believe our solution is unique as it is a comprehensive automation system for the supply chain.

Advances in Core Technologies

We benefit from advances in robotics, sensors, ~~visual~~vision systems, processing power, ~~machine learning,~~ and A.I. that have been developed and commercialized over the last decade. For example, we benefit from the tens of billions of dollars that have been invested in attempts to advance autonomous vehicle technology.

~~Our~~Overview ~~System~~of ~~Overview~~Our Systems

Given the first principles of the supply chain, we re-conceived the purpose and needs of the supply chain. Unencumbered by legacy thinking and the resulting narrowly targeted technologies aimed at reducing fragments of cost in the warehouse, we completely re-designed and re-engineered the warehouse.

Our ~~system~~systems ~~manages~~manage every aspect of warehouse logistics, from the time merchandise is off-loaded from a producer’s truck or container until that merchandise is ready to be delivered to a store, pick-up location, or individual. ~~Our~~They ~~system~~are ~~has an approximate useful life of 25 to 30 years and is~~ so space -efficient that itthey can be installed in phases in operating warehouses with minimal impact to operations. The system is comprised of inbound de-palletizing cells utilizing robotic arms, a storage structure, autonomous mobile robots that handle product, outbound palletizing cells using robotic arms, and software that coordinates and optimizes the movements of all the hardware. This software maximizes the throughput of goods while improving quality of delivery and reducing the cost.

We announced our next-generation storage technology in August 2025. It is designed to enhance the performance of our systems as it is engineered to deliver increased storage capacity, faster deployment and product handling, enhanced fire suppression and improved seismic adaptability. This innovation can reduce our customers’ storage footprint by up to 40% of our original size, enabling customers to fit more products into a fixed space, or attain a target storage volume in a smaller footprint.

Our fully-integrated solution in the distribution center is comprised of inbound de-palletizing cells utilizing robotic arms, scan tunnels, lifts, a storage structure, autonomous mobile robots that handle cases, eaches and totes, outbound palletizing cells using robotic arms, multiple types of vision systems and software that coordinates and optimizes the movements of all the hardware. We believe this software maximizes the throughput of goods while improving quality of delivery and reducing the cost. Our integrated solution in distribution centers can handle cases and eaches. Our system that handles cases can prepare multi-SKU outbound pallets. Our BreakPack system automates opening cases, handling eaches and preparing multi-SKU totes for inclusion in the same outbound pallets.

When we acquired the ASR business in January 2025, we added a new product category for automated fulfillment of customer orders at the local and store level, which supports the growth of e-commerce. Pursuant to the 2025 Walmart MAA, we plan to develop, manufacture and install automated systems for online pickup and delivery at Walmart retail stores. We plan to continue to support and enhance Walmart’s current online pickup and delivery fulfillment systems and design and implement a new version of the system, which operate in three temperature zones – frozen, refrigerated and ambient. Our first prototypes of our next-generation micro-fulfillment solution are planned to be installed in calendar year 2026. We expect them to include our next-generation storage technology, decanting stations, pick stations and dispatch stations.

The innovative architecture of our systems differentiates our solution from alternative warehouse systems. The pillars of our architecture combine synergistically to deliver the benefits of our solution. The pillars are:

•A.I.-Powered Software: Our systems are enhanced by our A.I.-powered autonomous software that spans high-level planning and sequencing algorithms down to hardware control and decision-making. We define A.I. as technology that enables computers and machines to emulate human level performance, comprehension, problem solving, decision making, creativity or autonomy. Applications and devices equipped with A.I. can perceive and identify objects. They can understand and respond to human commands. They can learn from past experiences. They can make detailed recommendations to users and experts. They can act independently, replacing the need for human intelligence or intervention. We believe our autonomous hardware and system software technology encompass the definition of A.I. by reducing the need for manual human intelligence or intervention by simulating human functions.

•Physical A.I.: Physical A.I. is the development and embedding of A.I. technology in machines that operate in the physical world. For example, at Symbotic, Physical A.I. is used in autonomous systems like our Bots, de-palletizing

Table of Contents

~~Unique~~and ~~System~~palletizing ~~Architecture~~robotic cells to perceive, understand, reason and perform or orchestrate complex actions in our systems.

•Singulating: Singulating goods is the process of dividing quantities of goods to the lowest common fulfillment unit (e.g., from pallets-to-cases and cases-to-eaches). Our ~~innovative~~case-based system ~~architecture~~can ~~differentiates~~separate ~~our~~all ~~system~~incoming ~~from~~pallets ~~alternative~~to ~~warehouse~~the case level. Our BreakPack and micro-fulfillment systems can separate cases to the each level. ~~The~~By ~~pillars~~managing ofgoods at the case and each level, rather than at the pallet level, our ~~architecture~~systems ~~combine~~remove ~~synergistically~~unused space from the warehouse, allowing merchandise to ~~deliver~~be stored more densely and increasing the ~~benefits~~speed of ~~our~~product ~~solution~~throughput. ~~The pillars are:~~

•~~A.I.-Powered~~Dynamic ~~Software~~Storage: Our ~~system~~systems’ function is ~~enhanced~~analogous byto ~~our A.I.-enabled autonomous software. We define A.I. as technology~~ that ~~enables~~of ~~computers~~a ~~and~~random-access ~~machines~~computer tohard ~~simulate human learning, comprehension, problem solving, decision making, creativity, and autonomy~~drive. ~~Applications~~By ~~and~~effectively ~~devices~~“digitizing” ~~equipped~~totes ~~with A.I. can see~~ and ~~identify~~cases ~~objects. They can understand~~ and ~~respond~~spreading tothem ~~human~~throughout ~~language.~~the ~~They~~storage ~~can learn from new information and experience. They can make detailed recommendations to users and experts. They can act independently~~structure, ~~replacing~~we ~~the~~create ~~need~~optionality for ~~human intelligence or intervention. We believe~~ our ~~autonomous~~picking ~~hardware~~ and ~~system~~routing ~~software~~optimization ~~technology~~algorithms. ~~encompass~~Merchandise ~~the~~is ~~definition~~opportunistically ofplaced ~~A.I.~~throughout ~~by reducing~~ the ~~need~~storage ~~for~~structure, ~~manual~~similar ~~human~~to ~~intelligence~~the orway ~~intervention~~a byrandom-access ~~simulating~~hard ~~human~~drive ~~functions~~handles data.

•~~Singulating~~Autonomous Movement: ~~Singulating~~Autonomous ~~goods~~A.I.-powered ismobile ~~the~~robots ~~process~~allow ofour ~~dividing~~systems ~~quantities of goods~~ to ~~the~~have ~~lowest~~superior ~~common fulfillment unit (e.g.~~flexibility, ~~from~~speed ~~pallets-to-cases~~ and ~~cases-to-items).~~inventory ~~Our~~handling ~~case-based~~capabilities. ~~system~~Like ~~separates~~autonomous ~~all~~cars ~~incoming~~operating ~~pallets~~in toa ~~the~~smart ~~case~~city, ~~level.~~our ~~Our~~robots ~~Breakpack~~operate ~~system~~independently ~~separates~~but ~~all~~act ~~cases~~collectively to ~~the~~transport, ~~each~~sequence, ~~(or~~and ~~items)~~move ~~level~~cases toand ~~handle~~totes ~~toted~~through ~~items~~the instorage ~~our system just like we currently handle cases~~structure. ~~Competing~~Our ~~warehouse~~algorithms ~~systems~~consider ~~handle~~robot ~~pallets~~proximity, ~~and~~travel ~~more~~distance ~~frequently partial pallets of goods. Pallets~~ and ~~partial~~other ~~pallets~~factors ~~represent~~to ansolve ~~increased~~for ~~level~~optimal ofoverall onperformance ~~hand~~while ~~inventory~~dynamically ~~and~~adjusting ~~partial~~as ~~pallets~~anomalies ~~leave~~arise. ~~unused~~In ~~volume~~addition, ~~within~~because ~~the~~each ~~warehouse.~~robot ~~Volume~~can ~~adds~~travel ~~expense~~anywhere ~~because~~in ita ~~has~~two-dimensional ~~its~~plane ~~own cost~~ and ~~because~~moves ~~volume~~like ~~adds~~a ~~movement~~car ~~distance,~~that ~~slowing~~can ~~down~~make ~~the~~radius ~~transport~~turns, ofour ~~goods~~robots ~~through~~are ~~the~~comparatively ~~supply chain~~fast. ByOur ~~managing~~Bots ~~goods~~that athandle ~~the~~cases ~~case~~ and ~~toted~~totes ~~item~~can ~~level,~~travel ~~rather~~at ~~than~~speeds atthat ~~the~~exceed ~~pallet~~20 ~~level,~~miles-per-hour. ~~our~~Our ~~system~~systems ~~removes~~have ~~unused~~multi-level ~~space~~access ~~from~~in the ~~distribution~~storage ~~center~~structure, ~~allowing~~which ~~merchandise~~allows tofor befaster ~~stored~~throughput resulting in more ~~densely~~storage and ~~increasing~~retrieval ~~the~~transactions ~~speed~~per ofhour ~~product~~compared ~~throughput.~~to ~~These~~tray, ~~space~~shuttle, ~~saving~~or ~~efforts~~crane-based ~~are~~systems. ~~increased~~Finally, byour ~~the~~use ~~storage density~~ of ~~our~~automation ~~system,~~and ~~which~~A.I.-powered ~~allows~~software usmeans ~~to retrofit~~ our system ~~into~~in ~~our~~the ~~customers’~~distribution ~~existing~~center ~~warehouse~~that ~~operations~~handles ~~without~~cases ~~interrupting~~can ~~ongoing~~approach ~~supply~~true ~~chain~~“lights-out” ~~operations~~operation or(100% ~~requiring~~up-time ~~capital~~with tozero ~~build~~human ~~new greenfield warehouse space~~intervention).

•~~Dynamic~~Original ~~Storage~~(Native) Package Handling: Our ~~system~~systems ~~function~~can ishandle ~~analogous~~a tovariety ~~that~~ of goods in a ~~random-access~~range ~~computer~~of ~~hard~~verticals. ~~drive~~Our autonomous A.I.-powered Bymobile ~~effectively~~robots ~~“digitizing”~~are ~~each~~able ~~individual~~to manipulate a range of case and ~~toted~~tote ~~item~~sizes, types and ~~spreading~~weights in a variety of packaging formats. The SymBots™® mobile robots place and pick cases and totes by underpicking, which is lifting them ~~throughout~~from the ~~storage~~bottom ~~structure,~~using wean ~~create~~automated ~~optionality~~fork ~~for~~system. ~~our~~Underpicking ~~picking~~reduces case damage and ~~routing~~rejection ~~optimization~~rates, ~~algorithms~~thereby decreasing waste and cost. ~~Merchandise~~Unlike issome ~~opportunistically~~of ~~placed~~our ~~throughout~~competitors, ~~the~~we ~~storage~~do ~~structure~~not handle goods with grippers, ~~similar~~which tocan ~~the~~crush ~~way~~them, aor ~~random-access~~suction ~~hard~~cups, ~~drive~~which ~~handles~~can ~~data~~drop goods. ~~This~~We ~~minimizes~~also ~~movement~~do not transfer goods to ~~increase~~standardized ~~throughput~~trays, ~~enhances~~eliminating ~~SKU~~additional ~~agility~~handling of goods and ~~reduces~~reducing ~~the~~empty ~~number~~storage space. Trayless handling allows storage of ~~autonomous~~cases ~~mobile~~within ~~robots~~10 ~~required~~millimeters toof ~~distribute~~each ~~product~~other.

•~~Autonomous~~System-of-Systems ~~Movement~~Design: ~~Fully~~Our system-of-systems architecture philosophy reduces single points of failure, enhancing the resiliency of our systems. We utilize an array of redundant autonomous A.I.-~~enabled~~powered mobile robots, ~~allow~~lifts ~~our~~and ~~system~~inbound toand ~~have~~outbound ~~superior~~palletizing ~~flexibility,~~cells. ~~speed~~Thus, ~~mobility,~~if ~~and~~a ~~inventory~~key ~~handling~~part ~~capabilities.~~of ~~Like~~our ~~fully~~system ~~autonomous~~fails, ~~cars~~another ~~operating~~part inof athe ~~smart~~system ~~city~~can assume the task load. In addition, our ~~robots~~hardware ~~operate~~and ~~independently~~software ~~but~~are ~~act~~engineered ~~collectively~~for torapid ~~transport,~~serviceability ~~sequence,~~utilizing ~~and~~field ~~move~~replaceable ~~cases~~components ~~through~~wherever a possible.

6•Scalable Modularity: Our architecture is highly modular and scalable, allowing us to install our systems in existing warehouses rather than requiring capital to build new warehouse space. We are also able to install our systems in phases, allowing the existing warehouse to continue to operate during the transition to our systems. Finally, we can easily reconfigure and expand our systems to accommodate SKU proliferation as our customers’ needs and strategies evolve.

~~Table~~Functional Flow Overview of ~~Contents~~Systems

warehouse. Our algorithms consider robot proximity, travel distance and other factors to solve for optimal overall performance while dynamically adjusting as anomalies arise. In addition, because each robot can travel anywhere in a two-dimensional plane and moves like a car that can make radius turns, our robots are comparatively fast, traveling up to 25 miles-per-hour (mph). Faster movement enhances throughput and efficiency by clearing aisles more quickly and allowing for more storage and retrieval transactions per hour compared to tray, shuttle, or crane-based systems. Finally, our use of automation and A.I.-enabled software means our system can approach true “lights-out” operation (100% up-time with zero human intervention).

•Original (Native) Package Handling: We place and pick cases by underpicking or lifting them from the bottom using an automated fork system. This unique technique enables our mobile robots to manipulate a wide range of case sizes, types and weights in a variety of packaging formats. Thus, our system can handle a greater variety of goods in a wide range of verticals. Unlike some of our competitors, we do not handle goods with grippers, which can crush them, or suction cups, which can drop goods. We also do not transfer goods to standardized trays, eliminating additional handling of goods. Instead, bottom-lift handling reduces case damage and rejection rates, thereby decreasing waste and cost.

•End-to-End Integration: By being an integrated end-to-end system, we are able to comprehensively change a warehouse and a customer’s supply chain to maximize its efficiency.

•System-of-Systems Design: Our system-of-systems architecture philosophy eliminates single points of failure, enhancing system resiliency. Utilizing a redundant array of autonomous robots, lifts and palletizing cells, each part of our system is able to assume the task load of another part, if a part fails. In addition, our hardware and software are engineered for rapid serviceability utilizing field replaceable components wherever possible.

•Scalable Modularity: Our architecture is highly modular and scalable, allowing us to install our system in existing warehouse facilities while achieving full performance benefits. We are also able to install our system in phases, allowing the existing warehouse facility to continue to operate during the transition to our system. Finally, we can easily reconfigure and expand our system to accommodate SKU proliferation as our customers’ needs and strategies evolve.

System Functional Flow Overview

Generally, manufacturers create their products in batches by SKU (i.e., individual type of item like can of chicken noodle soup). Manufacturers then aggregate and package the goods in manageable quantities for efficient and safe shipping. Usually, goods are batched in cardboard or plastic cases. Cases are then stacked on 4-foot by 4-foot pallets as high as safely possible and then shrink-wrapped so the pallets retain integrity while in transit and the goods can be transported without damage.

A pallet may commonly contain anywhere between 40 and 120 cases depending on the size and weight of the goods and, therefore, could contain dozens to hundreds of goods that will ultimately be sold to consumers. Some manufacturers produce homogeneous pallets with one SKU. Others may combine multiple SKUs on heterogeneous pallets if the cases are the same size and the manufacturer is able to do so efficiently in their production process.

Other goods may be shipped un-palletized because a manufacturer does not produce or sell enough of one item to make full pallet shipping efficient. Goods may also travel through the supply chain un-palletized because they have been combined with other goods for more efficient shipping. This often happens when goods come from international destinations given the desire to fill a shipping container with multiple goods and/or from multiple manufacturers to reduce overall shipping costs. Un-palletized goods generally come stacked randomly in a truck trailer or shipping container.

~~Our system can uniquely handle homogeneous and heterogeneous palletized and un-palletized goods. Regardless of type of good, our system generally functions as follows:~~6

~~•Palletized~~Table ~~Inbound: When pallets reach a warehouse, the pallets are placed into our automated system. Our large de-palletizing robotic cells use state~~ of the art vision technology and our proprietary end-of-arm tools to pick up entire layers of goods and transfer them to our “singulating” robots that deconstruct the pallet down to the case level. Our singulating robots also use vision technology and other proprietary end-of-arm tools to orient each case optimally for storage and handling in our system’s storage structure. The cases then enter the scan tunnel.Contents

~~•Floor-Loaded~~desire ~~Inbound:~~to ~~When~~fill ~~un-palletized goods reach~~ a ~~warehouse, such as in traditional international~~ shipping ~~containers~~container ~~where~~with multiple goods ~~are~~and/or ~~loaded~~ from ~~floor~~multiple manufacturers to ~~ceiling~~reduce ~~without~~overall ~~the~~shipping ~~use~~costs. ofUn-palletized ~~pallets~~goods ~~for~~generally ~~quick~~come ~~unloading,~~stacked ~~they~~randomly ~~are~~in ~~placed~~a ~~into~~truck ~~our~~trailer ~~automated~~or ~~system~~shipping ~~and the individual cases enter the scan tunnel just like palletized goods~~container.

In distribution centers, our solution can uniquely handle homogeneous and heterogeneous palletized and un-palletized goods. When pallets reach the distribution center, our solution generally functions as follows:

•Palletized-Inbound: When pallets reach a distribution center, the pallets are placed into our system. Our large de-palletizing robotic cells use state-of-the-art vision technology and our proprietary end-of-arm tools to pick up entire layers of cases and transfer them to our “singulating” robots that deconstruct the pallet layer down to the case level. Our singulating robots also use vision technology and other proprietary end-of-arm tools to orient each case optimally for storage and handling in the storage structure of our system. The cases then enter the scan tunnel.

•Floor-Loaded Inbound: When un-palletized goods reach a distribution center, such as in traditional international shipping containers where goods are loaded from floor to ceiling without the use of pallets for quick unloading, are also placed into our system and the individual cases enter the scan tunnel just like palletized goods.

•Scan Tunnel: On the way to the storage structure, each case proceeds through a short scan tunnel where our systems use vision technology and sensors to “digitize” the dimensions and attributes of each inbound case. Simultaneously, our systems perform an integrity check of each case to screen for damage. If the case is damaged, it may be compromised as it moves through our system, and it may indicate damaged goods inside the case. Any case that our system determines is non-conforming or damaged is rejected. An associate will either repair the case before re-induction into the system or reject the damaged goods.

•BreakPack: Our BreakPack system enables eaches to be shipped to retail stores when demand for a product is lower than the quantity in a case. It also mitigates in-store storage of slower-moving products. After cases are cut open, eaches are put in totes. This process is referred to as decanting. The totes are then delivered to the storage structure. At pick stations, eaches are picked and placed onto autonomous mobile robots, which we call MiniBots, that then sort them into multi-SKU totes, which are included in the outbound pallets for shipment to retail stores.

•Storage Structure: Our systems include a storage structure, where cases and totes are placed, stored and retrieved. The storage structure is comprised of a number of levels stacked on top of each other. Each level has a transfer deck that spans the width of the structure and connects several dozen aisles that extend horizontally at a 90-degree angle from the transfer deck. The levels are connected vertically by a series of lifts.

•Lifts: Our systems include a collection of lifts that function like a bank of elevators in a building. Simultaneously, our A.I.-enabled software determines the optimal location in the structure for storage of the case. When a case or tote reaches the lift to which it is assigned, the lift extends its finger and picks it up. The lift then brings it to the appropriate level in the structure and places it onto a storage shelf where it will be picked up by an autonomous mobile robot. The mobile robot will then bring it to the aisle storage position for that level.

•Autonomous Mobile Robots: Our systems use autonomous mobile robots, which we refer to as Bots, of varying sizes to handle cases, totes or eaches. Currently, our SymBot™® mobile robots handle cases and totes and our MiniBot mobile robots handle eaches.

SymBot mobile robots are powered by rapid-charging ultracapacitors, so charging takes a matter of seconds as the SymBot mobile robots drive over charge plates integrated into the floor of the storage structure. This eliminates the need for SymBot mobile robots to come out of service for charging, which allows them to operate all day for weeks at a time. We are updating the design of the SymBot mobile robot to replace the ultracapacitors with a new battery, which has six times more energy capacity and is 40% lighter. This will further increase the window of operability of the SymBot mobile robot. Our SymBot mobile robots are interchangeable and hand off tasks to each other in a live operating system without productivity loss. If a SymBot mobile robot does need maintenance, remote operators can triage by remote instruction. SymBot mobile robots lift each case from the bottom using fingers that extend under the case, which is underpicking. On average, a SymBot mobile robot can reach any location in our structure and return to our inbound or outbound cells in under four minutes.

Our MiniBots are similar to the SymBot mobile robots, but are smaller and travel at a slower speed. They are powered by swappable batteries given that they operate longer and have a different payload. They also handle eaches by means of a conveyor belt rather than underpicking, which is used by the SymBot mobile robot.

•Outbound: Our outbound lift retrieves cases and totes delivered by SymBot mobile robots and transfers them to the outbound level of our solution. Our software utilizes SymBot mobile robots and lifts to sequence cases and totes in an optimal order for outbound processing. Our software further allows us to palletize cases using two robotic arms

Table of Contents

~~•Scan~~on ~~Tunnel:~~opposite Onsides ~~the~~of ~~way~~a topallet. ~~the~~On ~~storage structure~~average, ~~each~~these ~~case~~two ~~proceeds~~robotic ~~through~~arms awork ~~short~~together ~~scan~~to ~~tunnel~~place ~~where~~cases ~~our~~onto ~~system~~pallets ~~uses~~every ~~vision~~two ~~technology~~seconds. ~~and~~Our ~~sensors~~solution totypically ~~“digitize”~~creates ~~the~~a ~~dimensions~~pallet ~~and~~comprised ~~attributes~~ of ~~each~~a ~~inbound~~variety ~~case.~~of ~~Simultaneously,~~different ~~our~~goods ~~system~~and ~~performs~~SKUs an(known ~~integrity~~as ~~check~~a of“rainbow ~~each~~pallet”). ~~case~~Our tosolution ~~screen~~can ~~for~~also ~~damage.~~create Ifa ~~the~~rainbow ~~case~~pallet isbased ~~damaged,~~upon ita ~~may~~customer’s bestore ~~compromised~~plan. asSpecifically, itthe ~~moves~~rainbow ~~through~~pallet ~~our~~can ~~system,~~consist ~~and~~of itproducts ~~may~~for ~~indicate~~a ~~damaged~~specific ~~goods~~store ~~inside~~aisle, ~~the~~which ~~case.~~can ~~Any~~be ~~case~~delivered ~~that~~directly ~~our~~from ~~system~~a ~~determines~~truck isto ~~non-conforming~~the orend ~~damaged~~of isan ~~rejected~~aisle byso ~~our~~that ~~system.~~store Anemployees ~~associate~~can ~~will~~unpack ~~either repair~~ the ~~case~~cases ~~before~~and ~~re-induction~~totes ~~into~~from the ~~system~~pallet, orreplenish ~~reject~~shelves ~~the~~quickly ~~damaged~~and ~~goods~~reduce store labor costs.

~~•Storage~~In ~~Structure:~~systems ~~The~~used ~~storage~~in ~~structure~~micro-fulfillment centers, ~~where~~cases ~~goods~~ are ~~placed,~~cut ~~stored,~~open and ~~retrieved~~the eaches are placed in totes, which is ~~comprised~~known ofas adecanting. ~~number~~The oftotes ~~levels~~are ~~stacked~~supplied onfrom ~~top~~the ofstorage ~~each~~structure ~~other.~~and ~~Each~~once ~~level~~filled isare ~~approximately~~inducted ~~three~~back ~~feet~~into ~~tall,~~the ~~allowing~~system. aOur ~~typical thirty~~A.I.-~~two-foot-tall~~powered ~~warehouse~~software toguides ~~have~~the ~~ten~~operator ~~levels~~on offilling ~~storage~~totes, which ~~optimizes~~enter ~~space~~the ~~utilization.~~system ~~Each~~for ~~level~~use ~~has~~in afilling ~~transfer~~consumer ~~deck~~orders. ~~that~~Pick ~~spans~~station operators pick eaches from the ~~width~~supply oftotes. Currently, the ~~structure~~supply ~~and~~totes ~~connects~~are ~~several~~delivered ~~dozen~~by ~~aisles~~our ~~that~~Alphabot® ~~extend~~mobile robots, which can travel both horizontally atand avertically. ~~90-degree~~The ~~angle~~operators ~~from~~then place the ~~transfer~~eaches ~~deck.~~into ~~Our~~order ~~average~~totes. ~~sized~~When ~~system~~order ~~has~~totes ~~200~~are completed,~~000~~ ~~linear~~they ~~feet~~are offed back into the system for storage. ~~The~~or ~~levels~~staged ~~are~~in ~~connected~~special ~~vertically~~dispense bylanes afor ~~series~~pickup ofby ~~lifts~~customer.

~~•Lifts:~~Products Upon exit from the scan tunnel, the case moves to a collection of lifts that function like a bank of elevators in a building. Simultaneously, our A.I.-enabled software determines the optimal location in the structure for storage of that case. When a case reaches the lift to which it is assigned, the lift extends its finger lift and picks up the case. The lift then brings the case to the appropriate level in the structure and places it onto a storage shelf where the case will be picked up by a Symbot. The Symbot will then bring the case to the aisle storage position for that level.

~~•Symbots:~~Our ~~Symbots~~systems are ~~our~~typically ~~fully~~sold ~~autonomous~~in ~~mobile~~three ~~goods~~parts: ~~handling~~the ~~robots.~~initial ~~They~~system ~~are~~sale, ~~powered~~software bymaintenance ~~rapid-charging~~and ~~ultracapacitors~~support services, soand ~~charging~~operation ~~takes~~services. aOur ~~matter~~systems ofare ~~seconds~~a asmodular, ~~the~~highly ~~Symbots~~configurable ~~drive~~capital ~~over~~asset ~~charge~~purchase ~~plates~~that ~~integrated~~we ~~into~~sell ~~the~~to ~~floor~~our ofcustomers in the ~~storage~~year ~~structure~~of deployment. ~~This~~Over ~~eliminates~~ the ~~need~~remaining ~~for~~system ~~Symbots~~life, towe ~~come~~charge ~~out~~a ofsoftware ~~service~~maintenance ~~for~~and ~~charging~~support fee. Finally, ~~which~~we ~~allows~~provide ~~them~~training toand ~~operate~~system ~~all~~operation ~~day~~until ~~for~~the ~~weeks~~customer atassumes aoperational ~~time~~duties. Our ~~Symbots~~typical ~~are~~deployment ~~interchangeable~~model ~~and~~is ~~hand off tasks~~ to ~~each~~build ~~other~~and ininstall athe ~~live operating~~ system, ~~without~~operate ~~productivity~~the ~~loss.~~system Iffor a ~~Symbot~~limited ~~does~~time ~~need~~and ~~maintenance,~~then antransfer ~~individual~~daily ~~Symbot~~operation ~~can~~to bethe ~~removed from our system by remote instruction~~customer.

~~The~~Technologies Symbot lifts each case from the bottom using fingers that extend under the case, rather than gripping and pulling, which enables handling of the case without putting them on trays. Trayless handling allows storage of cases within five millimeters of each other.

~~The~~Our ~~Symbot~~technologies ~~picks~~are upcategorized ainto ~~case~~both ~~from~~hardware ~~the lift~~ and ~~enters~~software ~~the~~components, ~~transfer~~which ~~deck~~work ontogether ~~its way~~ to ~~the~~deliver ~~appropriate~~an ~~aisle.~~integrated ~~The~~comprehensive ~~Symbot~~solution isto ~~routed by~~ our ~~proprietary A~~customers.I. ~~software~~Key toelements of the ~~aisle~~hardware and ~~location~~software ~~where~~components aare ~~case~~as ~~is to be placed. Once in the appropriate aisle, the Symbot accelerates rapidly up to 25 mph towards the specific location where it has been instructed to place the case.~~follows:

~~When~~•Intelligent ~~the~~Autonomous ~~Symbot~~Mobile ~~reaches~~Robots: ~~the~~Our ~~appropriate~~intelligent ~~placement~~Bots ~~location,~~handle itcases ~~extends~~and ~~its~~totes ~~finger~~and ~~lift~~utilize a suite of sensors to locate, retrieve, and ~~places~~transport ~~the~~products. ~~case~~Our onBots ~~the~~can ~~aisle~~travel ~~position~~at ~~and~~speeds isexceeding ~~ready~~20 ~~for~~mph; ~~its~~some ~~next~~Bots ~~task~~can travel at speeds up to 25 mph. InOur aBots ~~typical~~locate, ~~size~~retrieve and ~~configuration~~transport ~~system~~products with very high accuracy. Currently, awe ~~Symbot~~ship ~~can~~in ~~reach~~excess ~~any~~of ~~location~~eight million cases per day without reported inaccurate fulfillments. Our newest version of these robots uses vision technology in addition to our ~~structure~~autonomous ~~and~~routing ~~return~~algorithms to ~~our~~achieve ~~inbound~~optimal orspeed, ~~outbound~~safety, ~~cells~~and routing. We also have Bots that handle eaches in ~~under~~micro-fulfillment ~~four~~centers ~~minutes~~and distribution centers.

~~Retrieving~~•Physical aA.I.: ~~case~~Physical A.I. is ~~simply~~ the ~~reverse~~development ~~process~~and embedding of ~~placing~~A.I. atechnology ~~case~~in machines that operate in the physical world. For example, at Symbotic, Physical A.I. is used in autonomous systems like our Bots, de-palletizing and palletizing robotic cells to perceive, understand, reason and perform or orchestrate complex actions in our systems.

•~~Outbound~~A.I.–Powered Software: Our ~~outbound~~systems ~~lift~~utilize ~~retrieves~~A.I. ~~cases~~technologies ~~delivered~~in bya ~~Symbots~~variety ~~and~~of ~~transfers~~ways ~~them~~ to ~~the~~dynamically ~~outbound~~achieve ~~level~~optimal ofperformance ~~our~~and ~~system.~~improve ~~Our~~over ~~software~~time. ~~utilizes~~Since the ~~Symbots~~flow ~~and~~of ~~lifts~~goods tothrough ~~sequence~~our ~~cases~~systems inis anhighly ~~optimal~~dynamic ~~order~~and ~~for~~the ~~outbound~~related ~~processing.~~parameters ~~Our~~are ~~system~~constantly ~~typically~~changing, ~~creates~~our asoftware ~~pallet~~responds ~~comprised~~to ofthese achanges ~~variety~~by ofreoptimizing ~~different~~every ~~goods~~task ~~and~~that ~~SKUs~~needs ~~(known~~to asbe acompleted ~~“rainbow~~multiple ~~pallet”).~~times ~~Our~~per ~~system~~second. ~~can~~The ~~also~~re-optimization ~~create~~is ~~a rainbow pallet~~ based ~~upon~~on ~~a customer’s store plan. Specifically,~~ the ~~rainbow~~supply ~~pallet can consist~~ of ~~products for a specific store aisle~~goods, ~~which can be delivered directly from a truck to~~ the ~~end~~location of anthose ~~aisle~~goods, soand ~~that store employees can unpack~~ the ~~cases~~storage ~~from the pallet, replenish~~ shelves ~~quickly,~~available ~~and~~within ~~reduce~~the ~~store~~storage ~~labor costs~~structure.

~~•Palletizing:~~ Our ~~system uses A.I.-enabled~~ software ~~that~~enables ~~allows~~our usBots to ~~palletize~~independently ~~cases~~place ~~using~~and ~~two~~retrieve ~~robotic~~various ~~arms~~sizes onof ~~opposite~~goods ~~sides~~with ofdifferent apackage ~~pallet.~~material, ~~These~~make ~~two~~corrections ~~robotic~~to ~~arms~~account ~~work~~for ~~together~~product ~~placing~~movement, aand ~~case~~efficiently ~~onto~~navigate athrough ~~pallet~~our systems in ~~less~~the ~~than~~shortest ~~three~~amount ~~seconds~~of time and at the lowest cost.

Our ~~Competitive~~software ~~Strengths~~manages inbound inventory and inventory levels in the storage structure against fulfillment orders, optimized to fulfillment gate times. It creates the pallet and tote build plan based on a variety of factors including inventory on hand. It also plans according to store layouts and aisle-specific plan-o-grams, pallet structure, and even more granular criteria such as isolating hazardous goods that require special handling.

We•Real-Time ~~have~~Data ~~significant~~Analytics ~~advantages~~Software: ~~over~~Our ~~our~~proprietary ~~competitors~~software ~~because~~aggregates ofand synthesizes data generated by our ~~people~~systems to provide real-time analytics and actionable insights regarding inventory levels, ~~technologies~~throughput, accuracy and ~~experience,~~performance. ~~underpinned~~We byalso ~~decades~~collect ofand ~~leadership~~analyze inreal-time ~~supply~~data ~~chain~~on ~~operations~~various ~~and~~parts ~~innovation.~~of ~~Specifically,~~our wesystems ~~benefit~~to ~~from~~evaluate ~~the~~health ~~following~~and ~~competitive~~predict ~~advantages:~~maintenance needs.

•A.I.-Powered De-Palletizing Robotic Cells: Our systems in the distribution center use our proprietary de-palletizing robotic end of arm tools, coupled with our A.I. and state-of-the-art vision enhanced robotic arms to de-

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palletize cases of multiple SKUs. During de-palletization, we scan each case to create a digital model including, among other things, its size, stability, and density. This allows our A.I.-powered software to optimize storage, retrieval, and palletizing for distribution to stores based upon an individual case’s characteristics.

•A.I.-Powered Palletizing Robotic Cells: Our systems in the distribution center use proprietary A.I.-powered software, state-of-the-art vision enhanced palletizing robotic arms and our patented end of arm tools to combine multiple SKUs into aisle-ready pallets. Our palletizing robotic application uses two robots simultaneously to palletize cases and totes rapidly and efficiently.

Our Competitive Strengths

We have significant advantages over our competitors because of our people, technologies, and experience, underpinned by decades of leadership in supply chain operations and innovation. Specifically, we benefit from the following competitive advantages:

Experienced, Founder-Led Leadership Team

We are a founder-led company. Our ~~Chairman~~chairman, ~~Chief~~chief ~~Executive~~executive ~~Officer~~officer, and significant shareholder, Richard B. Cohen, ~~started~~founded Symbotic in 2006 to develop advanced technologies tothat make the supply chain work better for everyone.—a ~~This~~ vision ~~was~~shaped ~~inspired~~ by ~~Mr.~~his ~~Cohen’s~~decades ~~experiences~~of experience building C&S Wholesale Grocers. With deep operational expertise in running high-volume, low-margin warehouse operations, Mr. Cohen has been establishing, managing, and innovating in warehouse environments for two generations. We believe this experience provides us with a distinct competitive advantage in understanding the complexities of large-scale automation and logistics.

Mr. Cohen ishas assembled an ~~accomplished~~experienced ~~business~~board ~~builder,~~and asexecutive ~~evidenced~~leadership byteam ~~his~~with ~~helping~~diverse ~~lead~~expertise ~~sales~~in ~~growth~~technology, atengineering, ~~C&S~~and ~~Wholesale~~operations. ~~Grocers~~Members ~~from~~of ~~$14~~our ~~million~~board inof ~~1974~~directors toand ~~over~~leadership ~~$20~~team ~~billion~~have inheld ~~2023.~~senior ~~Effectively~~roles ~~running~~at ~~warehouse~~leading ~~operations~~organizations ~~for~~and ~~the~~research ~~low~~institutions, ~~margin~~including ~~grocery~~Alphabet, ~~industry~~Amazon, ~~Mr.~~Avis ~~Cohen~~Budget ~~has~~Group, ~~been~~The ~~building~~Boeing Company, ~~running~~Comau, ~~and~~Carnegie ~~innovating~~Mellon, ~~warehouses~~Enphase, ~~for~~Fortna, ~~two~~Manhattan ~~generations.~~Associates, WeMIT, ~~believe~~Parker-Hannifin, ~~our~~SoftBank, ~~founder’s~~Staples, ~~deep~~Tesla, ~~industry~~Toyota, and ~~operational expertise is a core competitive advantage for us~~Walmart.

Mr. Cohen built a team of experienced board members and executives with a diverse range of technology expertise acquired at industry leading companies and institutions such as Amazon, The Boeing Company, Fortna, Manhattan Associates, MIT, SoftBank, Staples, Tesla, Toyota, and Walmart.

Unique Team Culture

Our ~~team~~culture ~~has~~is ~~harnessed~~rooted ~~first~~in first-principles thinking, toallowing ~~help~~ us ~~understand~~to analyze complex systems ~~like~~such as supply chains and automation infrom ~~simple,~~the ~~elemental~~ground ~~ways~~up. This approach ~~unburdens~~frees our ~~creativity~~teams ~~from~~to innovate without the constraints of legacy ~~problem~~processes ~~solving.~~and ~~First~~has ~~principles~~fueled ~~thinking~~the ~~also~~creation ~~leads~~of usproprietary totechnology ~~constantly~~and ~~question~~differentiated ~~our~~intellectual ~~established approaches to problems, freeing us to invent new technologies to improve the supply chain~~property. ~~Approximately~~Nearly half of our ~~team~~employees isare ~~composed~~engaged ofin ~~software~~engineering, ~~mechanical,~~research ~~electrical,~~ and ~~systems~~development, ~~engineers~~ and ~~scientists~~related ~~focused~~technical ~~on our technology solutions~~functions. As a result, we have developed ~~or created~~ a ~~significant~~substantial ~~amount of~~ intellectual property ~~protecting our core technology~~portfolio, including amore ~~patent~~than ~~portfolio~~1,100 ~~with~~issued ~~over~~and/or ~~700~~pending ~~patent filings~~patents.

First Mover Advantage with Differentiated System Architecture

We believe we have developed highly unique system architecture, which uses ~~fully~~ autonomous robots at scale and in real world supply chain applications. The advantages of this approach are so compelling, as measured by performance data in real world applications, that we believe our ~~system~~systems can become the de facto standard approach for how warehouses operate.

Superior System Return on Investment

Based on quantifiable metrics, our ~~system~~systems ~~provides~~provide our customers with rapid recovery of investment costs and a compelling return on investment.

•Superior Product Throughput: The ~~high density of our system, the~~ optimized and randomized storage of our architecture, and the speed and agility of our ~~autonomous~~Bots, ~~mobile~~minimize ~~robots~~Bot ~~minimizes~~ movement ~~to increase throughput~~, ~~enhances~~which ~~SKU~~increases ~~agility, and reduces the number of robots required to distribute product~~throughput.

•High Density System & Storage: Partial pallets represent an increased level of on-hand inventory and leave unused volume within the warehouse. Volume adds expense because it has a storage cost and adds movement distance that slows down the movement of goods through the supply chain. By managing goods at the case and tote level, rather than at the pallet level, our ~~system~~systems ~~removes~~remove unused space from the warehouse, and stores merchandise more densely~~, and increases the speed of product throughput~~.

•No Compromise Retrofit: The modularity of our systems allows us to install our systems in existing warehouses while achieving full performance benefits. We are also able to install our systems in phases, which allows the warehouse to continue to operate while the transition to our systems is underway.

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•NoSystem ~~Compromise Retrofit~~Scalability: ~~The~~Our ~~modularity~~systems ofcan ~~our~~be ~~system~~scaled ~~allows us~~ to ~~install~~fit ~~our~~the ~~system~~needs inof ~~existing~~our ~~warehouses~~customers ~~while~~and ~~achieving~~scale ~~full~~of ~~performance~~their ~~benefits~~facilities. We ~~are~~can ~~also~~easily ~~able~~reconfigure toand ~~install~~expand our ~~system~~systems ~~in phases, which allows the warehouse~~ to ~~continue~~accommodate toSKU ~~operate~~proliferation ~~while~~as ~~the~~our ~~transition~~customers’ toneeds ~~our~~and ~~system~~strategies ~~is underway~~evolve.

•Inventory Reduction & SKU Agility: The accuracy, throughput speed, and density of our ~~system~~solution allows our customers to achieve a higher level of availability and maintain a wider range of SKU variety with less inventory.

•Fulfillment Accuracy: Our digitization strategy, and A.I.-~~enabled~~powered store~~/retrieve~~ ~~software~~ and ~~other~~retrieve ~~automated~~software ~~systems~~ contribute to the ~~99.9999%~~ fulfillment accuracy of our ~~system~~systems. Currently, we ship in excess of eight million cases per day without reported inaccurate fulfillments.

•System Resilience: Our system-of-systems architecture philosophy ~~eliminates~~reduces single points of failure, which enhances system resiliency. We utilize a redundant array of autonomous robots, lifts, ~~and~~ inbound de-palletizing cells and outbound palletizing ~~systems~~cells. ~~This~~If ~~allows~~ any key part of our system tofails, ~~assume~~another ~~the~~part ~~task load~~ of ~~another~~our system ~~part~~can ifassume ~~any~~the ~~sub-system~~task ~~fails~~load. In addition, our hardware and software are engineered for rapid serviceability utilizing field-replaceable components wherever possible.

•~~System~~Upstream ~~Scalability~~and Downstream Benefits: Our ~~system~~systems ~~can~~create bebenefits ~~scaled~~throughout ~~to fit~~ the ~~needs~~supply ofchain. ~~our~~There ~~customers~~are ~~and~~benefits ~~scale~~for ofour ~~their~~customers ~~facilities.~~before Wethe ~~are~~goods ~~also~~reach ~~able to install~~ our ~~systems in phases~~solution, ~~allowing~~which ~~the~~include ~~warehouse~~order ~~facility~~qualities, topricing ~~continue~~and topackaging. ~~operate~~There ~~while~~are ~~the~~also ~~transition~~benefits tofor our ~~system~~customers isafter ~~underway.~~the Wegoods ~~can~~leave ~~easily~~our ~~reconfigure~~solution, ~~and~~which ~~expand~~include ~~our~~optimized ~~system~~trailer toutilization ~~accommodate~~and ~~SKU~~optimal ~~proliferation~~sequencing asfor ~~our~~routing ~~customers’ needs~~ and ~~strategies evolve~~receiving.

Remaining Performance Obligations (~~“Backlog”~~i.e., backlog)

As of September 2827, ~~2024~~2025, we had approximately $22.45 billion of backlog of orders from our customers, of which approximately 1012% is expected to be recognized as revenue in fiscal year ~~2025~~2026. We define backlog as unperformed performance obligations under existing contracts. The backlog is largely structured to maintain our gross profit targets even in times of high inflation or supply chain-related price increases. For example, in most cases, increases in steel prices are passed on to the customer, preserving our gross profit. Our contracts that we use to determine this backlog do not contain termination for convenience clauses. Outside of insolvency, or specific change in control provisions, most of our backlog can only be terminated if we do not deliver the systems with its defined performance standards.

The backlog is largely structured to maintain our gross profit targets even in times of high inflation or supply chain related price increases. For example, in most cases, increases in steel prices are passed on to the customer, preserving our gross profit.

Our contracts do not contain termination for convenience clauses. Outside of insolvency, or specific change in control provisions, most of our backlog can only be terminated if we do not deliver the System with its defined performance standards, which we believe to be unlikely. In addition, because our System significantly reduces our customers’ costs, contract termination by our customers would be costly and disruptive to their operations, enhancing our ability to retain our customers.

Backbone of Commerce

Our expertise has been established at the front end of the supply chain because our ~~system~~systems ~~“handshakes”~~at ~~directly~~distribution centers have direct coordination with producers and manufacturers who are the first node in the supply chain. Our ~~system~~systems isat distribution centers are the backbone of commerce because our optimized case handling capability benefits all nodes downstream in the supply chain. Our ~~system~~systems ~~has~~have a strategic impact for our customers and is mission critical for daily operations. We believe this will result in high rates of customer retention.

WeOur ~~are~~BreakPack ~~also prototyping our second generation of Breakpack~~ system, ~~a full-scale, individual unit handling application, that~~ can be integrated into our case handling system, and be installed in ~~the~~a ~~warehouse~~distribution center for each handling application. We believe this capability is unique and will drive supply chain efficiency through reduced handling of goods and the ability to buffer inventory at either the precise ~~unit~~each, or case count.

WeOur ~~believe~~micro-fulfillment ~~our~~system ~~competitive~~provides ~~positioning~~the isnext ~~highly~~logical ~~differentiated~~step ~~because~~in ~~our~~building ~~upstream~~out ~~expertise~~the ~~facilitates~~essential ~~our~~components ~~integration~~of ~~with~~commerce ~~other~~by ~~downstream~~utilizing ~~applications,~~a ~~including~~version of our ~~Breakpack~~solution ~~system.~~(initially ~~Our system resides upstream~~ in the ~~supply~~back ~~chain~~of ~~from~~stores ~~systems~~of ~~for~~Walmart ~~e-commerce~~locations) ~~fulfillment~~to ~~centers.~~provide ~~Our~~order ~~competitors~~fulfillment ~~have~~directly ~~not~~to ~~established~~customers ~~automated~~representing ~~case~~the ~~level~~final ~~storage~~node orin ~~warehouse~~the ~~expertise,~~supply ~~which makes their upstream integration significantly more challenging than our downstream integration~~chain.

We believe our competitive positioning is highly differentiated because our upstream expertise facilitates our integration with other downstream applications, including our BreakPack and micro-fulfillment systems.

Our Market Opportunity

We define our primary addressable market as the total potential spend on our ~~system~~systems ~~over~~and ~~the~~software ~~next 15 years~~ for U.S. warehouses in the general merchandise, ambient grocery, ambient food distribution, consumer packaged food, and apparel verticals over the next 15 to 25 years. We estimate the size of our initial addressable market for our case-based system to be $144 billion based on the number of warehouses in each of those verticals, our estimates of the percent of warehouses in each vertical that are addressable, and the expected average price of our ~~system~~systems and associated recurring software revenue over the next 15 to 25 years.

We estimate that there is an additional $126 billion in market opportunity from our secondary verticals (non-food consumer packaged goods, home improvement, auto parts, third-party logistics, and refrigerated and frozen foods).

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~~Over~~We ~~time~~estimate wethat ~~plan~~there tois ~~expand~~an ~~beyond our primary and secondary target verticals, into~~ additional ~~verticals~~$126 ~~such~~billion asin ~~pharmaceuticals and electronics. To capture the size of this broader~~ market opportunity, wefrom ~~estimate~~our ~~the~~secondary ~~size of these additional~~ verticals, inwhich ~~the~~are ~~United~~non-food ~~States~~consumer atpackaged angoods, ~~additional~~home ~~$52~~improvement, ~~billion~~auto ~~(using~~parts, ~~the~~third-party ~~same~~logistics, ~~methodology~~and werefrigerated ~~use~~and ~~for~~frozen ~~our~~foods ~~primary~~over ~~and~~the ~~secondary~~next ~~verticals)~~15 years.

WeOver ~~also~~time, we plan to expand tobeyond ~~Europe,~~our primary and ~~further~~secondary ~~expand~~target ~~within~~verticals ~~Canada,~~into soadditional weverticals ~~define~~such ~~our total addressable market~~ as ~~our~~healthcare ~~total~~and Uelectronics.S. ~~market~~To ~~opportunity~~capture ofthe ~~$321~~size ~~billion~~of ~~plus~~this ~~our~~broader market opportunity ~~in Canada and Europe~~, ~~which~~ we estimate tothe besize anof these additional ~~$111~~verticals ~~billion.~~in ~~This~~the ~~implies~~United aStates ~~total~~at ~~addressable~~an ~~market~~additional of $~~432~~52 billion. Toover ~~estimate our market opportunity in Europe and Canada we assume~~ the ~~number~~next of15 ~~warehouses~~years in(using ~~each country relative to~~ the ~~number~~same ofmethodology ~~warehouses~~we inuse ~~the~~for ~~U.S.~~our isprimary ~~proportionate~~and tosecondary ~~their relative GDPs~~verticals). We ~~then~~signed ~~multiply the resulting number of warehouses by~~ our ~~estimate~~first ~~for~~contract ~~the~~with ~~percent~~a ofcustomer ~~those~~in ~~warehouses that are addressable and by our estimate for~~ the ~~average~~healthcare ~~price~~vertical ofin ~~our system and associated recurring revenue outside~~ the ~~U.S.~~quarter ~~After~~ended ~~the~~September ~~fiscal year completed~~27, ~~we also began our first expansion into Latin America~~2025.

~~The~~We ~~GreenBox~~also ~~joint~~plan ~~venture was established~~ to ~~serve~~expand ~~the~~internationally, ~~needs~~so ofwe ~~outsourced~~define ~~case~~our ~~handling.~~total ~~Generally~~addressable ~~known~~market as ~~third-party~~our ~~logistics,~~total ~~our~~U.S. ~~focus~~market isopportunity onof ~~the~~$322 ~~warehouse-as-a-service~~billion ~~(WaaS)~~plus our market ~~(“WaaS~~opportunity ~~Market”).~~in ~~The~~Canada, ~~WaaS~~Germany, ~~Market~~Italy, ~~has~~United ~~witnessed~~Kingdom ~~significant~~and ~~growth~~France, inwhich ~~recent~~we ~~years,~~estimate ~~driven~~to bybe ~~the~~an ~~increasing~~additional ~~demand~~$111 ~~for~~billion ~~flexible~~over ~~and~~the ~~scalable~~next ~~warehousing~~15 ~~solutions~~years. AsThis ~~businesses~~implies ~~focus~~a ontotal ~~optimizing~~addressable ~~their~~market ~~supply~~of ~~chain~~$433 ~~operations,~~billion ~~WaaS~~over ~~has~~the ~~emerged~~next as15 ayears. ~~strategic~~To ~~alternative~~estimate toour ~~captive~~market ~~warehouses~~opportunity in Germany, ~~offering~~Italy, ~~on-demand~~United ~~access~~Kingdom, toFrance ~~warehouse~~and ~~facilities~~Canada, ~~advanced~~we ~~inventory~~assume ~~management~~the ~~systems,~~number ~~and~~of ~~technology-driven~~warehouses ~~logistics~~in ~~solutions~~each ~~that~~country ~~benefit~~relative ~~from~~to ~~automation~~the ~~and~~number Aof warehouses in the U.IS. is proportionate to their relative GDPs. We ~~believe~~then multiply the ~~WaaS~~resulting ~~Market~~number ~~has~~of ~~the~~warehouses ~~potential~~by our estimate for ~~sustained~~the ~~growth,~~percent ~~underpinned~~of those warehouses that are addressable and by our estimate for the ~~rise~~average price of ~~globalization,~~our ~~outsourcing,~~system ~~e-commerce,~~ and associated recurring revenue outside the ~~evolving~~U.S. ~~preferences~~over ofthe ~~businesses~~next ~~seeking~~15 ~~cost-effective~~years. ~~and~~We ~~agile~~also ~~warehousing~~began ~~solutions~~our first expansion into Mexico in fiscal year 2025.

We have identified an additional $305 billion addressable market in the United States for our micro-fulfillment solution. Our estimate of future e-commerce sales in the U.S. is based on the number of systems required to fulfill 50% of orders implied by CapitalOne’s December 2024 forecast of $2.6 trillion of e-commerce sales in the United States in 2030 (and 15 years of software revenue).

The GreenBox joint venture was established to serve the needs of outsourced case handling. Generally known as third-party logistics, our focus is on the warehouse-as-a-service (“WaaS”) market. The WaaS market has witnessed significant growth in recent years, driven by the increasing demand for flexible and scalable warehousing solutions. As businesses focus on optimizing their supply chain operations, WaaS has emerged as a strategic alternative to captive warehouses, offering on-demand access to warehouses, advanced inventory management systems, and technology-driven logistics solutions that benefit from automation and A.I. We believe the WaaS market has the potential for sustained growth, underpinned by the rise of globalization, outsourcing, e-commerce, and the evolving preferences of businesses seeking cost-effective and agile warehousing solutions.

Our Growth Strategy

The key elements of our strategy for growth include the following:

•Further penetrate customers’ operations: Our customers are large companies, many of which have thousands of stores and hundreds of warehouses ~~and distribution centers~~. Under our customer contracts, we are converting a portion of these customers’ warehouses ~~and distribution centers~~ in the United States to our ~~system~~systems. We fully expect that the value these customers receive from our ~~system~~systems will translate into winning full deployments at the remainder of their warehouses and ~~distribution centers and~~ therefore, we expect to grow our market share.

•Win additional customers in existing verticals: Given the size of our primary ~~serviceable~~ addressable market relative to the size of our customer base, there is significant room for us to expand in our primary addressable market. We have numerous other potential customers in various stages of the sales cycle and we expect to win new customers in our primary addressable market.

•Expand into new verticals: We believe that every vertical that involves the physical distribution of goods through a warehouse ~~or distribution center~~ is a potential customer. We have the intention and technological capability to expand into the non-food consumer packaged goods, auto parts, and third-party logistics verticals. ~~Additionally,~~As as we build our refrigerated and frozen capabilities, we intend to expand into these verticals. We signed our first customer in the healthcare vertical in the quarter ended September 27, 2025.

•Expand product offerings: We intend to expand our product suite to increase our value to our customers and to attract new customers. For example, bywe ~~building~~developed our ~~integrated~~BreakPack ~~item~~system ~~handling~~and ~~application,~~acquired wethe ~~can~~ASR ~~help~~business ~~our~~from ~~customers~~Walmart. ~~manage~~These ansolutions ~~increasing~~help ~~variety~~our ofcustomers ~~SKUs~~manage and optimize their e-commerce operations. WeThey ~~can~~ also increase our appeal to pure-play e-commerce retailers. ~~Because~~We ~~our system is designed to integrate third-party applications, we~~ are also exploring ~~opportunities to expand our product suite through partnerships, investments, and acquisitions. Finally, we are exploring~~ new business models, specifically by adding reverse logistics and WaaS offerings. These future anticipated products are not included in our current support and maintenance arrangements.

•Geographic Expansion: We intend to expand beyond the United States and Canada. We are currently evaluating opportunities in Europe and the Middle East, and after our fiscal year completed, began our first expansion into Latin America.

•WaaS: We are addressing the WaaS market through our GreenBox joint venture, which we believe is positioned to leverage our expertise and the technology of our system to capture opportunities, meet evolving customer needs, and drive sustainable value for our shareholders.

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•Geographic Expansion: We intend to expand beyond the United States, Canada and Mexico. We are currently evaluating opportunities in Europe and Australia, and in fiscal year 2025, began our expansion in Mexico.

•WaaS: We are addressing the WaaS market through our GreenBox joint venture, which we believe is positioned to leverage our expertise and the technology of our systems to capture opportunities, meet evolving customer needs, and drive sustainable value for our shareholders.

•Acquisitions: Because our systems are designed to integrate third-party applications, we continuously explore opportunities to expand our product suite through partnerships, investments, and acquisitions. For example, in December 2024, we acquired OhmniLabs, which pioneered a fully in-house development and manufacturing model, enabling rapid innovation and speed-to-market for cutting-edge robotics solutions. In January 2025, we acquired the ASR business from Walmart and signed the 2025 Walmart MAA.

Competition

Most of our primary market relies on conventional manual and semi-mechanized systems that are labor intensive. There are several point solutions available in the market that automate certain components of the warehouse ~~or distribution center~~, but few offer comprehensive systems. Those that do typically require a significant greenfield real estate investment.

Some point solutions such as specific goods-to-people robotics or pick and pack robotic arm solutions address only specific supply chain functions but do not maximize the efficiency of the supply chain as a whole. These solutions also must be integrated with other disparate technologies, which often ~~comes~~come at significant cost and time and adds latency to operations.

~~The~~Other companies that offer comprehensive solutions, most notably Witron, Honeywell, Dematic, Vanderlande, Knapp AG, SSI Schaefer, and Swisslog, have systems that are composed of a disparate set of mechanically complex point solutions, with numerous single points of failure. These systems are challenging to implement and expensive to adapt to changing customer needs and SKU variation. Even the comprehensive mechanical systems require significant manual labor. They are frequently based on pallet and partial pallet storage techniques, which require additional inventory and warehouse space.

~~Amazon~~Since ~~Kiva, Exotec, Ocado, and AutoStore focus exclusively on individual order fulfillment. We do not consider them to be direct competitors because~~ we ~~are~~expanded ~~focused~~into ~~on fulfillment to physical stores. They focus primarily on~~ e-commerce ~~and~~with ~~lack~~our ~~case~~micro-fulfillment ~~picking~~system, ~~technology.~~Knapp ~~Therefore~~AG, ~~they~~Exotec, ~~cannot~~Ocado, ~~support~~Geek+, ~~large~~Hai ~~retailers~~Robotics ~~with both online~~ and ~~offline~~AutoStore ~~operations~~are competitors. However, they ~~may~~focus ~~become~~exclusively ~~partners~~on orindividual ~~competitors~~order iffulfillment weand ~~expand~~lack ~~into~~case ~~e-commerce~~picking ~~or if they expand to brick-and-mortar retail~~technology.

Customers

Customer Base

We have a strong blue -chip customer base that includes some of the world’s largest retailers and wholesale grocers, including Walmart, Albertsons, our affiliate, C&S Wholesale Grocers, GreenBox, and Target.

Walmart

We have worked with Walmart since 2015 and entered into the initial Walmart Master Automation Agreement (“Walmart MAA”) in 2017 and restated and amended that agreement in January 2019. OnIn April ~~30,~~ 2021, we amended the Walmart MAA to expand our commercial relationship with Walmart and the scope of the Walmart MAA to the implementation of our systems across 25 of Walmart’s 42 regional distribution centers. OnIn May ~~20,~~ 2022, we again amended and restated the Walmart MAA (“A&R MAA”) to further expand our commercial relationship with Walmart and the scope of the Walmart MAA to the implementation of additional systems across all of Walmart’s 42 regional distribution centers. The ~~amendment~~A&R ~~and restated Walmart~~ MAA added approximately an additional $6.1 billion to our backlog at that time.

The implementation of our systems ~~under the Walmart MAA~~ began in 2021 and will continue based upon an agreed-upon timeline, subject to limited adjustment, with the implementation of all systems to begin by the end of 2029. For each system, Walmart pays us:

•the cost of implementation, including the cost of material and labor, plus a specified net profit amount, subject in certain cases to a capped cost amount;

•for software maintenance and support for a minimum of 15 years following preliminary acceptance of the system and with annual renewals thereafter; and

•for spare parts and other miscellaneous expenses.

Walmart also pays us for operation services for systems installed in the first four buildings for an operation service period for each system that ends on the third anniversary of preliminary acceptance of the final system installed in a building.

The initial term of the Walmart MAA expires on May 20, 2034 with annual renewals of the term thereafter. At any time, either party may terminate the Walmart MAA in the event of insolvency of the other party or a material breach of the other party that has not been cured. Walmart may also terminate the Walmart MAA at any time if we fail to meet certain performance standards or undergo certain change of control transactions.

Pursuant to the Walmart MAA, we must provide Walmart notice in certain circumstances, including if we explore transactions other than the Business Combination that would reasonably be expected to result in a change of control or sale of 25% or more of the voting power of Symbotic. Such transactions are prohibited for specified time periods following such notice, and we must allow Walmart to participate on terms and conditions substantially similar to those of other third-party

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~~participants.~~Walmart Wealso ~~have~~pays ~~also~~us ~~agreed~~for tooperation ~~certain~~services ~~restrictions~~for onsystems ~~our~~installed ~~ability~~in tothe ~~sell~~first orfour ~~license~~distribution ~~our~~centers ~~products~~for ~~and~~an ~~services~~operation toservice aperiod ~~specified~~for ~~company~~each orsystem ~~its~~that ~~subsidiaries,~~ends ~~affiliates,~~on orthe ~~dedicated~~third ~~service~~anniversary ~~providers~~of preliminary acceptance of the final system installed in a building and for other systems as requested.

OnThe ~~December~~initial ~~12,~~term ~~2021,~~of ~~we entered into an Investment and Subscription Agreement (~~the ~~“Investment~~A&R ~~and~~MAA ~~Subscription~~expires ~~Agreement”) with Walmart. Pursuant to such agreement,~~ in ~~connection~~May 2034 with ~~the~~annual ~~amendment~~renewals ~~and restatement~~ of the ~~Walmart~~term ~~MAA on May 20, 2022, Walmart exercised a warrant to purchase 267,281 units of Warehouse, or 3~~thereafter.7% ofAt ~~the~~any ~~total outstanding units of Warehouse at such~~ time ~~as calculated following the exercise of the warrant and issuance of units thereunder~~, ateither anparty ~~aggregate~~may ~~purchase~~terminate ~~price of $103,980,327. We also issued Walmart a new warrant to purchase 258,972 units of Warehouse, or 3.5% of~~ the ~~total~~A&R ~~outstanding~~MAA ~~units~~in ~~of Warehouse at such time as calculated on a pro forma basis at~~ the ~~time~~event of ~~the~~insolvency ~~issuance~~ of the ~~warrant,~~other ~~subject~~party toor ~~customary adjustments, at an exercise price of $614.34 per unit, which is the estimated value of~~ a ~~unit~~material ofbreach ~~Warehouse on the date~~ of the ~~Merger~~other ~~Agreement~~party ~~based~~that onhas ~~the~~not ~~Exchange~~been ~~Ratio assuming one share of Class A Common Stock is $10~~cured.~~00.~~ InWalmart ~~connection~~may ~~with~~also ~~the~~terminate ~~Closing of~~ the ~~Business~~A&R ~~Combination,~~MAA ~~the~~at ~~warrant~~any totime ~~purchase~~if ~~258,972~~we ~~units~~fail ~~of Warehouse converted into a new warrant~~ to ~~acquire~~meet upcertain toperformance anstandards ~~aggregate~~or ofundergo ~~15,870,411~~certain ~~common~~change ~~units~~ of ~~Symbotic~~control ~~Holdings~~transactions. ~~This warrant vested and was exercised at an exercise price of $10.00 per common unit, for an aggregate purchase price of $158,704,110.~~

Pursuant to the ~~Investment~~A&R ~~and Subscription Agreement and as a result of the warrant exercise~~MAA, ~~Walmart~~we ~~has~~must ~~the~~provide ~~right to designate a~~ Walmart ~~employee~~notice ~~of a certain seniority level to attend all meetings of the Board~~ in ~~a nonvoting observer capacity, except in~~ certain circumstances, including ~~where~~if ~~such~~we ~~observer’s~~explore ~~attendance~~transactions, ~~may~~that bewould ~~inconsistent~~reasonably ~~with~~be ~~the~~expected ~~directors’ fiduciary duties~~ to ~~the~~result ~~Company~~in ~~or where such meetings may involve attorney-client privileged information,~~ a ~~conflict~~change of ~~interest~~control ~~between~~or ~~the~~sale ~~Company~~of ~~and~~25% ~~Walmart~~ or ~~information~~more ~~that~~of the ~~Company~~voting ~~determines~~power isof ~~competitively or commercially sensitive~~Symbotic. ~~Additionally,~~Such ~~pursuant~~transactions toare ~~the~~prohibited ~~Investment~~for ~~and~~specified ~~Subscription~~time ~~Agreement~~periods ~~and~~following ~~subject~~such ~~to certain exceptions described therein~~notice, ~~Walmart~~and iswe ~~subject~~must toallow ~~a standstill agreement that limits~~ Walmart’s ~~ability~~ to ~~pursue~~participate ~~certain~~on ~~transactions~~terms ~~with respect to Warehouse~~ and ~~the~~conditions ~~Company~~substantially ~~until~~similar ~~the~~to ~~earlier~~those of ~~(i)~~other ~~December~~third-party ~~12,~~participants. ~~2025~~We ~~and~~have ~~(ii)~~also ~~the~~agreed ~~later~~to ofcertain ~~(a)~~restrictions ~~the date~~ on ~~which~~our ~~Walmart~~ability ~~owns~~to ~~less~~sell ~~than~~or 5%license ofour ~~the~~products ~~fully~~and ~~diluted~~services ~~equity~~to ~~interests~~a ofspecified ~~Warehouse~~company or, ~~after~~its ~~the~~subsidiaries, ~~closing of the Business Combination (the “Closing”)~~affiliates, ~~the~~or ~~Company~~dedicated ~~and~~service ~~(b) the date that is six months after Walmart no longer has the board observer rights described above~~providers.

~~GreenBox~~In December 2021, we entered into an Investment and Subscription Agreement (the “Investment and Subscription Agreement”) with Walmart. Pursuant to the Investment and Subscription Agreement, in connection with the A&R MAA, Walmart purchased 267,281 units of Warehouse Technologies LLC (“Warehouse”), or 3.7% of the total outstanding units of Warehouse at such time. As a result of the investment pursuant to the Investment and Subscription Agreement and subsequent investments, as of September 27, 2025, Walmart had beneficial ownership of approximately 13% of our issued and outstanding common stock.

OnPursuant ~~July~~to 21the Investment and Subscription Agreement and as a result of its ownership, ~~2023~~Walmart has the right to designate a Walmart employee of a certain seniority level to attend all meetings of our board of directors in a nonvoting observer capacity, except in ~~conjunction~~certain circumstances, including where such observer’s attendance may be inconsistent with ~~entities~~the ~~related~~directors’ fiduciary duties to the ~~SoftBank~~Company ~~Group,~~or wewhere ~~established~~such ~~GreenBox~~meetings ~~Systems~~may ~~LLC~~involve attorney-client privileged information, a ~~strategic~~conflict ~~joint~~of ~~venture~~interest tobetween ~~build~~the Company and ~~automate~~Walmart ~~supply~~or ~~chain~~information ~~networks~~that ~~globally~~the byCompany ~~operating~~determines ~~and~~is ~~financing~~competitively ~~our~~or ~~advanced~~commercially Asensitive.I. Additionally, pursuant to the Investment and ~~automation~~Subscription ~~technology~~Agreement ~~for~~and subject to certain exceptions described therein, Walmart is subject to a standstill agreement that limits Walmart’s ability to pursue certain transactions with respect to the ~~warehouse.~~Company Weuntil ~~own~~the ~~35%~~earlier of ~~GreenBox~~(i) December 12, 2025 and ~~SoftBank~~(ii) ~~Group~~the later of (a) the date on which Walmart owns 65less than 5% of ~~GreenBox.~~the fully diluted equity of the Company, and (b) the date that is six months after Walmart no longer has the board observer rights described above.

OnPursuant ~~July~~to ~~23,~~the ~~2023~~2025 Walmart MAA, we ~~entered~~are ~~into~~operating aseveral ~~commercial~~micro-fulfillment ~~agreement~~systems, ~~with~~which ~~GreenBox~~we ~~that~~will ~~sets~~continue ~~forth~~to ~~the~~support. ~~terms,~~We ~~conditions,~~will ~~rights~~also ~~and~~engage ~~obligations~~in ~~governing~~a ~~the~~development ~~design,~~program ~~installation,~~funded ~~implementation~~by ~~and~~Walmart ~~operation~~to ofenhance ~~our~~current ~~system~~online ~~for~~pickup ~~GreenBox.~~and Ondelivery ~~the~~fulfillment ~~terms~~systems and ~~subject~~design tonew ~~the~~micro-fulfillment ~~conditions~~systems ~~set~~to ~~forth~~meet ~~therein,~~ the ~~commercial~~needs ~~agreement~~of ~~provides~~current ~~for~~and afuture ~~commitment from GreenBox to expend at least $7~~customers.5 ~~billion~~The in2025 ~~the~~Walmart ~~aggregate~~MAA toprovides ~~purchase~~for ~~our systems over~~ a ~~six-year~~commitment, ~~period~~subject ~~pursuant~~ to anthe ~~agreed-upon~~satisfaction ~~timeline with implementation~~ of ~~our~~defined ~~systems which began in fiscal year 2024. For each~~ system, ~~GreenBox~~performance ~~will pay us: (i) the cost of implementation~~metrics, ~~including~~from ~~the~~Walmart ~~cost~~to ofpurchase ~~material~~400 ~~and~~micro-fulfillment ~~labor~~systems, ~~plus~~with aan ~~specified~~option ~~net profit amount; (ii)~~ for ~~software~~Walmart ~~maintenance~~to ~~and~~purchase ~~support;~~an ~~and~~additional ~~(iii)~~200, ~~for~~exercisable ~~spare~~by ~~parts~~Walmart ~~and~~within ~~other~~30 ~~miscellaneous~~days ~~expenses.~~following ~~The~~acceptance ~~initial term~~ of the ~~commercial~~220th ~~agreement with GreenBox expires on July 23, 2027, subject to a two~~micro-~~year~~fulfillment ~~extension~~system byunder ~~GreenBox if, at~~ the ~~end~~terms of the ~~initial~~2025 ~~term,~~Walmart ~~project~~MAA. ~~SOWs~~Associated ~~(as~~with ~~defined~~this indevelopment ~~the~~program, ~~commercial~~Walmart ~~agreement)~~will ~~have~~pay ~~not~~us ~~been~~a ~~executed~~total ~~with~~of ~~respect~~$520 tomillion, ~~our~~including ~~systems~~$230 ~~with~~million anthat ~~aggregate~~was ~~purchase~~paid ~~price~~at ofthe ~~GreenBox’s~~closing ~~purchase~~of ~~commitment.~~acquisition Atof ~~any time~~ASR, ~~either~~$165 ~~party~~million ~~may~~payable ~~terminate~~on the ~~commercial~~first ~~agreement~~anniversary inof the ~~event~~acquisition ofand ~~insolvency~~$125 ofmillion ~~the~~payable ~~other~~on ~~party~~the orsecond aanniversary ~~material breach~~ of the ~~other party that has not been cured~~acquisition.

~~Products~~We will pay Walmart $175 million upon Walmart’s acceptance of the first micro-fulfillment system and $175 million if Walmart elects to purchase the additional 200 systems.

~~Our~~For ~~system~~each is typically sold in three parts: the initial system sale, software maintenance and support services, and operation services. Our system is a modular, highly configurable capital asset purchase that we sell to our customer in the year of deployment. Over the remaining system life, which is typically 25micro-30fulfilment ~~years, we charge a software maintenance and support fee. Finally, we provide training and~~ system ~~operation until the customer assumes operational duties. Our typical deployment model is to build and install the system~~, ~~operate~~Walmart ~~the~~will ~~system~~pay ~~for a limited time and then transfer daily operation to the customer.~~us:

(a)the cost of implementation, including the cost of material and labor, plus a specified net profit amount, subject in certain cases to a capped cost amount;

(b)for software maintenance and support for a minimum of 15 years following preliminary acceptance of the system and with annual renewals thereafter; and

(c)for spare parts and other miscellaneous expenses.

Under certain circumstances, if we commercialize substantially similar micro-fulfillment systems for eaches (or the software used within them) with third parties, we will pay Walmart a royalty fee.

The initial term of the 2025 Walmart MAA will expire on its twelfth anniversary. At any time, either party may terminate it if the other party becomes insolvent or the other party fails to cure a material breach. Walmart may also terminate it at any time if we fail to meet certain performance standards or undergo certain changes of control. We have also agreed to

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~~Symbotic~~certain ~~System~~restrictions ~~Capabilities~~on our ability to sell or license our products and services to a specified company or its subsidiaries, affiliates, or dedicated service providers, including a quantitative limit on the sale or license of systems to third parties.

WeGreenBox implement a comprehensive automated solution for product distribution at the heart of the supply chain. We have spent over 15 years working at the confluence of product manufacturing and retail distribution to produce a fully automated system that allows more efficient handling, storage, selection, and transportation of goods once they are placed into the supply chain by manufacturers. We have accomplished this by combining “smart” software with “smart” hardware such as our autonomous mobile robots. The power of our system is that the components and applications work together in one system-of-systems to provide the results our customers experience. Our system is capable of handling each case from initiation at the warehouse or distribution center to final placement on pallets to be transported to customer stores.

~~Technologies~~In July 2023, in conjunction with entities related to the SoftBank Group, we established GreenBox, a strategic joint venture to build and automate supply chain networks globally by operating and financing our advanced A.I. and automation technology for the warehouse. We own 35% of GreenBox and SoftBank Group owns 65% of GreenBox.

~~Our~~In ~~technologies~~July ~~are~~2023, ~~categorized~~we entered into ~~both~~a ~~hardware~~commercial agreement with GreenBox that sets forth the terms, conditions, rights and ~~software~~obligations ~~components~~governing the design, ~~which~~installation, ~~work~~implementation ~~together~~and operation of our system for GreenBox. On the terms and subject to ~~deliver~~the conditions set forth therein, the ~~full~~commercial ~~comprehensive~~agreement ~~system~~provides for a commitment from GreenBox to expend at least $7.5 billion in the aggregate to purchase our ~~customers~~systems over a six-year period pursuant to an agreed-upon timeline with implementation of our systems which began in fiscal year 2024. ~~Key~~For ~~elements~~each system, GreenBox will pay us: (i) the cost of implementation, including the ~~hardware~~cost of material and labor, plus a specified net profit amount; (ii) for software ~~components~~maintenance ~~are~~and support; and (iii) for spare parts and other miscellaneous expenses. The initial term of the commercial agreement with GreenBox expires on July 23, 2027, subject to a two-year extension by GreenBox if, at the end of the initial term, project SOWs (as ~~follows:~~defined in the commercial agreement) have not been executed with respect to our systems with an aggregate purchase price of GreenBox’s purchase commitment. At any time, either party may terminate the commercial agreement in the event of insolvency of the other party or a material breach of the other party that has not been cured.

•Intelligent Autonomous Mobile Robots: Our intelligent, autonomous mobile robots utilize a suite of sensors to handle cases and locate, retrieve, and transport approximately 80% of the SKUs in our customers’ facilities at speeds of up to 25 mph (10 times faster than the average human) with 99.9999% accuracy. Our newest version of these robots uses vision technology in addition to our autonomous routing algorithms to achieve optimal speed, safety, and routing.

•A.I.–Enabled Software: Our system utilizes A.I. technologies in a variety of ways to dynamically achieve optimal performance and improve over time. For example, our system can independently determine the best locations to store inventory in the structure to improve outbound efficiency. In addition, the software enables our autonomous robots to independently place and retrieve various sizes of goods with different package material, make corrections to account for product movement, and efficiently navigate through our system to complete the system’s objectives in the shortest amount of time and at the lowest cost. Our software also dynamically responds to changes in inventory availability to fulfill customer orders on time.

By using A.I. tools to process all the data our system is generating, our system is improved by the tasks it performs. This helps us to develop algorithmic innovations that further improve system performance over time.

•System Manager: The System Manager balances work across the inbound and outbound cells of our system. It does this by managing inbound inventory and inventory levels in the storage structure against fulfillment orders, optimized to fulfillment gate times. The System Manager creates the pallet build plan based on a variety of factors including inventory on hand. It also stores and aisles specific plan-o-grams, pallet structure, and even more granular criteria such as isolating hazardous goods that require special handling.

•Storage & Retrieval Engine: Our Storage and Retrieval Engine coordinates the mechanical components within our system such as our autonomous robots, storage shelves, and lifts. It also determines, orders, and assigns all the tasks to be performed by our system. Finally, the Storage and Retrieval Engine manages safety within our system by monitoring physical access and related zonal lockouts.

The engine builds a put-away task list as goods are received that is based on put-away optimization, which determines the best placement of goods within the storage structure. Simultaneously, the engine builds a retrieval task list based on fulfillment requests. Since the flow of goods through our system is highly dynamic and the related parameters are constantly changing, the engine reoptimizes every task that needs to be completed multiple times per second. The re-optimization is based on the supply of goods, the location of those goods, and the storage shelves available within the storage structure.

Next, the location and status of every part of our system and every case of goods is evaluated, and mobile robot routes are assigned to optimally perform all the put-away and retrieval tasks. As tasks are reassigned, the routes of the mobile robot are recomputed.

•Real-Time Data Analytics Software: Our proprietary software aggregates and synthesizes system data to provide real-time analytics and actionable insights regarding inventory levels, system throughput, accuracy, and performance. We also collect and analyze real-time data on various parts of our system to evaluate health, predict maintenance needs, and as a result maintain a high level of system performance.

•A.I.-Powered De-Palletizing Robotic Cells: Our proprietary de-palletizing robotic end of arm tools, coupled with our A.I. and state-of-the-art vision enhanced robotic arms de-palletize up to 1,800 cases and 200 SKU layers per hour. During de-palletization, we scan each case to create a digital model, including, among other things, its size,

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stability, and density. This allows our A.I.-enabled software to optimize storage, retrieval, and palletizing for distribution to stores based upon an individual case’s characteristics.

•A.I.-Powered Palletizing Robotic Cells: Using proprietary A.I.-enabled software, state-of-the-art vision enhanced palletizing robotic arms and our patented end of arm tools we combine multiple SKUs into aisle-ready pallets that significantly reduce in-store labor costs for our brick-and-mortar customers while maximizing pallet capacity and throughput. Our palletizing robotic application uses two robots simultaneously to palletize product rapidly and efficiently.

Research and Development

We have invested over $~~800~~1 ~~million~~billion in developing technology for our ~~system~~systems, which is protected by ~~over~~approximately ~~700~~1,100 issued and/or pending patents. Our engineers have extensive robotics and software experience and have been working on our product portfolio for over 15 years. We conduct our research and development at our headquarters in Wilmington, Massachusetts ~~and at our Canadian headquarters in Montreal, Quebec~~.

Our research and development activities generate a continuous cycle of meaningful innovations and currently include programs in the following areas:

•Expand ~~the~~our capabilities and improve our technology: We aim to continuously advance our hardware and software development to offer better solutions to our customers that benefit their needs. Specifically, we intend to continue innovating our robust A.I.-~~enabled~~powered robots alongside our proprietary software to continue to help our customers optimize operational efficiency. For example, we recently announced our next-generation storage and performance-improving power technology for our SymBot™® mobile robots.

•Expand system offerings: As our existing customers’ needs shift and expand, we will innovate, evolve and be flexible. We will continue to innovate our existing systems as well as introduce new offerings in specific areas for which we do not have a solution, such as tailoring our ~~System~~systems to handle non-ambient foods. This will not only allow us to deepen our penetration within existing customers, but also grow our customer base in adjacent applications.

Sales and Marketing

We go to market via a direct sales model. Given the size, complexity, and value of our ~~system~~systems, our sales have come from long-term discussions between our management team and senior-level executives at our customers. As we progress, we intend to accelerate our sales cycle as we begin to expand our marketing efforts and transition from a small number of very large transactions to more widespread adoption of our ~~system~~systems.

Manufacturing and Suppliers

We operate a repair/service facility center with engineering support in Wilmington, Massachusetts,. ~~and~~The arepair ~~facility~~operation ~~with~~ensures ~~additional~~customer ~~engineering support in Montreal, Quebec~~uptime. ~~Our~~It ~~Wilmington~~also ~~facility~~ services ~~previously~~deployed ~~manufactured~~Bots ~~autonomous mobile robots, whereas today it is dedicated to warranty processing~~ and ~~repair~~components ofneeding ~~field returns~~repairs. ~~Our~~The ~~facility~~engineering ~~in Montreal conducts testing~~ and ~~engineering~~prototype ~~developmental~~areas ~~work~~focus on ~~de-palletizing and palletizing robotic cells~~innovation. ~~Each~~It ~~facility~~ is staffed with a mix of permanent and temporary employees to manage peak workload and can operate two shifts when needed. We manufacture with third-party contract manufacturers, which has allowed us to efficiently scale production capabilities, optimize resources, and foster agility in meeting growing market demand.

We also purchase lifts, fixed place robots, conveyors, and steel racking equipment from a wide range of vendors to complete our systems.

~~Intellectual Property~~14

Our ability to drive innovation in the robotics and A.I. automation markets depends in part upon our ability to protect our core technology and the intellectual property therein and thereto. We seek to protect our intellectual property rights in our core technology through a combination of patents, trademarks, copyrights, and trade secrets. This includes the use of non-disclosure and invention assignment agreements with our contractors and employees and the use of non-disclosure agreements with our customers, vendors, and business partners.

Unpatented research, development, know-how, and engineering skills make an important contribution to our business and core technology, but we pursue patent protection when we believe it is possible and consistent with our overall strategy for safeguarding our intellectual property. As of September 28, 2024, we had over 475 issued patents in 14 countries and over 225 additional patents pending worldwide. Our issued patents are scheduled to expire between May 2025 and October 2043.

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Intellectual Property

Unpatented research, development, know-how, and engineering skills make an important contribution to our business and core technology, but we pursue patent protection when we believe it is possible and consistent with our overall strategy for safeguarding our intellectual property. As of September 27, 2025, we had over 650 issued patents in 17 countries and over 410 additional patents pending worldwide. Our issued patents are scheduled to expire between January 2026 and March 2044.

Employees and Human Capital Resources

Our employees are critical to our success and innovation. As of September 2827, ~~2024~~2025, we ~~had~~employed approximately 12,~~650~~000 full-time employees, including approximately 1,~~600~~950 based in the United States. Approximately 4030% of our employees are based at, or out of, our Wilmington, Massachusetts ~~and~~headquarters. ~~Montreal,~~Approximately ~~Quebec~~half ~~locations.~~are ~~The~~located ~~remaining~~across ~~majority~~customer ofsites ~~employees~~where they install, commission, ~~operate,~~and or maintain our systems ~~at customers’ facilities~~. We also engage consultants and contractors, as needed, to supplement our permanent workforce ~~on an as needed basis~~.

ANearly ~~significant~~half ~~proportion~~ of our employees are engaged in engineering, research and development, and related technical functions. WeOur ~~have~~workforce ~~been~~brings ~~investing in our people for over a decade and our team possesses~~ decades of ~~combined~~collective ~~technical~~experience ~~and~~across ~~engineering experience~~automation, ~~with~~robotics ~~a majority of our full-time employees holding technical degrees~~ and asupply ~~substantial~~chain ~~portion of our total employee base holding advanced degrees, including numerous PhDs in engineering or related fields~~disciplines.

We ~~consider~~believe our relationship with our employees tois bestrong. inWe ~~good standing and~~ have not experienced any work stoppages. None of our employees are subject to a collective bargaining agreement or represented by a labor union.

Our human capital ~~resources~~ objectives include, as applicable, recruiting, ~~integrating,~~ developing, motivating, and retaining ~~our~~a ~~existing~~high-performing, ~~and~~diverse ~~new employees~~workforce. Our ~~The principal purposes of our~~ incentive plans are designed to attract, and retain, top talent and ~~motivate~~to ~~key~~align ~~employees,~~compensation ~~directors,~~with ~~and~~our ~~consultants~~performance through ~~cash~~a ~~and~~combination ~~stock~~of ~~performance~~cash, ~~rewards~~equity and other benefits.

~~Diversity~~As a leader in warehouse automation, ~~Equity~~we are committed to building a vibrant and ~~Inclusion~~diverse global robotics organization. We foster a culture that celebrates the uniqueness of each and every employee, enabling diverse perspectives to drive innovation and problem solving as we reimagine the supply chain industry.

As a leader in warehouse automation, we are dedicated to building a vibrant and diverse robotics organization globally. By fostering a culture of Diversity, Equity and Inclusion, we strive for a workplace that celebrates the uniqueness of each employee and embraces diversity to enable innovation as we reimagine the supply chain industry.

Talent Attraction

Our ~~ability~~success todepends ~~attract~~on attracting, developing and ~~retain~~retaining ~~key~~exceptional talent ~~is crucial~~ to ~~the~~build ~~success~~future oftechnical ~~our~~and ~~business~~leadership capability. We continue to invest in ~~talent acquisition~~ initiatives to ~~have~~recruit ~~the~~top ~~right~~professionals ~~people~~ in ~~key~~robotics, ~~positions~~A.I. ~~Our~~and ~~workforce~~industrial ~~strategy~~automation, ~~includes~~while ~~recruiting~~expanding ~~top~~early-career ~~talent,~~and ~~building~~leadership adevelopment ~~talent~~programs ~~pipeline~~that ~~through~~strengthen our future workforce. Through university partnerships, ~~providing~~and ~~ongoing~~our ~~training~~internship and ~~development~~cooperative ~~opportunities~~education programs, we engage students across technology and ~~fostering~~operations disciplines by providing hands-on experience and building a ~~workplace~~pipeline ~~culture~~of ~~that~~talent ~~promotes~~aligned ~~innovation~~with ~~and~~our ~~collaboration~~evolving business needs. InAs ~~the~~A.I. ~~coming~~continues ~~years~~to reshape our industry, we anticipate continued competition for skilled professionals. inOur ~~our industry, and our talent acquisition~~ strategy ~~will~~focuses ~~focus~~ on ~~building~~positioning ~~our~~us ~~reputation~~ as a destination for top talent, while developing the expertise and ~~recruiting~~leadership ~~individuals~~required ~~with~~to ~~expertise~~sustain innovation and growth in ~~robotics~~a ~~and~~rapidly ~~industrial~~changing ~~automation~~market.

Talent Management

~~The~~Developing ~~engagement, development,~~ and ~~retention~~retaining ofexceptional ~~employees~~talent is ~~critical~~essential to ~~meet~~achieving our business priorities and ~~deliver~~delivering braggingly happy customers. ~~All~~We ~~management~~take ~~levels~~a ~~are~~strategic ~~engaged~~approach into talent management ~~practices~~. ~~Our~~We ~~board~~focus ofon ~~directors~~understanding ~~discusses~~the ~~key~~capabilities ~~talent~~required ~~strategy~~for intoday’s ~~each~~needs ~~regular~~and ~~board~~tomorrow’s ~~meeting,~~growth ~~including~~and ~~periodic~~investing ~~detailed~~to ~~discussions~~build ofthem across our ~~global~~workforce. ~~leadership~~This ~~talent,~~includes ~~with~~disciplined aassessment ~~focus~~of on key ~~positions~~talent and ongoing discussions at the ~~executive~~leadership ~~leader~~and ~~level~~board of directors levels to maintain visibility into our talent landscape.

WeOur ~~recognize that investing in strong~~ talent ~~management~~ practices ~~drives~~span ~~business~~the ~~performance,~~employee ~~customer satisfaction~~lifecycle, ~~and~~balancing ~~employee~~ engagement. ~~Therefore,~~with ~~our~~leadership ~~talent~~and ~~interventions~~technical ~~utilize various tools such as an annual performance management process, individual~~ development ~~interventions~~ to ~~facilitate~~equip aemployees ~~specific~~for ~~individual’s~~evolving ~~career~~business ~~growth,~~demands. ~~and~~We ~~development~~make ~~programs~~targeted ~~and~~investments ~~learning~~such ~~plans~~as tobespoke ~~meet~~coaching ~~each~~and ~~employee~~upskilling ~~where~~for ~~they are in their career. High~~high-potential ~~leaders~~individuals ~~are~~along ~~given~~with ~~exposure~~broad, ~~and~~programmatic ~~visibility~~investments to ~~members~~develop of our ~~board~~future ~~of directors through formal project assignments and board presentations~~leaders. We ~~provide~~also ~~growth~~invest ~~opportunities~~in ~~through~~scalable, ~~formal~~on-demand learning and ~~informal~~launched ~~development~~a ~~programs~~regular ~~that~~employee ~~include~~listening ~~training~~cadence, ~~coaching,~~including ~~networking,~~companywide ~~skills~~pulse ~~development~~surveys, ~~and~~to ~~on-the-job~~strengthen ~~experience.~~engagement Inand ~~fiscal~~build ~~year~~a ~~2024,~~culture wewhere ~~implemented~~top ~~management~~talent ~~training~~can ~~to enable sustainable growth~~join, ~~support effective scaling~~grow, and ~~foster a highly engaged workforce~~stay.

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Competitive Pay and Benefits

At Symbotic, we have designed our compensation plans to attract and retain the best talent in the industry. Our goal is to drive employee performance by aligning incentive pay with short and long-term company results. Our employee benefit programs are comprehensive and competitive, and we continuously evaluate them to ensure that they are competitive and effective.

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Government Regulations

Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, laws, regulations and permitting requirements of federal, state and local authorities, including related to environmental, health and safety, anti-corruption and export controls.

Environmental Matters

We are subject to domestic and foreign environmental laws and regulations governing our operations, including, but not limited to, emissions into the air and water and the use, handling, disposal and remediation of hazardous substances. A certain risk of environmental liability is inherent in our production activities, operation of our system and the disposal of our system. These laws and regulations govern, among other things, the generation, use, storage, registration, handling and disposal of chemicals and waste materials, the presence of specified substances in electrical products, the emission and discharge of hazardous materials into the ground, air or water, the cleanup of contaminated sites, including any contamination that results from spills due to our failure to properly dispose of chemicals and other waste materials and the health and safety of our employees.

Export and Trade Matters

We are subject to anti-corruption laws and regulations imposed by governments around the world with jurisdiction over our operations, including the U.S. Foreign Corrupt Practices Act, as well as the laws of the countries where we do business. We are also subject to various trade restrictions, including trade and economic sanctions and export controls, imposed by governments around the world with jurisdiction over our operations. For example, in accordance with trade sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control and export controls administered by the U.S. Department of Commerce, we are prohibited from engaging in transactions involving certain persons and certain designated countries or territories, including Cuba, Iran, Syria, North Korea and the Crimea Region of Ukraine. In addition, our system may be subject to export regulations that can involve significant compliance time and may add additional overhead cost to our system. In recent years the United States government has a renewed focus on export matters. For example, the Export Control Reform Act of 2018 and regulatory guidance thereunder have imposed additional controls and may result in the imposition of further additional controls, on the export of certain “emerging and foundational technologies.” Our current and future system may be subject to these heightened regulations, which could increase our compliance costs.

See “Risk Factors—Other Risks—We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations and could face criminal liability and other serious consequences for violations, which could adversely affect our business, financial condition and results of operations” for additional information about the anti-corruption and anti-money laundering laws that may affect our business.

Employment Matters

We are subject to federal, state, local and foreign laws and regulations relating to the protection of our employees. In addition to the requirements of the state and local governments of the communities in which we operate, we must comply with federal health and safety regulations, the most significant of which are enforced by Occupational Safety and Health Administration (“OSHA”).

While we believe that we comply with all applicable worker safety regulations in the U.S. as governed by OSHA and our global sites meet all local regulations for worker safety, we cannot ensure that our compliance program will prevent the violation of one or more laws or regulations, or that a violation by us or an employee will not result in the imposition of a monetary fine.

~~Data Privacy~~16

Because we handle, collect, store, receive, transmit and otherwise process certain personal information of users and employees, we are also subject to federal, state and foreign laws related to the privacy and protection of such data, including the California Consumer Privacy Act (“CCPA”) and the General Data Protection Regulation of the European Union. The scope of data privacy laws and regulations worldwide continues to evolve, and we anticipate that the number of data privacy laws and the scope of individual data privacy and protection rights will increase.

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WeData have developed internal compliance programs in an effort to comply with legal and regulatory requirements for warehouse automation industry and with respect to data privacy and security. For example, our compliance programs include product design safety reviews. While we are firmly committed to full compliance with all applicable laws and have developed appropriate policies and procedures in order to comply with the requirements of the evolving regulatory regimes, we cannot ensure that our compliance program will prevent the violation of one or more laws or regulations, or that a violation by us or an employee will not result in the imposition of a monetary fine.Privacy

Because we handle, collect, store, receive, transmit and otherwise process certain personal information of users and employees, we are also subject to federal, state and foreign laws related to the privacy and protection of such data, including the California Consumer Privacy Act and the General Data Protection Regulation of the European Union. The scope of data privacy laws and regulations worldwide continues to evolve, and we anticipate that the number of data privacy laws and the scope of individual data privacy and protection rights will increase.

We have developed internal compliance programs in an effort to comply with legal and regulatory requirements for the warehouse automation industry and with respect to data privacy and security. For example, our compliance programs include product design safety reviews, which includes review of privacy and cybersecurity. While we are firmly committed to full compliance with all applicable laws and have developed appropriate policies and procedures in order to comply with the requirements of the evolving regulatory regimes, we cannot ensure that our compliance program will prevent the violation of one or more laws or regulations, or that a violation by us or an employee will not result in the imposition of a monetary fine.

Available Information

Our internet address is www.symbotic.com. Our website and the information contained therein or linked thereto are not part of this Annual Report. We make available free of charge through our internet website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, registration statements and amendments to those reports filed or furnished pursuant to the Exchange Act of 1934, as amended (the “Exchange Act”) as soon as reasonably practicable after we electronically file such material with, or furnish them to the SEC. The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. These materials may be obtained electronically by accessing the SEC’s website at www.sec.gov.

Item 1A. Risk Factors

In evaluating our business and the Company, you should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on our business, reputation, revenue, financial condition, results of operations and future prospects, in which case the market price of our Class A common stock could decline, and you could lose part or all of your investment. The material and other risks and uncertainties described below and elsewhere in this Annual Report on Form 10-K are not intended to be exhaustive and are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business, reputation, revenue, financial condition, results of operations and future prospects.

Risk Factor Summary

•Risks Related to Our Business, Operations and Industry, including:

•We are a growing company with a limited operating history and a history of losses. We have not been profitable historically and we may not achieve or maintain profitability in the near term or at all, and it is difficult to evaluate our future prospects and the risks and challenges we may encounter.

•We depend heavily on our larger customers, and therefore, our success is heavily dependent on their ability to grow their businesses and their adoption of our ~~System~~system.

•C&S Wholesale Grocers, an important customer, is our affiliate. Despite our affiliation with C&S Wholesale Grocers, there is no guarantee that it will continue to be a customer beyond the term of its current contracts with us.

•We may fail to realize anticipated benefits of the GreenBox joint venture, or it may disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm our business, and negatively impact our results of operations.

•Our operating results and financial condition may fluctuate from period to period, which could make our future operating results difficult to predict or cause our operating results to fall below analysts’ and investors’ expectations.

•Complex technology will need to be developed, both in-house and in coordination with our vendors and suppliers, for us to successfully produce and integrate our System with our customers’ existing warehouses, and there can be no assurance that they will be successfully developed. 17

•We rely on suppliers to provide equipment, components and services. Any disruption to our supply chain could adversely affect our business, financial condition and results of operations.

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•~~The~~Complex ~~markets~~technology inwill ~~which~~need weto ~~participate~~be ~~are~~developed ~~competitive.~~and ~~Many companies~~implemented, ~~including~~both ~~large~~in-house ~~retail~~ and ~~e-commerce~~in ~~companies,~~coordination ~~companies~~with ~~that~~our ~~offer~~vendors ~~point solutions or other comprehensive or specific supply chain functionalities~~ and ~~other companies that focus on automated technologies~~suppliers, ~~may~~for ~~target~~us ~~the~~to ~~markets~~successfully inproduce ~~which~~and weintegrate doour ~~business.~~systems ~~Additionally,~~with our customers’ ~~and~~existing ~~potential~~warehouses, ~~customers~~and ~~may~~there ~~develop~~can ~~in-house~~be ~~solutions~~no assurance that ~~compete~~they ~~with~~will ~~our~~be ~~System.~~successfully Ifdeveloped ~~we are unable to compete effectively, our sales~~ and ~~profitability could be adversely affected~~implemented.

•IfWe we are ~~unable~~required to ~~develop~~assess ~~new~~our ~~solutions,~~internal ~~adapt~~control toover ~~technological~~financial ~~change,~~reporting ~~sell~~and our ~~software~~management has identified a material weakness. If our remediation of the material weakness is not effective, ~~services~~or ~~and~~we ~~System~~identify ~~into~~additional ~~new~~material ~~markets~~weaknesses or ~~further~~other ~~penetrate~~adverse ~~our~~findings ~~existing~~in ~~markets~~the future, our ~~revenue~~ability to report our financial condition or results of operations accurately or timely or prevent fraud may ~~not~~be ~~grow~~adversely asaffected, ~~expected~~which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.

•IfThe markets in which we ~~fail~~participate toare ~~adapt~~competitive. ~~and~~Many ~~respond~~companies, ~~effectively~~including tolarge ~~rapidly~~retail ~~changing~~and ~~technology~~e-commerce companies, ~~evolving~~companies ~~industry~~that ~~standards~~offer point solutions or other comprehensive or specific supply chain functionalities and ~~changing~~other ~~business~~companies ~~needs~~that focus on automated technologies, ~~requirements~~may ortarget ~~preferences~~the markets in which we do business. Additionally, our ~~System~~customers and potential customers may ~~become~~develop ~~less~~in-house ~~competitive~~solutions that compete with our systems. If we are unable to compete effectively, our sales and profitability could be adversely affected.

•If ~~demand~~we ~~for~~are ~~our~~unable ~~System~~to ~~does~~develop ~~not~~new ~~grow as we expect~~solutions, oradapt ifto ~~market~~technological ~~adoption~~change, ofsell ~~A.I.-enabled~~our ~~robotics~~systems, services and ~~supply~~software ~~chain~~into ~~automation~~new ~~solutions~~markets ~~does not continue to develop,~~ or ~~develops~~further ~~slower~~penetrate ~~than~~our weexisting ~~expect~~markets, our ~~future~~ revenue may ~~stagnate~~not orgrow ~~decline~~as ~~and our business may be adversely affected~~expected.

•We rely on suppliers to provide equipment, components and services. Any disruption to our supply chain could adversely affect our business, financial condition and results of operations.

•If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing business needs, requirements or preferences, our systems may become less competitive.

•If demand for our systems does not grow as we expect, or if market adoption of A.I.-powered robotics and supply chain automation solutions does not continue to develop, or develops slower than we expect, our future revenue may stagnate or decline and our business may be adversely affected.

•Supply chain interruptions may increase our costs or reduce our revenue.

~~•Risks~~Risk related to ~~being~~intellectual ~~a public company~~property, including that:

•We are required to assess our internal control over financial reporting and our management has identified material weaknesses. If our remediation of the material weaknesses is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.

•Risk related to intellectual property, including that:

•We may need to bring, or defend ourselves against, IP infringement or misappropriation claims, which may adversely affect our business, financial condition and results of operations by limiting our ability to use certain IP and causing us to incur substantial costs.

•Our business, financial condition and results of operations may be adversely affected and the value of our brand, ~~System~~systems and other intangible assets may be diminished if we are unable to maintain and protect our IP (including maintaining the confidentiality and control of our proprietary source code ~~and other trade secrets~~) from unauthorized use, infringement or misappropriation by third parties.

•Risks related to cybersecurity, software deficiencies, service interruptions and data privacy, including that:

•We have experienced cybersecurity incidents in the past and may experience further cybersecurity incidents or security breaches of our IT or OT in the future, which may result in system disruptions, shutdowns, unauthorized access to or disclosure of confidential or personal information.

•Our ability to efficiently manage and expand our business depends significantly on the reliability, capacity and protection of our IT. Real or perceived failures or security breaches of our IT could disrupt our operations, lead to loss of proprietary information, damage our relationships with customers, result in regulatory investigations and penalties, lead to liability, negatively impact our reputation and otherwise adversely affect our business, financial condition and results of operations.

•Risks related to ownership of our common stock, including that:

•Our common stock price may be volatile or may decline regardless of our operating performance; you may lose some or all of your investment.

•Risks related to our organizational structure, including that:

•The ~~dual~~multi class structure of our common stock has the effect of concentrating voting control with our founder, certain family members of our founder and certain affiliated entities and trusts of our founder and his family members; this will limit or preclude your ability to influence our corporate matters.

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•We share certain key executives with C&S Wholesale Grocers, an important customer, which means those executives will not devote their full time and attention to our affairs, and the overlap may give rise to conflicts.

•Pursuant to the TRA, we are required to make payments to equity holders of New Symbotic Holdings for certain tax benefits we may claim, and those payments may be substantial.

•Other risks, including that:

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•We implemented a new enterprise resource planning system, and challenges with the implementation of the system may impact our business and operations.

Risks Related to Our Business, Operations and Industry

Unless the context otherwise requires, all references in this section to “we,” “us” and “our” refer to Symbotic.

We are a growing company with a limited operating history and a history of losses. We have not been profitable historically and we may not achieve or maintain profitability in the near term or at all, and it is difficult to evaluate our future prospects and the risks and challenges we may encounter.

We face significant risks and difficulties as a growing company. We have a limited operating history upon which to evaluate the viability and sustainability of our technology and processes, which increases the risk to your investment. In addition, we have an accumulated deficit of $1.3 billion as of September 2827, ~~2024~~2025 and have incurred recurring net losses since inception, including net losses of $8491.70 million and $~~207~~84.97 million, respectively, for the years ended September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024. We could continue to incur operating losses in the near term as we continue to invest significantly in our business to position us for future growth, including expending substantial financial and other resources on our:

•product development, including investments in our product development team and ~~the development of~~ new ~~products~~functionality and ~~new~~enhancements ~~functionality~~ for our ~~supply chain automation system (“System”), as well as investments in further optimizing our System, technology and infrastructure~~systems;

•~~our~~ technology infrastructure, including systems, architecture, scalability, availability, performance and security;

•acquisitions and strategic transactions;

•~~our~~ international operations and anticipated international expansion into new markets; ~~and~~

•expansion into new market verticals, including e-commerce and healthcare;

•general administration, including increased legal, compliance and accounting expenses associated with being a public company.

These efforts may be costlier than we expect, and our revenue may not grow at a rate to offset these expenses. We may make investments that do not generate optimal short- or medium-term financial results and may even incur increased operating losses in the short- or medium-term with no assurance that we will eventually achieve the intended long-term benefits or profitability.

Our investments in our ~~System,~~systems ~~technology~~ and services, may not be successful on the timeline we anticipate or, at all, and may not result in increased revenue growth. Additionally, we have encountered, and may in the future encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries, such as unforeseen operating expenses, difficulties, complications, delays and other known or unknown factors that may result in losses in future periods. If our revenue growth does not meet our expectations in future periods, or we are unable to maintain or increase our revenue at a rate sufficient to offset the expected increase in our costs, our business, financial position and results of operations will be harmed, and we may not be able to achieve or maintain profitability over the long term.

As our business expands, our historical results may not be indicative of our future performance and you should consider our future prospects in light of the risks and uncertainties of growing companies operating in fast evolving high-tech industries in emerging markets.

As a result, it is difficult to predict our future revenue or appropriately budget for our expenses. If actual results differ from our estimates, or we adjust our estimates in future periods, our operating results and financial position could be materially affected.

We depend heavily on our larger customers, and therefore, our success is heavily dependent on their ability to grow their businesses and their adoption of our ~~System~~systems.

Walmart, our largest customer, accounted for approximately 8785% of our total revenue in the fiscal year ended September 2827, ~~2024~~2025 and for a significant ~~portion~~majority of our $22.45 billion backlog as of September 2827, ~~2024~~2025. We have worked with Walmart since 2015 and entered into a Master Automation Agreement with Walmart in 2017 to implement our System in 25 of Walmart’s 42 regional distribution centers. We amended and restated the Master Automation Agreement on May 20, 2022 (“Walmart MAA”) to implement our System in all of Walmart’s 42 regional distribution centers, adding approximately an additional $6.1 billion to our backlog. Pursuant to the Walmart MAA, we have agreed to certain restrictions on our ability to

2019

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~~sell~~since or2015 ~~license~~and ~~our~~entered ~~products~~into ~~and~~a ~~services~~Master Automation Agreement with Walmart in 2017 to aimplement ~~specified~~our ~~company~~systems orin ~~its~~25 ~~subsidiaries,~~of ~~affiliates~~Walmart’s or42 ~~dedicated~~regional ~~service~~distribution ~~providers~~centers. We amended and restated our Master Automation Agreement with Walmart ~~also~~in ~~has~~2022 ~~certain~~(“2022 ~~board~~Walmart ~~observation~~MAA”) ~~rights.~~to Inimplement ~~the~~our ~~first~~Systems ~~quarter~~in all of ~~fiscal~~Walmart’s ~~year~~42 ~~2025~~regional distribution centers, weadding ~~entered~~approximately ~~into~~an aadditional ~~commercial~~$6.1 ~~agreement~~billion ~~with~~to our backlog at that time. Pursuant to the 2022 Walmart deMAA, ~~México~~we yhave ~~Centroamérica~~agreed to ~~implement~~certain restrictions on our ~~System~~ability into ~~two~~sell ofor ~~their~~license ~~locations~~our ~~near~~products ~~Mexico~~and ~~City~~services to a specified company or its subsidiaries, affiliates or dedicated service providers. Walmart also has certain board observation rights.

~~Our~~In ~~ability~~the tofirst ~~maintain~~quarter aof ~~close~~fiscal year 2025, ~~mutually~~we ~~beneficial~~entered ~~relationship~~into ~~with~~a ~~Walmart~~commercial isagreement anwith ~~important~~Nueva ~~element~~Wal inMart ~~our~~de ~~continued~~México, ~~growth~~S. ~~The~~de ~~loss~~R.L. orde ~~cancellation~~C.V ~~of business from Walmart, including our failure~~ to ~~properly~~ implement ~~or optimize~~ our ~~System~~systems in ~~Walmart’s~~two ~~distribution~~of ~~centers,~~their orlocations ~~our~~near ~~failure~~Mexico toCity. ~~comply~~In ~~with~~ the ~~terms~~second quarter of ~~the~~fiscal ~~Walmart~~year ~~MAA~~2025, ~~could~~we ~~materially~~entered ~~and~~into ~~adversely~~a ~~affect~~Master ~~our~~Automation ~~business,~~Agreement ~~financial~~(“2025 ~~condition~~Walmart orMAA”) ~~results~~with ~~of operations. Similarly, if~~ Walmart isfor ~~not able to grow its business or its business declines, including as a result of a reduction in~~ the ~~level of discretionary spending by its customers or competition from other retailers~~development, ~~our business~~manufacture, ~~financial~~and ~~condition~~installation orof ~~results~~400 ofmicro-fulfillment ~~operations~~systems ~~may~~if bewe ~~materially~~satisfy ~~and~~certain ~~adversely~~performance ~~affected~~metrics.

WeOur ~~have~~ability ~~several~~to ~~larger~~maintain ~~customers,~~a ~~AFS~~close, ~~GreenBox~~mutually ~~and~~beneficial ~~C&S~~relationship ~~Wholesale~~with ~~Grocers,~~Walmart ~~Inc.~~is ~~(“C&S~~an ~~Wholesale~~important ~~Grocers”),~~element ~~with~~in ~~which~~our wecontinued ~~are affiliated, and UNFI~~growth. ~~Net~~The ~~sales~~loss toor ~~these~~cancellation ~~customers~~of ~~accounted~~business ~~for~~from ~~approximately~~Walmart, ~~11%~~including of our ~~total~~failure ~~revenue~~to inproperly ~~the~~implement ~~fiscal~~or ~~year~~optimize ~~ended~~our ~~September~~systems ~~28,~~in ~~2024.~~Walmart’s Itwarehouses, isor ~~not~~our ~~possible~~failure ~~for us~~ to ~~predict~~comply with the ~~level~~terms of ~~demand~~the ~~that~~2022 ~~will~~Walmart beMAA ~~generated~~or by2025 ~~any~~Walmart ofMAA, ~~these~~could ~~customers~~materially inand ~~the~~adversely ~~future.~~affect Inour ~~addition~~business, ~~revenue~~financial ~~from~~condition ~~these~~or ~~larger~~results ~~customers~~of ~~may~~operations. ~~fluctuate~~Similarly, ~~from~~if ~~time~~Walmart tois ~~time~~not ~~based~~able onto ~~these~~grow ~~customers’~~its business ~~needs~~or ~~and~~its ~~customer~~business ~~experience~~declines, ~~the~~including ~~timing~~as ofa ~~which~~result ~~may be affected by market conditions or other factors outside~~ of ~~our~~a ~~control.~~reduction Toin the ~~extent~~level ~~that~~of ~~one~~discretionary orspending ~~more~~by its customers ~~in this group decide not to implement our System in their distribution centers~~ or ~~decide~~competition tofrom ~~retain~~other ~~manual solutions or adopt single point automated solutions for their distribution centers~~retailers, our business, financial condition or results of operations may be materially and adversely affected.

We have several larger customers, UNFI, GreenBox, Southern Glazers and Albertsons. Net sales to these customers accounted for approximately 13% of our total revenue in the fiscal year ended September 27, 2025. It is not possible for us to predict the level of demand that will be generated by any of these customers in the future. In addition, revenue from these larger customers may fluctuate from time to time based on their business needs and customer experience, the timing of which may be affected by market conditions or other factors outside of our control. To the extent that one or more customers in this group decide not to further implement our systems or decide to retain manual solutions or adopt single point automated solutions, our business, financial condition or results of operations may be materially and adversely affected.

C&S Wholesale Grocers, an important customer, is our affiliate. Despite our affiliation with C&S Wholesale Grocers, there is no guarantee that it will continue to be a customer beyond the term of its current contracts with us.

Our Chairman and Chief Executive Officer, Richard B. Cohen, also serves as the Executive Chairman of C&S Wholesale Grocers. Additionally, Mr. Cohen and trusts for the benefit of his family are the ~~only~~substantial ~~beneficial~~majority stockholders of C&S Wholesale Grocers. As a result, C&S Wholesale Grocers can be considered an affiliate of ours.

C&S Wholesale Grocers is also an important customer that has our ~~Systems~~systems that are Operational (defined as achieving acceptance) in its facilities. We provide ongoing Software Maintenance and Support and Operation Services under our contracts with C&S through ~~September~~October 2029. Despite our affiliation with C&S Wholesale Grocers, there is no guarantee that it will continue to be a customer beyond the term of its current contracts with us in ~~September~~October 2029. To the extent C&S Wholesale Grocers decides not to renew its contracts with us or to implement additional ~~Systems in their distribution centers~~systems, our business, financial condition or results of operations may be materially and adversely affected.

We may fail to realize anticipated benefits of the GreenBox joint venture, or it may disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm our business, and negatively impact our results of operations.

The GreenBox joint venture and related commercial agreement are expected to be material to our financial condition and results of operations. Our backlog includes $11.6 billion associated with GreenBox and any delays in implementation could adversely affect the business and when anticipated benefits are realized. We may be unable to obtain the benefits, avoid the difficulties and risks of the joint venture, or it may take us longer than expected to fully realize the anticipated benefits and synergies of the GreenBox joint venture. Those benefits and synergies may ultimately be smaller than anticipated or may not be realized at all, which could adversely affect our business, financial condition or results of operations

The GreenBox joint venture may also require us to issue additional equity securities, spend our cash, or incur debt (and increased interest expense), liabilities and amortization expenses related to intangible assets, which could adversely affect our results of operations and dilute the economic and voting rights of our stockholders. In addition, we cannot assure you that the GreenBox joint venture will lead to the successful development of new or enhanced products and services or that any new or enhanced products and services, if developed, will achieve market acceptance or prove to be profitable.

Our operating results and financial condition may fluctuate from period to period, which could make our future operating results difficult to predict or cause our operating results to fall below analysts’ and investors’ expectations.20

Our operating results and financial condition fluctuate from quarter to quarter and year to year and are likely to continue to vary due to a number of factors, many of which will not be within our control. Both our business and supply chain automation are changing and evolving rapidly, and our historical operating results may not be useful in predicting our future operating results. If our operating results do not meet the guidance that we provide to the marketplace or the expectations of

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~~securities~~Our ~~analysts~~operating orresults ~~investors,~~and ~~the~~financial ~~market~~condition ~~price~~may offluctuate ~~our~~from ~~Class~~period Ato ~~common~~period, ~~stock~~which ~~will~~could ~~likely~~make ~~decline. Fluctuations in~~ our future operating results ~~and~~difficult ~~financial~~to ~~condition~~predict ~~may~~or because ~~due~~our operating results to afall ~~number~~below ofanalysts’ ~~factors,~~and ~~including:~~investors’ expectations.

~~•the~~Our ~~portion~~operating results and financial condition fluctuate from quarter to quarter and year to year and are likely to continue to vary due to a number of factors, many of which will not be within our ~~revenue~~control. ~~attributable~~Both toour ~~software~~business ~~license~~and supply chain automation product portfolio are changing and ~~maintenance~~evolving ~~fees~~rapidly, and ~~System~~our ~~operation~~historical ~~service~~operating ~~fees~~results ~~versus~~may ~~milestone~~not ~~payments~~be ~~for~~useful ~~System~~in ~~installation~~predicting our future operating results. If our operating results do not meet the guidance that we provide to the marketplace or the expectations of securities analysts or investors, the market price of our Class A common stock will likely decline. Fluctuations in our operating results and ~~other~~financial ~~sales;~~condition may be due to a number of factors, including:

•~~changes~~the inportion ~~pricing~~of byour usrevenue inattributable ~~response~~ to ~~competitive~~software ~~pricing~~maintenance ~~actions~~and support and operation service fees versus milestone payments for system deployment and other sales;

•the ability of our equipment vendors to continue to manufacture high-quality products and to supply sufficient products to meet our demands;

•the impact of shortages of components, commodities or other materials, including semiconductors, ~~and~~ integrated circuits and batteries, and other supply chain disruptions;

•our ability to control costs, including our operating expenses, warranty obligations and the costs of the equipment we purchase;

•the timing and success of introductions of new solutions~~, products or upgrades by us or our competitors~~;

•changes in our business and pricing policies or those of our competitors;

•competition, including entry into the industry by new competitors and new offerings by existing competitors;

•changes in our pricing policies or those of our competitors;

•our ability to successfully manage any past or future acquisitions, strategic transactions and integrations of businesses;

•our ability to ~~obtain, maintain,~~ protect ~~or enforce~~ our ~~intellectual~~patents, ~~property~~copyrights ortrademarks ~~proprietary~~and ~~rights~~trade secrets (“IP”) ~~and~~by ~~maintain~~obtaining, ~~the~~maintaining, ~~confidentiality~~and ofenforcing our ~~trade~~IP ~~secrets~~rights;

•the amount and timing of expenditures, including those related to expanding our operations, increasing research and development, ~~improving facilities~~ and ~~introducing~~improving ~~new supply chain automation solutions~~facilities;

•the ability to effectively manage growth within existing and new markets domestically and abroad;

•changes in the payment terms ~~for~~of our ~~System~~customer contracts;

•the strength of regional, national and global economies;

•the impact of cybersecurity incidents or security breaches; and

•the impact of natural disasters, health pandemics or man-made problems such as terrorism.

Due to the foregoing factors, and the other risks discussed in this Annual Report on Form 10-K, you should not rely on quarter-over-quarter and year-over-year comparisons of our operating results as an indicator of our future performance.

Complex technology will need to be developed and implemented, both in-house and in coordination with our vendors and suppliers, for us to successfully produce and integrate our ~~System~~systems with our customers’ existing warehouses, and there can be no assurance that they will be successfully developed and implemented.

Our ~~System~~systems ~~requires~~require a substantial amount of third-party and proprietary in-house software and complex hardware to be installed and operated in our customers’ warehouses. The development of such advanced technologies is inherently complex and costly, and we will need to coordinate with our vendors and suppliers to produce and integrate our ~~System~~systems with our customers’ infrastructure. In the future, one or more of our third-party software or hardware providers may choose not to support the operation of their software, software services and infrastructure with our ~~System~~systems, or our ~~System~~systems may not support the capabilities needed to operate with such software, software services and infrastructure.

Defects and errors may be revealed over time (and may not even be known until after our ~~System~~systems ~~has~~have been deployed to our customers) and our control over the performance of third-party services and systems may be limited. We may be unable to develop the necessary technology or meet the technological requirements and production timing to support our business plan. In addition, our System may not comply with the cost, performance useful life and warranty requirements we anticipate in our business plan. As a result, our business plan could be significantly impacted and we may incur significant liabilities under warranty claims, which could adversely affect our business, prospects, financial condition and results of operations.

WeIn ~~rely~~addition, onour ~~senior~~systems ~~management,~~may ~~technical~~not ~~experts~~comply with the cost, performance useful life and ~~other~~warranty ~~highly~~requirements ~~qualified~~we ~~personnel,~~anticipate ~~including~~in ~~hardware~~our ~~and~~business ~~software~~plan. ~~engineers,~~Our ~~and~~warranty ~~will~~exposure ~~need~~could tobe ~~hire~~exacerbated ~~and~~by ~~train~~the ~~additional~~performance ~~personnel.~~of third-party components or

Our success depends, in part, on our continuing ability to recruit, train, and develop highly qualified personnel. Experienced and highly skilled employees are in high demand and competition for these employees can be intense, particularly in our industry. Higher employee costs may also result from the high demand and competition for employees. As 21

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integration with customer infrastructure, and we may not always be able to recover related costs from our vendors or suppliers. Warranty obligations may exceed the reserves we have established, requiring us to incur additional unexpected costs. As a result, our business plan could be significantly impacted and we may incur significant liabilities under warranty claims, which could adversely affect our business, prospects, financial condition and results of operations.

We are required to assess our internal control over financial reporting and our management has identified a material weakness. If our remediation of the material weakness is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. Pursuant to Section 404 of the Sarbanes-Oxley Act, or Section 404, we are required to furnish a report by our management on our internal control over financial reporting. As we are no longer an “emerging growth company” as of the end of the fiscal year ended September 28, 2024, to achieve compliance with Section 404, we are required to document and test the operating effectiveness of our internal control over financial reporting, which is both costly and challenging. The rules governing the standards that must be met for management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. Annually, we perform activities that include reviewing, documenting and testing our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over financial reporting, we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we could suffer misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could result in significant expenses to remediate any internal control deficiencies and lead to a decline in our stock price.

Our management has conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 27, 2025. Based upon this evaluation and those criteria, management concluded that, as of September 27, 2025, the Company’s internal control over financial reporting was not effective due to the identification of a material weakness. As of September 27, 2025, the Company did not effectively design procedures and controls over the timing of the recognition of cost of revenue. This resulted in timing discrepancies on the recognition of cost of revenue. Given that we recognize revenue on a percentage of completion basis, this also resulted in timing discrepancies on the recognition of revenue. This deficiency in internal control over financial reporting constituted a material weakness. For further discussion of this material weakness, see Item 9A. Controls and Procedures. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

We may be unable to conclude in future periods that our disclosure controls and procedures are effective due to the effects of various factors, which may, in part, include unremediated material weaknesses in internal controls over financial reporting. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in those reports is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Management is committed to maintaining a strong internal control environment and believes its remediation efforts will represent an improvement in existing controls. Management anticipates that the new controls, as implemented and when tested for a sufficient period of time, will remediate the material weaknesses. We may not be successful in promptly remediating the material weaknesses identified by management or be able to identify and remediate additional control deficiencies, including material weaknesses, in the future. Remediation efforts have placed, and will continue to place, a significant burden on management and add increased pressure on our financial reporting resources and processes. The accuracy of our financial reporting and our ability to timely file with the SEC may in the future be adversely impacted if we are unable to successfully remediate the material weaknesses in a timely manner, or if any additional material weaknesses in our internal control over financial reporting are identified.

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~~with~~Our ~~any~~systems ~~company~~may ~~with~~not ~~limited resources, there can~~ be nosuccessful ~~guarantee~~or ~~that~~meet weexisting ~~will be able to attract such individuals~~ or ~~that~~future ~~the~~requirements ~~presence of such individuals will necessarily translate into profitability for us. Challenges~~ in ~~attracting~~customer ~~key~~agreements ~~employees~~with ~~and~~existing ~~highly qualified personnel in a timely and cost-effective manner could materially adversely affect our business, financial, condition~~ or ~~results~~future ~~of operations~~customers.

Our ~~success~~first ~~depends~~case onpicking ~~the~~system ~~continuing~~became ~~services~~Operational ofat ~~key~~a ~~employees.~~customer Wedistribution ~~believe~~center ~~the~~in ~~depth~~2012 and ~~quality~~our oflatest ~~the~~version ~~experience~~ of our ~~management~~case ~~team~~picking ~~with~~system ~~the~~became ~~retail~~Operational ~~supply~~at ~~chain,~~a customer distribution ~~logistics,~~center ~~automation~~in ~~and~~2019. ~~robotics~~Our ~~technology~~first isBreakPack ~~key~~system tobecame ~~our~~Operational ~~ability~~at toa becustomer ~~successful~~distribution center in 2025. ~~The~~Since ~~loss~~that oftime, ~~these~~we ~~individuals~~have ~~could~~continued ~~materially~~to refine the robotics technology and ~~adversely~~capabilities ~~affect~~of our ~~business~~systems and ~~financial~~anticipate ~~condition~~continuing to upgrade our systems and services in the future.

IfOur BreakPack and micro-fulfillment systems, as well as any other system, software, service or product we may launch in the future, may not be well received by our ~~employees~~customers, ~~seek~~may tonot ~~join~~help aus ~~labor~~to ~~union~~generate new customers, ~~higher~~may ~~employee~~adversely affect the attrition rate of existing customers and may increase our customer acquisition costs and ~~increased~~the ~~risk~~costs ofto ~~work~~service ~~stoppages~~our customers. Any revenue we may generate from them may be lower than revenue generated from our existing systems and services and may not be sufficient for us to recoup our development or ~~strikes~~customer ~~could~~acquisition ~~result.~~costs Weincurred, ~~also~~particularly ~~directly~~if launch dates are delayed or ~~indirectly~~we ~~rely~~are onunable ~~other~~to ~~companies~~scale. ~~with~~In ~~unionized~~addition, ~~workforces~~BreakPack, ~~including~~and ~~suppliers~~the micro-fulfillment systems, as well as any new system, software, services and ~~work~~products ~~stoppages~~may require increased operational expenses or ~~strikes~~customer atacquisition costs and present new and difficult technological and intellectual property challenges that may subject us to claims or complaints if our customers experience installation issues, service disruptions or failures or other quality issues. To the extent any of these ~~companies~~systems or products are not successful, it could have aan ~~material~~ adverse impact on our business, ~~and~~ financial condition, cash flow or results of operations.

~~Changes~~The markets in ~~laws~~which ~~and~~we ~~regulations~~participate ~~related~~are tocompetitive. ~~employees~~Many companies, ~~independent~~including ~~contractors~~large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and ~~temporary~~other ~~personnel~~companies that focus on automated technologies, may ~~also~~target ~~lead~~the tomarkets ~~increased~~in ~~costs,~~which ~~reduced~~we ~~operational~~do ~~flexibility~~business. Additionally, our customers and ~~adversely~~potential ~~affect~~customers may develop in-house solutions that compete with our ~~ability~~systems. If we are unable to ~~staff~~compete effectively, our ~~operations~~sales and ~~manage~~profitability ~~workforce~~could ~~needs~~be adversely affected.

~~Our~~We ~~System~~provide ~~may~~systems ~~not~~that beoffer ~~successful~~a orcomprehensive ~~meet~~supply ~~existing~~chain orautomation ~~future~~solution. ~~requirements~~Accordingly, we compete with a number of companies that offer solutions to the retail distribution market, including companies that offer (i) comprehensive solutions, which are comprised of a disparate set of point solutions such as Witron, Knapp AG, Honeywell, Dematic, Vanderlande, SSI Schaefer and Swisslog; and (ii) solutions that focus exclusively on micro-fulfillment, such as Exotec, Ocado, AutoStore, Geek+, Hai Robotics and Knapp AG. Although we believe that our systems are significantly differentiated, the markets in ~~customer~~which ~~agreements~~we ~~with~~participate ~~existing~~may orbecome ~~future~~more ~~customers~~competitive in the future.

We installed our first System in a customer distribution center in 2012 and launched our latest System in 2019. Since that time, we have continued to refine the robotics technology and capabilities of our System and anticipate continuing to upgrade our System and related software, services and products in the future. Any System, software, service or product we may launch in the future may not be well received by our customers, may not help us to generate new customers, may adversely affect the attrition rate of existing customers and may increase our customer acquisition costs and the costs to service our customers. Any revenue we may generate from these or other new Systems, software, services or products may be lower than revenue generated from our existing System, software and services and may not be sufficient for us to recoup our development or customer acquisition costs incurred, particularly if launch dates are delayed for any new System, software, services or products or we are unable to scale such System, products, software or services. In addition, any new System, software, services and products may require increased operational expenses or customer acquisition costs and present new and difficult technological and intellectual property challenges that may subject us to claims or complaints if our customers experience installation issues, service disruptions or failures or other quality issues. To the extent any new System, software, services and products are not successful, it could have an adverse impact on our business, financial condition, cash flows or results of operations.

We rely on suppliers to provide equipment, components and services. Any disruption to our supply chain could adversely affect our business, financial condition and results of operations.

We buy equipment, components and services, including electronic components and commodities, from third parties. These materials are sourced from a wide variety of suppliers around the world. We must effectively manage our supply chain to ensure timely, reliable and sufficient supply, on reasonably favorable terms, of the materials used in our manufacturing processes.

Our reliance on suppliers involves certain risks, including:

•a worker strike, which could impact the unloading, loading and movement of cargo at ports used by our carriers, which could lead to delays in shipments and arrival schedules;

•poor quality or an insecure supply chain, which could adversely affect the reliability and reputation of our System;

•cost increases due to inflation, exchange rate fluctuations, taxes, tariffs or commodity market volatility or other factors that affect our suppliers;

•embargoes, sanctions and other trade restrictions that may affect our ability to purchase from various suppliers;

•intellectual property challenges to ownership of rights or alleged infringement by suppliers; and

•shortages and untimely availability of components, commodities or other materials, including semiconductors and integrated circuits, which could adversely affect our manufacturing efficiencies, construction schedules and ability to make timely delivery of our Systems and services.

Any of these uncertainties could adversely affect our profitability and ability to compete.

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If there are disruptions in our supply chain, the materials we rely on in our business may not be timely available, at reasonable rates, or at all. These disruptions could cause a delay in our manufacturing and construction of our System and thus a delay in our implementation schedules for our customers.

We also maintain several single-source supplier relationships because the relationship is advantageous due to performance, quality, support, delivery, capacity or price considerations. Unavailability of, or delivery delays for, single-source components or products could adversely affect our ability to ship the related products in a timely manner. While substitute sources of supply are available, qualifying alternative suppliers and establishing reliable supplies could cost more or result in delays and a loss of sales.

Certain of our supply agreements allow the supplier to terminate the agreement upon notice for any reason or no reason. This termination right could disrupt our operations, negatively impact our reputation and adversely affect our business, financial condition and results of operations.

We rely on a number of suppliers for raw materials and components for our System and have entered into supply agreements with such suppliers. A number of these supply agreements provide the supplier with a termination right for any reason or no reason. If one of our suppliers terminates their relationship with us, or experiences a supply chain disruption, we could experience delays in our ability to deliver our System to our customers. In addition, while most raw materials and components for our System are available from multiple suppliers, certain of those items are only available from limited sources. Should any of these suppliers become unavailable or inadequate, or impose terms unacceptable to us, such as increased pricing terms, we could be required to spend a significant amount of time and expense to develop alternate sources of supply, and we may not be successful in doing so on terms acceptable to us, or at all. As a result, the loss of a supplier could adversely affect our relationship with our customers and our reputation, as well as our business, financial condition and results of operations.

The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our System. If we are unable to compete effectively, our sales and profitability could be adversely affected.

We provide a System that offers a comprehensive supply chain automation solution. Accordingly, we compete with a number of companies that offer solutions to the retail distribution market, including companies that offer (i) point solutions such as Grey Orange, Locus Robotics, Vecna, OPEX, Fetch and Berkshire Grey; (ii) comprehensive solutions, which are comprised of a disparate set of point solutions such as Witron, Knapp AG, Honeywell, Dematic, Vanderlande, SSI Schaefer and Swisslog; and (iii) solutions that focus exclusively on e-commerce, such as Exotec, Ocado and AutoStore. Although we believe that our System is significantly differentiated from these offerings, the markets in which we participate may become more competitive in the future.

Our ability to compete depends on a number of factors, including:

•our ~~System~~systems’s ~~price~~prices, functionality, performance, ease of use, ease of installation, reliability, availability and cost effectiveness relative to that of our competitors’ products;

•our success in utilizing new and proprietary technologies (including software) to offer solutions and features previously not available in the marketplace;

•our success in identifying new markets, applications and technologies and evolving our ~~System~~systems to address these markets;

•our ability to attract and retain customers;

•our name recognition and reputation; and

•our ability to obtain, maintain, protect and enforce our IP.

Our customers may also internally develop their own automated solutions for their warehouses. Our market may need further education on the value of automated supply chain solutions and our ~~System~~systems and on how to integrate them into current operations. A lack of understanding as to how our ~~automated~~systems ~~solution~~operate ~~operates~~ may cause potential customers to prefer more traditional technologies, limited point solutions or internally developed automated processes or to be cautious about investing in our systems. If we are unable to educate potential customers and change the market’s readiness to accept our technology, then our business, results of operations and financial condition may be harmed.

24If we are unable to develop new solutions, adapt to technological change, sell our systems, services and software into new markets or further penetrate our existing markets, our revenue may not grow as expected.

Our ability to increase sales will depend, in large part, on our ability to enhance and improve our systems, services and software, timely introduce new robotic technology and automation solutions, sell into new markets and further penetrate our

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~~System~~existing markets. IfAs wea ~~are~~result, ~~unable~~we tomust ~~educate~~continually ~~potential~~invest ~~customers~~resources ~~and~~in ~~change~~product ~~the~~development ~~market’s~~and ~~readiness~~successfully toincorporate ~~accept our technology, then our business, results of operations~~ and ~~financial~~develop ~~condition~~new ~~may be harmed~~technology.

IfDeveloping weupgrades ~~are~~and ~~unable~~new tosupply ~~develop~~chain ~~new~~automation solutions, ~~adapt~~are tocostly ~~technological~~and ~~change,~~impose ~~sell~~burdens on our internal teams, including management, compliance, and product development. The success of any enhancement or new system, software, services and ~~System~~products ~~into~~depend ~~new~~on ~~markets~~several orfactors, ~~further~~including ~~penetrate~~timely ~~our~~completion, ~~existing~~competitive ~~markets~~pricing, introduction and market acceptance and our ~~revenue~~ability to develop and maintain relationships with customers and vendors. Any new system, software, service and product we develop or acquire may not ~~grow~~be asintroduced ~~expected~~in a timely or cost-effective manner.

~~Our~~Any ~~ability~~new tomarkets ~~increase~~into ~~sales~~which ~~will~~we ~~depend,~~attempt into ~~large~~sell ~~part~~our systems, onservices ~~our~~and software may not be receptive. Our ability to ~~enhance~~further penetrate our existing markets depends on the pricing, quality, availability and ~~improve~~reliability of our ~~System~~systems, services and software and ~~services~~our ~~timely~~ability ~~introduce~~to ~~new~~design ~~robotic~~them ~~technology~~to meet customer demand and ~~automation~~price. ~~solutions~~Similarly, ~~sell~~if ~~into~~any of our competitors implement new ~~markets~~technologies ~~and~~before ~~further~~we ~~penetrate~~are ~~our~~able ~~existing~~to ~~markets~~implement ours, those competitors may be able to provide more effective products, possibly at lower prices. AsIf we are unable to provide systems that customers want at a ~~result~~competitive price, wethen ~~must~~our ~~continually~~customers ~~invest~~may ~~resources~~become dissatisfied and use competitors’ services. Any delay or failure in ~~product~~the ~~development~~introduction ~~and~~of ~~successfully~~new ~~incorporate~~or enhanced solutions could harm our business, financial condition, cash flows and ~~develop~~results ~~new~~of ~~technology~~operations.

Developing upgrades and new supply chain automation solutions are costly and impose burdens on our internal teams, including management, compliance, and product development. The success of any enhancement or new System, software, services and products depends on several factors, including timely completion, competitive pricing, introduction and market acceptance of such System, software, services and products and our ability to develop and maintain relationships with customers and vendors. Any new System, software, service and product we develop or acquire may not be introduced in a timely or cost-effective manner.

Any new markets into which we attempt to sell our System and services may not be receptive. Our ability to further penetrate our existing markets depends on the pricing, quality, availability and reliability of our System, software and services and our ability to design them to meet customer demand and price. Similarly, if any of our competitors implement new technologies before we are able to implement ours, those competitors may be able to provide more effective products, possibly at lower prices. If we are unable to provide a System that customers want at a competitive price, then our customers may become dissatisfied and use competitors’ services. Any delay or failure in the introduction of new or enhanced solutions could harm our business, financial condition, cash flows and results of operations.

Failure to manage our growth effectively could make it difficult to execute our business strategy and could adversely affect our business, financial condition and results of operations.

We have experienced rapid growth, and we are attempting to continue to grow our business substantially. To this end, we have made, and expect to continue to make, significant investments in our business, including investments in our infrastructure, technology, marketing and sales efforts. We are expanding our facilities and growing our headcount. If we do not generate the level of revenue required to support our investment, our business, financial condition and results of operations could be adversely affected.

Our ability to effectively manage our anticipated growth and expansion will also require us to enhance our operational, financial and management controls and infrastructure, human resources policies and reporting systems. These enhancements and improvements will require significant capital expenditures, additional headcount, other capital expenditures and allocation of valuable management and employee resources. Our future financial performance and our ability to execute on our business plan will depend, in part, on our ability to effectively manage our growth and expansion. There are no guarantees we will be able to do so in an efficient or timely manner, or at all.

~~Our~~Inflation, ~~System~~tariffs, ~~software~~customs duties and ~~services~~other ~~may~~increases bein ~~affected~~manufacturing ~~from~~and ~~time~~operating tocosts ~~time~~could byadversely ~~design~~affect ~~and~~our ~~manufacturing~~cash ~~defects~~flow ~~that~~as ~~could~~well ~~adversely~~as ~~affect~~ our business, financial condition and results of operations ~~and result in harm to our reputation~~.

Our ~~System~~operating ~~constitutes~~costs ~~complex~~are ~~software~~subject ~~and~~to ~~hardware~~fluctuations, ~~that~~particularly ~~can~~due beto ~~affected~~changes byin ~~design~~prices ~~and~~for ~~manufacturing~~commodities, ~~defects.~~parts, ~~Our~~raw ~~sophisticated~~materials, ~~solution~~energy ~~may~~and ~~have~~related ~~issues~~utilities, ~~that~~freight ~~can~~and ~~unexpectedly~~labor, ~~interfere~~which ~~with~~may ~~the~~be ~~intended~~driven ~~operation~~by ofinflation, ~~our~~prevailing ~~hardware~~price orlevels, ~~software~~exchange ~~products.~~rates, ~~Defects~~changes ~~may~~in ~~also~~trade ~~exist~~agreements inand ~~components~~trade ~~and~~protection ~~products~~measures ~~that~~including wetariffs ~~source~~and ~~from~~other ~~third~~economic ~~parties~~factors. orIn the ~~System~~past, ~~may~~our ~~not~~operating becosts ~~implemented~~have orbeen ~~used~~impacted ~~correctly~~by orprice asinflation ~~intended.~~and ~~Any~~these ~~such~~costs ~~defects~~may orcontinue ~~incorrect~~to ~~implementation~~be orso ~~use~~impacted. ~~could~~The ~~make~~U.S. ~~our~~has ~~System,~~enacted ~~software~~various ~~and~~trade ~~services unsafe~~actions, ~~create~~including aimposing ~~risk~~tariffs ofon ~~property~~certain ~~damage~~goods ~~and~~we ~~personal~~import ~~injury,~~from ~~and~~other ~~subject~~countries, uswhich tohas ~~the~~also ~~hazards~~contributed ~~and~~to ~~uncertainties~~higher ofcosts ~~product~~for ~~liability~~some ~~claims~~commodities and ~~related~~raw ~~litigation~~materials. InAdditional ~~addition,~~tariffs ~~from~~imposed ~~time~~by tothe ~~time~~U.S., ~~we may experience outages, service slowdowns~~ or ~~errors~~further ~~that~~retaliatory ~~affect~~trade ~~our~~measures ~~System~~taken ~~and~~by ~~software.~~other ~~As a result~~countries, ~~our~~could ~~System~~increase ~~may~~the ~~not~~cost ~~perform~~of asour ~~anticipated~~systems ~~and~~that we may not ~~meet customer expectations. There can~~ be ~~no assurance that we will be~~ able to ~~detect~~offset. ~~and~~Actions ~~fix~~we ~~all~~take ~~issues~~to ~~and~~mitigate ~~defects~~volatility in ~~our~~manufacturing ~~System, software~~ and ~~services.~~operating ~~Failure~~costs tomay donot sobe ~~could~~successful ~~result in widespread technical~~ and, ~~performance~~as ~~issues~~a inresult, our ~~System~~financial ~~and~~condition, ~~services~~cash flows and ~~could~~results ~~lead~~of tooperations ~~claims~~could ~~against~~be ~~us.~~adversely affected.

We ~~maintain~~rely ~~general~~on ~~liability~~suppliers ~~insurance;~~to ~~however~~provide equipment, ~~claims~~components ~~related to design~~ and ~~manufacturing~~services. ~~defects~~Any ~~may~~disruption ~~subject us~~ to ~~judgments~~our orsupply ~~settlements~~chain ~~that~~could ~~result~~adversely inaffect ~~damages~~our ~~materially~~business, infinancial ~~excess~~condition ofand ~~the~~results ~~limits~~ of ~~our insurance coverage~~operations. ~~In addition, we~~

Our reliance on suppliers involves certain risks, including:

•a worker strike, which could impact the unloading, loading and movement of cargo at ports used by our carriers, which could lead to delays in shipments and arrival schedules;

•poor quality or an insecure supply chain, which could adversely affect the reliability and reputation of our systems;

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•cost increases due to inflation, exchange rate fluctuations, taxes, tariffs or commodity market volatility or other factors that affect our suppliers;

•embargoes, sanctions and other trade restrictions that may affect our ability to purchase from various suppliers;

•IP challenges to ownership of rights or alleged infringement by suppliers; and

Any of these uncertainties could adversely affect our profitability and ability to compete.

If there are disruptions in our supply chain, the materials we rely on in our business may not be timely available at reasonable rates, or at all. These disruptions could cause a delay in our manufacturing and construction of our systems and thus a delay in our implementation schedules for our customers.

We rely on a number of suppliers for raw materials and components for our systems and have entered into supply agreements with such suppliers. A number of these supply agreements provide the supplier with a termination right for any reason or no reason. If one of our suppliers terminates their relationship with us, or experiences a supply chain disruption, we could experience delays in our ability to deliver our systems to our customers. In addition, while most raw materials and components for our systems are available from multiple suppliers, certain of those items are only available from limited sources. Should any of these suppliers become unavailable or inadequate, or impose terms unacceptable to us, such as increased pricing terms, we could be required to spend a significant amount of time and expense to develop alternate sources of supply, and we may not be successful in doing so on terms acceptable to us, or at all. As a result, the loss of a supplier could adversely affect our relationship with our customers and our reputation, as well as our business, financial condition and results of operations.

Our systems, services and software may be affected from time to time by design and manufacturing defects that could adversely affect our business, financial condition and results of operations and result in harm to our reputation.

Our systems constitute complex software and hardware that can be affected by design and manufacturing defects. Our sophisticated solution may have issues that can unexpectedly interfere with the intended operation of our hardware or software products. Defects may also exist in components and products that we source from third-parties or the systems may not be implemented or used correctly or as intended. Any such defects or incorrect implementation or use could make our systems, services and software unsafe, create a risk of property damage and personal injury, and subject us to the hazards and uncertainties of product liability claims and related litigation. In addition, from time to time, we may experience outages, service slowdowns or errors that affect our systems and software. As a result, our systems may not perform as anticipated and may not meet customer expectations. There can be no assurance that we will be able to detect and fix all issues and defects in our systems, services and software. Failure to do so could result in widespread technical and performance issues in our systems, services and software and could lead to claims against us.

We maintain general liability insurance; however, claims related to design and manufacturing defects may subject us to judgments or settlements that result in damages materially in excess of the limits of our insurance coverage. In addition, we may be exposed to recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment or intangible assets, and significant warranty and other expenses such as litigation costs and regulatory fines. If we cannot successfully defend any large claim, maintain our general liability insurance on acceptable terms or maintain adequate coverage against potential claims, our financial results could be adversely impacted.

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~~may~~If bewe ~~exposed~~fail to ~~recalls,~~adapt ~~product~~and ~~replacements~~respond oreffectively ~~modifications,~~to ~~write-offs~~rapidly ofchanging ~~inventory~~technology, ~~property,~~evolving ~~plant~~industry ~~and~~standards ~~equipment or intangible assets,~~ and ~~significant~~changing ~~warranty~~business ~~and other expenses such as litigation costs and regulatory fines. If we cannot successfully defend any large claim~~needs, ~~maintain~~requirements ~~our general liability insurance on acceptable terms~~ or ~~maintain adequate coverage against potential claims~~preferences, our ~~financial~~systems ~~results~~may ~~could~~become beless ~~adversely impacted~~competitive.

IfOur wefuture ~~fail~~business and financial success will depend on our ability to ~~adapt~~continue to anticipate the needs of our current and ~~respond~~potential ~~effectively~~customers and to ~~rapidly~~enhance ~~changing~~and improve our systems, services and software, introduce new robotic technology and automation solutions in a timely manner, ~~evolving~~sell into new markets and further penetrate our existing markets. To be successful, we must be able to quickly adapt to changes in technology, industry standards and ~~changing~~the business needs of our customers by continually enhancing our technology, ~~requirements~~services orand ~~preferences~~solutions. Developing new software, services and products and upgrades to our ~~System~~existing systems, services and software as well as integrating and coordinating our current systems, services and software imposes burdens on our internal teams, including management, compliance, and product development. These processes are costly, and our efforts to develop, integrate and enhance our systems, services and software may ~~become~~not ~~less~~be ~~competitive~~successful.

Our future business and financial success will depend on our ability to continue to anticipate the needs of our current and potential customers and to enhance and improve our System, software and services, introduce new robotic technology and automation solutions in a timely manner, sell into new markets and further penetrate our existing markets. To be successful, we must be able to quickly adapt to changes in technology, industry standards and business needs of our customers by continually enhancing our technology, services and solutions. Developing new software, services and products and upgrades to our existing System, software and services as well as integrating and coordinating our current System, software and services imposes burdens on our internal teams, including management, compliance, and product development. These processes are costly, and our efforts to develop, integrate and enhance our System, software and services may not be successful.

Our success also depends on our continued improvements to provide products and services that are attractive to our customers. As a result, we must continually invest resources in product development and successfully incorporate and develop new technology. If we are unable to do so or otherwise provide supply chain automation solutions that customers want, then our customers may become dissatisfied and use competitors’ services. If we are unable to continue offering innovative software, services and products, we may be unable to attract additional customers or retain our existing customers, which could harm our business, results of operations and financial condition.

Inflation, tariffs, customs duties and other increases in manufacturing and operating costs could adversely affect our cash flow as well as our business, financial condition and results of operations.

Our operating costs are subject to fluctuations, particularly due to changes in prices for commodities, parts, raw materials, energy and related utilities, freight and labor, which may be driven by inflation, prevailing price levels, exchange rates, changes in trade agreements and trade protection measures including tariffs and other economic factors. In the past, our operating costs have been impacted by price inflation and these costs may continue to be so impacted. The U.S. has enacted various trade actions, including imposing tariffs on certain goods we import from other countries, which has also contributed to higher costs for some commodities and raw materials. Additional tariffs imposed by the U.S., or further retaliatory trade measures taken by other countries, could increase the cost of our System that we may not be able to offset. Actions we take to mitigate volatility in manufacturing and operating costs may not be successful and, as a result, our financial condition, cash flows and results of operations could be adversely affected.

Our financial performance is subject to risks of foreign exchange fluctuation, which could result in foreign exchange losses.

We may be exposed to fluctuations of the U.S. dollar against certain other currencies, including the Mexican Peso, because we publish our financial statements in U.S. dollars, while some of our assets, liabilities, revenues and costs are or will be denominated in other currencies. Exchange rates for currencies of the countries in which we operate may fluctuate in relation to the U.S. dollar, and such fluctuations may have a material adverse effect on our earnings or assets when translating foreign currency into U.S. dollars. We do not hedge our exchange rate so any changes in exchange rates will directly affect our earnings.

Our customer agreements allocate certain liabilities to us. The occurrence of such liability could disrupt our business or result in liability.

Our customer contracts, including those with our largest customers, allocate liability between our customers and us. We have agreed to indemnify customers for infringement or misappropriation of third-party IP; damage, destruction, injury or property damage; and actions by our employees. The potential liabilities associated with such provisions are significant, although our customer contracts typically contain limitations on our liability with respect to certain indemnification claims.

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Costs, payments or damages incurred or paid by us in connection with indemnification claims could adversely affect our financial condition, cash flows and results of operations.

We may need to raise additional capital, and this capital may not be available on terms favorable to us, or at all, when needed.

Research and development and improvement of our facilities is capital-intensive and may require capital investment to fund. On February 26, 2024, we completed a sale in an underwritten offering of 10,000,000 shares of our Class A common stock. Our net proceeds, after deducting underwriting discounts and commissions and our offering expenses, were approximately $197 million. However, there can be no assurance that we will have access to further capital if we need on favorable terms when required, or at all. If we cannot raise additional funds when we need them, our financial condition, business, prospects and results of operations could be materially adversely affected.

We may raise funds through the issuance of debt securities or through loan arrangements, the terms of which could require significant interest payments, contain covenants that restrict our business or other unfavorable terms. We may also raise funds through the sale of additional equity securities, which could dilute our stockholders.

We may experience risks associated with future mergers, acquisitions or dispositions of businesses or assets or other strategic transactions or joint ventures.

We may pursue mergers, acquisitions or dispositions of businesses or assets or other strategic transactions that we believe will enable us to strengthen or broaden our business. We established the GreenBox joint venture in July 2023, ~~and~~ acquired substantially all of the assets of Veo Robotics in July 2024. ~~However,~~and weOhmiLabs ~~may~~in beDecember ~~unable~~2024 ~~to identify suitable companies, businesses or assets, reach agreement on potential strategic transactions on acceptable terms~~ and ~~manage~~acquired the ~~impacts~~ASR ofbusiness ~~such~~from ~~transactions~~Walmart onin ~~our~~January ~~business~~2025. ~~Moreover, mergers, acquisitions, dispositions and other strategic transactions involve various risks including, but not limited to:~~

However, in the future, we may be unable to identify suitable companies, businesses or assets, reach agreement on potential strategic transactions on acceptable terms and manage the impacts of such transactions on our business. Moreover, mergers, acquisitions, dispositions and other strategic transactions involve various risks including, but not limited to:

•integrating or disposing of a business;

•introducing new or improved supply chain automation solutions;

•unanticipated changes in customer, supplier and other third-party relationships,

•diversion of management’s attention from day-to-day operations,

•failure to realize the anticipated benefits of such transactions, such as cost savings and revenue enhancements,

•substantial transaction costs, and

•potential impairment resulting from the overpayment for an acquisition or adverse changes in business performance.

Future mergers or acquisitions may require us to obtain additional equity or debt financing, which may not be available on attractive terms. Moreover, to the extent a transaction financed by non-equity consideration results in goodwill, it will reduce our tangible net worth, which might have an adverse effect on credit availability. For all these reasons, mergers, acquisitions or dispositions of businesses or assets or other strategic transactions could cause our actual results to differ materially from those anticipated.

We may also choose to divest certain businesses or product lines that no longer fit with our strategic objectives. If we decide to sell assets or a business, we may have difficulty obtaining terms acceptable to us in a timely manner, or at all. Additionally, the terms of such potential transactions may expose us to ongoing obligations and liabilities.

IfWe ~~demand~~rely ~~for~~on ~~our~~senior ~~System~~management, ~~does~~technical ~~not grow as we expect~~experts, ~~or if market adoption of A.I.-enabled robotics~~ and ~~supply~~other ~~chain~~highly ~~automation~~qualified ~~solutions does not continue to develop~~personnel, orincluding ~~develops~~hardware ~~slower~~and ~~than~~software ~~we expect~~engineers, ~~our~~and ~~future~~will ~~revenue~~need ~~may~~to ~~stagnate~~hire ~~or decline~~ and ~~our~~train ~~business~~additional ~~may be adversely affected~~personnel.

~~The~~Our ~~supply~~success ~~chain~~depends, ~~automation~~in ~~industry~~part, ison ~~rapidly~~our ~~growing~~continuing ~~and~~ability ~~developing.~~to Werecruit, ~~may~~train, ~~not~~and ~~be able to~~ develop ~~effective~~highly ~~strategies~~qualified topersonnel. ~~raise~~Experienced ~~awareness~~and ~~among~~highly ~~potential~~skilled ~~customers~~employees ofare ~~the~~in ~~benefits~~high ofdemand ~~A.I. enabled robotics~~ and ~~automation~~competition ~~and~~for ~~our~~these ~~System~~employees ~~may~~can ~~not~~be ~~address~~intense, ~~the~~particularly ~~specific~~in ~~needs~~our orindustry. ~~provide~~Higher ~~the~~employee ~~level~~costs ofmay ~~functionality~~also ~~required~~result byfrom ~~potential customers to encourage~~ the ~~continuation~~high ofdemand ~~the~~and ~~shift~~competition ~~towards~~for ~~supply chain automation~~employees. IfAs ~~supply~~with ~~chain~~any ~~automation~~company ~~technology~~with ~~does~~limited ~~not continue to gain broader market acceptance as an alternative to conventional manual operations~~resources, orthere ifcan ~~the~~be ~~marketplace~~no ~~adopts~~guarantee ~~supply chain automation technologies~~ that ~~differ from ours,~~ we ~~may~~will ~~not~~ be able to ~~increase~~attract orsuch ~~sustain~~individuals ~~the level of sales of our solution, retain existing customers~~ or ~~attract~~that ~~new~~the ~~customers, and our operating results would be adversely affected as a result.~~

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presence of such individuals will necessarily translate into profitability for us. Challenges in attracting key employees and highly qualified personnel in a timely and cost-effective manner could materially adversely affect our business, financial, condition or results of operations.

Our success depends on the continuing services of key employees. We believe the depth and quality of the experience of our management team with the retail supply chain, distribution logistics, automation and robotics technology are key to our ability to be successful. The loss of these individuals could materially and adversely affect our business and financial condition.

If our employees seek to join a labor union, higher employee costs and increased risk of work stoppages or strikes could result. We also directly or indirectly rely on other companies with unionized workforces, including suppliers, and work stoppages or strikes at these companies could have a material adverse impact on our business and financial condition.

Changes in laws and regulations related to employees, independent contractors, and temporary personnel may also lead to increased costs, reduced operational flexibility, and adversely affect our ability to staff our operations and manage workforce needs. Shifts in the domestic labor market could further restrict our access to talent, delay or prevent the timely hiring of highly qualified personnel, and increase administrative, compliance, and operational costs. Any such developments could make it more difficult or costly for us to maintain the workforce needed to execute our strategy.

We are in the process of expanding into new international markets, which exposes us to risks such as competition for skilled talent, wage inflation and unfamiliar labor and regulatory requirements. Managing remote teams, complying with complex local laws, and aligning new employees with our global culture may increase costs and reduce flexibility.

Our financial performance is subject to risks of foreign exchange fluctuation, which could result in foreign exchange losses.

We may be exposed to fluctuations of the U.S. dollar against certain other currencies, including the Euro and Mexican Peso, because we publish our financial statements in U.S. dollars, while some of our assets, liabilities, revenues and costs are or will be denominated in other currencies. Exchange rates for currencies of the countries in which we operate may fluctuate in relation to the U.S. dollar, and such fluctuations may have a material adverse effect on our earnings or assets when translating foreign currency into U.S. dollars. We do not hedge our exchange rate so any changes in exchange rates will directly affect our earnings.

Our customer agreements allocate certain liabilities to us. The occurrence of such liability could disrupt our business or result in liability.

We may need to raise additional capital, and this capital may not be available on terms favorable to us, or at all, when needed.

Research and development and improvement of our facilities is capital-intensive and may require capital investment to fund. In February 2024, we completed a sale in an underwritten offering of 10,000,000 shares of our Class A common stock. Our net proceeds, after deducting underwriting discounts and commissions and our offering expenses, were approximately $197 million. However, there can be no assurance that we will have access to further capital if we need it on favorable terms when required, or at all. If we cannot raise additional funds when we need them, our financial condition, business, prospects and results of operations could be materially adversely affected.

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~~Laws~~If ~~and~~demand ~~regulations~~for ~~governing~~our systems does not grow as we expect, or if market adoption of A.I.-powered robotics and supply chain automation ~~industries~~solutions ~~are~~does ~~still~~not ~~developing~~continue ~~and~~to ~~may~~develop, ~~restrict our business~~ or ~~increase~~develops ~~the~~slower ~~costs~~than ofwe ~~our System~~expect, ~~making~~ our ~~System~~future ~~less~~revenue ~~competitive~~may stagnate or ~~adversely~~decline ~~affecting~~and our ~~revenue~~business ~~growth~~may be adversely affected.

WeThe ~~are~~supply ~~subject~~chain toautomation ~~laws~~industry ~~and~~is ~~regulations~~rapidly ~~relating~~growing toand ~~the~~developing. ~~robotics~~We ~~and~~may ~~supply~~not ~~chain~~be ~~automation~~able ~~industries~~to indevelop ~~the~~effective ~~jurisdictions~~strategies into ~~which~~raise weawareness ~~conduct~~among ~~our~~potential ~~business~~customers orof inthe ~~some~~benefits ~~circumstances,~~ of ~~those~~A.I. ~~jurisdictions~~enabled inrobotics ~~which~~and weautomation ~~offer~~and our ~~System.~~systems ~~Our~~may ~~System~~not ~~utilizes~~address ~~emerging~~the ~~tools~~specific ~~and~~needs ~~technologies,~~or ~~such~~provide asthe ~~artificial~~level ~~intelligence,~~of ~~which~~functionality ~~may~~required ~~also~~by ~~become~~potential ~~subject~~customers to ~~regulation~~encourage ~~under~~the ~~new~~continuation ~~laws~~of orthe ~~new~~shift ~~applications~~towards ofsupply ~~existing~~chain ~~laws~~automation. ~~These~~If ~~laws~~supply ~~and~~chain ~~regulations~~automation ~~are~~technology ~~developing~~does ~~and~~not ~~vary~~continue ~~from~~to ~~one~~gain ~~jurisdiction~~broader tomarket ~~another~~acceptance ~~and~~as ~~future~~an ~~legislative~~alternative ~~and~~to ~~regulatory~~conventional ~~action~~manual operations, ~~court~~or ~~decisions~~if orthe ~~other~~marketplace ~~governmental~~adopts ~~action~~supply chain automation technologies that differ from ours, ~~which~~we may not be ~~affected~~able ~~by,~~to ~~among~~increase ~~other~~or ~~things,~~sustain ~~political~~the ~~pressures,~~level ~~attitudes~~of ~~and~~sales ~~climates,~~of asour ~~well~~solutions, asretain ~~personal~~existing ~~biases,~~customers ~~may~~or ~~have~~attract anew ~~material~~customers, and ~~adverse~~our ~~impact~~operating onresults ~~our~~would ~~operations~~be ~~and~~adversely ~~financial~~affected ~~results~~as a result.

~~Our~~Laws ~~warehousing~~and ~~facilities~~regulations ~~are~~governing ~~subject~~robotics toand ~~various~~supply ~~compliance~~chain ~~requirements,~~automation ~~including~~industries ~~those~~are ofstill ~~OSHA~~developing and ~~other~~may ~~workplace~~restrict ~~safety~~our ~~agencies,~~business ~~and~~or ~~compliance~~increase the costs ~~could~~of ~~increase~~our assystems, wemaking ~~scale~~our systems less competitive or adversely affecting our ~~System~~revenue growth.

~~Our~~We ~~warehousing facilities~~ are subject to ~~numerous federal and state~~ laws and regulations, ~~including~~relating ~~those~~to ofthe ~~OSHA,~~robotics aand ~~regulatory~~supply ~~agency~~chain ofautomation ~~the~~industries ~~United~~in ~~States~~the ~~Department~~jurisdictions ofin ~~Labor.~~which Inwe ~~particular,~~conduct our ~~facilities~~business ~~are~~or ~~subject~~in tosome ~~oversight~~circumstances, ~~and~~of ~~regulation~~those ~~under~~jurisdictions ~~local~~in ~~ordinances,~~which ~~building,~~we ~~zoning~~offer ~~and~~our ~~fire~~systems. ~~codes,~~Our ~~environmental~~systems ~~protection~~utilize ~~regulation,~~emerging tools and ~~other~~technologies, ~~rules~~such ~~and~~as ~~regulations~~A.I., ~~Although~~which wemay ~~believe~~also ~~that~~become ~~obtaining~~subject ~~and~~to ~~renewing~~regulation ~~any~~under ~~certificates~~new laws or ~~licenses~~new ~~required~~applications ~~for the operation~~ of ~~our~~existing ~~business~~laws. inThese ~~compliance with such~~ laws and regulations ~~will~~are bedeveloping ~~routine,~~and wevary ~~cannot~~from ~~assure~~one ~~you~~jurisdiction ~~that~~to weanother. ~~will~~Future ~~obtain~~legislative orand ~~renew~~regulatory ~~them~~action, incourt adecisions ~~timely~~or ~~manner.~~other ~~Our~~governmental ~~failure~~action tomay ~~hold~~be aaffected ~~given~~by, ~~license~~among orother ~~certificate~~things, ~~whether~~political ~~by expiration~~pressures, ~~nonrenewal,~~attitudes ~~modification~~and ~~or termination~~climates, ~~may~~as ~~impair~~well ~~our~~as ~~ability~~personal tobiases, ~~perform~~and ~~our obligations under our customer contracts. Such licenses or certificates~~ may ~~require~~have usa tomaterial ~~operate~~and inadverse ~~ways~~impact ~~that~~on ~~incur~~our ~~substantial~~operations ~~compliance~~and ~~costs,~~financial ~~particularly as we seek to scale our System~~results.

Our facilities are subject to various compliance requirements, including those of OSHA and other workplace safety agencies, and compliance costs could increase as we scale our systems.

Our facilities are subject to numerous federal and state laws and regulations, including those of OSHA, a regulatory agency of the United States Department of Labor. In particular, our facilities are subject to oversight and regulation under local ordinances, building, zoning and fire codes, environmental protection regulation, and other rules and regulations. Although we believe that obtaining and renewing any certificates or licenses required for the operation of our business in compliance with such laws and regulations will be routine, we cannot assure you that we will obtain or renew them in a timely manner. Our failure to hold a given license or certificate, whether by expiration, nonrenewal, modification or termination, may impair our ability to perform our obligations under our customer contracts. Such licenses or certificates may require us to operate in ways that incur substantial compliance costs, particularly as we seek to scale our systems.

Supply chain interruptions may increase our costs or reduce our revenue.

We depend on good vendor relationships and the effectiveness of our supply chain management to ensure reliable and sufficient supply, on reasonably favorable terms, of materials used in our manufacturing processes. The materials we purchase and use in the ordinary course of business are sourced from a wide variety of suppliers around the world, including Germany, Italy, Sweden, Mexico, the United States, Canada and China. Disruptions in the supply chain may result from public health crises, such as the COVID-19 pandemic, or from weather-related events, natural disasters, trade restrictions, tariffs, border controls, acts of war, terrorist attacks, third-party strikes, work stoppages or slowdowns, shipping capacity constraints, supply or shipping interruptions or other factors beyond our control. In the event of disruptions in our existing supply chain, the labor and materials we rely on in the ordinary course of our business may not be available at reasonable rates or at all. ~~Further~~If the costs in our supply chain increase, we may not be able to recover such additional costs under our agreements with our customers or offset such costs in new customer agreements. Our supply chain also depends on third-party warehouses and logistics providers. Any disruption in the supply, storage or delivery of materials could disrupt our operations, which may cause harm to our reputation and results of operations.

We are required to assess our internal control over financial reporting and our management has identified material weaknesses. If our remediation of the material weaknesses is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.

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control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we could suffer misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could result in significant expenses to remediate any internal control deficiencies and lead to a decline in our stock price.

Our management has conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 28, 2024. Based upon this evaluation and those criteria, management concluded that, as of September 28, 2024, the Company’s internal control over financial reporting was not effective due to the identification of material weaknesses. As of September 28, 2024, the Company did not effectively design procedures and controls over the timing of the recognition of cost of revenue. This resulted in the acceleration of the recognition of cost of revenue. Given that we recognize revenue on a percentage of completion basis, this resulted in the acceleration of recognition of revenue. Additionally, the Company did not effectively design and execute controls over revenue recognition related to cost overruns on certain deployments that will not be billable. This resulted in an overstatement of revenue during the year. These deficiencies in internal control over financial reporting constituted material weaknesses. For further discussion of these material weaknesses, see Item 9A. Controls and Procedures. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Risks Related to Intellectual Property

We may need to bring, or defend ourselves against, IP infringement or misappropriation claims, which may adversely affect our business, financial condition and results of operations by limiting our ability to use certain IP and causing us to incur substantial costs.

We may become subject to IP disputes. Our success depends, in part, on our ability to develop and commercialize our ~~System~~systems without infringing, misappropriating or otherwise violating the IP of third parties. However, we may not be aware that our ~~System~~systems ~~infringes~~infringe, ~~misappropriates~~misappropriate or otherwise ~~violates~~violate third-party IP, and such third parties may bring claims alleging such infringement, misappropriation or violation.

Companies, organizations or individuals, including our competitors, may own or obtain ~~patents, copyrights, trademarks, trade secrets, or other~~ IP rights that would prevent or limit our ability to ~~develop~~make, ~~manufacture~~use, sell or ~~sell~~import one or more components of our ~~System~~systems, which could make it more difficult for us to operate our business. We may receive inquiries from IP owners inquiring whether we have infringed upon, misappropriated or violated their IP rights, or otherwise not complied with the terms and conditions such rights may be subject to (including open -source software licenses). Companies owning IP, including those relating to supply chain automation, may allege infringement, misappropriation or violation of such rights. Any litigation may also involve patent holding companies or other adverse patent owners that have no relevant product revenue, and therefore, our patent applications may provide little or no deterrence as we would not be able to assert them against such entities or individuals. If a third-party obtains an injunction preventing us from using our IP, or if we cannot license or develop alternative technology for any infringing aspect of our business, we would be forced to limit or stop sales of our ~~System~~systems and services or cease business activities related to such IP.

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In response to a determination that we have infringed upon, misappropriated or violated a third-party’s IP (including through our indemnification obligations), we may be required to do one or more of the following:

•cease development, sales or use of our ~~System~~systems that ~~incorporates~~incorporate or is covered by the asserted IP;

•pay substantial damages, including through settlement payments or indemnification obligations (including legal fees);

•obtain a license from the owner of the asserted IP, which license may not be available on reasonable terms or at all; or

•redesign one or more aspects of our ~~System~~systems that is alleged to infringe, misappropriate or violate any third-party IP.

A successful claim of infringement, violation or misappropriation against us could materially adversely affect our business, financial, condition or results of operations. Any legal proceedings or claims, whether valid or invalid, could result in substantial costs and diversion of resources. If third parties successfully oppose or challenge our IP or successfully claim that we infringe, misappropriate or otherwise violate their IP, we may be subject to liability, required to enter into costly license agreements, or required to rebrand or restrict our ~~System~~systems. Also, we expect that the occurrence of infringement claims is likely to grow as the market for our ~~System~~systems ~~grows~~grow. Accordingly, our exposure to damages resulting from infringement claims could increase, and this could further exhaust our financial and management resources.

In order to protect our IP, we may be required to spend significant resources to monitor our IP. Litigation may be necessary in the future to enforce our IP and to protect our trade secrets. Litigation brought to protect and enforce our IP could be costly, time-consuming, and distracting to management, and could result in the impairment or loss of portions of our IP. Further, our efforts to enforce our IP may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of our IP, and if such defenses, counterclaims, or countersuits are successful, we could lose our rights in and to valuable IP. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management’s attention and resources, could delay further sales or the implementation of our ~~System~~systems, impair the functionality of our ~~System~~systems, delay introductions of new solutions, result in our substituting inferior or more costly technologies into our ~~System~~systems, and injure our reputation.

Our business, financial condition and results of operations may be adversely affected and the value of our brand, ~~System~~systems and other intangible assets may be diminished if we are unable to maintain and protect our IP (including maintaining the confidentiality and control of our proprietary source code ~~and other trade secrets~~) from unauthorized use, infringement or misappropriation by third parties.

Our success depends on our ability to protect our IP (including by obtaining ~~and enforcing our~~ patents and trademarks and maintaining the confidentiality of our proprietary source code ~~and other trade secrets~~), and the failure to adequately maintain, protect or enforce our IP could result in our competitors offering products or services similar or superior to ours, which would adversely affect our business, financial, condition or results of operations. We rely on a combination of patents, trade secrets (including know-how), employee and third-party invention assignment and nondisclosure agreements, copyright, trademark, and other IP licenses and contractual rights to establish, maintain and protect the IP in and to our System.

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in our competitors offering products or services similar or superior to ours, which would adversely affect our business, financial condition or results of operations. We rely on a combination of patents, trade secrets (including know-how), employee and third-party invention assignment and nondisclosure agreements, IP licenses and contractual rights to establish, maintain and protect the IP in and to our systems.

The measures we take to maintain and protect our IP from infringement, misappropriation or violation by others or the unauthorized disclosure of our trade secrets may not be effective for various reasons, including the following:

•any patent applications we submit or currently have pending may not result in the issuance of patents;

•the scope of our issued patents, including our patent claims, may not be broad enough to protect our proprietary rights;

•our issued patents may be challenged, invalidated or held unenforceable through administrative or legal proceedings in the U.S. or in foreign jurisdictions;

•our employees or business partners may breach their confidentiality, non-disclosure and non-use obligations to us and we may not have adequate remedies for any such breach;

•competitors or third parties may reverse engineer, circumvent or design around our technology or IP or independently discover or develop technologies that are substantially equivalent or superior to ours;

•we may not be successful in enforcing our IP portfolio against third parties who are infringing, violating or misappropriating such IP, for a number of reasons, including substantive and procedural legal impediments;

•our trademarks may not be valid or enforceable;

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•our efforts to protect our trademarks from unauthorized use may be deemed insufficient to satisfy legal requirements throughout the world to maintain our rights in our trademarks;

•any goodwill that we have developed in our trademarks could be lost or impaired;

•the costs associated with filing patent applications, enforcing patents, confidentiality and invention assignment agreements or other IP and IP-related agreements may make enforcement commercially impracticable or divert our management’s attention and resources; and

•our use of open-source software could: (i) subject us to claims alleging that we are not compliant with such software licenses; (ii) require us to publicly release portions of our proprietary source code; and (iii) expose us to greater security risks than would the use of non-open-source third-party commercial software.

Additionally, IP laws vary throughout the world. Some foreign countries do not protect IP to the same extent as do the laws of the U.S. Further, policing the unauthorized use of or enforcing our IP in foreign jurisdictions may be difficult. Therefore, as we continue to expand our international footprint, our IP may not be as strong and expansive, or as easily enforced (or even exist), outside of the U.S. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon, misappropriating, or otherwise violating our IP rights.

If we are unable to adequately prevent disclosure of trade secrets or other proprietary information, the value of our technology may be diminished. We enter into confidentiality and invention assignment agreements with our employees and consultants and enter into confidentiality agreements with other third parties, including suppliers and other partners. However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary information, know-how and trade secrets. Moreover, no assurance can be given that these agreements will be enforceable or will be effective in controlling access to, distribution, use, misuse, misappropriation, reverse engineering or disclosure of our proprietary information, know-how and trade secrets. Further, these agreements may not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our ~~System~~systems. These agreements may be breached, and we may not have adequate remedies for any such breach.

Our software contains third-party open-source software components. Certain use of such open-source components with our proprietary software could adversely affect our ability to charge fees for, or otherwise protect the value of, our solution.

We license certain software from third parties under open-source licenses. Use and distribution of open-source software may entail greater risks than use of non-open-source third-party commercial software, as open-source licensors generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the quality of the code. In addition, the public availability of such software may make it easier for others to compromise our ~~System~~systems.

Some open-source licenses contain requirements that we make available source code for modifications or derivative works of our proprietary software based upon the type of open-source software we use or grant other licenses to our IP. If we combine our proprietary software with open-source software in a certain manner, we could, under certain open-source licenses, be required to release the source code of our proprietary software to the public. This could allow our competitors to create similar products or service offerings with lower development effort and time and ultimately could result in a loss of our competitive advantages. Alternatively, to avoid the public release of the affected portions of our source code, we could be required to expend substantial time and resources to re-engineer some or all of our software.30

Although we monitor our use of open-source software to avoid subjecting our System to unintended conditions, the terms of many open-source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute our System. From time to time, there have been claims challenging the ownership of open-source software against companies that incorporate open-source software into their solutions. We could similarly be subject to lawsuits by parties claiming ownership of what we believe to be open-source software. Moreover, we cannot assure you that our processes for controlling our use of open-source software in our System will be effective.

If we are held to have breached or failed to fully comply with all the terms and conditions of an open-source software license, we could face infringement or other liability. This may result in an injunction against providing our System, a requirement to seek costly licenses from third parties to continue providing our System on terms that are not economically feasible, re-engineering our System, discontinuing or delaying the provision of our System if re-engineering could not be accomplished on a timely basis or to make generally available, in source code form, our proprietary code, any of which could adversely affect our business, financial condition and results of operations.

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Although we monitor our use of open-source software to avoid subjecting our systems to unintended conditions, the terms of many open-source licenses have not been interpreted by U.S. or foreign courts, and there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute our systems. From time to time, there have been claims challenging the ownership of open-source software against companies that incorporate open-source software into their solutions. We could similarly be subject to lawsuits by parties claiming ownership of what we believe to be open-source software. Moreover, we cannot assure you that our processes for controlling our use of open-source software in our systems will be effective.

If we are held to have breached or failed to fully comply with all the terms and conditions of an open-source software license, we could face infringement or other liability. This may result in an injunction against providing our systems, a requirement to seek costly licenses from third parties to continue providing our systems on terms that are not economically feasible, re-engineering our systems, discontinuing or delaying the provision of our systems if re-engineering could not be accomplished on a timely basis or to make generally available, in source code form, our proprietary code, any of which could adversely affect our business, financial condition and results of operations.

Our patent applications may not issue or, if issued, may not provide sufficient protection, which may adversely affect our ability to prevent others from commercially exploiting products similar to ours.

We rely on our patent portfolio to protect our competitive advantages. As of September 2827, ~~2024~~2025, we had ~~483~~654 issued patents in 1417 countries and an additional ~~235~~413 patents pending worldwide. Our issued patents are scheduled to expire between ~~May~~January ~~2025~~2026 and ~~October~~March ~~2043~~2044. The pending patent applications are presently undergoing examination or expected to undergo examination in the near future. These patents and patent applications seek to protect our proprietary inventions relevant to our business (including our ~~revolutionary~~systems, ~~distribution~~next-generation ~~center structure~~storage, ~~our~~ depalletizing tool, ~~our~~ electro-sensitive protection system for machinery and other software and hardware components of our ~~System~~system), in addition to other proprietary technologies (including source code) which are primarily maintained as trade secrets. We intend to pursue additional IP protection to the extent we believe it would be beneficial and cost-effective. We make business decisions about when to seek patent protection for a particular technology and when to rely upon copyright or trade secret protection, and the approach we select may ultimately prove to be inadequate. Even in cases where we seek patent protection, there is no assurance that the resulting patents will effectively protect every significant feature of our ~~System~~system or other automated or robotic supply chain solution.

Even if we continue to seek patent protection in the future, we may be unable to obtain or maintain patent protection for our technology. There may be issued patents of which we are not aware, held by third parties that, if found to be valid and enforceable, could be alleged to be infringed by our current or future technologies or ~~offerings~~solutions. There also may be pending patent applications of which we are not aware that may result in issued patents, which could be alleged to be infringed by our current or future technologies or ~~offerings~~solutions. Furthermore, legal standards relating to the validity, enforceability and scope of protection of IP rights are uncertain. Despite our precautions, it may be possible for unauthorized third parties to copy our solution and use information that we regard as proprietary to create products that compete with ours.

We also cannot be certain that we are the first inventor of the subject matter for which we have filed a particular patent application, or if we are the first party to file such a patent application. If another party has invented or filed a patent application with respect to the same subject matter as we have, we may not be entitled to the protection sought by our applicable patent applications. We also cannot be certain that all the claims included in a patent application will ultimately be allowed in the applicable issued patent. Further, the scope of protection provided by issued patent claims is often difficult to determine. As a result, we cannot be certain that the patent applications that we file will issue, or that our issued patents will afford protection against competitors with similar technology. In addition, even if all of our patent claims are allowed and cover their intended scope, our competitors may circumvent or design around our issued patents, which may adversely affect our business, financial, condition or results of operations. Finally, our issued patents may be challenged and invalidated.

~~Risks Related to Cybersecurity, Software Deficiencies, Service Interruptions and Data Privacy~~31

We have experienced cybersecurity incidents in the past and may experience further cybersecurity incidents or security breaches of our IT or OT in the future, which may result in system disruptions, shutdowns, unauthorized access to or disclosure of confidential or personal information.

We rely heavily on information technology (“IT”) and operational technology (“OT”) in our System and services for our customers, and in our enterprise infrastructure. Despite our implementation of security measures, our IT and OT may be subject to unauthorized access or harm by nation states, cyber-criminals, malicious insiders and other actors who may engage in fraud, theft of confidential or proprietary information, sabotage or other criminal activity. Our IT and OT could be compromised by malware (including ransomware), cyber-attacks or, as a result of, error or system failure. Hardware and software that we procure or rely upon from third parties may also contain defects or vulnerabilities in manufacture or design that could expose our System to a risk of compromise. In addition, our software contains third-party open source components, which may expose us to greater security risks than the use of non-open source third-party commercial software.

We have experienced cyber threats and incidents in the past, although none have been material or had a material adverse effect on our business or financial condition. In the past, an unauthorized actor gained access to our IT, which resulted in certain information being accessed and exfiltrated, including human resources and employee data. Information that may have been subject to unauthorized access includes names, addresses and Social Security Numbers of employees. We may experience additional cybersecurity incidents and security breaches in the future. Additionally, certain functional areas of our workforce work remotely and such a remote work environment may be outside of our corporate network security protection boundaries, which imposes additional risks to our business, including increased risk of industrial espionage, phishing, cybersecurity attacks and unauthorized dissemination of sensitive, proprietary or confidential information. We allow

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~~employees~~Risks toRelated ~~use their personal devices for the purpose of accessing certain of our resources. Personal devices are not centrally managed by us and could result in unauthorized access~~ to ~~sensitive~~Cybersecurity, ~~proprietary~~Software orDeficiencies, ~~confidential~~Service ~~information~~Interruptions ifand ~~such~~Data ~~a device is lost or compromised.~~Privacy

~~Our~~We ~~business~~have ~~also~~experienced ~~uses~~cybersecurity ITincidents ~~resources~~in onthe apast ~~dispersed~~and ~~basis~~may ~~for~~experience afurther ~~wide~~cybersecurity ~~variety~~incidents ofor ~~key~~security ~~functions~~breaches ~~including~~of ~~hardware~~our ~~and~~IT ~~software~~or ~~development,~~OT ~~engineering,~~in ~~manufacturing,~~the ~~sales~~future, ~~accounting,~~which ~~human~~may ~~resources~~result ~~and~~in ~~security.~~systems ~~Our vendors~~disruption, ~~partners~~shutdown, ~~employees~~unauthorized ~~and customers have~~ access to, ~~and~~or ~~share,~~disclosure ~~information across multiple locations via various digital technologies. In addition, we rely on partners and vendors, including cloud providers, for a wide range~~ of ~~outsourced~~confidential ~~activities~~or aspersonal ~~part of our IT infrastructure and our commercial offerings~~information.

We rely heavily on information technology (“IT”) and operational technology (“OT”) in our systems and services for our customers, and in our enterprise infrastructure. Despite our implementation of security measures, our IT and OT may be subject to unauthorized access or harm by nation states, cyber-criminals, malicious insiders and other actors who may engage in fraud, theft of confidential or proprietary information, sabotage or other criminal activity. Our IT and OT could be compromised by malware (including ransomware), cyber-attacks or, as a result of, error or system failure. Hardware and software that we procure or rely upon from third parties may also contain defects or vulnerabilities in manufacture or design that could expose our systems to a risk of compromise. In addition, our software contains third-party open-source components, which may expose us to greater security risks than the use of non-open-source third-party commercial software.

We have experienced cyber threats and incidents in the past, although none has been material or had a material adverse effect on our business or financial condition. In the past, an unauthorized actor gained access to our IT, which resulted in certain information being accessed and exfiltrated, including human resources and employee data. Information that may have been subject to unauthorized access includes names, addresses and Social Security Numbers of employees. We may experience additional cybersecurity incidents and security breaches in the future. Additionally, certain functional areas of our workforce work remotely, and such a remote work environment may be outside of our corporate network security protection boundaries, which imposes additional risks to our business, including increased risk of industrial espionage, phishing, cybersecurity attacks and unauthorized dissemination of sensitive, proprietary or confidential information. We allow employees to use their personal devices to access certain of our resources. Personal devices are not centrally managed by us and could result in unauthorized access to sensitive, proprietary or confidential information if such a device is lost or compromised.

Our business also uses IT resources on a dispersed basis for a wide variety of key functions, including hardware and software development, engineering, manufacturing, sales, accounting, human resources and security. Our vendors, partners, employees and customers have access to, and share, information across multiple locations via various digital technologies. In addition, we rely on partners and vendors, including cloud providers, for a wide range of outsourced activities as part of our IT infrastructure and our commercial offerings.

Secure connectivity is important to these ongoing operations. Also, our partners and vendors frequently have access to our confidential information as well as confidential information about our customers, employees and others. We design our security architecture to reduce the risk that a compromise of our partners’ data or infrastructure, for example a cloud platform, could lead to a compromise of our internal systems or customer networks, but this risk cannot be eliminated and vulnerabilities at third parties could result in unknown risk exposure to our business. Any significant security incident could have an adverse impact on sales, interrupt or delay our ability to operate or service our customers, harm our reputation and cause us to incur legal liability and increased costs to address such events and related security concerns.

Our ability to efficiently manage and expand our business depends significantly on the reliability, capacity and protection of our IT. Real or perceived failures or security breaches of our IT could disrupt our operations, lead to loss of proprietary information, damage our relationships with customers, result in regulatory investigations and penalties, lead to liability, negatively impact our reputation and otherwise adversely affect our business, financial condition and results of operations.

Our ~~System~~systems, ~~software~~services and ~~services~~software are used by our customers in supply chain applications that may be subject to information theft, tampering, vulnerabilities or sabotage. Careless or malicious actors could cause a customer’s supply chain processes, including our ~~System~~systems, to be disrupted or could cause equipment to operate in an improper manner that could result in harm to people or property. While we continue to improve the security attributes of our ~~System~~systems, ~~software~~services and ~~services~~software, we can reduce risk but not eliminate it. To a significant extent, the security of our customers’ IT depends on how they are designed, installed, protected, configured, updated and monitored, and much of this is typically outside our control. In addition, the software supply chain introduces security vulnerabilities into many products, including products that may be used by our ~~System~~systems.

The current cyber threat environment indicates increased risk for all companies, including those in supply chain automation. Any significant security incident could have an adverse impact on sales, interrupt or delay our ability to operate or service our customers, harm our reputation and cause us to incur legal liability and increased costs to address such events and related security concerns. Cybersecurity incidents may also compromise third parties upon which we rely for our operations, and we are limited in our ability to prevent or mitigate those compromises or their effects.

If such an event results in unauthorized access to, or loss of, any data subject to data privacy and security laws and regulations or contractual obligations, then we could be subject to substantial fines by U.S. federal and state authorities, foreign data privacy authorities and private claims by companies or individuals. A cyber-attack may cause additional costs, such as investigative and remediation costs, and the costs of providing individuals and/or data owners with notice of the breach, legal fees, and the costs of any additional fraud detection activities required by law, a court or a third-party. Further, if a high-profile security breach occurs with respect to another provider of supply chain automation solutions, our customers may lose trust in the security of our System or in the supply chain automation industry generally, which could adversely impact our ability to retain existing customers or attract new ones. Even in the absence of any security breach, customer concerns about security, privacy or data protection may deter them from using our System, software and services, which could negatively impact our reputation and otherwise adversely affect our business, financial condition and results of operations.32

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or service our customers, harm our reputation and cause us to incur legal liability and increased costs to address such events and related security concerns. Cybersecurity incidents may also compromise third parties upon which we rely for our operations, and we are limited in our ability to prevent or mitigate those compromises or their effects.

If such an event results in unauthorized access to, or loss of, any data subject to data privacy and security laws and regulations or contractual obligations, then we could be subject to substantial fines by U.S. federal and state authorities, foreign data privacy authorities and private claims by companies or individuals. A cyber-attack may cause additional costs, such as investigative and remediation costs, and the costs of providing individuals and/or data owners with notice of the breach, legal fees, and the costs of any additional fraud detection activities required by law, a court or a third party. Further, if a high-profile security breach occurs with respect to another provider of supply chain automation solutions, our customers may lose trust in the security of our systems or in the supply chain automation industry generally, which could adversely impact our ability to retain existing customers or attract new ones. Even in the absence of any security breach, customer concerns about security, privacy or data protection may deter them from using our systems, software and services, which could negatively impact our reputation and otherwise adversely affect our business, financial condition and results of operations.

A breach of our IT that results in unauthorized access to personal information could require us to notify affected employees, customers and other persons (including governmental organizations) and lead to lawsuits and investigations alleging breaches of applicable laws or regulations.

We may collect and process certain personal information of our customers or customers’ customers in connection with our business. Additionally, we collect and otherwise process other data relating to individuals, including business partners, prospects, employees, vendors and contractors. Although we take steps to protect the security of our customers’ personal information and other personal information within our control, we may face actual or perceived breaches of security, security incidents or other misuses of this information. Many jurisdictions have enacted laws requiring companies to notify individuals, regulatory authorities and others of security breaches involving certain types of data, and we may have contractual obligations to customers imposing similar requirements.

We may be required to expend significant resources to comply with security breach and security incident notification requirements if a third party accesses or acquires such personal information without authorization, if we otherwise experience a security breach or incident or loss or damage of personal information, or if this is perceived to have occurred. Any actual or perceived breach of our network security, or those of our vendors or service providers, could result in claims, litigation and proceedings against us by governmental entities, customers, individuals or others, negative effects on our business and future prospects, including possible fines, penalties and damages, reduced demand for our systems, software and services and harm to our reputation and brand, which could negatively impact our business, financial condition and results of operations.

We depend and rely upon technologies from third parties (including cloud-based technologies) to operate our business, and interruptions of, or performance or security problems with, these technologies or the termination of relationships with the providers of these technologies may adversely affect our business, financial condition and results of operations.

We rely on partners and vendors, including cloud providers, for a wide range of outsourced activities as part of our internal IT infrastructure and our commercial solution. If these services become unavailable due to extended outages or interruptions or because they are no longer available on commercially reasonable terms, our expenses could increase, our ability to manage finances could be interrupted and our processes for managing sales of our systems and supporting our customers could be impaired until equivalent services, if available, are identified, obtained and implemented. All of which could adversely affect our business and results of operations.

Real or perceived errors, failures, bugs or defects in our IT could adversely lead to liability and litigation, disrupt our operations and could negatively impact our reputation and otherwise adversely affect our business, financial condition and results of operations.

Our systems are complex and, like all complicated solutions that depend on software and hardware, may contain undetected defects or errors. We are continuing to evolve the features and functionality of our systems through updates and enhancements, and as we do so, we may introduce additional defects or errors that may not be detected until after deployment by our customers. If we acquire companies or integrate into our systems technologies developed by third parties, we may encounter difficulty in incorporating the newly-obtained technologies into our systems and maintaining the quality standards that are consistent with our reputation.

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~~information~~If ~~and~~our ~~other~~systems ~~personal~~are ~~information~~not ~~within~~implemented ~~our~~or ~~control~~used correctly or as intended, weinadequate performance and disruptions in service may ~~face~~result. ~~actual~~Because orour ~~perceived~~customers ~~breaches~~use our systems for important aspects of ~~security~~their business, ~~security~~any ~~incidents~~actual or perceived errors, defects, bugs, or other ~~misuses~~performance ofproblems ~~this~~in ~~information.~~our ~~Many~~systems ~~jurisdictions~~could ~~have~~damage ~~enacted~~our ~~laws~~customers’ ~~requiring~~businesses. ~~companies~~Any todefects ~~notify~~or ~~individuals,~~errors ~~regulatory~~in ~~authorities~~our ~~and~~systems ~~others~~generally, or the perception of ~~security~~such ~~breaches~~defects ~~involving~~or ~~certain~~errors, ~~types~~could result in a loss of ~~data,~~customers and wedelayed ~~may~~or ~~have~~lost ~~contractual~~revenue ~~obligations~~and tocould ~~customers~~damage ~~imposing~~our ~~similar~~reputation ~~requirements~~and lead to liability or litigation.

WeErrors ~~may~~in beour ~~required~~software toor ~~expend~~hardware ~~significant~~that ~~resources~~supports toour ~~comply~~systems, ~~with~~generally, ~~security~~could ~~breach~~cause ~~and~~system ~~security~~failures, ~~incident~~loss ~~notification~~of ~~requirements~~data ifor aother ~~third~~adverse ~~party~~effects ~~accesses~~for orour ~~acquires~~customers ~~such~~who ~~personal~~may ~~information~~assert ~~without~~warranty ~~authorization,~~and ifother weclaims ~~otherwise~~for ~~experience~~substantial adamages ~~security~~against ~~breach~~us. orAlthough ~~incident~~our orcustomer ~~loss~~agreements oroften ~~damage~~contain ofprovisions ~~personal~~that ~~information,~~seek orto iflimit ~~this~~our isexposure ~~perceived~~ to ~~have~~such ~~occurred.~~claims, ~~Any~~it ~~actual~~is orpossible ~~perceived~~that ~~breach~~these ofprovisions ~~our~~may ~~network~~be ~~security,~~ineffective or ~~those~~unenforceable ofunder ~~our~~the ~~vendors~~laws orof ~~service~~some ~~providers,~~jurisdictions. ~~could~~While ~~result~~we inseek ~~claims,~~to ~~litigation~~insure ~~and proceedings~~ against usthese bytypes ~~governmental~~of ~~entities~~claims, ~~customers,~~our ~~individuals~~insurance orpolicies ~~others,~~may ~~negative~~not ~~effects~~adequately onlimit our ~~business~~exposure ~~and~~to ~~future~~such ~~prospects,~~claims. ~~including~~These ~~possible fines~~claims, ~~penalties~~even ~~and~~if ~~damages~~unsuccessful, ~~reduced~~could ~~demand~~be ~~for~~costly ~~our System, software~~ and ~~services~~time-consuming ~~and harm~~ to ~~our~~defend ~~reputation~~ and ~~brand, which~~ could ~~negatively~~harm ~~impact~~ our business, financial condition, ~~and~~ results of operations and cash flows.

We depend and rely upon technologies from third parties (including cloud-based technologies) to operate our business, and interruptions of or performance or security problems with these technologies or the termination of relationships with the providers of these technologies may adversely affect our business, financial condition and results of operations.

We rely on partners and vendors, including cloud providers, for a wide range of outsourced activities as part of our internal IT infrastructure and our commercial solution. If these services become unavailable due to extended outages or interruptions or because they are no longer available on commercially reasonable terms, our expenses could increase, our ability to manage finances could be interrupted and our processes for managing sales of our System and supporting our customers could be impaired until equivalent services, if available, are identified, obtained and implemented. All of which could adversely affect our business and results of operations.

Our System is complex and, like all complicated solutions that depend on software and hardware, may contain undetected defects or errors. We are continuing to evolve the features and functionality of our System through updates and enhancements, and as we do so, we may introduce additional defects or errors that may not be detected until after deployment by our customers. If we acquire companies or integrate into our System technologies developed by third parties, we may encounter difficulty in incorporating the newly-obtained technologies into our System and maintaining the quality standards that are consistent with our reputation.

If our System is not implemented or used correctly or as intended, inadequate performance and disruptions in service may result. Because our customers use our System for important aspects of their business, any actual or perceived errors, defects, bugs, or other performance problems in our System could damage our customers’ businesses. Any defects or errors in our System generally, or the perception of such defects or errors, could result in a loss of customers and delayed or lost revenue and could damage our reputation and lead to liability or litigation.

Errors in our software or hardware that supports our System, generally, could cause system failures, loss of data or other adverse effects for our customers who may assert warranty and other claims for substantial damages against us. Although our customer agreements often contain provisions that seek to limit our exposure to such claims, it is possible that these provisions may be ineffective or unenforceable under the laws of some jurisdictions. While we seek to insure against these types of claims, our insurance policies may not adequately limit our exposure to such claims. These claims, even if unsuccessful, could be costly and time consuming to defend and could harm our business, financial condition, results of operations and cash flows.

Our business requires the collection, use, handling, processing, transfer and storage of employee and customer data, and such activities may be regulated by third-party agreements, our own privacy policies and certain federal, state and foreign laws and regulations.

Our handling of customer and employee data is subject to a variety of laws and regulations relating to privacy, data protection and cybersecurity, and we may become subject to additional obligations, including contractual obligations, relating to our maintenance and other processing of this data, and new or modified laws or regulations. Any actual or alleged failure by us to comply with our privacy policy or any federal, state or international privacy, data protection or security laws or regulations or other obligations could result in claims and litigation against us, regulatory investigations and other proceedings, legal liability, fines, damages and other costs. Any actual or alleged failure by any of our vendors or business partners to comply with contractual or legal obligations regarding the protection of information about our customers could result in similar consequences. Should we become subject to additional privacy or data protection laws, regulations, or other obligations relating to privacy, data protection or cybersecurity, we may need to undertake compliance efforts that could carry a large cost and could entail substantial time and other resources.

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regulations or other obligations could result in claims and litigation against us, regulatory investigations and other proceedings, legal liability, fines, damages and other costs. Any actual or alleged failure by any of our vendors or business partners to comply with contractual or legal obligations regarding the protection of information about our customers could carry similar consequences. Should we become subject to additional privacy or data protection laws, regulations, or other obligations relating to privacy, data protection or cybersecurity, we may need to undertake compliance efforts that could carry a large cost and could entail substantial time and other resources.

We publish privacy policies and other documentation regarding our collection, use, disclosure, and other processing of personal information. Although we endeavor to adhere to these policies and documentation, we, and the third parties on which we rely, may at times fail to do so or may be perceived to have failed to do so. Such failures or perceived failures could subject us to regulatory enforcement action as well as costly legal claims by affected individuals or our customers. As enhanced, systemic administrative, physical, and technical safeguards and practices are evaluated, adopted, and implemented to safeguard personally identifiable information, those safeguards and practices may result in offsets to productivity gains we may make elsewhere. Similarly, as the rights of individuals expand globally with respect to their personal information, complying with established practices to affect those privacy rights also can impact our productivity.

Numerous states and the federal government have enacted, or are considering enacting, increasingly complex and rigorous privacy, information security and data protection laws and regulations that build on an existing global privacy and data security regulatory framework. This global patchwork of laws could have a significant impact on our privacy, data protection and information security-related practices. Monitoring and complying with these laws and regulations may be expensive and disruptive to our business, and our real or perceived failure to comply with them could adversely affect our business, financial condition and results of operations.

We, our customers, and third parties whom we work with are subject to numerous evolving and increasingly stringent foreign and domestic laws and requirements relating to privacy, data security, and data loss prevention that are increasing the cost and complexity of operating our business. Compliance with state, federal and foreign privacy regulations, such as the California Consumer Privacy Act or the European Union’s General Data Protection Regulation, could increase our operating costs as part of our efforts to protect and safeguard our sensitive data and personal information. Failure to maintain information privacy and security could result in business interruption, legal liability and reputational harm.

We strive to comply with applicable privacy, data security, and data protection laws and requirements, but we cannot fully determine the impact that current or future such laws and requirements may have on our business or operations. Such laws or requirements may be inconsistent from one jurisdiction to another, subject to differing interpretations, and courts or regulators may deem our efforts to comply as insufficient. If we, or the third parties we rely on to operate our business and deliver our services fail to comply, or are perceived as failing to comply, with our legal or contractual obligations relating to privacy, data security, or data protection, or our policies and documentation relating to personal information, we could face: governmental enforcement action; litigation with our customers, individuals or others; fines and civil or criminal penalties for us or our executives; obligations to cease offering our System or to substantially modify it in ways that make it less effective in certain jurisdictions; negative publicity and harm to our brand and reputation; and reduced overall demand for our System. Such developments could adversely affect our business, financial condition and results of operations.

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privacy, data security, or data protection, or our policies and documentation relating to personal information, we could face: governmental enforcement action; litigation with our customers, individuals or others; fines and civil or criminal penalties for us or our executives; obligations to cease offering our systems or to substantially modify it in ways that make it less effective in certain jurisdictions; negative publicity and harm to our brand and reputation; and reduced overall demand for our systems. Such developments could adversely affect our business, financial condition and results of operations.

Risks Related to Ownership of Our Common Stock

Our common stock price may be volatile or may decline regardless of our operating performance; you may lose some or all of your investment.

The trading price of our common stock may be volatile. The stock market and the market for our common stock recently have experienced extreme volatility. This volatility often has been unrelated or disproportionate to the operating performance of particular companies. You may not be able to resell your shares at an attractive price due to a number of factors such as those listed in “Risks Related to Symbotic—Risks Related to Our Business, Operations and Industry” and the following:

•our operating and financial performance and prospects;

•our quarterly or annual earnings or those of other companies in our industry compared to market expectations;

•conditions that impact demand for our ~~System~~systems;

•future announcements concerning our business, our customers’ businesses or our competitors’ businesses;

•the public’s reaction to our press releases, other public announcements and filings with the SEC;

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•the size of our public float;

•coverage by or changes in financial estimates by securities analysts or failure to meet their expectations;

•market and industry perception of our success, or lack thereof, in pursuing our growth strategy;

•strategic actions by us or our competitors, such as acquisitions or restructurings;

•changes in laws or regulations which adversely affect our industry or us;

•changes in accounting standards, policies, guidance, interpretations or principles;

•changes in senior management or key personnel;

•issuances, exchanges or sales, or expected issuances, exchanges or sales of our capital stock;

•changes in our dividend policy;

•adverse resolution of new or pending litigation against us; and

•changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural disasters, epidemics, terrorist attacks, acts of war and responses to such events.

These broad market and industry factors may materially reduce the market price of our common stock, regardless of our operating performance. In addition, price volatility may be greater ifbecause ~~the~~our public float and the trading volume of our common stock is low. As a result, you may suffer a loss on your investment.

In the past, following periods of market volatility, stockholders have instituted securities class action litigation. ~~Following~~These ~~our earning release in July 2024, the price of our Class A common stock fell significantly and, as a result, a~~ class action ~~lawsuit~~lawsuits ~~was filed in United States District Court for the District of Massachusetts against us. This class action~~ and any other possible securities litigation, whether meritorious or not, could have a substantial cost and divert resources and the attention of executive management from our business regardless of the outcome of such litigation. For additional information on these matters, see “Item 3. Legal Proceedings.”

We are party to pending litigation, and we may be subject to future litigation in the operation of our business. An adverse outcome in one or more proceedings could adversely affect our business.

We are a party to litigation, and we may in the future face the risk of claims, lawsuits, and other proceedings involving competition and antitrust, intellectual property, privacy, consumer protection, accessibility, securities, tax, labor and employment, commercial disputes, services and other matters. ~~See~~For additional information on these matters, see “~~Business~~Item —3. Legal Proceedings.”

Litigation to defend us against claims by third parties, or to enforce any rights that we may have against third parties, may be necessary, which could result in substantial costs and diversion of our resources. Insurance might not cover such ~~claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims and might not continue to be available on terms acceptable to us.~~

Any litigation to which we are a party may result in an onerous or unfavorable judgment that may not be reversed upon appeal, or in payments of substantial monetary damages or fines, the posting of bonds requiring significant collateral, letters of credit or similar instruments, or we may decide to settle lawsuits on similarly unfavorable terms. These proceedings could result in reputational harm and criminal sanctions. Litigation and other claims and regulatory proceedings against us could also result in unexpected disciplinary actions, expenses and liabilities, which could have a material adverse effect on our business, financial condition and results of operations.35

We have been the subject of governmental and regulatory investigations and inquiries with respect to the operation of our businesses and we could be subject to future governmental and regulatory investigations and inquiries, legal proceedings and enforcement actions. Any such investigation, inquiry, proceeding or action could adversely affect our business.

We have in the past and may receive in the future formal and informal inquiries from government authorities and regulators, regarding compliance with laws and other matters, particularly as we grow and expand our business and operations. Resolution of these matters against us may result in, among other things, the payment of fines, judgments, penalties, non-monetary sanctions, or settlements, which may be significant, as well as the imposition of administrative remedies, changes and additional costs to our business operations to avoid risks associated with such litigation or investigations, reputational damage and decreased demand for our products, and the expenditure of significant time and resources that would otherwise be available for operating our business. These results may have an impact on our business, financial condition, or results of operations.

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claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims and might not continue to be available on terms acceptable to us.

We have been, and may be in the future, the subject of governmental and regulatory investigations and inquiries, legal proceedings and enforcement actions with respect to the operation of our businesses. Any such investigation, inquiry, proceeding or action could adversely affect our business.

We have in the past, and may receive in the future, formal and informal inquiries from government authorities and regulators regarding compliance with laws and other matters, particularly as we grow and expand our business and operations. Resolution of these matters against us may result in, among other things, the payment of fines, judgments, penalties, non-monetary sanctions, or settlements, which may be significant, as well as the imposition of administrative remedies, changes and additional costs to our business operations to avoid risks associated with such litigation or investigations, reputational damage and decreased demand for our products, and the expenditure of significant time and resources that would otherwise be available for operating our business. These results may have an impact on our business, financial condition, or results of operations.

We do not intend to pay dividends on our common stock for the foreseeable future.

We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. As a result, we do not anticipate declaring or paying any cash dividends on our common stock in the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our business prospects, results of operations, financial condition, cash requirements and availability, certain restrictions related to our indebtedness, if any, industry trends and other factors that our board of directors may deem relevant. Any such decision will also be subject to compliance with contractual restrictions and covenants in the agreements governing future indebtedness. In addition, we may incur future indebtedness, the terms of which may further restrict or prevent us from paying dividends on our common stock. As a result, you may have to sell some or all of your common stock after price appreciation in order to generate cash flow from your investment, which you may not be able to do. Our inability or decision not to pay dividends, particularly when others in our industry have elected to do so, could also adversely affect the market price of our common stock.

If securities analysts do not publish research or reports about us, or if they issue unfavorable commentary about us or our industry or downgrade our common stock, the price of our common stock could decline.

The trading market for our common stock will depend in part on the research and reports that third-party securities analysts publish about us and the industries in which we operate. If one or more of these analysts cease coverage of us, ~~the~~or ~~price~~fail ~~and~~to ~~trading~~publish ~~volume~~reports ofon ~~our~~us ~~securities~~regularly, ~~would~~we ~~likely~~could belose ~~negatively~~visibility ~~impacted.~~in Ifthe ~~any~~financial ofmarkets ~~our~~and ~~analysts~~demand ~~downgrades~~for our ~~securities,~~common orstock ~~provides~~could ~~more~~decrease, ~~favorable~~which ~~recommendations~~might ~~about~~cause our ~~competitors,~~trading ~~the~~ price and trading volume of our ~~securities~~common ~~would~~stock ~~likely~~to decline. If ~~one~~any orof ~~more~~our analysts ~~ceases~~downgrades ~~covering~~our uscommon ~~or fails to regularly publish reports on us~~stock, weor ~~could~~provides ~~lose~~more ~~visibility~~favorable inrecommendations ~~the~~about ~~financial~~our ~~markets~~competitors, ~~which could cause~~ the price ~~or trading volume~~ of our ~~securities~~common tostock would likely decline. Moreover, if our reporting results do not meet the expectations of our analysts, the market price of our common stock could decline.

Our issuance of additional shares of common stock or convertible securities could make it difficult for another company to acquire us, may dilute your ownership of us and could adversely affect our stock price.

We have filed a registration statement with the SEC on Form S-8 providing for the registration of shares of our common stock issued or reserved for issuance under the Symbotic Inc. 2022 Omnibus Incentive Compensation Plan (the “Incentive Compensation Plan”) and the 2022 Employee Stock Purchase Plan (the “ESPP”). Subject to the satisfaction of vesting conditions, shares registered under the registration statement on Form S-8 will be available for resale immediately in the public market without restriction. From time to time in the future, we may also issue additional shares of our common stock or securities convertible into common stock pursuant to a variety of transactions, including acquisitions. The issuance by us of additional shares of our common stock or securities convertible into our common stock would dilute your ownership of us and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our common stock.

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or securities convertible into common stock pursuant to a variety of transactions, including acquisitions. The issuance by us of additional shares of our common stock or securities convertible into our common stock would dilute your ownership of us and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our common stock.

In the future, we expect to obtain financing or further increase our capital resources by issuing additional shares of our capital stock or offering debt or other equity securities, including senior or subordinated notes, debt securities convertible into equity, or shares of preferred stock. Issuing additional shares of our capital stock, other equity securities, or securities convertible into equity may dilute the economic and voting rights of our existing stockholders, reduce the market price of our common stock, or both. Debt securities convertible into equity could be subject to adjustments in the conversion ratio pursuant to which certain events may increase the number of equity securities issuable upon conversion. Preferred stock, if issued, could have a preference with respect to liquidating distributions or a preference with respect to dividend payments that could limit our ability to pay dividends to the holders of our common stock. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, which may adversely affect the amount, timing or nature of our future offerings. As a result, holders of our common stock bear the risk that our future offerings may reduce the market price of our common stock and dilute their percentage ownership.

Future sales, or the perception of future sales, of our common stock by us or our stockholders in the public market could cause the market price for our common stock to decline.

The sale of substantial amounts of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

As of November 21, 2025, there were (i) 113,614,046 shares of Class A Common Stock issued and outstanding, (ii) 74,344,708 shares of Class V-1 Common Stock issued and outstanding, and (iii) 403,559,196 shares of Class V-3 Common Stock issued and outstanding. These numbers do not take into account unvested shares of our Class A Common Stock and paired shares of Class A Common Stock issuable upon the exercise of securities exercisable for units of Symbotic Holdings.

Shares held by certain of our stockholders will be eligible for resale, subject to, in the case of certain stockholders, volume, manner of sale and other limitations under Rule 144, if then available. In addition, pursuant to the Amended & Restated Registration Rights Agreement, dated as of June 7, 2022, among the Company, SVF Sponsor III (DE) LLC and other parties thereto, certain stockholders have the right, subject to certain conditions, to require us to register the sale of their shares of our common stock under the Securities Act of 1933, as amended (“Securities Act”). By exercising their registration rights and selling a large number of shares, these stockholders could cause the prevailing market price of our Class A Common Stock to decline. As of November 21, 2025, the shares covered by those registration rights represent approximately 83% of our outstanding common stock.

As restrictions on resale end or if these stockholders exercise their registration rights, the market price of shares of our common stock could drop significantly if the holders of these shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of common stock or other securities.

Shares of our common stock reserved for future issuance under our Incentive Compensation Plan and our ESPP are eligible for sale in the public market, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations on volume and manner of sale applicable to affiliates under Rule 144, as applicable. We have reserved for issuance under our Incentive Compensation Plan a total of 68,300,928 shares of Class A Common Stock and 50,266,507 shares of Class A Common Stock remain available for issuance under the Incentive Compensation Plan as of September 27, 2025 (the “Share Reserve”). The Share Reserve is subject to an annual increase on the first trading day of each calendar year, which began on January 1, 2023 and ends on and including January 1, 2032, by a number of shares equal to the lesser of (i) 5% of the aggregate number of shares of our Class A Common Stock outstanding on the last day of the prior calendar year and (ii) such smaller number of shares (which may be zero) as is determined by the compensation committee of our board of directors prior to such calendar year.

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sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

As of December 2, 2024, there were (i) 106,352,609 shares of Class A Common Stock issued and outstanding, (ii) 76,757,485 shares of Class V-1 Common Stock issued and outstanding, and (iii) 404,309,196 shares of Class V-3 Common Stock issued and outstanding. These numbers do not take into account unvested shares of our Class A Common Stock and paired shares of Class A Common Stock issuable upon the exercise of securities exercisable for units of Symbotic Holdings.

Shares held by certain of our stockholders will be eligible for resale, subject to, in the case of certain stockholders, volume, manner of sale and other limitations under Rule 144, if then available. In addition, pursuant to the A&R Registration Rights Agreement, certain stockholders have the right, subject to certain conditions, to require us to register the sale of their shares of our common stock under the Securities Act of 1933, as amended (“Securities Act”). By exercising their registration rights and selling a large number of shares, these stockholders could cause the prevailing market price of our Class A Common Stock to decline. As of December 2, 2024, the shares covered by those registration rights represent approximately 83% of our outstanding common stock.

Shares of our common stock reserved for future issuance under the Incentive Compensation Plan and the ESPP are eligible for sale in the public market, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations on volume and manner of sale applicable to affiliates under Rule 144, as applicable. We have reserved for issuance under the Incentive Compensation Plan a total of 75,485,491 shares of Class A Common Stock and 54,544,562 shares of Class A Common Stock remain available for issuance under the Incentive Compensation Plan as of September 28, 2024 (the “Share Reserve”). The Share Reserve is subject to an annual increase on the first trading day of each calendar year, which began on January 1, 2023 and ends on and including January 1, 2032, by a number of shares equal to the lesser of (i) 5% of the aggregate number of shares of our Class A Common Stock outstanding on the last day of the prior calendar year and (ii) such smaller number of shares (which may be zero) as is determined by the compensation committee of our board of directors (“Compensation Committee”) prior to such calendar year.

Anti-takeover provisions in our Charter and Bylaws and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.

Our Charter, Bylaws and Delaware law contain provisions that could make it more difficult, delay, or prevent an acquisition deemed undesirable by our board of directors. Among other things, our Charter and/or Bylaws ~~includes~~include the following provisions:

•prohibition on stockholder action by written consent, which means that our stockholders will only be able to act at a meeting of stockholders and will not be able to act by written consent;

•forum selection ~~clause~~, which means certain litigation against us can only be brought in Delaware;

•authorization of undesignated preferred stock, the terms of which may be established and shares issued without further action by our stockholders; and

•advance notice procedures, which apply ~~for~~to stockholders to nominate candidates for election as directors or to bring matters before an annual meeting of stockholders.

These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management.

We are not governed by Section 203 of Delaware corporate law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with an “interested stockholder” (which includes a person or group owning 15% or more of the corporation’s voting stock) for a period of three years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. Accordingly, we will not be subject to any anti-takeover effects of Section 203. Nevertheless, our Charter contains provisions that will have a similar effect to Section 203.

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Any provision of our Charter and Bylaws or Delaware law that has the effect of delaying, preventing or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our common stock and could also affect the price that some investors are willing to pay for our common stock.

Our Charter provides that the courts located in the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Our Charter provides that, unless we consent in writing to an alternative forum, (a) a state court within Delaware (or, if no court within Delaware has jurisdiction, the federal district court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of a fiduciary duty owed by any of our directors, officers, employees or stockholders to us or to our stockholders or (iii) any action arising pursuant to any provision of Delaware corporate law, our Charter or Bylaws; and (b) the federal district court for the District of Delaware (or if such court does not have jurisdiction, any other federal district court) will, to the fullest extent permitted by law, be the sole and exclusive forum for any action arising under the Securities Act.

These forum selection provisions will not apply to suits brought to enforce any liability, obligation or duty created by the Exchange Act ~~of 1934, as amended (“Exchange Act”)~~. The choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find the choice of forum provision contained in our Charter to be inapplicable or unenforceable, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations and financial condition.

Additionally, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act. As noted above, our Charter will provide that the federal district courts will have jurisdiction over any action arising under the Securities Act. Accordingly, there is uncertainty as to whether a court would enforce such provision. Our stockholders will not be deemed to have waived our compliance with the federal securities laws.

~~Risks Related to Being a Public Company~~38

Because we did not become a public reporting company by means of a traditional underwritten initial public offering, our shareholders may face additional risks and uncertainties.

Because we became a public reporting company by means of consummating a merger with a special purpose acquisition company rather than by means of a traditional underwritten initial public offering, there was no independent third-party underwriter selling the shares of our Class A Common Stock, and, accordingly, our stockholders did not have the benefit of an independent review and investigation of the type normally performed by an unaffiliated, independent underwriter in a public securities offering. Due diligence reviews typically include an independent investigation of the background of the company, any advisors and their respective affiliates, review of the offering documents and independent analysis of the plan of business and any underlying financial assumptions.

In addition, because we did not become a public reporting company by means of a traditional underwritten initial public offering, security or industry analysts may not provide, or be less likely to provide, coverage of us. Investment banks may also be less likely to agree to underwrite secondary offerings on behalf of us than they might if we became a public reporting company by means of a traditional underwritten initial public offering, because they may be less familiar with us as a result of more limited coverage by analysts and the media.

We have incurred and will continue to incur increased costs as a result of operating as a public company, and our management will devote substantial time to new compliance initiatives.

We recently became a public company. Consequently, we have incurred, and we will continue to incur, significant legal, compliance, accounting and other expenses that we did not incur as a private company. As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and NASDAQ. Our management and other

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~~personnel~~Risks ~~devote~~Related ~~a substantial amount of time~~ to ~~these~~Being ~~compliance~~a ~~initiatives.~~Public Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or board committees, or as executive officers.Company

We have incurred and will continue to incur increased costs as a result of operating as a public company, and our management continues to devote substantial time to compliance initiatives.

We became a public company in 2022. Consequently, we have incurred, and we will continue to incur, significant legal, compliance, accounting and other expenses that we did not incur as a private company. As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and NASDAQ. Our management and other personnel devote a substantial amount of time to these compliance initiatives. Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements.

Some members of our management have limited experience in operating a public company.

Some members of our management have limited experience in the management of a public company. As a public company, we must establish and maintain appropriate corporate infrastructure. Their ~~limited~~ experience in dealing with the increasingly complex laws pertaining to public companies could be a ~~significant~~ disadvantage. It is likely that an increasing amount of their time may be devoted to these activities, which will result in less time being devoted to our management and growth. The development and implementation of the standards and controls necessary for us to achieve the level of accounting standards required of a public company may require additional staffing and costs greater than expected. We may need to expand our employee base and hire additional employees to support our operations as a public company, which will increase our operating costs.

Risks Related to Our Organizational Structure

The ~~dual~~multi class structure of our common stock has the effect of concentrating voting control with our founder, certain family members of our founder and certain affiliated entities and trusts of our founder and his family members; this will limit or preclude your ability to influence our corporate matters.

Our Class V-3 common stock has three votes per share and our Class A Common Stock and Class V-1 common stock have one vote per share. Our Class V-3 common stock converts into Class V-1 common stock in certain situations, including automatically on June 7, 2029. Our Chairman and Chief Executive Officer, Richard B. Cohen, together with certain family members and certain affiliated entities and trusts of Mr. Cohen and his family members, in the aggregate, hold Class V-3 common stock and 8769.43% of the voting power of our outstanding common stock and are able to control all matters submitted to our stockholders for approval as of September 27, 2025. This concentrated control will limit or preclude your ability to influence our corporate matters for the foreseeable future.

Transfers by holders of our Class V-3 common stock will generally result in those shares converting to Class V-1 common stock, subject to limited exceptions, such as certain transfers effected for estate planning or charitable purposes. The conversion of Class V-3 common stock to Class V-1 common stock will have the effect, over time, of increasing the relative voting power of those holders of Class V-3 common stock who retain their shares in the long term. If, for example, Mr. Cohen retains, including through his affiliated entities and trusts, a significant portion of his holdings of Class V-3 common stock for an extended period of time, he could, in the future, continue to control a significant portion of the combined voting power of our outstanding capital stock.

Our multi-class capital structure may render our shares ineligible for inclusion in certain stock market indices, which could adversely affect the share price and liquidity of our common stock.

We cannot predict whether our multi-class structure will result in a lower or more volatile market price of our Class A Common Stock, in adverse publicity, or other adverse consequences. For example, certain index providers have restrictions on including companies with multiple-class share structures in certain of their indexes. In addition, several stockholder advisory firms have announced their opposition to the use of multiple-class structures. As a result, the multi-class structure of our common stock may cause stockholder advisory firms to publish negative commentary about our corporate governance practices, recommend that stockholders vote against certain company annual stockholder meeting proposals or otherwise seek to cause us to change our capital structure. Any such exclusion from indices or any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could adversely affect the value and trading market of our Class A Common Stock.

We share certain key executives with C&S Wholesale Grocers, an important customer, which means those executives will not devote their full time and attention to our affairs, and the overlap may give rise to conflicts.39

Our Chairman and Chief Executive Officer, Richard B. Cohen, also serves as the Executive Chairman of C&S Wholesale Grocers and he and trusts for the benefit of his family are the only beneficial stockholders of C&S Wholesale

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~~Grocers.~~to ~~Our~~cause ~~Chief~~us ~~Strategy~~to ~~Officer,~~change ~~William Boyd, also serves as Executive Vice President and Chief Legal Officer of C&S Wholesale Grocers and~~ our ~~Chief~~capital ~~Human Resource Officer, Miriam Ort, also serves as Chief Human Resources Officer of C&S Wholesale Grocers~~structure. AsAny asuch ~~result,~~exclusion ~~not~~from ~~all~~indices ~~of our executive officers devote their full time and attention to our affairs and are compensated separately by C&S Wholesale Grocers and its subsidiaries. The overlapping executives may have actual~~ or ~~apparent~~any ~~conflicts~~actions ~~of interest with respect to matters involving~~ or ~~affecting~~publications ~~each~~by ~~company.~~stockholder ~~For~~advisory ~~example,~~firms ~~the~~critical ~~potential for a conflict~~ of ~~interest~~our ~~exists when we, on the one hand, and C&S Wholesale Grocers, on the other hand, look at certain~~ corporate ~~opportunities~~governance ~~that~~practices ~~may~~or becapital ~~suitable~~structure ~~for~~could ~~either~~adversely ~~company.~~affect ~~Also, conflicts may arise if there are issues or disputes under~~ the ~~commercial~~value ~~arrangements that exist between us~~ and ~~C&S~~trading ~~Wholesale~~market ~~Grocers. These overlapping executives’ ownership interests in us and C&S Wholesale Grocers could create actual, apparent or potential conflicts~~ of ~~interest~~our ifClass ~~they~~A ~~are~~Common ~~faced with decisions that have different implications for us and C&S Wholesale Grocers~~Stock.

Our Chairman and Chief Executive Officer, Richard B. Cohen, also serves as the Executive Chairman of C&S Wholesale Grocers and he and trusts for the benefit of his family are the substantial majority stockholders of C&S Wholesale Grocers. Our Chief Strategy Officer, William Boyd, also serves as Executive Vice President and Chief Legal Officer of C&S Wholesale Grocers and our Chief Human Resource Officer, Miriam Ort, also serves as Chief Human Resources Officer of C&S Wholesale Grocers. As a result, not all of our executive officers devote their full time and attention to our affairs and are compensated separately by C&S Wholesale Grocers and its subsidiaries. The overlapping executives may have actual or apparent conflicts of interest with respect to matters involving or affecting each company. For example, the potential for a conflict of interest exists when we, on the one hand, and C&S Wholesale Grocers, on the other hand, look at certain corporate opportunities that may be suitable for either company. Also, conflicts may arise if there are issues or disputes under the commercial arrangements that exist between us and C&S Wholesale Grocers. These overlapping executives’ ownership interests in us and C&S Wholesale Grocers could create actual, apparent or potential conflicts of interest if they are faced with decisions that have different implications for us and C&S Wholesale Grocers.

Our overlapping executive officers and directors with C&S Wholesale Grocers may result in the diversion of corporate opportunities to C&S Wholesale Grocers and other conflicts, and provisions in our Charter may provide us no remedy in those circumstances.

Certain of our executive officers and directors may also be serving as directors, officers, employees, consultants or agents of C&S Wholesale Grocers and its subsidiaries and we may engage in material business transactions with such entities. Our Charter renounces our rights to certain business opportunities. It also provides that no director or officer who is also serving as a director, officer, employee, consultant or agent of C&S Wholesale Grocers will be liable to us or our stockholders for breach of any fiduciary duty that would otherwise occur by reason of the fact that any such individual directs a corporate opportunity to C&S Wholesale Grocers or any of its subsidiaries instead of us, or does not refer or communicate information regarding such corporate opportunities to us.

Our only principal asset is our interest in New Symbotic Holdings, and accordingly, we will depend on distributions from New Symbotic Holdings to pay taxes, make payments under the tax receivable agreement (“TRA”) and cover our corporate and other overhead expenses.

We are a holding company and have no material assets other than our ownership interest in New Symbotic Holdings. We have no independent means of generating revenue or cash flow. To the extent the funds of New Symbotic Holdings are legally available for distribution, and subject to any restrictions contained in any credit agreement to which New Symbotic Holdings or its subsidiaries are bound, New Symbotic Holdings is required under the New Symbotic Holdings Limited Liability Company Agreement (“New Symbotic Holdings LLC Agreement”) to (i) make generally pro rata distributions to its equityholders, including us, in an amount generally intended to allow its equityholders to satisfy their respective income tax liabilities with respect to their allocable share of the income of New Symbotic Holdings, based on certain assumptions and conventions, and (ii) reimburse us for our corporate and other overhead expenses. In the future, we may be limited, however, in our ability to cause New Symbotic Holdings and its subsidiaries to make these and other distributions to us due to restrictions contained in any credit agreement to which New Symbotic Holdings or any of its subsidiaries are bound. To the extent that we need funds and New Symbotic Holdings or its subsidiaries are restricted from making such distributions under applicable law or regulation or under the terms of their financing arrangements or are otherwise unable to provide such funds, our liquidity and financial condition could be adversely affected.

Moreover, because we have no independent means of generating revenue, our ability to make tax payments and payments under the TRA is dependent on the ability of New Symbotic Holdings to make distributions to us in an amount sufficient to cover our tax obligations and obligations under the TRA. This ability, in turn, may depend on the ability of New Symbotic Holdings’ subsidiaries to make distributions to it. The ability of New Symbotic Holdings, its subsidiaries and other entities in which it directly or indirectly holds an equity interest to make such distributions will be subject to, among other things, (i) the applicable provisions of Delaware law (or other applicable jurisdictions) that may limit the amount of funds available for distribution and (ii) restrictions contained in any credit agreement to which New Symbotic Holdings, its subsidiaries and other entities in which it directly or indirectly holds an equity interest are bound. To the extent that we are unable to make payments under the TRA for any reason, such payments will accrue interest until paid.

~~Pursuant to the TRA, we are required to make payments to equity holders of New Symbotic Holdings for certain tax benefits we may claim, and those payments may be substantial.~~40

Our purchase of New Symbotic Holdings Common Units in connection with the Unit Purchase Agreement dated December 12, 2021 and exchange of New Symbotic Holdings Common Units for shares of our Class A Common Stock or

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~~cash~~available ~~pursuant~~for todistribution ~~the~~and ~~New Symbotic Holdings LLC Agreement~~ (~~collectively, “Exchanges”~~ii) ~~are~~restrictions ~~expected~~contained toin ~~produce~~any ~~additional~~credit ~~favorable~~agreement ~~tax~~to ~~attributes~~which ~~for us. When we acquire~~ New Symbotic Holdings ~~Common Units from existing unitholders~~, ~~both~~its ~~the~~subsidiaries ~~existing basis~~ and ~~anticipated~~other ~~basis~~entities ~~adjustments~~in ~~are~~which ~~likely~~it todirectly ~~increase~~or ~~(for~~indirectly ~~tax~~holds ~~purposes)~~an ~~depreciation~~equity ~~and~~interest ~~amortization~~are ~~deductions~~bound. ~~allocable~~To ~~to us from New Symbotic Holdings and therefore reduce~~ the ~~amount~~extent ~~of income tax~~ that we ~~would~~are ~~otherwise~~unable ~~be required~~ to ~~pay~~make inpayments ~~the~~under ~~future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain assets to~~ the ~~extent~~TRA ~~the~~for ~~increased~~any ~~tax~~reason, ~~basis~~such ispayments ~~allocated~~will toaccrue ~~those~~interest ~~assets~~until paid.

Pursuant to the TRA, we are required to make payments to equity holders of New Symbotic Holdings for certain tax benefits we may claim, and those payments may be substantial.

Our purchase of common units of New Symbotic Holdings (“New Symbotic Holdings Common Units”) in connection with the Unit Purchase Agreement dated December 12, 2021 and exchange of New Symbotic Holdings Common Units for shares of our Class A Common Stock or cash pursuant to the New Symbotic Holdings LLC Agreement (collectively, “Exchanges”) are expected to produce additional favorable tax attributes for us. When we acquire New Symbotic Holdings Common Units from existing unitholders, both the existing basis and anticipated basis adjustments are likely to increase (for tax purposes) depreciation and amortization deductions allocable to us from New Symbotic Holdings and therefore reduce the amount of income tax that we would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain assets to the extent the increased tax basis is allocated to those assets.

We entered into the TRA, which generally provides for the payment by us to certain legacy equity holders of New Symbotic Holdings (“TRA Holders”) of their proportionate share of 85% of the tax savings, if any, in U.S. federal and state income tax that we realize (or are deemed to realize in certain circumstances) as a result of (i) the existing tax basis in certain assets of New Symbotic Holdings that is allocable to the relevant New Symbotic Holdings Common Units, (ii) any step-up in tax basis in New Symbotic Holdings’ assets resulting from the relevant Exchanges and certain distributions (if any) by New Symbotic Holdings and payments under the TRA, and (iii) tax benefits related to imputed interest deemed to be paid by us as a result of payments under the TRA. The term of the TRA will continue until all such tax benefits have been utilized or expired unless we exercise our right to terminate the TRA for an amount representing the present value of anticipated future tax benefits under the TRA or certain other acceleration events occur. These payments are our obligation and not that of New Symbotic Holdings.

We expect that the payments we will be required to make under the TRA will be substantial. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the TRA, we expect that the reduction in tax payments for us associated with our purchase of New Symbotic Holdings Common Units since the business combination between SVF Investment Corp. 3 and Symbotic (the “Business Combination”) that closed on June 7, 2022 would aggregate to approximately $~~520~~532.79 million over a 41-year period. Under such scenario we would be required to pay the TRA Holders 85% of such amount, or approximately $~~442.6~~453 million, over a 41-year period from the Business Combination.

Further, assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the TRA, we estimate that the reduction in tax payments for us associated with our purchase of New Symbotic Holdings Common Units would aggregate to approximately $37,~~841~~509.49 million over 41 years based on a closing share price of $~~25.~~52.14 per share of Class A common stock and assuming all future Exchanges of New Symbotic Holdings Common Units had occurred on September 2827, ~~2024~~2025. Under such scenario, we would be required to pay the TRA Holders 85% of such amount, or $36,~~265~~452.2 million, over a 41-year period. These amounts are estimates and have been prepared for informational purposes only. The actual amount of reduction in tax payments and related liabilities that we will recognize will differ based on, among other things, the timing of the Exchanges, the price of our shares of Class A Common Stock at the time of the Exchanges, and the tax rates then in effect.

The actual payment amounts may materially differ from these hypothetical amounts, as potential future reductions in tax payments for us and TRA payments by us are calculated using the market value of our Class A Common Stock at the time of an Exchange and the prevailing tax rates applicable to us over the life of the TRA and is dependent on us generating sufficient future taxable income to realize the benefit.

The actual increase in our allocable share of New Symbotic Holdings’ tax basis in its assets, as well as the amount and timing of any payments under the TRA, vary depending upon a number of factors, including the timing of Exchanges, the market price of our Class A Common Stock at the time of the Exchanges, the extent to which such Exchanges are taxable, the amount and timing of the recognition of our income, the tax rate then applicable, and the portion of our payments under the TRA constituting imputed interest. Payments under the TRA are expected to give rise to certain additional tax benefits attributable to either further increases in basis or in the form of deductions for imputed interest, depending on the circumstances. Any such benefits are covered by the TRA and will increase the amounts due thereunder. In addition, the TRA provides for interest, at a rate equal to the Secured Overnight Financing Rate plus 100 basis points, accrued from the due date (without extensions) of the corresponding tax return to the date of payment specified by the TRA.

While many of the factors that will determine the amount of payments that we will make under the TRA are outside of our control, we expect that the payments we will make under the TRA will be substantial and could materially and adversely affect our financial condition. Any payments made by us under the TRA will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make timely payments under the TRA for any reason, the unpaid amounts will be deferred and will accrue interest until paid; however, nonpayment for a specified period may constitute a material breach of a material obligation under the TRA and therefore accelerate payments due under the TRA, as further described below. Furthermore, our future obligation to make payments under the TRA could 41

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~~make~~provides usfor interest, at a ~~less~~rate ~~attractive~~equal ~~target~~to ~~for~~the anSecured ~~acquisition,~~Overnight ~~particularly~~Financing inRate ~~the~~plus ~~case~~100 ofbasis anpoints, ~~acquirer~~accrued ~~that~~from ~~cannot~~the ~~use~~due ~~some~~date or(without ~~all~~extensions) of the corresponding tax ~~benefits~~return ~~that~~to ~~may~~the bedate ~~deemed~~of ~~realized~~payment ~~under~~specified by the TRA.

In certain cases, payments under the TRA may exceed the actual tax benefits we realize or be accelerated.

Payments under the TRA will be based on the tax reporting positions that we determine. The Internal Revenue Service or another taxing authority may challenge all or any part of the tax basis increases, as well as other tax positions that we take, and a court may sustain such a challenge. If any tax benefits that we initially claimed are disallowed, the TRA Holders will not be required to reimburse us for any excess payments that may previously have been made under the TRA, for example, due to adjustments resulting from examinations by taxing authorities. Rather, excess payments made to such holders will be netted against any future cash payments that we are otherwise required to make after the determination of such excess. However, a challenge to any tax benefits that we initially claim may not arise for a number of years after the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments that we might otherwise be required to make under the terms of the TRA and, as a result, there might not be future cash payments against which to net. As a result, in certain circumstances we could make payments under the TRA in excess of our actual income or franchise tax savings, which could materially impair our financial condition.

Moreover, the TRA provides that, if we (i) exercise our early termination rights under the TRA, (ii) experience certain changes of control (as described in the TRA) or (iii) breach any of our material obligations under the TRA, our obligations under the TRA may accelerate and we could be required to make a lump-sum cash payment to each TRA Holder equal to the present value of all future payments that would have otherwise been made under the TRA, which lump sum payment would be based on certain assumptions, including those relating to our future taxable income. The lump-sum payment could be substantial and could exceed the actual tax benefits that we realize subsequent to such payment because we would calculate such payment assuming, among other things, that we would have certain tax benefits available to us and that we would be able to use them in future years.

There may be a material negative effect on our liquidity if the payments under the TRA exceed the actual tax savings that we realize. Furthermore, our obligations to make payments under the TRA could also have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control.

If New Symbotic Holdings were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and New Symbotic Holdings might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the TRA even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.

A number of aspects of our structure depend on the classification of New Symbotic Holdings as a partnership for U.S. federal income tax purposes, and we intend to operate such that New Symbotic Holdings does not become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. A “publicly traded partnership” is a partnership the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. Under certain circumstances, Exchanges or other transfers of New Symbotic Holdings Common Units could cause New Symbotic Holdings to be treated as a publicly traded partnership. Applicable U.S. Treasury regulations provide for certain safe harbors from treatment as a publicly traded partnership, and we intend to operate such that Exchanges or other transfers of New Symbotic Holdings Common Units qualify for one or more such safe harbors. For example, we intend to limit the number of New Symbotic Holdings unitholders, and the New Symbotic Holdings LLC Agreement provides for limitations on the ability of New Symbotic Holdings equityholders to transfer their New Symbotic Holdings Common Units and provides us with the right to cause the imposition of limitations and restrictions (in addition to those already in place) on the ability of New Symbotic Holdings equityholders to Exchange their New Symbotic Holdings ~~Common Units to the extent we believe it is necessary to ensure that New Symbotic Holdings will continue to be treated as a partnership for U.S. federal income tax purposes.~~

If New Symbotic Holdings were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, significant tax inefficiencies might result for us and New Symbotic Holdings, including as a result of our inability to file a consolidated U.S. federal income tax return with New Symbotic Holdings. In addition, we may not be able to realize tax benefits covered under the TRA, and we would not be able to recover any payments previously made by us under the TRA, even if the corresponding tax benefits (including any claimed increase in the tax basis of New Symbotic Holdings’ assets) were subsequently determined to have been unavailable.42

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Common Units to the extent we believe it is necessary to ensure that New Symbotic Holdings will continue to be treated as a partnership for U.S. federal income tax purposes.

Other Risks

We implemented a new enterprise resource planning (“ERP”) system, and challenges with the implementation of the system may impact our business and operations.

In fiscal year 2024, we implemented a multi-year implementation of a complex new ERP system. The ERP system implementation required the integration of the ERP system with multiple new and existing information systems and business processes. It has been designed to accurately maintain our books and records and provide information to our management teams important to the operation of our business. Our ERP system implementation will continue to require ongoing maintenance and monitoring and in the future we may elect to implement additional modules of the ERP system. Conversion from our old system to the ERP system may cause inefficiencies until the ERP system is stabilized and mature. The implementation of our ERP system has mandated new procedures and many new controls over financial reporting. These procedures and controls are not yet mature in their operation. If we are unable to adequately maintain procedures and controls relating to our ERP system, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired and impact our assessment of the effectiveness of our internal controls over financial reporting.

Our business, financial condition, results of operations and cash flows could be significantly hindered by the occurrence of a natural disaster, terrorist attack or other catastrophic event. We also face risks related to health pandemics or epidemics, such COVID-19, which could adversely affect our business, financial condition and results of operations.

Our business operations and our ~~System~~systems may be susceptible to outages due to fire, floods, unusual weather conditions, power loss, telecommunications failures, health pandemics or epidemics, terrorist attacks and other events beyond our control. Natural disasters including tornados, hurricanes, floods and earthquakes may damage the facilities of our customers, which could lead to reduced revenue for our customers and thus reduced sales for us. For example, during our fiscal year 2024, Hurricane Helene affected our ability to timely complete a customer installation at one of our sites. In addition, a substantial portion of our operations rely on support from our headquarters in Wilmington, Massachusetts. To the extent that fire, floods, unusual weather conditions, power loss, telecommunications failures, health pandemics or epidemics, terrorist attacks and other events beyond our control materially impact our ability to operate those offices, it may have a material impact on our business operations as a whole. To the extent that an event disrupts our business or the business of our current or prospective customers, or adversely impacts our reputation, it could adversely affect our business, financial condition, results of operations and cash flows.

We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations and could face criminal liability and other serious consequences for violations, which could adversely affect our business, financial condition and results of operations.

We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act and the USA PATRIOT Act, and are or will be subject to other anti-bribery and anti-money laundering laws in countries in which we conduct or will conduct activities such as Mexico. Anti-corruption laws are interpreted broadly and prohibit companies and their employees, agents, contractors and other collaborators from authorizing, promising, offering or providing, directly or indirectly, improper payments or anything else of value to recipients in the public or private sector. We can be held liable for the corrupt or other illegal activities of our employees, agents, contractors and other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities. Any violations of these laws and regulations may result in substantial civil and criminal fines and penalties, imprisonment, the loss of export or import privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm and other consequences.

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Changes to applicable tax laws and regulations, exposure to additional income tax liabilities or unfavorable outcomes in tax audits could harm our future profitability or otherwise adversely affect our business, financial condition and results of operations.

We are a U.S. corporation with international operations and thus subject to U.S. corporate income tax on our worldwide operations and subject to foreign taxes in each relevant jurisdiction. Moreover, the majority of our operations and customers are located in the United States, and, as a result, we are subject to various U.S. federal, state and local taxes. New U.S. laws and policy relating to taxes may have an adverse effect on our business and future profitability.

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Further, new income, sales, use or other tax laws, statutes, rules, regulations or ordinances, in the United States or in other foreign jurisdictions, could be enacted at any time, which could adversely affect our business, financial, condition or results of operations. In addition, existing tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us and may have an adverse effect on our business, cash flows and future profitability.

Our organizational structure is commonly referred to as an “Up-C” structure, which is often used by partnerships and limited liability companies undertaking an initial public offering to provide certain tax benefits and associated cash flow advantages to both the issuer corporation and the existing owners of the partnership or limited liability company in the initial public offering. The Up-C structure allows the Warehouse Technologies LLC unitholders to retain their equity ownership in New Symbotic Holdings, an entity that is classified as a partnership for U.S. federal income tax purposes, in the form of ~~common units of~~ New Symbotic Holdings ~~(“New Symbotic Holdings~~ Common Units”). This allows the holders of New Symbotic Holdings Common Units to retain the tax benefits of owning interests in a pass-through entity while also being able to access public markets. All other investors hold their equity ownership in Symbotic, a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, in the form of shares of Class A Common Stock. From time to time, the U.S. Congress has considered legislation to change the tax treatment of partnerships and there can be no assurance that any such legislation will not be enacted or if enacted will not be adverse to us.

Because the holders of New Symbotic Holdings Common Units hold their economic interests directly in New Symbotic Holdings, rather than through us, the interests of such holders may conflict with those of the holders of shares of our Class A Common Stock. For example, the holders of New Symbotic Holdings Common Units may have a different tax position from the holders of our Class A Common Stock, which could influence decisions regarding whether and when New Symbotic Holdings should dispose of assets or incur new indebtedness, undergo certain changes of control within the meaning of the TRA, or terminate the TRA. In addition, the structuring of future transactions may take into consideration these tax or other considerations even where no similar benefit would accrue to the holders of shares of our Class A Common Stock.

We also may be subject to audits of our income, sales and other transaction taxes by U.S. federal, state, local and foreign taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

We believe data privacy and cybersecurity are critical to supporting our vision and enabling our strategy. Our approach to data privacy and cybersecurity is supported by our commitment to preserving the trust our employees and customers place in us and focuses on driving continuous improvement as the threat landscape evolves.

Our board of directors (“Board”), in coordination with each of our committees of our Board, is responsible for oversight of our enterprise risk management activities. The Board oversees risks from cybersecurity threats through periodic reports from the audit committee of the Board (“Audit Committee”), which monitors cybersecurity incidents and management’s response to such incidents.

Our Audit Committee directly oversees our processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives.

Our ~~Vice~~Chief ~~President~~Information Officer (“VPCIO”) ~~of Security and Controls~~, who has over 1625 years of experience in information technology and security and ~~who~~held ~~holds~~pivotal ~~Certified~~leadership ~~Information~~roles ~~Systems~~in Security ~~Professional~~at ~~and~~several ITFortune ~~Infrastructure~~100 ~~Library certifications~~companies, has primary responsibility for overseeing our management of cybersecurity risks. Reporting to the Chief Technology Officer (“CTO”), our VPCIO ~~of Security and Controls~~ meets regularly with the CTO, and works cross-functionally with other department leaders, including legal, business, policy, and technical functions, as appropriate, to exchange information related to cybersecurity. Our VPCIO ~~of Security and Controls~~ provides quarterly updates to our Audit Committee on our cybersecurity status, risks, and strategies. These quarterly updates address a range of cybersecurity-related topics, such as recent developments related to the threat landscape, security controls, vulnerability assessments, third-party reviews, technological trends, and information security considerations arising with respect to our peers and third parties.

Our cybersecurity programs and procedures are designed to identify and address threats that are subject to ongoing compliance assessments, certifications, and testing. We conduct assessments of threat models to determine which risks are most likely to impact us. Our security and controls team gathers threat and risk data and updates through various sources, such as systems reviews, security research activities, and internal and external security scans and alerts, as appropriate. As applicable, in certain circumstances, we also collaborate with industry partners in the security community, our peers and law enforcement agencies, to support our cybersecurity threat intelligence capabilities. This information is collected, categorized, 44

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~~and~~as ~~assessed~~recent developments related to ~~identify,~~the ~~prioritize~~threat landscape, ~~and~~security ~~manage~~controls, ~~significant~~vulnerability ~~cybersecurity~~assessments, ~~risks.~~third-party Asreviews, atechnological ~~result~~trends, ~~our~~and ~~process~~information issecurity ~~continually~~considerations ~~evaluated~~arising ~~and~~with ~~evolves~~respect asto ~~the~~our ~~threat~~peers ~~landscape~~and ~~changes~~third parties.

We have also incorporated security practices into employee trainings. We have a process for employees to formally acknowledge their review and understanding of security obligations. Additionally, our security and controls team conducts periodic security and data protection training aimed to emphasize the importance of security and data protection. We have also implemented a review process to assess the security profile and data protection practices of certain third-party suppliers and service providers that have exposure to our systems, including, as appropriate, review of vendor security policies and procedures. We do not, however, review security profile and data protection practices of all third-party vendors.

In the event of a cybersecurity incident, our response and mitigation efforts are guided by the Incident Response Plan (“IRP”), which provides guidance on how to respond to, and recover from, a material cyber incident requiring an organized response. We conduct tabletop exercises testing the principles and procedures set forth in our IRP based on lessons learned.

In addition, we have a cybersecurity disclosure committee (“Cybersecurity Disclosure Committee”) which receives updates on an as needed basis from our security organization regarding cybersecurity incidents. The Cybersecurity Disclosure Committee includes our VPCIO ~~of Security~~ and ~~Controls and~~ senior representatives from finance, controllership, internal audit, investor relations, and legal teams. In the event of a cybersecurity incident, the Cybersecurity Disclosure Committee meets to assess the incident for materiality and required disclosure.

While we have experienced a cybersecurity ~~incidents~~incident in the past, as of the date hereof, none have materially affected us or our business strategy, financial condition, results of operations, and/or cash flows. We continue to invest in cybersecurity and resiliency of our networks to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information which they contain. For more information about cybersecurity risks relating to our business, refer to Item 1A, Risk Factors included in this Annual Report on Form 10-K.

Item 2. Properties

Our corporate headquarters is in an approximately 66,000 square foot facility that we lease in Wilmington, Massachusetts. The lease expires in May 2025, and subsequent to our fiscal year end we opted to extend the lease to December 2030. As of September 2827, ~~2024~~2025, our material leased facilities are summarized below. We believe that our leased space is adequate for our current needs and, should we need additional space, we believe we will be able to obtain additional space on commercially reasonable terms.

Location

~Size (sq. ft.)

Lease Expiration

Purpose

Wilmington, MA (Main)

66,000

~~May~~December ~~2025~~2030

Headquarters, R&D & Admin

Wilmington, MA

185,000

December 2030

Innovation Center & Testing

Wilmington, MA (Integrated Test Center)

188,000

December 2030

R&D & Testing

Montreal, QC

48,000

June 2026

Canadian Headquarters, R&D & Testing

Andover, MA

100,000

July 2027

Admin & Warehouse

Waltham, MA

15,000

March 2025

R&D & Testing

Milpitas, CA

21,000

June 2026

R&D & Admin

Item 3. Legal Proceedings

We are subject from time to time to various claims, lawsuits and other legal and administrative proceedings (including those described below). Some of these claims, lawsuits and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines and penalties, non-monetary sanctions or other relief.

We intend to recognize provisions for claims or pending litigation when we determine that an unfavorable outcome is probable, and the amount of loss can be reasonably estimated. Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates. For additional information, see “Risk Factors – Risks Related to Our Common Stock - We are party to pending litigation, and we may be subject to future litigation in the operation of our business. An adverse outcome in one or more proceedings could adversely affect our business.”

~~SEC Request for Information~~ 45

We have been responding to requests for information from the SEC relating to an investigation by the SEC of alleged violations by us of Rule 21F-17, which prohibits actions to impede an individual from communicating directly with the SEC staff about a possible securities law violation. We intend to continue to defend this matter vigorously and cannot predict the outcome of this investigation.

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Securities Class Actions

On August 14, 2024, a putative class action captioned Fox v. Symbotic Inc. et al., Case No. 24-cv-12090 was filed in the United States District Court for the District of Massachusetts by an alleged holder of ~~our~~the Company’s common stock. On March 10, 2025, the plaintiff voluntarily dismissed this action without prejudice pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(i). On December 3, 2024, a putative class action captioned Decker v. Symbotic Inc. et al., Case No. 24-cv-12976 was filed in the United States District Court for the District of Massachusetts by an alleged purchaser of the Company’s common stock. The complaint ~~asserts~~asserted claims for violations of federal securities laws against usthe Company and ~~two~~three of ~~our~~its officers on the grounds that, ~~among~~the ~~other~~Company ~~things, we~~ made false and/or misleading statements related to its ~~expected~~revenue ~~earnings~~recognition ~~for~~and the ~~third~~effectiveness ~~quarter~~ of ~~fiscal~~its ~~year~~disclosure ~~2024~~controls and procedures. Based on these allegations, the plaintiff ~~brings~~brought claims seeking unspecified damages, attorneys’ fees, expert fees, and other costs and relief on behalf of ~~herself~~himself and a putative class of persons who purchased ~~our~~the Company’s stock between ~~May~~February 68, 2024 and ~~July~~November 2926, 2024. On ~~September~~May 115, ~~2024~~2025, the court entered aan ~~stipulation~~order ~~staying~~appointing ~~our deadline to respond to the complaint until after~~ a lead plaintiff ~~has been appointed~~ pursuant to the Private Securities Litigation Reform Act. Onand ~~October~~setting ~~15,~~a ~~2024,~~schedule ~~four alleged shareholders filed motions seeking to be appointed as lead plaintiff. As of November 7, 2024, one alleged shareholder has withdrawn her motion~~ for ~~appointment as lead plaintiff, and two others have filed papers stating that they do not oppose~~ the ~~competing~~filing ~~motion~~ of ~~the~~an ~~movant~~amended ~~who~~complaint ~~claimed the largest losses, Dr. Seshagiri Rao Kalapala,~~ and ~~his selection of Levi & Korsinsky, LLP as lead counsel. As of December 3, 2024,~~ the ~~court~~Company’s ~~has~~response ~~not~~to ~~yet ruled on~~ the ~~pending lead plaintiff motions~~complaint.

On ~~December~~July 311, ~~2024~~2025, aplaintiffs ~~putative~~filed ~~class~~an ~~action~~amended complaint captioned ~~Decker~~Traina v. Symbotic Inc. et al., Case No. 24-cv-~~12976~~12196. ~~was~~Like ~~filed in~~ the ~~United~~Decker ~~States~~complaint, ~~District Court for~~ the ~~District~~amended ~~of Massachusetts by an alleged purchaser of our common stock. The~~ complaint asserts claims for violations of federal securities laws against usthe Company and ~~three~~four of ~~our~~ officers of the Company on the grounds that wethe Company made false and/or misleading statements or omissions related to ~~our~~its ~~revenue~~financial ~~recognition~~results, ~~and~~deployment ~~the~~times, ~~effectiveness~~revenue ofrecognition, ~~our~~and ~~disclosure~~internal controls ~~and procedures~~. Based on these allegations, the ~~plaintiff~~plaintiffs ~~brings~~bring claims seeking unspecified damages, attorneys’ fees, expert fees, and other costs and relief on behalf of ~~himself~~themselves and a putative class of persons who purchased ~~our~~ stock of the Company between ~~February~~November 820, ~~2024~~2023 and ~~November~~February 265, ~~2024~~2025.

The Company filed a motion to dismiss the amended complaint on September 11, 2025. The plaintiffs filed an opposition to the motion to dismiss on November 11, 2025. The Company’s reply brief in support of its motion to dismiss is due on December 11, 2025. A hearing on the motion to dismiss is scheduled for December 16, 2025.

We intend to vigorously defend these cases. If a court ultimately determines that we are liable in either or both of these cases, we may be subject to substantial damages. We cannot predict with any degree of certainty the outcome of these matters or determine the extent of any potential liabilities. We also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in these matters could expose us to substantial damages that may have a material adverse impact on our operations and cash flows. Despite the potential for significant damages, we do not believe, based on currently available information, that the outcome of these proceedings will have a material adverse effect on our financial condition, although the outcome could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

Shareholder Derivative Actions

On October 2, 2024, two putative shareholder derivative actions captioned Austen v. Cohen et al., 24-cv-12522 and Kukreja v. Cohen et al., 24-cv-12523 were filed in the United States District Court for the District of Massachusetts by ~~our~~the Company’s alleged shareholders. The actions assert claims on behalf of usthe Company against certain senior officers and members of ~~our~~its board of directors for, among others, breach of fiduciary duty, unjust enrichment, and violations of federal securities laws based primarily on allegations that the defendants caused or allowed usthe Company to disseminate misleading and inaccurate information to shareholders in connection with ~~our~~the Company’s expected earnings for the third quarter of fiscal year 2024. The actions also contend that the defendants wasted corporate assets by exposing usthe Company to the securities class action lawsuit filed on August 14, 2024. The actions seek compensatory damages, changes to corporate governance and internal procedures, restitution, costs and attorneys’ fees, and other unspecified relief. OnMotions ~~November 19 and November 20, 2024, the parties filed motions seeking~~ to consolidate the two actions into a single matter, appoint lead plaintiffs’ counsel, and stay any obligation of the defendants to respond to the complaint based on the pendency of the related ~~Fox v. Symbotic~~ securities class action lawsuit ~~(described~~remain ~~above)~~pending.

We intend to vigorously defend these cases. If a court ultimately determines that we are liable, we may be subject to substantial damages. We cannot predict with any degree of certainty the outcome of this matter or determine the extent of any potential liabilities. We also cannot provide an estimate of the possible loss or range of loss. Any adverse outcome in this matter could expose us to substantial damages that may have a material adverse impact on our operations and cash flows. Despite the potential for significant damages, we do not believe, based on currently available information, that the outcome of this proceeding will have a material adverse effect on our financial condition, although the outcome could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

Item 4. Mine Safety Disclosures

Not applicable.

~~PART II~~46

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PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information for Common Stock

Our Class A Common Stock, par value $0.0001 per share, is traded on NASDAQ under the symbol “SYM”. Our Class V-1 Common Stock, par value $0.0001 per share, and Class V-3 Common Stock, par value $0.0001 per share, that are convertible into our Class A common stock are not traded on any established public trading market.

Holders of our Common Stock

As of ~~December~~November 221, ~~2024~~2025, there were approximately 1415 holders of record of our Class A Common Stock, approximately 3928 holders of our Class V-1 Common Stock and approximately 1518 holders of record of our Class V-3 Common Stock. Certain shares of our Class A Common Stock are held in “street” name and, accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number. The number of holders of record also does not include beneficial owners of shares that are be held in trust by other entities.

Dividends

We have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future.

Issuer Purchases of Equity Securities

There were no purchases of equity securities by the issuer or affiliated purchasers, as defined in Rule 10b-18(a)(3) the Securities Exchange Act of 1934, during the quarter ended September 2827, ~~2024~~2025.

Performance Graph

The following graph shows a 4355-month comparison of cumulative total returns for our Class A common stock, the Standard & Poor’s (“S&P”) 500 Index, and the S&P 500 Information Technology Index.

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Recent Sales of Unregistered Securities

None, other than as set forth in our Current Report on Form 8-K filed on July 24, 2023.

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Securities Authorized for Issuance Under Equity Compensation Plans

The information required by Item 5 of Form 10-K regarding equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report.

Item 6. [Reserved]

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto that appear elsewhere in this Annual Report on Form 10-K. See “Risk Factors” elsewhere in this Annual Report on Form 10-K for a discussion of certain risks associated with our business. The following discussion contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. The use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public. Unless the context otherwise requires, references in this Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “Symbotic,” “we,” “us,” “our” and the “Company” are intended to mean the business and operations of Symbotic Inc. This section provides an analysis of our financial results for the year ended September 2827, ~~2024~~2025 as compared to the year ended September 3028, ~~2023~~2024. For the discussion and analysis covering the year ended September 3028, ~~2023~~2024 compared to the year ended September 2430, ~~2022~~2023, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended September 3028, ~~2023~~2024, as filed with the SEC on December 114, ~~2023~~2024.

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Company Overview

Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative, and comprehensive technology solutions that dramatically improve supply chain operations. We ~~currently~~ automate the processing of pallets, ~~and~~ cases inand ~~large~~items ~~warehouses~~(known oras ~~distribution~~eaches) ~~centers for some of the largest retail companies~~ in ~~the world~~warehouses. ~~Our System enhances operations at the front end of the supply chain, and therefore benefit all supply partners further down the chain, irrespective of fulfillment strategy.~~

Our ~~System~~robotic is based onautomation asystems, ~~unique~~which ~~approach~~include tohardware ~~connecting~~and ~~producers~~essential ofsoftware, ~~goods~~move, tostore ~~end~~and ~~users,~~sort incases aand ~~way~~eaches ~~that~~in ~~resolves~~warehouses. ~~the~~Our ~~mismatches~~systems ofare ~~quantity,~~operational ~~timing~~in ~~and~~a ~~location~~number ~~that~~of ~~arise~~the ~~between~~world’s ~~the~~largest ~~two~~retailers, ~~while~~including ~~reducing~~Walmart, ~~costs.~~wholesale ~~The~~distributors, ~~underlying~~including ~~architecture~~C&S ofWholesale ~~our~~Grocers, ~~System~~and isare ~~what~~being ~~differentiates~~deployed ~~our~~in ~~solution~~GreenBox ~~from~~Systems ~~anything~~LLC ~~else~~(“GreenBox”), inour ~~the~~warehouse-as-a-service ~~marketplace~~joint venture. ItWe ~~utilizes~~have ~~fully~~spent ~~autonomous~~significant ~~robots,~~time ~~collectively~~working ~~controlled~~closely bywith our ~~artificial~~customers ~~intelligence~~to ~~(“A.I.”)~~develop, ~~enabled~~test ~~system~~and ~~software~~refine toour ~~achieve~~technology. atWe ~~scale,~~have ~~real~~approximately ~~world~~$22.5 ~~supply~~billion ~~chain~~of ~~improvements~~backlog ~~that~~as ~~are~~of soSeptember ~~compelling~~27, ~~that~~2025, weof ~~believe~~which our ~~approach~~agreements ~~can~~with ~~become~~Walmart ~~the~~and deGreenBox ~~facto~~comprise ~~standard~~the ~~approach~~vast ~~for how warehouses operate~~majority.

OnWe ~~July~~have ~~23,~~devoted ~~2023,~~significant ~~we,~~funds ~~along with New Symbotic Holdings,~~ and ~~Symbotic~~resources USto ~~(collectively,~~date ~~the~~in ~~“Symbotic~~developing ~~Group”),~~and ~~entered~~diversifying ~~into~~our asystems ~~Framework~~and ~~Agreement~~related ~~(the “Framework Agreement”) with Sunlight Investment Corp~~applications. ~~(“Sunlight”),~~Our ~~SVF~~systems IIare ~~Strategic~~designed ~~Investments~~to ~~AIV~~increase ~~LLC (“SVF” and~~efficiency, ~~together~~speed ~~with Sunlight, “SoftBank”),~~ and ~~GreenBox~~flexibility ~~Systems LLC (“GreenBox”), related to the formation~~ of ~~GreenBox as a strategic joint venture between~~ the ~~Symbotic~~supply ~~Group~~chain ~~and~~by ~~SoftBank,~~using ~~the~~proprietary ~~entry~~robotics ~~into a Limited Liability Company Agreement of GreenBox~~ and ~~Master~~A.I.-powered ~~Services,~~software ~~License~~for ~~and Equipment Agreement (~~the ~~“Commercial~~movement ~~Agreement”)~~ and ~~issuance~~storage of ~~a warrant to purchase Class A Common Stock of Symbotic (the “GreenBox Warrant”)~~goods. ~~GreenBox~~Our ~~was~~intellectual ~~established~~property onis ~~July~~protected ~~21, 2023, and will build and automate supply chain networks globally~~ by ~~operating~~a ~~and~~portfolio ~~financing~~of ~~our~~approximately ~~advanced~~1,100 ~~A.I.~~issued and/or ~~automation~~pending ~~technology for the warehouse~~patents. ~~We own 35% of GreenBox and SoftBank Group owns 65% of GreenBox.~~

~~Business~~We ~~Combination~~believe that the global supply chain has reached a point of critical stress, driving an inflection in demand for intelligent and scalable automation. As consumer buying habits change, the labor market shifts, and cost of living wages increase, the demand on warehouse workers is becoming overly burdensome. Manual operations are becoming unsustainable and older automation systems are not capable of optimally satisfying modern operational needs. The dramatic growth in e-commerce has increased supply chain complexity by putting pressure on retailers to support multiple sales channels and orders of eaches in addition to cases and pallets. Meanwhile, consumer expectations have evolved to demand a larger variety of items to be delivered quickly and seamlessly. This has placed significant strain on the traditional supply chain and the people who support it. We help our customers thrive in this increasingly challenging environment.

~~Refer~~In toJanuary ~~Note~~2025, 1we acquired the Advanced Systems and Robotics (“ASR”) business from Walmart and signed a Master Automation Agreement that provides for the development, ~~Organization~~manufacture and ~~Operations~~installation toof ~~our~~automated ~~consolidated~~systems ~~financial~~for ~~statements~~online pickup and delivery at Walmart retail stores (“2025 Walmart MAA”). This acquisition added a new product category for ~~further~~us ~~details~~to onaddress the ~~historical~~opportunity ~~business~~for ~~organization~~automated fulfillment of customer orders at the local and ~~formation~~store level, which supports the growth of ~~Symbotic~~e-commerce. ~~Inc~~Under the 2025 Walmart MAA, as of September 27, 2025, we are operating several micro-fulfillment systems, which we will continue to support. We are in the process of developing an advanced micro-fulfillment system for future deployments.

Key Components of Consolidated Statements of Operations

Revenue

We generate revenue through our design and installation of supply chain automation systems to automate customers’ depalletizing, storage, selection, and palletization warehousing processes (“System”). The Systems have both a hardware component and an essential software component that enables the Systems to be programmed to operate within specific customer environments. We enter into contracts with customers that can include various combinations of services to design and install the Systems. These services are generally distinct and accounted for as separate performance obligations. As a result, each customer contract may contain multiple performance obligations. We determine whether performance obligations are distinct based on whether the customer can benefit from the good or service on its own or together with other resources that are readily available and whether our commitment to provide the goods or services to the customer is separately identifiable from other promises in the contract.

We have identified the following distinct performance obligations in our contracts with customers:

Systems: We design, assemble, and install Systems and perform configuration of essential software. Systems include the delivery of hardware and an essential software component, sold as either a perpetual or term-based on-premise license, that automate our customers’ depalletizing, storage, selection, and palletization warehousing processes. The hardware and essential software are each not capable of being distinct because our customers cannot benefit from the hardware or software on their own. Accordingly, they are treated as a single performance obligation. Fees for Systems are typically either cost-plus fixed fee amounts, fixed, or in certain cases, subject to a capped cost amount that are due based on the achievement of a variety of milestones beginning at contract inception through final acceptance. The substantial majority of our software is sold as a perpetual on-premise license, however, we do sell an immaterial amount of term-based on-premise licenses.

The key metrics which describe our Systems from commencement to completion are as follows: (1) “Start” is defined as when we sign a Statement of Work (“SOW”) with a customer; (2) “Deployment” is defined as the period of time following

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the ~~Systems.~~signed ~~These~~SOW ~~services~~until ~~are~~the ~~generally~~acceptance ~~distinct~~of ~~and~~the ~~accounted~~System; ~~for~~and as(3) ~~separate~~“Operational” ~~performance~~is ~~obligations.~~defined Asas aachieving ~~result,~~acceptance ~~each~~of ~~customer~~a ~~contract may contain multiple performance obligations~~System. WeThe ~~determine~~majority ~~whether~~of ~~performance~~Systems ~~obligations~~revenue ~~are~~occurs ~~distinct~~during ~~based~~Deployment, ~~on whether the customer can benefit from the product or service on its own or together with other resources that are readily available~~ and ~~whether~~once ~~our~~a ~~commitment~~System ~~to provide the services to the customer~~ is ~~separately~~Operational, ~~identifiable~~software ~~from~~maintenance ~~other~~and ~~promises~~support ~~in the contract~~begins.

WeSoftware ~~have~~Maintenance ~~identified~~and Support: “Software Maintenance and Support” is defined as support services that provide our customers with technical support, updates, and upgrades to the ~~following~~software ~~distinct~~license. ~~performance~~Fees ~~obligations~~for Software Maintenance and Support are typically payable in advance on a quarterly, or annual basis over the term of the Software Maintenance and Support contract, which term can range from one to 15 years, but for a substantial majority of our Software Maintenance and Support contracts ~~with~~is ~~customers:~~15 years.

~~Systems~~Operation Services: We“Operation ~~design,~~Services” ~~assemble,~~is ~~and~~defined ~~install~~as ~~Systems~~assistance ~~and~~services, ~~perform~~which ~~configuration~~can ofrange ~~essential~~from ~~software.~~training ~~Systems~~services ~~include~~to ~~the~~managed ~~delivery~~services ofto ~~hardware and an essential software component, sold as either a perpetual or term-based~~ on-~~premise~~site ~~license,~~services ~~that~~we ~~automate~~provide our customers’ ~~depalletizing,~~operating ~~storage,~~the ~~selection,~~System and ~~palletization~~ensuring ~~warehousing~~user ~~processes.~~experience ~~The~~is ~~hardware~~optimized ~~and~~for ~~essential~~efficiency ~~software~~and ~~are~~effectiveness. ~~each~~Fees ~~not~~for ~~capable~~Operation ofServices ~~being~~are ~~distinct~~typically ~~because~~invoiced to our customers ~~cannot~~on ~~benefit~~a ~~from~~time ~~the~~and ~~hardware~~materials orbasis ~~software~~monthly onin ~~their~~arrears ~~own.~~or ~~Accordingly,~~using ~~they are treated as~~ a ~~single~~fixed ~~performance~~fee ~~obligation~~structure. ~~Fees~~Also ~~for~~included ~~Systems~~in ~~are~~Operation ~~typically~~Services ~~either~~is ~~fixed~~revenue orgenerated ~~cost-plus~~from ~~fixed fee amounts that are due based on~~ the ~~achievement~~sales of aspare ~~variety~~parts ofto ~~milestones beginning at contract inception through final acceptance. The substantial majority of~~ our ~~software~~customers ~~is sold~~ as aneeded ~~perpetual~~to ~~on-premise~~service ~~license,~~their ~~however, we do sell an immaterial amount of term-based on-premise licenses~~System.

The key metrics which describe our System from commencement to completion are as follows: (1) “Start” is defined as when we sign a Statement of Work (“SOW”) with a customer; (2) “Deployment” is defined as the period of time following the signed SOW until the acceptance of the System; and (3) “Operational” is defined as achieving acceptance of a System. The majority of Systems revenue occurs during Deployment, and once a System reaches acceptance, software maintenance and support begins.

Software Maintenance and Support: “Software Maintenance and Support” is defined as support services that provide our customers with technical support, updates, and upgrades to the software license. Fees for Software Maintenance and Support are typically payable in advance on a quarterly, or annual basis over the term of the Software Maintenance and Support contract, which term can range from one to 15 years but, for a substantial majority of our Software Maintenance and Support contracts, is 15 years.

Operation Services: “Operation Services” is defined as assistance services we provide our customers operating the System and ensuring user experience is optimized for efficiency and effectiveness. Fees for Operation Services are typically invoiced to our customers on a time and materials basis monthly in arrears or using a fixed fee structure. Also included in Operation Services is revenue generated from the sales of spare parts to our customers as needed to service their System.

Cost of Revenue

Our cost of revenue is composed of the following for each of our distinct performance obligations:

Systems: Systems cost of revenue consists primarily of material and labor consumed in the production and installation of Systems, as well as depreciation expense. The design, assembly, and installation of a System includes substantive customer-specified acceptance criteria that allow the customer to accept or reject Systems that do not meet the customer’s specifications. When we cannot objectively determine that acceptance criteria will be met upon contract inception, cost of revenue relating to Systems is deferred and expensed at a point in time upon final acceptance from the customer. If acceptance criteria can be reasonably certain upon contract inception, Systems cost of revenue is expensed as incurred.

Software Maintenance and Support: Cost of revenue attributable to Software Maintenance and Support primarily relates to labor cost for our maintenance team providing routine technical support, and maintenance updates and upgrades to our customers. Software Maintenance and Support cost of revenue is expensed as incurred.

Operation Services: Operation Services cost of revenue consists primarily of labor cost for our operations team who is providing assistance services to our customers ~~to run their System within their warehouse~~. Operation Services cost of revenue also includes the cost of spare parts sold to our customers as needed to service their System. Operation Services cost of revenue is expensed as incurred.

Research and Development

Costs incurred in the research and development of our products are expensed as incurred. Research and development costs include personnel, contracted services, materials, and indirect costs involved in the design and development of new products and services, as well as depreciation expense.

Selling, General, and Administrative

Selling, general, and administrative expenses include all costs that are not directly related to satisfaction of customer contracts or research and development. Selling, general, and administrative expenses include items for our selling and administrative functions, such as sales, finance, legal, human resources, and information technology support. These functions include costs for items such as salaries and benefits and other personnel-related costs, maintenance and supplies, professional fees for external legal, accounting, and other consulting services, intangible asset amortization, and depreciation expense.

50Restructuring Charges

~~Table~~Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of ~~Contents~~cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plans.

administrative functions, such as sales, finance, legal, human resources, and information technology support. These functions include costs for items such as salaries and benefits and other personnel-related costs, maintenance and supplies, professional fees for external legal, accounting, and other consulting services, intangible asset amortization, and depreciation expense.

Other Income (Expense), Net

Other income (expense), net primarily consists of dividend and interest income earned on our money market accounts and the impact of foreign currency transaction gains and losses associated with monetary assets and liabilities. Other income (expense) also consists of any gain, losses, or impairments on our strategic investments and derivative instruments.

Income Taxes

As a result of the Business Combination, we were appointed as the sole managing member of Symbotic Holdings. Symbotic Holdings is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income taxes. Any taxable income or loss generated by Symbotic Holdings is passed through to and included in the taxable income or loss of its members, including us, on a pro rata basis, subject to applicable tax regulations. We are subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to our allocable share of any taxable income or loss of Symbotic Holdings LLC. We also have foreign subsidiaries which are subject to income tax in their local jurisdictions. Prior to the close of the Business Combination, our financial reporting predecessor, Legacy Warehouse was treated as a pass-through entity for tax purposes and no provision, except for certain foreign subsidiaries which are taxed in their respective foreign jurisdictions, was made in the consolidated financial statements for income taxes. Any income tax items for the periods prior to the close of the Business Combination are related to the applicable subsidiary companies that are subject to foreign income tax.

~~Results of Operations for the Years Ended September 28, 2024 and September 30, 2023~~ 50

~~The~~Table ~~following tables set forth certain consolidated financial data in U.S. dollar amounts and as a percentage~~ of ~~total revenue.~~ Contents

	Year Ended
	September 28, 2024		September 30, 2023
	(in thousands)
Revenue:
Systems	$	1,705,440	$	1,138,059
Software maintenance and support	14,173		6,601
Operation services	68,566		32,231
Total revenue	1,788,179		1,176,891
Cost of revenue:
Systems	1,466,841		940,076
Software maintenance and support	8,949		9,222
Operation services	66,723		37,854
Total cost of revenue	1,542,513		987,152
Gross profit	245,666		189,739
Operating expenses:
Research and development expenses	173,457		195,042
Selling, general, and administrative expenses	188,934		217,927
Total operating expenses	362,391		412,969
Operating loss	(116,725)		(223,230)
Other income, net	37,042		10,716
Loss before income tax and equity method investment	(79,683)		(212,514)
Income tax benefit (expense)	(4,212)		4,620
Loss from equity method investment	(777)		—
Net loss	$	(84,672)	$	(207,894)

Results of Operations for the Years Ended September 27, 2025 and September 28, 2024

The following tables set forth our results of operations for the periods presented and as a percentage of our total revenue for those periods. The data has been derived from the consolidated financial statements contained in this Annual Report on Form 10-K which include, in our opinion, all adjustments, consisting only of normal recurring adjustments, that we consider necessary for a fair statement of the financial position and results of operations for the interim periods presented. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.


	Year Ended
	September 27, 2025		September 28, 2024
	(in thousands)
Revenue:
Systems	$	2,118,868	$	1,705,440
Software maintenance and support	29,602		14,173
Operation services	98,452		68,566
Total revenue	2,246,922		1,788,179
Cost of revenue:
Systems	1,710,446		1,466,841
Software maintenance and support	8,562		8,949
Operation services	105,304		66,723
Total cost of revenue	1,824,312		1,542,513
Gross profit	422,610		245,666
Operating expenses:
Research and development expenses	216,013		173,457
Selling, general, and administrative expenses	298,730		188,934
Restructuring charges	22,873		—
Total operating expenses	537,616		362,391
Operating loss	(115,006)		(116,725)
Other income, net	36,063		37,042
Loss before income tax and equity method investment	(78,943)		(79,683)
Income tax benefit (expense)	1,627		(4,212)
Loss from equity method investment	(13,716)		(777)
Net loss	$	(91,032)	$	(84,672)

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	Year Ended
	September 28, 2024		September 30, 2023
	September 27, 2025		September 28, 2024
Revenue:
Systems	9594	%	9795	%
Software maintenance and support	1		1
Operation services	4		34
Total revenue	100		100
Cost of revenue:
Systems	8276		8082
Software maintenance and support	1—		1
Operation services	45		34
Total cost of revenue	8681		8486
Gross profit	1419		1614
Operating expenses:
Research and development expenses	10		1710
Selling, general, and administrative expenses	1113		1911
Total operating expenses	20		35
Restructuring charges	1		—
Operating loss	(7)		(19)
Total operating expenses	24		20
Other income, net	2		1
Operating loss	(5)		(7)
Loss before income tax and equity method investment	(4)		(18)
Other income, net	2		2
Loss before income tax and equity method investment	(4)		(4)
Income tax benefit (expense)	—		—
Loss from equity method investment	—(1)		—
Net loss	(54)	%	(185)	%

*Percentages are based on actual values. Totals may not sum due to rounding.

Year Ended September 2827, ~~2024~~2025 Compared to the Year Ended September 3028, ~~2023~~2024

Revenue

Year Ended

Change

September 28, 2024

September 30, 2023

Amount

September 27, 2025

September 28, 2024

Amount

(dollars in thousands)

Systems

12,~~705~~118,~~440~~868

1,~~138~~705,~~059~~440

~~567~~413,~~381~~428

5024

Software maintenance and support

1429,~~173~~602

614,~~601~~173

715,~~572~~429

~~115~~109

Operation services

6898,~~566~~452

3268,~~231~~566

3629,~~335~~886

~~113~~44

Total revenue

12,~~788~~246,~~179~~922

1,~~176~~788,~~891~~179

~~611~~458,~~288~~743

5226

Systems revenue increased for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, due to 44there being 50 Systems in Deployment for the fiscal year ended September 2827, ~~2024~~2025, as compared to 3544 Systems in Deployment for the fiscal year ended September 3028, ~~2023~~2024. The increase in ~~Deployments is primarily due to the continued build out of our~~ Systems ~~included~~revenue inwas ~~the~~also ~~Walmart~~attributable ~~Master Automation Agreement. Pursuant~~ to the ~~Master~~additional Automation Agreement, we are installing and implementing our System within all of Walmart’s 42 regional distribution centers. We expect the Master Automation Agreement to continue to generate Systems revenue asgenerated wefrom ~~install and implement~~ the ~~Systems~~2025 atWalmart ~~the~~MAA ~~remaining~~for ~~regional distribution centers through fiscal year 2029~~ASR.

The increase in Software Maintenance and Support revenue is due to 48 Operational Systems which were under Software Maintenance and Support contracts for the year ended September 27, 2025, as compared to 25 Operational Systems which were under Software Maintenance and Support contracts for the year ended September 28, 2024.

The increase in Operation Services revenue is attributable to an increase in Operational Systems where we were performing Operation Services for the year ended September 27, 2025, as compared to the year ended September 28, 2024.

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The increase inresults ~~Software~~from ~~Maintenance~~the ~~and~~number ~~Support~~of ~~revenue~~Operational isSystems ~~due~~we tohave 25as ~~Operational~~well ~~Systems~~as ~~which~~spare ~~are~~parts ~~under~~sales ~~Software~~to ~~Maintenance~~our ~~and~~customers ~~Support contracts~~ for the year ended September 2827, ~~2024~~2025, as compared to 12the ~~Operational~~year ~~Systems~~ended ~~which~~September ~~are~~28, ~~under~~2024. ~~Software~~As ~~Maintenance~~we ~~and~~continue ~~Support~~to ~~contracts~~increase ~~for~~ the ~~year~~number ~~ended~~of ~~September~~Operational 30Systems, ~~2023~~an increase in the number of Operation Services contracts is expected.

The increase in Operation Services revenue is attributable to an increase in Operational Systems where we are performing Operation Services for the year ended September 28, 2024, as compared to the year ended September 30, 2023. The increase results from the number of Operational Systems we have as well as spare parts sales to our customers for the year ended September 28, 2024, as compared to the year ended September 30, 2023. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.

Gross Profit

The following table sets forth our gross profit for the years ended September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024:

Year Ended

September 28, 2024

September 30, 2023

Change

September 27, 2025

September 28, 2024

Change

(in thousands)

Systems

~~238~~408,~~599~~422

~~197~~238,~~983~~599

40169,~~616~~823

Software maintenance and support

521,~~224~~040

(25,~~621)~~224

715,~~845~~816

Operation services

1(6,~~843~~852)

(51,~~623)~~843

7(8,~~466~~695)

Total gross profit

~~245~~422,~~666~~610

~~189~~245,~~739~~666

55176,~~927~~944

Systems gross profit increased $40169.68 million for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024. The increase in gross profit is primarily driven by 4450 Systems in Deployment during the fiscal year ended September 2827, ~~2024~~2025, as compared to 3544 Systems in Deployment during the fiscal year ended September 3028, ~~2023~~2024. The increase in Systems gross profit was further driven by lower cost of revenue resulting from better cost control.

The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which ~~are~~were under Software Maintenance and Support contracts for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, while costs to perform our Software Maintenance and Support services remained relatively flat.

The ~~increase~~decrease in Operation Services gross profit for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, iswas driven by an increase in ~~the~~Operation ~~number~~Services costs at certain of ~~Operational~~our ~~Systems~~customer ~~where~~sites, wecertain ~~are~~loss ~~performing~~contracts where Operation Services, ~~efficiency~~expense ~~improvement~~exceeded onrevenue, ~~our~~and ~~existing~~a ~~Systems~~decrease ~~where~~in wethe ~~are~~mix ~~performing~~in ~~Operation~~the ~~Services, and~~ profit generated from the ~~sales~~sale of spare parts to our customers, which was partially offset by additional training services provided to our customers, and services related to the acquisition of ASR.

Research and Development Expenses

	Year Ended						Change
	September 28, 2024			September 30, 2023			Amount		%
	September 27, 2025			September 28, 2024			Amount		%
	(dollars in thousands)
Research and development	$	~~173~~216,~~457~~013		$	~~195~~173,~~042~~457		$	~~(21~~42,~~585)~~556	~~(11~~25	%)
Percentage of total revenue	10		%	1710		%

The ~~decrease~~increase in research and development expenses for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, is due to the following:

	Change
	(in thousands)
Employee-related costs	$	~~(27~~15,~~103)~~282
Prototype-related costs, allocated overhead expenses, and other	527,~~518~~274
	$	~~(21~~42,~~585)~~556

~~Employee~~The primary driver for the increase in employee-related costs ~~decreased~~for ~~primarily~~the asyear aended ~~result~~September of27, a2025, ~~decrease~~as incompared ~~stock-based~~to ~~compensation~~the ~~expense~~year ~~and~~ended ~~expense~~September ~~incurred~~28, ~~for~~2024, ~~contractors.~~was Asfrom wean ~~apply~~increase ~~the~~in ~~graded-vesting~~engineering ~~method~~resources ofassigned ~~expense recognition~~ to ~~all~~customer ~~stock-based~~projects, ~~compensation~~which was

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~~awards~~primarily ~~with~~related ~~service-only~~to ~~conditions,~~the ~~lower~~2025 ~~expense~~Walmart MAA. There was ~~incurred~~also ~~during~~an ~~the~~increase ~~year~~in ~~ended~~the ~~September~~cost ~~28,~~for ~~2024,~~contractors asand ~~compared~~consultants tofor the year ended September 3027, ~~2023~~2025, ~~due~~as compared to the ~~expense recognized during the~~ year ended September 3028, ~~2023 for the issuance of restricted stock to our employees following the Business Combination. Additionally~~2024, wewhich experienced a decrease in the expense related to contractors as a result of a combination of hiring full time employees and outsourcing certain business activities to third parties. These decreases were partially offset by an increase in payroll related costs as we ~~continue~~use to ~~grow our software and hardware engineering organizations to~~ support ~~the development of key projects and to support the continued expansion of~~ our Agrowth.~~I. and analytics capabilities.~~

~~The increase in prototyping~~Prototyping-related costs, allocated overhead expenses, and other ~~during~~expenses increased for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, is primarily ~~attributable~~from to an increase in ~~allocated~~prototype ~~overhead~~ expenses ~~from~~as ~~selling,~~we ~~general,~~implement ~~and~~efforts ~~administrative~~to ~~expenses~~expand toour ~~research~~current ~~and~~product ~~development~~offerings, ~~expenses~~as ~~resulting~~well ~~from~~as an increase toin ~~general~~amortization ~~overhead~~expense ~~expenses~~attributable ~~such~~to asthe ~~rent~~intangible ~~and~~assets ~~other~~that ~~occupancy~~we ~~expenses~~acquired ~~for~~through ~~the~~our ~~year~~asset ~~ended~~and ~~September~~business ~~28,~~acquisition ~~2024~~transactions.

Selling, General, and Administrative Expenses

	Year Ended						Change
	September 28, 2024			September 30, 2023			Amount		%
	September 27, 2025			September 28, 2024			Amount		%
	(dollars in thousands)
Selling, general, and administrative	$	188,934		$	217,927		$	(28,993)	(13	%)
Selling, general, and administrative expenses	$	298,730		$	188,934		$	109,796	58	%
Percentage of total revenue	1113		%	1911		%

The ~~decrease~~increase in selling, general, and administrative expenses for the year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, is due to the following:

	Change
	(in thousands)
Employee-related costs	$	~~(34~~85,~~926)~~913
Allocated overhead expenses and other	523,~~933~~883
	$	~~(28~~109,~~993)~~796

Employee-related costs ~~decreased~~increased ~~primarily as a result of a decrease~~ in ~~stock-based compensation expense and expense incurred for contractors. As we apply~~ the ~~graded-vesting method of expense recognition to all stock-based compensation awards with service-only conditions, lower expense was incurred during the~~ year ended September 2827, ~~2024~~2025, as compared to the year ended September 3028, ~~2023~~2024, ~~due~~primarily toas ~~the~~a ~~expense~~result ~~recognized~~of ~~during~~our ~~the~~full-time ~~year~~employee ~~ended~~and ~~September~~contractor ~~30,~~headcount ~~2023~~growth ~~for~~within ~~the issuance of restricted stock to~~ our ~~employees~~selling, ~~following~~general, ~~the~~and ~~Business~~administrative ~~Combination~~functions. ~~Additionally,~~We weincreased ~~experienced~~our aheadcount ~~decrease~~primarily ~~in the expense related~~ to ~~contractors~~support asour arapid ~~result~~acceleration of aSystem ~~combination~~Deployments ~~of hiring full time employees~~ and ~~outsourcing certain~~ business ~~activities to third parties~~transformation. ~~These~~We ~~decreases~~incurred ~~were~~incremental ~~partially~~costs ~~offset~~related byto anbuilding ~~increase~~both ~~to payroll~~shorter-~~related~~term ~~expenses~~as ~~incurred~~well as ~~our~~permanent ~~business~~processes ~~continues~~and infrastructure to ~~grow~~ramp partnerships and operations.

Allocated overhead and other expenses increased in the year ended September 27, 2025, as compared to the year ended September 28, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in audit, tax, and ~~tax~~legal expenses, asprimarily ~~compared~~attributable to ~~the~~increased ~~prior~~professional ~~year~~services asfees ~~our~~related ~~employee~~to ~~base~~strategic acquisitions and ~~infrastructure~~our ~~continue~~internal tocontrols ~~grow~~remediation.

~~Other~~Restructuring ~~income, net~~ Charges

	Year Ended						Change
	September 28, 2024			September 30, 2023			Amount		%
	September 27, 2025			September 28, 2024			Amount		%
	(dollars in thousands)
Other income, net	$	37,042		$	10,716		$	26,326	246	%
Restructuring charges	$	22,873		$	—		$	22,873	100	%
Percentage of total revenue	21		%	1—		%

~~The~~We ~~increase~~incurred in$22.9 ~~other~~million ~~income,~~of ~~net~~restructuring charges for the year ended September 2827, ~~2024,~~2025 asresulting ~~compared~~from severance and other benefits expense primarily related to the ~~year~~reduction ~~ended~~of ~~September~~workforce ~~30,~~across ~~2023,~~all isareas ~~due~~of tothe ~~higher~~employees ~~interest~~that ~~earned~~joined onthe ~~invested~~Company’s ~~cash~~workforce ~~balances~~in ~~and~~connection ~~marketable~~with ~~securities~~the asacquisition aof ~~result~~ASR. A portion of ~~increased~~these ~~interest~~charges ~~rates~~were ~~and~~reimbursed ~~higher~~by ~~cash~~Walmart ~~balance~~in connection with the acquisition of ASR.

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Other income, net


	Year Ended						Change
	September 27, 2025			September 28, 2024			Amount		%
	(dollars in thousands)
Other income, net	$	36,063		$	37,042		$	(979)	(3	%)
Percentage of total revenue	2		%	2		%

The decrease in other income, net for the year ended September 27, 2025, as compared to the year ended September 28, 2024, was due to less interest income earned during the year ended September 27, 2025 resulting from lower interest rates in the current fiscal year, despite a higher cash balance. The decrease in interest income was offset by other income earned on the fair value adjustment recorded during the year ended September 27, 2025 related to our warrants to purchase shares of a supplier.

Income Taxes

Year Ended

Change

September 28, 2024

September 30, 2023

Amount

September 27, 2025

September 28, 2024

Amount

(dollars in thousands)

Income tax benefit (expense)

(41,~~212)~~627

(4,~~620~~212)

(85,~~832)~~839

~~(191~~139

Percentage of total revenue

—nil

We recorded an income tax ~~expense~~benefit for the year ended September 2827, ~~2024~~2025, primarily related to the ~~establishment~~release of $32.92 million ~~of a~~ valuation allowance related to ~~foreign~~our ~~deferred~~acquisition ~~tax~~of ~~asset~~ASR, as compared to aan ~~benefit~~expense for the year ended September 3028, ~~2023~~2024, which was primarily related to the ~~release~~establishment of $63.19 million of ~~previously established~~ valuation ~~allowances~~allowance related to foreign deferred tax assets. Refer to Note 1211, Income Taxes, for further information.

Non-GAAP Financial Measures

In addition to providing financial measurements based on ~~generally accepted accounting principles in the United States of America, (“~~GAAP~~” or “U.S. GAAP”)~~, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. We use these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation, and to evaluate our financial performance. These non-GAAP financial measures are Adjusted EBITDA, Adjusted gross profit, Adjusted gross profit margin, Adjusted research and ~~Free~~development expenses, Adjusted selling, general, and administrative expenses, and free cash flow, as discussed below.

We believe that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as it facilitates comparing financial results across accounting periods and to those of peer companies. We also believe that these non-GAAP financial measures enable investors to evaluate our operating results and future prospects in the same manner as we do. These non-GAAP financial measures may exclude expenses and gains that may be unusual in nature, infrequent, or not reflective of our ongoing operating results.

The non-GAAP financial measures do not replace the presentation of our GAAP financial measures and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP.

We consider Adjusted EBITDA to be an important indicator of the operational strength and performance of our business and a good measure of our historical operating trends. Adjusted EBITDA eliminates items that we do not consider to be part of our core operations. We define Adjusted EBITDA as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; ~~CEO~~equity ~~transition~~method ~~charges~~investment; ~~joint~~internal ~~venture~~control ~~formation~~remediation; ~~fees~~business transformation costs; fair value adjustments on strategic investments; restructuring charges; ~~equity~~joint ~~financing~~venture ~~transaction~~formation ~~costs~~fees; equity ~~method~~financing ~~investment~~transaction costs; and other infrequent items that may arise from time to time.

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The non-GAAP adjustments, and our basis for excluding them from our non-GAAP financial measure, are outlined below:

•Stock-based compensation – Although stock-based compensation is an important aspect of the compensation paid to our employees, the grant date fair value varies based on the derived stock price at the time of grant, varying valuation methodologies, subjective assumptions, and the variety of award types. This makes the comparison of our current financial results to previous and future periods difficult to interpret; therefore, we believe it is useful to exclude stock-based compensation from our non-GAAP financial measures in order to highlight the performance of our business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. Our stock-based compensation non-GAAP financial measures exclusion includes non-cash stock-based compensation expense and payroll taxes related to stock-based compensation awards.

•Business combination transaction expenses – Business combination transaction expenses represent the expenses incurred related to ~~the Business Combination, which we completed on June 7, 2022 as well as other~~ strategic acquisition opportunities. It primarily includes investment banker fees, legal fees, professional fees for accountants, transaction fees, advisory fees, due diligence costs, certain other professional fees, and other direct costs associated with strategic activities. These amounts are impacted by the timing of the ~~Business Combination or other~~ strategic acquisition opportunities which we may pursue. We exclude ~~Business~~business combination transaction expenses from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to peer companies because such amounts vary significantly based on the magnitude of the transaction and do not reflect our core operations.

55•Restructuring charges – Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined the Company’s workforce in connection with the acquisition of ASR. The restructuring charges in fiscal years 2023 and 2024 represent those charges incurred associated with certain actions to restructure parts of the Company within the U.S. and Canada. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

•Internal control remediation – Internal control remediation costs represent professional services fees related to the Company’s efforts to remediate material weaknesses. We excluded these fees from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.

•Business transformation costs – Business transformation costs represent consultancy fees incurred for specific business initiatives that do not reflect the cost of normal business operations. We excluded these costs from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.

•Fair value adjustments on strategic investments – Fair value adjustments on strategic investments primarily consist of the gain or loss on strategic investments, which includes recurring fair value adjustments which are adjusted for observable price changes and any potential impairments. See Note 13, Fair Value Measures, included in this report for additional information on our strategic investment activity. We exclude fair value adjustments on strategic investments given the volatility in ongoing adjustments to the valuation of these strategic investments and because such adjustments are unrelated to the operating performance of our business.

•Equity method investment – Equity method investment represents our proportionate share of income or loss of unconsolidated variable interest entities. We exclude this from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.

•CEO transition costs – CEO transition costs represent the costs incurred during 2023 associated with the separation agreement we entered into with Michael Loparco in November 2022. We exclude these transition costs from our non-GAAP financial measures because such amounts are not representative of our normal operating activities.

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~~our~~•Joint ~~operating~~venture ~~results~~formation tofees ~~prior~~– ~~periods~~Joint ~~and~~venture toformation ~~peer~~fees ~~companies~~represent ~~because~~the ~~such~~charges ~~amounts~~incurred ~~vary~~associated ~~significantly~~with ~~based~~the formation of GreenBox, which was established on ~~the~~July ~~magnitude~~21, of2023. ~~the~~It ~~Business~~primarily ~~Combination~~includes investment banker fees, legal fees, transaction fees, advisory fees, and certain other professional fees. We exclude joint venture formation fees from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and peer companies because such amounts do not reflect our core operations.

•~~Joint~~Equity ~~venture~~financing ~~formation~~transaction ~~fees~~costs – ~~Joint~~Equity ~~venture~~financing ~~formation~~transaction ~~fees~~costs represent the ~~charges~~costs incurred ~~associated with the formation of GreenBox~~, ~~which~~including ~~was~~for ~~formed on July 21~~legal, ~~2023.~~professional ~~It primarily includes investment banker~~ fees, ~~legal~~for ~~fees~~accountants, transaction fees, advisory fees, due diligence costs, and certain other professional fees. Wethat ~~exclude~~are ~~joint~~directly ~~venture~~related ~~formation~~to ~~fees~~an equity financing transaction. We excluded these costs from our non-GAAP financial measures to provide a useful comparison of our operating results tobetween ~~prior~~ periods and to our peer companies because such amounts ~~vary~~are ~~significantly~~not ~~based~~representative ~~on the magnitude~~ of ~~the joint venture and do not reflect~~ our ~~core~~normal ~~operations~~operating activities.

•CEO transition charges – CEO transition charges represent the charges incurred associated with the separation agreement we entered into with Michael Loparco in November 2022. We exclude these CEO transition charges from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.

•Restructuring charges – Restructuring charges represent charges incurred associated with certain actions to our restructure within the U.S. and Canada. These charges include severance and related expenses for workforce reductions, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of these actions. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

•Equity financing transaction costs – Equity financing transaction costs represent the costs incurred, including for legal and accountant fees, transaction fees, advisory fees, due diligence costs, and certain other professional fees that are directly related to our equity financing transaction which occurred in February 2024. We exclude these costs from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.

•Equity method investment – Equity method investment represents our proportionate share of income or loss of unconsolidated variable interest entities. We exclude this from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.

The following table reconciles GAAP net loss to Adjusted EBITDA during the periods presented (in thousands):

	Year Ended
	September 28, 2024		September 30, 2023		September 24, 2022
	September 27, 2025		September 28, 2024		September 30, 2023
Net loss	$	(8491,~~672~~032)	$	(~~207~~84,~~894~~672)	$	(~~139~~207,~~089~~894)
Interest income	(3631,~~907~~456)		(1136,~~391~~907)		(111,~~287~~391)
Income tax benefit (expense)	4,212		(4,619)		—
Income tax expense (benefit)	(1,627)		4,212		(4,619)
Depreciation and amortization	2039,~~845~~617		920,~~475~~845		59,~~989~~475
Stock-based compensation	~~120~~180,~~608~~834		~~157~~120,~~023~~608		40157,~~556~~023
Business combination transaction expenses	~~324~~7,562		—324		~~4,069~~—
Joint venture formation fees	1,089		14,900		—
Restructuring charges	22,233		33,431		22,899
CEO transition charges	—		2,026		—
Internal control remediation	8,406		—		—
Restructuring charges	33,431		22,899		—
Business transformation costs	3,685		—		—
Equity financing transaction costs	1,985		—		—
Fair value adjustments on strategic investments	(4,481)		—		—
Equity method investment	~~777~~13,716		—777		—
Adjusted EBITDA	$	61,692	$	(17,581)	$	(89,762)
CEO transition charges	—		—		2,026
Joint venture formation fees	—		1,089		14,900
Equity financing transaction costs	—		1,985		—
Adjusted EBITDA	$	147,457	$	61,692	$	(17,581)

We consider Adjusted gross profit and Adjusted gross profit margin to be important indicators of profitability, which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. We define Adjusted gross profit margin, a non-GAAP financial measure, as non-GAAP Adjusted gross profit divided by total revenue. The following table reconciles GAAP gross profit to Adjusted gross profit and gross profit margin to Adjusted gross profit margin during the periods presented (dollars in thousands):


	Year Ended
	September 27, 2025		September 28, 2024		September 30, 2023
Gross profit	$	422,610	$	245,666	$	189,739
Depreciation	10,414		7,748		639
Stock-based compensation	39,678		15,654		6,212
Restructuring charges	(642)		33,431		19,766
Adjusted gross profit	$	472,060	$	302,499	$	216,356

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stock-based compensation expense, and restructuring charges. We define Adjusted gross profit margin, a non-GAAP financial measure, as non-GAAP Adjusted gross profit divided by total revenue. The following table reconciles GAAP gross profit to Adjusted gross profit and gross profit margin to Adjusted gross profit margin during the periods presented (dollars in thousands):


Gross profit margin	18.8	%	13.7	%	16.1	%
Adjusted gross profit margin	21.0	%	16.9	%	18.4	%

	Year Ended
	September 28, 2024		September 30, 2023		September 24, 2022
Gross profit	$	245,666	$	189,739	$	99,647
Depreciation	7,748		639		353
Stock-based compensation	15,654		6,212		—
Restructuring charges	33,431		19,766		—
Adjusted gross profit	$	302,499	$	216,356	$	100,000

We consider Adjusted research and development expenses and Adjusted selling, general, and administrative expenses to be important indicators of profitability which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Adjusted research and development expenses and Adjusted selling, general, and administrative expenses as GAAP research and development expense or selling, general, and administrative expense excluding the items indicated in the tables below. The following tables reconcile GAAP research and development expenses to Adjusted research and development expenses and GAAP selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses during the periods presented (in thousands):

Gross profit margin	13.7		%	16.1		%	16.8		%
	Year Ended
Adjusted gross profit margin	16.9		%	18.4		%	16.9		%
	September 27, 2025			September 28, 2024			September 30, 2023
Research and development expenses	$	216,013		$	173,457		$	195,042
Depreciation and amortization	(19,990)			(4,883)			(4,581)
Stock-based compensation	(57,213)			(53,266)			(69,729)
Adjusted research and development expenses	$	138,810		$	115,308		$	120,732

We consider Free cash flow to be an important indicator of financial liquidity, which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Free cash flow as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. The following table reconciles GAAP net cash provided by (used in) operating activities to Free cash flow during the periods presented (in thousands):


	Year Ended
	September 27, 2025		September 28, 2024		September 30, 2023
Selling, general, and administrative expenses	$	298,730	$	188,934	$	217,927
Depreciation and amortization	(9,214)		(8,220)		(4,548)
Stock-based compensation	(83,943)		(51,686)		(80,823)
Business combination transaction expenses	(7,562)		(324)		—
Internal control remediation	(8,406)		—		—
Business transformation costs	(3,685)		—		—
CEO transition costs	—		—		(2,026)
Joint venture formation fees	—		(1,089)		(14,900)
Equity financing transaction costs	—		(1,985)		—
Adjusted selling, general, and administrative expenses	$	185,920	$	125,630	$	115,630

	Year Ended
	September 28, 2024		September 30, 2023		September 24, 2022
Net cash provided by (used in) operating activities	$	(58,077)	$	230,794	$	(148,247)
Purchases of property and equipment	(42,237)		(15,688)		(17,950)
Capitalization of internal use software development costs	(2,137)		(5,638)		—
Free cash flow	$	(102,451)	$	209,468	$	(166,197)

We consider free cash flow to be an important indicator of financial liquidity, which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define free cash flow as net cash provided by, or used in, operating activities less purchases of property and equipment and capitalization of internal use software development costs. The following table reconciles GAAP net cash provided by, or used in, operating activities to free cash flow during the periods presented (in thousands):


	Year Ended
	September 27, 2025		September 28, 2024		September 30, 2023
Net cash provided by (used in) operating activities	$	866,939	$	(58,077)	$	230,794
Purchases of property and equipment and capitalization of internal use software development costs	(79,030)		(44,374)		(21,326)
Free cash flow	$	787,909	$	(102,451)	$	209,468

Liquidity and Capital Resources

As of September 2827, ~~2024~~2025, our principal sources of liquidity were cash received ~~upon exercise of warrants and equity financing transactions, proceeds received~~ from ~~the maturities of marketable securities, and cash received from~~ customers upon the inception and continuation of contracts to install Systems.

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The following table shows net cash and cash equivalents provided by (used in) operating activities, net cash and cash equivalents provided by (used in) investing activities, and net cash and cash equivalents provided by (used in) financing activities during the periods presented:

	Year Ended
	September 28, 2024		September 30, 2023
	September 27, 2025		September 28, 2024
	(in thousands)
Net cash provided by (used in):
Operating activities	$	~~(58~~866,~~077)~~939	$	~~230~~(58,~~794~~077)
Investing activities	$	~~156~~(350,~~481~~742)	$	~~(299~~156,~~464)~~481
Financing activities	$	~~371,036~~668	$	~~(24~~371,~~101)~~036

Operating Activities

Our net cash ~~and cash equivalents~~ provided by ~~(used in)~~ operating activities consists of net loss adjusted for certain non-cash items, including depreciation and amortization, foreign currency gains and losses, ~~marketable~~loss ~~securities~~on ~~gains~~disposal ~~and~~of ~~losses~~assets, provision for excess and obsolete inventory, and stock-based compensation, as well as changes in operating assets and liabilities. The primary changes in working capital items, such as the changes in accounts receivable and deferred revenue, result from the difference in timing of payments from our customers related to System Deployments and the associated costs incurred by us to fulfill the System performance obligation. This may result in an operating cash flow source or use for the period, depending on the timing of payments received as compared to the fulfillment of the System performance obligation.

57Net cash provided by operating activities was $866.9 million for the year ended September 27, 2025. Net cash provided by operating activities was driven by our net loss of $91.0 million, which was adjusted for non-cash items of $243.9 million, primarily consisting of $183.9 million stock-based compensation expense, $39.6 million depreciation and amortization, $7.1 million provision for excess and obsolete inventory, and $13.7 million loss from equity method investment. Changes in operating assets and liabilities from the prior fiscal year resulted in a source of cash for operating assets and liabilities of $714.0 million, and was mainly due to the timing of cash payments to vendors, cash receipts from customers, and the timing of invoicing to our customers.

~~Table~~Net cash used in operating activities was $58.1 million for the year ended September 28, 2024. Net cash used in operating activities was due to our net loss of ~~Contents~~$84.7 million, which was adjusted for non-cash items of $164.0 million, primarily consisting of $112.2 million stock-based compensation expense, $20.8 million depreciation and amortization, $33.3 million provision for excess and obsolete inventory, offset by $10.1 million gain on investments. Changes in operating assets and liabilities from the prior fiscal year resulted in a use of cash for operating assets and liabilities of $137.4 million, and was mainly due to the timing of cash payments to vendors, cash receipts from customers, and the timing of invoicing to our customers.

liabilities. The primary changes in working capital items, such as the changes in accounts receivable and deferred revenue, result from the difference in timing of payments from our customers related to Deployments and the associated costs incurred by us to fulfill the System performance obligation. This may result in an operating cash flow source or use for the period, depending on the timing of payments received as compared to the fulfillment of the System performance obligation.

Net cash used in operating activities was $(58.1) million for the year ended September 28, 2024. Net cash used in operating activities was driven by our net loss of $(84.7) million, which was adjusted for non-cash items of $163.2 million, primarily consisting of $112.2 million stock-based compensation expense, $23.5 million depreciation and amortization, $33.3 million provision for excess and obsolete inventory, offset by $(10.1) million gain on investments. Changes in operating assets and liabilities from the prior fiscal year resulted in use of cash for operating assets and liabilities of $(136.6) million, and was mainly due to the timing of cash payments to vendors, cash receipts from customers, and the timing of invoicing to our customers.

Net cash provided by operating activities was $230.8 million for the year ended September 30, 2023. Net cash provided by operating activities was due to our net loss of $(207.9) million adjusted for non-cash items of $186.1 million, primarily consisting of $154.2 million stock-based compensation expense, $11.3 million depreciation and amortization, $22.3 million provision for excess and obsolete inventory, offset by $(4.6) million deferred tax assets, net. Additionally, sources of cash provided by operating assets and liabilities of $252.6 million was due to the timing of cash payments to vendors and cash receipts from customers. Our cash provided by operating assets and liabilities was primarily attributable to an increase in cash receipts from customers as compared to the timing of costs incurred by us to fulfill the System installation performance obligation resulting from the increase in customer contracts and System installations in process during the year ended September 30, 2023.

Investing Activities

Our investing activities have consisted primarily of property and equipment purchases, capitalization of internal use software development costs, ~~purchases of marketable securities,~~ and ~~proceeds~~acquisitions ~~from maturities~~ of ~~marketable~~strategic ~~securities~~investments.

Net cash and cash equivalents ~~provided~~used byin investing activities for the year ended September 2827, ~~2024~~2025 consisted of $4279.20 million of purchased property and equipment and capitalization of internal use software development fees. Additionally, during the year ended September 2827, ~~2024~~2025, we purchased ~~U.S.~~strategic ~~Treasury~~investments ~~securities~~in ~~for~~privately ~~$48.7~~held ~~million,~~companies ~~and~~in ~~received~~which ~~proceeds~~we ofdo ~~$340.0~~not ~~million~~have ~~upon~~a ~~the~~controlling ~~maturity~~interest offor ~~certain U~~$129.S.9 ~~Treasury securities~~million. WeFurther, ~~also~~we ~~acquired~~incurred ~~strategic investments of~~ $90141.58 million, ~~which~~to ~~primarily~~acquire ~~consists~~all of the ~~investment~~outstanding weequity ~~have~~interests ~~made~~of ~~into~~Walmart’s ~~the~~Advanced ~~GreenBox~~Systems ~~VIE~~& Robotics Inc. (“ASR”) business.

Net cash and cash equivalents ~~used~~provided inby investing activities ~~during~~for the year ended September 3028, ~~2023~~2024 consisted of $1544.74 million of purchased property and equipment and capitalization of internal use software development fees. Additionally, during the year ended September 3028, ~~2023~~2024, we purchased U.S. Treasury securities for $~~408~~48.27 million, and received proceeds of $~~130~~340.0 million upon the maturity of certain U.S. Treasury securities. We also ~~capitalized~~acquired ~~$5.6~~strategic ~~million~~investments of ~~internal~~$90.5 ~~use~~million, ~~software~~which ~~development~~primarily ~~costs~~consists ~~related~~of tothe ~~internal~~investment ~~projects~~we ~~which~~have ~~are~~made ~~targeted~~into ~~to improve~~ the ~~capabilities~~GreenBox ~~of our System software~~VIE.

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Financing Activities

Our financing activities typically consist of payments and proceeds related to our equity incentive plans for both RSUs and ~~our~~ ESPP, and also include proceeds from the exercise of the vested warrants issued to Walmart as well as proceeds from equity financing transactions.

For the year ended September 2827, ~~2024~~2025, the cash provided by financing activities primarily consisted of proceeds of $~~258~~4.09 million ~~related~~in tonet proceeds from the issuance of ~~Class A~~ common stock ~~upon~~under ~~completion~~the ofemployee ~~our~~stock ~~equity~~purchase ~~financing~~plan, inwhich ~~March~~was ~~2024.~~slightly ~~Cash~~offset ofby $~~158~~3.70 million ~~was~~from ~~also~~payments ~~received~~we inmade ~~December~~for ~~2023~~taxes related to the ~~gross~~net ~~exercise~~share bysettlement ~~Walmart~~ of ~~their~~stock-based ~~vested~~compensation ~~Warrant Units~~awards. To offset the receipt of cash, we incurred a payment of $48.2 million related to distributions to Symbotic Holdings LLC partners. No other significant financing activities occurred during the year ended September 28, 2024.

For the year ended September 3028, ~~2023~~2024, wethe ~~incurred~~cash aprovided ~~payment~~by financing activities primarily consisted of proceeds of $26258.70 million ~~for~~related to the ~~taxes~~issuance ~~related~~of toClass ~~the~~A ~~net~~common ~~share~~stock ~~settlement~~upon completion of ~~stock-based~~our ~~compensation~~equity ~~awards.~~financing Wein ~~also~~March ~~received~~2024. ~~proceeds~~Cash of $2158.67 million ~~from~~was also received in December 2023 related to the ~~issuance~~gross exercise by Walmart of ~~common~~their ~~stock~~vested ~~under~~Warrant ~~our~~Units. ~~ESPP~~To ~~upon~~offset the ~~expiration~~receipt of ~~the~~cash, ~~first~~we ~~two~~incurred ~~offering~~a ~~periods~~payment atof ~~the~~$48.2 ~~end~~million ofrelated ~~December~~to ~~2022~~distributions ~~and~~to ~~June~~or ~~2023,~~on ~~respectively~~behalf of Symbotic Holdings LLC partners.

Contractual Obligations and Commitments and Liquidity Outlook

Our cash flows from operations along with equity infusions have historically been sufficient to fund our operating activities and other cash requirements. As of September 2827, ~~2024~~2025, we have a cash and cash equivalents balance of $~~727~~1,245.30 million. Our cash requirements for the year ended September 2827, ~~2024~~2025 were primarily related to capital expenditures, inventory purchases in order to deliver to our customers our Systems in an orderly manner in line with our installation timelines, and purchases of strategic investments in order to diversify the composition of investment portfolio.

58We expect our current cash and cash equivalents, working capital, and our forecasted cash flows from operations to be sufficient to meet our foreseeable cash needs for at least the next 12 months. Our foreseeable cash needs, in addition to our recurring operating expenses, include our expected capital expenditures to support expansion of our infrastructure and workforce, funding to GreenBox which we may be required to make based on contractual commitments to them (as further disclosed within Note 17, Variable Interest Entities), and minimum contractual obligations. Contractual obligations are cash that we are obligated to pay as part of certain contracts that we have entered into during our course of business. Our contractual obligations consist of operating lease liabilities that are included in our consolidated balance sheet and vendor commitments associated with agreements that are legally binding. Our operating lease cash requirements have not changed materially since September 28, 2024, and are disclosed within Note 5, Leases, included elsewhere in this Annual Report on Form 10-K.

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inventory purchases in order to deliver to our customers our Systems in an orderly manner in line with our installation timelines, and purchases of marketable securities in order to diversify the composition of our cash balance.

We expect our current cash and cash equivalents, working capital, and our forecasted cash flows from operations to be sufficient to meet our foreseeable cash needs for at least the next 12 months. Our foreseeable cash needs, in addition to our recurring operating expenses, include our expected capital expenditures to support expansion of our infrastructure and workforce, funding to GreenBox which we may be required to make based on contractual commitments to them (as further disclosed within Note 18, Variable Interest Entities), and minimum contractual obligations. Contractual obligations are cash that we are obligated to pay as part of certain contracts that we have entered into during our course of business. Our contractual obligations consist of operating lease liabilities that are included in our consolidated balance sheet and vendor commitments associated with agreements that are legally binding. Our operating lease cash requirements have not changed materially since September 30, 2023, and are disclosed within Note 7, Leases, included elsewhere in this Annual Report on Form 10-K.

Our future capital requirements will depend on many factors, including our growth rate, the timing and extent of spending to support research and development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced product and service offerings, and the cost of any future acquisitions of technology or businesses. In the event that additional financing is required from outside sources, we may be unable to raise the funds on acceptable terms, if at all.

The following table summarizes our current and long-term material cash requirements as of September 2827, ~~2024~~2025 for our vendor commitments:

Payments due in:

Total

Less than1 Year

1-3 Years

3-5 Years

More than5 Years

(in thousands)

Vendor commitments

1893,~~286,282~~945

1790,~~206,331~~029

79103,~~951~~433

—322

—161

Critical Accounting Policies and Estimates

Our management’s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing our financial statements, we make estimates, assumptions, and judgments that can have a significant impact on our reported revenue, results of operations, and net income or loss, as well as on the value of certain assets and liabilities on our balance sheet during and as of the reporting periods. These estimates, assumptions, and judgments are necessary because future events and their effects on our results and the value of our assets cannot be determined with certainty and are made based on our historical experience and on other assumptions that we believe to be reasonable under the circumstances. These estimates may change as new events occur or additional information is obtained, and we may periodically be faced with uncertainties, the outcomes of which are not within our control and may not be known for a prolonged period of time. Because the use of estimates is inherent in the financial reporting process, actual results could differ from those estimates.

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the circumstances. These estimates may change as new events occur or additional information is obtained, and we may periodically be faced with uncertainties, the outcomes of which are not within our control and may not be known for a prolonged period of time. Because the use of estimates is inherent in the financial reporting process, actual results could differ from those estimates.

We believe that the assumptions and estimates associated with the following critical accounting policies involve significant judgment and thus have the most significant potential impact on our Consolidated Financial Statements.

Revenue Recognition

We generate revenue from the sale of products and services. A description of our revenue recognition policies is included in the Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.

Although most of our sales agreements contain standard terms and conditions, certain agreements contain multiple performance obligations or non-standard terms and conditions. For customer contracts that contain more than one performance obligation, we allocate the total transaction consideration to each performance obligation based on the relative observable stand-alone selling price of each performance obligation within the contract. To determine stand-alone selling price, we maximize the use of observable standalone sales and observable data, where available. When there is an insufficient history of standalone sales, we use judgment to estimate the standalone selling price. These estimates leverage available information that may include other observable inputs or use the expected cost-plus margin approach to estimate the price we would charge if the products and services were sold separately. We rely on either observable standalone sales or an expected cost plus a margin approach to determine the standalone selling price of offerings, depending on the nature of the performance obligation.

59As we further discuss in Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, for the majority of contracts with customers entered into, revenue from the sales of our Systems is recognized over time as the asset created by our performance does not have alternative use to us and an enforceable right to payment for performance completed to date is present. We consider the contractual consideration payable by the customer and assess variable consideration that may affect the total transaction price, including contractual discounts, changes in total System contract cost estimates, contract incentive payments, shipping fees, inflation adjustments, and other sources of variable consideration, when determining the transaction price of each contract. We account for all consideration payable to a customer as a reduction of revenue. Consideration payable to a customer may include cash amounts we are obligated to pay or expect to pay a customer, as well as credits or other items that can be applied against amounts owed to us. Variable consideration revenue is recognized only to the extent that it is probable that a significant reversal of revenue will not occur and when collection is considered probable. We also account for any material right obligations identified to a customer as a reduction of revenue, such as a contingent promise to acquire additional products and services in the future. We recognize revenue as work progresses, using costs incurred to date relative to total estimated costs at completion. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs are incurred over a period of time, which can span multiple years, and the estimation of these costs requires management’s judgment. Due to the nature of the work required to be performed on the Systems and our reliance on the availability and cost of materials required to be procured from third party vendors to build our Systems, the estimation of total revenue and cost at completion is complex, subject to many variables, and requires significant judgment on a contract-by-contract basis. As part of this process, we review information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenue and costs. The risks and opportunities relate to our judgment about the installation delays or performance issues that may or may not be within our control. Risks and opportunities may also relate to supply chain trends and commodity pricing, as well as changes in foreign currencies. Changes in estimates of net sales, cost of sales, and the related impact to operating profit are recognized on a cumulative catch-up basis, which recognizes the cumulative effect of the profit changes on current and prior periods based on a performance obligation’s percentage of completion in the current period. A significant change in one or more of these estimates could affect the profitability of one of more of our performance obligations and could have a material impact on our financial condition and results of operations.

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plus a margin approach to determine the standalone selling price of offerings, depending on the nature of the performance obligation.

As we further discuss in Note 2, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, for the majority of contracts with customers entered into, revenue from the sales of our Systems is recognized over time as the asset created by our performance does not have alternative use to us and an enforceable right to payment for performance completed to date is present. We recognize revenue as work progresses, using costs incurred to date relative to total estimated costs at completion. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs are incurred over a period of time, which can span multiple years, and the estimation of these costs requires management’s judgment. Due to the nature of the work required to be performed on the Systems and our reliance on the availability and cost of materials required to be procured from third party vendors to build our Systems, the estimation of total revenue and cost at completion is complex, subject to many variables, and requires significant judgment on a contract-by-contract basis. As part of this process, we review information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenue and costs. The risks and opportunities relate to our judgment about the installation delays or performance issues that may or may not be within our control. Risks and opportunities may also relate to supply chain trends and commodity pricing, as well as changes in foreign currencies. Changes in estimates of net sales, cost of sales, and the related impact to operating profit are recognized on a cumulative catch-up basis, which recognizes the cumulative effect of the profit changes on current and prior periods based on a performance obligation’s percentage of completion in the current period. A significant change in one or more of these estimates could affect the profitability of one of more of our performance obligations and could have a material impact on our financial condition and results of operations.

Stock-based Compensation

~~Prior~~We tohave ~~the~~three ~~Business Combination, we had authorized five~~ classes of ~~membership~~common ~~interests~~stock, ~~consisting of a class of common units known as the~~ Class A Common ~~Units (the “Class A Units”)~~Stock, ~~a class of preferred units known as the~~ Class B ~~Preferred Units (the “Class B Units”), a class of preferred units known as the Class B~~V-1 ~~Preferred~~Common ~~Units (the “Class B-1 Units”)~~Stock, ~~a class of preferred units known as the Class B-2 Preferred Units (the “Class B-2 Units”,~~ and ~~together with the~~ Class B ~~Units and the Class B~~V-13 ~~Units, the “Preferred Units”) and an additional class of common units to be granted to employees, officers, and directors pursuant to an incentive plan, known as the Class C~~ Common ~~Units (the “Class C Units” and, together with the Class A Units, the “Common Units,” and the Common Units together with the Preferred Units, the “Units”)~~Stock.

Following the Business Combination, we have three classes of common stock, Class A Common Stock, Class V-1 Common Stock, and Class V-3 Common Stock.

As the Business Combination is accounted for as a reverse recapitalization, all periods prior to the Business Combination have been retroactively adjusted using the Exchange Ratio as stipulated by the Merger Agreement for the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization. The Class A Units were converted into Common Stock using an exchange ratio of 61.28 per share, the Class B Units were converted into Common Stock using an exchange ratio of 47,508,300.00 per share, the Class B-1 Units were converted into Common Stock using an exchange ratio of 24,041,300.00 per share, and the Class C Units were converted into Common Stock using an exchange ratio of 58.15 per share. This is presented within the consolidated statements of changes in redeemable preferred and common units and equity (deficit).

We typically issue restricted stock units (“RSUs”) as stock-based compensation. For RSUs, the fair value is the closing stock price on the grant date. We recognize compensation expense over the requisite service period for awards expected to vest. We account for forfeitures as they occur, rather than applying an estimated forfeiture rate. The graded-vesting method of expense recognition is applied to all awards with service-only conditions.

Certain RSUs involve stock to be issued upon the achievement of certain performance conditions. Such RSUs become available, subject to time-based vesting conditions if, and to the extent that, financial performance criteria for the applicable period are achieved. Accordingly, the number of RSUs earned will vary based on the level of achievement of financial performance objectives for the applicable period. Until such time that our financial performance can ultimately be determined, each quarter we estimate the number of RSUs to be earned based on an evaluation of the probability of achieving the financial performance objectives. Such estimates are revised, if necessary, in subsequent periods when the underlying factors change our evaluation of the probability of achieving the financial performance objectives. Accordingly, stock-based

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compensation expense associated with performance-based RSUs may differ significantly from the amount recorded in the current period.

The assumptions used in calculating the fair value of stock-based compensation awards represents management’s best estimates, but these estimates involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future.

As there was no public market for our common units prior to the Business Combination, the estimated fair value of our Class C Units had been determined based on enterprise valuations performed by management with the assistance of a third-party valuation firm. The third-party valuations of our common units were prepared in accordance with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the “Practice Guide”), which prescribes several valuation approaches for determining the value of an enterprise, such as the cost, market, and income approaches, and various methodologies for allocating the value of an enterprise to its capital structure and specifically the common stock.

In accordance with the Practice Guide, the following methods of valuation were considered:

•Option Pricing Method (“OPM”) – The OPM estimates the value of the common equity using the various inputs in the Black-Scholes option pricing model. The OPM treats the rights of the holders of common units as equivalent to that of call options on any value of the enterprise above certain break points of value based upon the liquidation preferences of the holders of our preferred units, as well as their rights to participation. Thus, the value of the common units can be determined by estimating the value of its portion of each of these call option rights. Under this method, the common units have value only if the funds available for distribution to the common unitholders exceed the value of the liquidation preferences of the preferred unitholders at the time of a liquidity event, such as a merger or sale. Given that the common unit represents a non-marketable equity interest in a private enterprise, an adjustment to the preliminary value estimates is made to account for the lack of liquidity that a unitholder experiences. This adjustment is commonly referred to as a discount for lack of marketability.

•Probability-Weighted Expected Return Method (“PWERM”) – The PWERM is a scenario-based analysis that estimates the value per unit based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes considered by us, as well as the economic and control rights of each class of units.

•Hybrid Method (“Hybrid Method”) – The Hybrid Method is a weighted-average method that combines elements of both the OPM and PWERM methods. Weighting allocations are assigned to the OPM and PWERM methods factoring in possible future liquidity events.

The OPM was utilized for the independent third-party valuation of our Class C Units as of September 26, 2020. Subsequently, because of our improved visibility into the timing of a potential initial public offering (“IPO”), the Hybrid Method was utilized for the independent third-party valuation of our Class C Units beginning in the third fiscal quarter of 2021. Equity value for each liquidity event scenario utilized under the Hybrid Method valuation was weighted based on a probability of each event’s occurrence. In our Hybrid Method, two types of future event scenarios were considered: an IPO and a non-IPO scenario accounting for all other potential future exits. Under both scenarios, the enterprise value was determined using a combination of the income approach, specifically a discounted cash flow analysis, and the market approach, specifically the similar transactions method and public company market multiple method. The relative probabilities between the future exit scenarios were based on an analysis of performance and market conditions at the time, including then-current IPO valuations of similarly situated companies and expectations as to the timing and likely prospects of future event scenarios.

As the Class C Units contained a redemption feature outside of our control, the Class C Units were classified outside of permanent members’ deficit and the carrying value of Class C Units was adjusted to redemption value at each reporting period through a charge to members’ deficit (until such time as the Class C Units were redeemed or forfeited). As noted above, in connection with the Business Combination, the Class C Units were converted into Common Stock using an exchange ratio of 58.15 per share.

Value Appreciation Units (“VAP Units”) may be exercised for a cash payment equal to the appreciation in the fair market value of 1/100th of a Class C Unit and are subject to three exercisability triggers before any vested award may be exercised, with the achievement of each trigger allowing one third of the vested award to be exercised. Because the VAP

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~~Units~~We ~~are~~typically ~~settleable~~issue inrestricted ~~cash,~~stock ~~they~~units ~~are~~(“RSUs”) ~~treated~~ as ~~liability~~stock-based ~~classified awards~~compensation. ~~Accordingly~~For RSUs, the ~~carrying~~fair value ~~of the liability~~ is ~~adjusted to fair value at each reporting period through a charge to earnings (until such time as~~ the ~~VAP~~closing ~~Units~~stock ~~are~~price ~~settled~~on ~~or forfeited). Further,~~ the ~~exercisability~~grant ~~triggers noted above represent performance conditions that impact the vesting of the awards~~date. ~~Accordingly,~~We recognize compensation expense isover ~~not recognized until such time as~~ the ~~performance~~requisite ~~conditions~~service ~~are~~period ~~considered~~for ~~probable~~awards ofexpected ~~achievement~~to vest. InWe ~~the~~account ~~fourth~~for ~~quarter~~forfeitures ofas ~~fiscal~~they ~~year 2022~~occur, ~~all~~rather ~~outstanding~~than ~~VAP~~applying ~~Units~~an ~~were~~estimated ~~converted~~forfeiture ~~into~~rate. ~~restricted~~The ~~stock units, and treated as a modification in accordance with ASC 718, Compensation~~ graded-vesting ~~Stock~~method ~~Compensation,~~of ~~which~~expense ~~resulted~~recognition inis aapplied ~~charge~~ to ~~additional~~all ~~paid-in~~awards ~~capital~~with ofservice-only ~~$24~~conditions.4 ~~million.~~

~~Warrant~~Certain ~~Transactions~~RSUs involve stock to be issued upon the achievement of certain performance conditions. Such RSUs become available, subject to time-based vesting conditions if, and to the extent that, financial performance criteria for the applicable period are achieved. Accordingly, the number of RSUs earned will vary based on the level of achievement of financial performance objectives for the applicable period. Until such time that our financial performance can ultimately be determined, each quarter we estimate the number of RSUs to be earned based on an evaluation of the probability of achieving the financial performance objectives. Such estimates are revised, if necessary, in subsequent periods when the underlying factors change our evaluation of the probability of achieving the financial performance objectives. Accordingly, stock-based compensation expense associated with performance-based RSUs may differ significantly from the amount recorded in the current period.

~~Warrants~~The toassumptions ~~purchase~~used ~~units~~in ~~accounted~~calculating ~~for as equity instruments represent~~ the ~~warrants~~fair ~~issued~~value toof ~~Walmart~~stock-based ~~and~~compensation ~~Sunlight~~awards asrepresents ~~discussed~~management’s inbest ~~Note 21~~estimates, ~~Stock-Based~~but ~~Compensation~~these ~~and~~estimates ~~Warrant~~involve ~~Units.~~inherent Weuncertainties ~~have~~and ~~previously~~the ~~adopted~~application ~~Financial~~of ~~Accounting Standards Board~~management’s ~~(“FASB”)~~judgment. ~~Accounting~~As ~~Standards~~a ~~Update 2019-08~~result, ~~Compensation—Stock~~if ~~Compensation~~factors ~~(Topic~~change ~~718)~~ and ~~Revenue~~we ~~from~~use ~~Contracts~~different ~~with Customers (Topic 606) (“ASU 2019-08”)~~assumptions, ~~which~~our ~~requires entities to measure and classify share~~stock-based ~~payment~~compensation ~~awards~~expense ~~granted~~could tobe amaterially ~~customer~~different byin ~~applying~~ the ~~guidance under Topic 718~~future.

In order to calculate warrant charges, we utilized both the Monte Carlo simulation model and the Black-Scholes pricing model, which required key inputs including volatility and risk-free interest rate and certain unobservable inputs for which there is little or no market data, requiring us to develop our own assumptions. We estimated the fair value of unvested warrants, considered to be probable of vesting, at the time. Based on that estimated fair value, we determined warrant charges, which are recorded as a reduction of the transaction price.

Income Taxes

Deferred tax assets are reduced by a valuation allowance when we believe that it is more-likely- than-not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in estimating valuation allowances for deferred tax assets. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the applicable carryback or carryforward periods. We consider the nature, frequency, and severity of current and cumulative losses as well as the reversal of existing deferred tax liabilities, historical and forecasted taxable income (exclusive of reversing temporary differences and carryforwards) in our assessment. In evaluating such projections, we consider our history of profitability and cumulative earnings/losses, the competitive environment, and general economic conditions. In addition, we consider the timeframe over which it would take to utilize the deferred tax assets prior to their expiration. To the extent we determine that, based on the weight of available evidence, all or a portion of our valuation allowance is no longer necessary, we will recognize the change in the period such determination occurs. It is possible that such change to our valuation allowance could have a material impact on our consolidated results of operations and/or financial position.

Changes in existing tax laws or rates could affect our actual tax results, and future business results may affect the amount of our deferred tax liabilities or the valuation of our deferred tax assets over time. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, it is possible that actual results could differ from the estimates used in previous analyses. Differences between the anticipated and actual outcomes of these future results could have a material impact on our consolidated results of operations and/or financial position.

Accounting Standards Codification (“ASC”) Topic 740 prescribes a two-step approach for the recognition and measurement of tax benefits associated with the positions taken or expected to be taken in a tax return that affect amounts reported in the financial statements. We have reviewed and will continue to review the conclusions reached regarding uncertain tax positions, which may be subject to review and adjustment at a later date based on ongoing analyses of tax laws, regulations and interpretations thereof. To the extent that our assessment of the conclusions reached regarding uncertain tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. We report income tax-related interest and penalties relating to uncertain tax positions, if applicable, as a component of income tax expense.

Tax Receivable Agreement

We entered into the TRA with Legacy Warehouse Holders that provides for the payment by the Company to the Legacy Warehouse Holders of 85% of the benefits, if any, that the Company realizes, or is deemed to realize (calculated using certain assumptions), as a result of (i) the existing tax basis in certain assets of New Symbotic Holdings that is allocable to the relevant New Symbotic Holdings Common Units, (ii) any step-up in tax basis in New Symbotic Holdings’ assets resulting from the relevant Exchanges and certain distributions (if any) by New Symbotic Holdings and payments under the Tax Receivable Agreement, and (iii) tax benefits related to imputed interest deemed to be paid by us as a result of payments under the Tax Receivable Agreement. We record liabilities for amounts payable under the TRA in the period in which the payment is deemed to be probable.

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the Tax Receivable Agreement. We record liabilities for amounts payable under the TRA in the period in which the payment is deemed to be probable.

Payments made under the TRA represent payments that otherwise would have been made to taxing authorities in the absence of attributes obtained by us as a result of exchanges by the Legacy Warehouse Holders. Such amounts will be paid only when a cash tax savings is realized as a result of attributes subject to the TRA. That is, payments under the TRA are only expected to be made in periods following the filing of a tax return in which we are able to utilize certain tax benefits to reduce our cash taxes paid to a taxing authority. Amounts payable under the TRA are contingent upon, among other things, the generation of future taxable income. The projection of future taxable income involves significant judgment. In projecting future taxable income, we consider our historical results and incorporate certain assumptions including our growth rate and the amount, character, and timing of the taxable income in the future. Actual taxable income may differ from our estimates, which could significantly impact the liability under the TRA. The impact of any changes in the projected obligations under the TRA as a result of changes in the geographic mix of our earnings, changes in tax legislation and tax rates or other factors that may impact our tax savings will be reflected in income before taxes on the Consolidated Statements of Operations in the period in which the change occurs.

Off-Balance Sheet Arrangements:

As of September 2827, ~~2024~~2025, we had no off-balance sheet arrangements as defined in Instruction 8 to Item 303(b) of Regulation S-K.

Recently Adopted Accounting Pronouncements

See Note 2 to the accompanying consolidated financial statements included elsewhere in this Annual Report on Form 10-K for a description of recently adopted accounting standards.

Recently Issued Accounting Pronouncements

See Note 2 to the accompanying consolidated financial statements included elsewhere in this Annual Report on Form 10-K for a description of certain recently issued accounting standards which may impact our financial statements in future reporting periods.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk, including changes to interest rates and foreign currency exchange rates.

Interest Rate Sensitivity

We had cash and cash equivalents totaling $~~727~~1,245.30 million and $~~258~~727.83 million as of September 2827, ~~2024~~2025, and September 3028, ~~2023~~2024, respectively. Cash and cash equivalents include cash on hand and investments with original maturities of three months or less, are stated at cost, and approximate fair value. We had no marketable securities at September 28, 2024 and short-term available for sale marketable securities consisting of U.S. Treasury Securities of $286.7 million at September 30, 2023. Our investment policy and strategy are focused on preservation of capital, supporting our liquidity requirements, and delivering competitive returns subject to prevailing market conditions. We were not exposed to material risks due to changes in market interest rates given the liquidity of the cash and investments with original maturities of three months or less.

Foreign Currency Risk

Although we are exposed to foreign currency risk from our international operations, we do not consider it to have a material impact. Certain of our transactions (and those of our subsidiaries) are denominated in currencies other than the functional currency. Foreign currency transaction losses were less than $0.1 million for the years ended September 2827, ~~2024~~2025, September 3028, ~~2023~~2024 and September 2430, ~~2022~~2023, and were recorded within other income, net on the consolidated statements of operations.

Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

The Company’s cash and cash equivalents are generally held with large financial institutions. Although the Company’s deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of September 2827, ~~2024~~2025, its risk relating to deposits exceeding federally insured limits was not significant.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements.

The Company believes its credit policies are prudent and reflect normal industry terms and business risk. The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date. At September 27, 2025 and September 28, 2024, one customer accounted for over 10% of the Company’s accounts receivable balance.

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~~The~~Item ~~Company believes its credit policies are prudent and reflect normal industry terms and business risk~~8. ~~The~~Financial ~~Company~~Statements ~~generally does not require collateral from its customers~~ and ~~generally~~Supplementary requires payment 30 days from the invoice date. At September 28, 2024, one customer accounted for over 10% of the Company’s accounts receivable balance, and two customers accounted for over 10% of the Company’s accounts receivable balance at September 30, 2023.Data


Symbotic Inc.
Index to the Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 248)			65
Consolidated Balance Sheets			70
Consolidated Statements of Operations			72
Consolidated Statements of Comprehensive Loss			73
Consolidated Statements of Changes in Stockholders' Equity (Deficit)			74
Consolidated Statements of Cash Flows			76
Notes to the Consolidated Financial Statements			78

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Item 8. Financial Statements and Supplementary Data

Symbotic Inc.
Index to the Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 248)			66
Consolidated Balance Sheets			70
Consolidated Statements of Operations			72
Consolidated Statements of Comprehensive Loss			73
Consolidated Statements of Changes in Redeemable Preferred and Common Units and Equity (Deficit)			74
Consolidated Statements of Cash Flows			76
Notes to the Consolidated Financial Statements			78

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Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Symbotic Inc.

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of Symbotic Inc. (a Delaware Corporation) and subsidiaries (the “Company”) as of September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024, the related consolidated statements of operations, comprehensive loss, changes in ~~redeemable~~stockholders’ ~~preferred and common units and~~ equity (deficit), and cash flows for each of the three years in the period ended September 2827, ~~2024~~2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 2827, ~~2024~~2025 and September 3028, ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended September 2827, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of September 2827, ~~2024~~2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated ~~December~~November 424, ~~2024~~2025 expressed an adverse opinion.

Basis for opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit ~~matter~~matters

The critical audit ~~matter~~matters communicated below isare amatters ~~matter~~ arising from the current period audit of the financial statements that ~~was~~were communicated or required to be communicated to the audit committee and that: (1) ~~relates~~relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit ~~matter~~matters below, providing a separate ~~opinion~~opinions on the critical audit ~~matter~~matters or on the accounts or disclosures to which itthey ~~relates~~relate.

Systems ~~Revenue~~revenue – Estimation of Costs at Completion

As described further in Note 2 to the financial statements, the Company recognizes ~~Systems~~systems revenue over time using a cost-to-cost measure of progress. Under this method, revenue is recorded based on the ratio of costs incurred over total estimated costs at completion. The estimation of costs at completion is complex, requires significant judgment, and is subject to many variables such as the availability and cost of materials and services to be procured from third party vendors to build the Systems, outstanding key contract matters, progress towards completion and the related program schedule. We identified the estimation of costs at completion as a critical audit matter.

The principal consideration for our determination that the estimation of costs at completion is a critical audit matter is management’s use of significant judgment when determining such cost estimates. Auditing these estimates required our especially challenging, subjective, and complex auditor judgment.

Our audit procedures related to the estimation of costs at completion included the following, among others.

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•We ~~obtained an understanding and~~ evaluated the appropriateness and consistency of the methods and processes ~~used~~and bytested ~~management~~the todesign ~~develop~~and operating effectiveness of internal control over the development of these cost estimates.

•We inquired of project managers and others directly involved in building the Systems to evaluate management’s ability to satisfy the requirements of the contract, and to assess project status and challenges which may affect the cost estimates.

•We evaluated the reasonableness of the significant judgments used by management to develop its cost estimates through reviewing key terms of the contracts, evaluating costs incurred to date relative to the system’s remaining tasks and timeline, and inspecting analyses and documentation used to support the cost estimates, as applicable.

•We performed retrospective reviews when evaluating management’s estimation process by assessing estimates against actual outcomes, including the comparison of margin estimates of in-process contracts and actual margins generated by similar contracts that have been completed.

•We tested the underlying data used in developing estimated costs at completion, including testing the completeness and accuracy of the actual costs incurred to-date.

Accounting for Acquisition of Walmart’s Advanced Systems & Robotics Inc. (“ASR”) and Related Master Automation Agreement (“MAA”)

As described further in Note 8 to the financial statements, in January 2025, the Company entered into a Purchase and Sale Agreement (“the ASR Purchase Agreement”) with one of its customers, Walmart, to acquire Walmart Advanced Systems & Robotics (“ASR”) and concurrently executed a Master Automation Agreement (“MAA”) with Walmart to develop and produce prototypes of accelerated pickup and delivery systems (“APDs”). The Company determined that a portion of the $200 million payment made to Walmart under the ASR Purchase Agreement constituted consideration payable to Walmart, as a customer under the concurrent revenue arrangement, rather than payment for the acquisition of ASR.

We identified the allocation of the $200 million payment made to Walmart between the acquisition of ASR from Walmart and the concurrent revenue arrangement to sell APDs to Walmart as a critical audit matter.

The principal consideration for our determination that the allocation of the $200 million payment made to Walmart between the acquisition of ASR and the concurrent revenue arrangement is a critical audit matter is management’s use of significant judgment in (1) assessing whether the concurrent revenue and other arrangements represent transactions that are separate from the acquisition of ASR, and (2) estimating the fair value of the ASR business, which is used to adjust contractually stated amounts to reflect an amount that would be paid to acquire ASR without a concurrent revenue arrangement. Those matters required a high degree of auditor judgment and the involvement of professionals with skills in accounting for complex transactions, and our internal valuation experts.

Our audit procedures related to the allocation of the $200 million payment made to Walmart between the acquisition of ASR and the concurrent revenue arrangement with Walmart included the following, among others:

•We obtained and reviewed the executed ASR Purchase Agreement and MAA and conducted discussions with members of management who were involved in the negotiation of both contracts to understand the rationale behind the acquisition of ASR and the revenue arrangement with Walmart and the substance underlying the execution of these concurrent transactions.

•We tested the design and operating effectiveness of internal control over the accounting for the acquisition of ASR and the concurrent revenue arrangement with Walmart.

•With the involvement of professionals with skills in accounting for complex transactions, we evaluated management’s accounting conclusions with respect to the ASR Purchase Agreement and the MAA, including management’s assessment that the acquisition of ASR and the revenue arrangement with Walmart are concurrent but separate transactions and its determination that the excess of the $200 million payment to Walmart over the fair value of ASR should be allocated to the revenue arrangement with Walmart.

•With the involvement of our internal valuation experts, we evaluated the reasonableness of the valuation methods, inputs, and assumptions and tested the underlying data used to determine the fair value of the ASR business as of the date of acquisition.

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Systems Revenue – Recognition and Measurement of Material Rights

As described above and in Note 4 to the financial statements, the Company entered into an MAA with Walmart to develop and produce APD prototypes. Under the MAA, Walmart is contractually required to purchase 400 APDs if the prototypes outlined in the MAA satisfy agreed-upon performance metrics, along with the services that support the maintenance and operation of these APDs. The Company determined that the contingent promise to acquire additional goods and services in the future conveys a material right to Walmart. We determined the recognition and measurement of a material right in the MAA as a critical audit matter.

The principal consideration for our determination that the recognition and measurement of a material right in the MAA is a critical audit matter is the complexity and significant judgment required in evaluating the significant assumptions used by management in (1) estimating the standalone selling price (“SSP”) of the performance obligations under the MAA, and (2) estimating the goods and services expected to be provided and their corresponding expected transaction price if Walmart exercises the material right conveyed by the MAA.

Our audit procedures related to the recognition and measurement of a material right in the MAA included the following, among others:

•We obtained and reviewed the MAA to evaluate whether the terms of the contract (including future purchase options) resulted in the existence of one or more material rights.

•With the involvement of professionals with skills in accounting for complex transactions, we evaluated management’s accounting conclusions with respect to the standalone selling prices of performance obligations within the MAA, the recognition of a material right conveyed by the MAA, and the allocation of the transaction price to such material right.

•We evaluated the reasonableness of the methods, inputs, and assumptions and tested the completeness and accuracy of the underlying data used in estimating the SSPs of the performance obligations under the MAA, and the quantity and pricing of goods and services expected to be provided if Walmart exercises the material right conveyed by the MAA.

/s/ GRANT THORNTON LLP

We have served as the Company’s auditor since 2021.

Boston, Massachusetts

~~December~~November 424, ~~2024~~2025

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Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Symbotic Inc.

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Symbotic Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of September 2827, ~~2024~~2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, because of the effect of the material ~~weaknesses~~weakness described in the following paragraphs on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of September 2827, ~~2024~~2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

A material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material ~~weaknesses~~weakness ~~have~~has been identified and included in management’s assessment.

The Company did not ~~effectively~~ design ~~and~~effective ~~execute~~ controls over the timing of the recognition of ~~revenue and~~ cost of revenue~~. Additionally~~, ~~the~~which ~~Company~~impacts ~~did~~the ~~not~~timing ~~effectively~~of ~~design and execute controls over~~ the recognition of revenue from ~~cost~~contracts ~~overruns~~with customers that are ~~not~~accounted ~~billable~~for under the cost-to-cost ~~customers~~measure of progress.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended September 2827, ~~2024~~2025. The material ~~weaknesses~~weakness identified above ~~were~~was considered in determining the nature, timing, and extent of audit tests applied in our audit of the ~~2024~~2025 consolidated financial statements, and this report does not affect our report dated ~~December~~November 424, ~~2024~~2025 which expressed an unqualified opinion on those financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Other information

We do not express an opinion or any other form of assurance on the remediation plans or related actions described in ~~the~~ Management’s Report on Internal Control Over Financial Reporting.

/s/ GRANT THORNTON LLP

Boston, Massachusetts

~~December~~November 424, ~~2024~~2025

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Symbotic Inc.

Consolidated Balance Sheets

(in thousands, except share information)

	September 28, 2024		September 30, 2023
	September 27, 2025		September 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	~~727~~1,~~310~~244,993	$	~~258~~727,~~770~~310
Marketable securities	—		286,736
Accounts receivable	186,705		201,548
Accounts receivable	201,548		69,206
Unbilled accounts receivable	181,658		218,233
Unbilled accounts receivable	218,233		121,149
Inventories	164,390		106,136
Inventories	106,136		136,121
Deferred expenses	20,532		1,058
Deferred expenses	1,058		34,577
Prepaid expenses and other current assets	92,050		101,252
Prepaid expenses and other current assets	101,252		85,236
Total current assets	1,890,328		1,355,537
Total current assets	1,355,537		991,795
Property and equipment, net	117,649		97,109
Property and equipment, net	97,109		34,507
Intangible assets, net	79,149		3,664
Intangible assets, net	3,664		217
Goodwill	59,871		—
Equity method investment	81123,~~289~~034		—81,289
Other assets	40131,~~953~~166		2440,~~191~~953
Total assets	$	12,~~578~~401,~~552~~197	$	1,~~050~~578,~~710~~552
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	~~175~~286,~~188~~669	$	~~109~~175,~~918~~188
Accrued expenses and other current liabilities	~~165~~200,~~644~~442		~~128~~165,~~314~~644
Deferred revenue	~~676~~1,~~314~~242,312		~~787~~676,~~227~~314
Total current liabilities	1,~~017~~729,~~146~~423		1,~~025~~017,~~459~~146
Deferred revenue	~~129~~124,~~233~~932		—129,233
Other liabilities	4263,~~043~~629		2742,~~967~~043
Total liabilities	1,~~188~~917,~~422~~984		1,~~053~~188,~~426~~422
Commitments and contingencies (Note 17)
Commitments and contingencies (Note 16)
Equity:
Class A Common Stock, 3,000,000,000 shares authorized, 104,689,377 and 82,112,881 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively	13		8
Class A Common Stock, 3,000,000,000 shares authorized, 112,635,932 and 104,689,377 shares issued and outstanding at September 27, 2025 and September 28, 2024, respectively	13		13
Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,965,386 and 66,931,097 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively	7		7
Class V-1 Common Stock, 1,000,000,000 shares authorized, 74,693,311 and 76,965,386 shares issued and outstanding at September 27, 2025 and September 28, 2024, respectively	7		7
Class V-3 Common Stock, 450,000,000 shares authorized, 404,309,196 and 407,528,941 shares issued and outstanding at September 28, 2024 and September 30, 2023, respectively	40		41
Class V-3 Common Stock, 450,000,000 shares authorized, 403,559,196 and 404,309,196 shares issued and outstanding at September 27, 2025 and September 28, 2024, respectively	40		40
Additional paid-in capital - warrants	—		58,126
Additional paid-in capital	1,564,815		1,523,692
Additional paid-in capital	1,523,692		1,254,022
Accumulated deficit	(1,340,862)		(1,323,925)
Accumulated deficit	(1,323,925)		(1,310,435)
Accumulated other comprehensive loss	(2,695)		(2,594)

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Accumulated other comprehensive loss	(2,594)		(1,687)
Total stockholders' equity	221,318		197,233
Total stockholders' equity	197,233		82
Noncontrolling interest	261,895		192,897
Noncontrolling interest	192,897		(2,798)
Total equity	483,213		390,130
Total equity	390,130		(2,716)
Total liabilities and equity	$	2,401,197	$	1,578,552
Total liabilities and equity	$	1,578,552	$	1,050,710

The accompanying notes are an integral part of these consolidated financial statements.

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Symbotic Inc.

Consolidated Statements of Operations

(in thousands, except share and per share information)

	Year Ended
	September 28, 2024		September 30, 2023		September 24, 2022
	September 27, 2025		September 28, 2024		September 30, 2023
Revenue:
Systems	$	12,~~705~~118,~~440~~868	$	1,~~138~~705,~~059~~440	$	~~567~~1,~~993~~138,059
Software maintenance and support	1429,~~173~~602		614,~~601~~173		36,~~735~~601
Operation services	6898,~~566~~452		3268,~~231~~566		2132,~~584~~231
Total revenue	12,~~788~~246,~~179~~922		1,~~176~~788,~~891~~179		~~593~~1,~~312~~176,891
Cost of revenue:
Systems	1,~~466~~710,~~841~~446		~~940~~1,~~076~~466,841		~~464~~940,~~179~~076
Software maintenance and support	8,~~949~~562		98,~~222~~949		49,~~390~~222
Operation services	66105,~~723~~304		3766,~~854~~723		2537,~~096~~854
Total cost of revenue	1,~~542~~824,~~513~~312		~~987~~1,~~152~~542,513		~~493~~987,~~665~~152
Gross profit	~~245~~422,~~666~~610		~~189~~245,~~739~~666		99189,~~647~~739
Operating expenses:
Research and development expenses	~~173~~216,~~457~~013		~~195~~173,~~042~~457		~~124~~195,~~141~~042
Selling, general, and administrative expenses	~~188~~298,~~934~~730		~~217~~188,~~927~~934		~~115~~217,~~881~~927
Total operating expenses	362,391		412,969		240,022
Restructuring charges	22,873		—		—
Operating loss	(116,725)		(223,230)		(140,375)
Total operating expenses	537,616		362,391		412,969
Other income, net	37,042		10,716		1,286
Operating loss	(115,006)		(116,725)		(223,230)
Loss before income tax and equity method investment	(79,683)		(212,514)		(139,089)
Other income, net	36,063		37,042		10,716
Income tax benefit (expense)	(4,212)		4,620		—
Loss before income tax and equity method investment	(78,943)		(79,683)		(212,514)
Loss from equity method investment	(777)		—		—
Income tax benefit (expense)	1,627		(4,212)		4,620
Net loss	(84,672)		(207,894)		(139,089)
Loss from equity method investment	(13,716)		(777)		—
Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination	—		—		(72,134)
Net loss	(91,032)		(84,672)		(207,894)
Net loss attributable to noncontrolling interests	(7174,~~182~~095)		(~~184~~71,~~028~~182)		(60184,~~092~~028)
Net loss attributable to common stockholders	$	(1316,~~490~~937)	$	(2313,~~866~~490)	$	(623,~~863~~866)
Loss per share of Class A Common Stock: (1)
Loss per share of Class A Common Stock:
Basic and Diluted	$	(0.1416)	$	(0.3714)	$	(0.1337)
Weighted-average shares of Class A Common Stock outstanding:
Basic and Diluted	95108,~~697~~670,~~368~~159		6495,~~338~~697,~~580~~368		5464,~~086~~338,~~381~~580

(1) Loss per share information has not been presented for periods prior to the Business Combination (as defined in Note 4, Mergers and Acquisitions), as it resulted in values that would not be meaningful to the users of these consolidated financial statements. Refer to Note 4, Mergers and Acquisitions for further information.

The accompanying notes are an integral part of these consolidated financial statements.

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Symbotic Inc.

Consolidated Statements of Comprehensive Loss

(in thousands)

	Year Ended
	September 28, 2024		September 30, 2023		September 24, 2022
	September 27, 2025		September 28, 2024		September 30, 2023
Net loss	$	(8491,~~672~~032)	$	(~~207~~84,~~894~~672)	$	(~~139~~207,~~089~~894)
Less: Net loss attributable to Legacy Warehouse unitholders prior to the Business Combination	—		—		(72,134)
Less: Net loss attributable to noncontrolling interests	(74,095)		(71,182)		(184,028)
Less: Net loss attributable to noncontrolling interests	(71,182)		(184,028)		(60,092)
Net loss attributable to common stockholders	$	(16,937)	$	(13,490)	$	(23,866)
Net loss attributable to common stockholders	$	(13,490)	$	(23,866)	$	(6,863)
Other comprehensive income (loss):
Foreign currency translation adjustments	(75556)		(~~265~~75)		(~~2,338~~265)
Changes in unrealized gain on investments, net of income taxes of $— for the years ended September 28, 2024, September 30, 2023, and September 24, 2022	(5,481)		5,478		—
Changes in unrealized gain on investments, net of income taxes of $— for the years ended September 27, 2025, September 28, 2024, and September 30, 2023	—		(5,481)		5,478
Total other comprehensive income (loss)	(5,556)		(5,~~213~~556)		(25,~~338)~~213
Less: other comprehensive income (loss) attributable to Legacy Warehouse unitholders prior to the Business Combination	—		—		37
Less: other comprehensive income (loss) attributable to noncontrolling interests	(455)		(4,649)		4,606
Less: other comprehensive income (loss) attributable to noncontrolling interests	(4,649)		4,606		—
Other comprehensive income attributable to common stockholders	$	(101)	$	(907)	$	607
Other comprehensive income attributable to common stockholders	$	(907)	$	607	$	(2,375)
Comprehensive loss	(91,588)		(90,228)		(202,681)
Comprehensive loss	(90,228)		(202,681)		(141,427)
Less: Comprehensive loss attributable to noncontrolling interests	(74,550)		(75,831)		(179,422)
Less: Comprehensive loss attributable to Legacy Warehouse unitholders prior to the Business Combination	—		—		(72,097)
Total comprehensive loss attributable to common stockholders	$	(17,038)	$	(14,397)	$	(23,259)
Less: Comprehensive loss attributable to noncontrolling interests	(75,831)		(179,422)		(62,228)
Total comprehensive loss attributable to common stockholders	$	(14,397)	$	(23,259)	$	(7,102)

The accompanying notes are an integral part of these consolidated financial statements

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Symbotic Inc.

Consolidated Statements of Changes in ~~Redeemable~~Stockholders’ ~~Preferred and Common Units and~~ Equity (Deficit)

(in thousands, except unit and share information)

	Redeemable Preferred and Common Units																								Additional Paid-In Capital - Warrants		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
										Additional Paid-In Capital - Warrants		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Noncontrolling Interest		Total Equity (Deficit)
	Common Units, Class C			Preferred Units, Class B-1			Preferred Units, Class B			Common Voting Units, Class A				Class A Common Stock				Class V-1 Common Stock				Class V-3 Common Stock
	Class A Common Stock			Class V-1 Common Stock			Class V-3 Common Stock
	Units	Amount		Units	Amount		Units	Amount		Units		Amount		Shares		Amount		Shares		Amount		Shares	Amount
	Shares	Amount		Shares	Amount		Shares	Amount
Balance at September 25, 2021	428,571	$	144,975	1	$	232,278	1	$	459,007	5,997,632		$	16,809	—		$	—	—		$	—	—	$	—	$	26,999	$	—	$	(2,092)	$	(1,154,944)	$	—	$	(1,113,228)
Balance at September 24, 2022	57,718,836	6		79,237,388	8		416,933,025	42		58,126		1,237,865		(2,294)		(1,286,569)		61,756		68,940
Retroactive application of recapitalization ratio (1)	24,493,538	—		24,041,299	—		47,508,299	—		361,551,314		—		—		—		—		—		—	—		—		—		—		—		—		—
Net loss	—	—		—	—		—	—		—		—		—		(23,866)		(184,028)		(207,894)
Adjusted balance, beginning of period	24,922,109	$	144,975	24,041,300	$	232,278	47,508,300	$	459,007	367,548,946		$	16,809	—		$	—	—		$	—	—	$	—	$	26,999	$	—	$	(2,092)	$	(1,154,944)	$	—	$	(1,113,228)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	2,825,576	—		—	—		—	—		—		(3,337)		—		—		(23,161)		(26,498)
Granted	1,052,952	—		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		—		—		—
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	225,788	—		—	—		—	—		—		91		—		—		704		795
Forfeited	(1,052,952)	—		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		—		—		—
Exchange of Class V-1 and Class V-3 common stock	21,342,681	2		(11,938,597)	(1)		(9,404,084)	(1)		—		956		—		—		(956)		—
Unit-based compensation	—	52		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		—		—		—
Cancellation of Class V-1 common stock	—	—		(367,694)	—		—	—		—		—		—		—		—		—
Accretion of Class C Units to redemption value	—	28,433		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		(28,433)		—		(28,433)
Stock-based compensation	—	—		—	—		—	—		—		18,447		—		—		138,281		156,728
Preferred return	—	—		—	8,130		—	16,065		—		—		—		—		—		—		—	—		—		—		—		(24,195)		—		(24,195)
Other comprehensive loss	—	—		—	—		—	—		—		—		607		—		4,606		5,213
Issuance of common stock under stock plans	—	—		—	—		—	—		—		—		1,831,505		—		—		—		—	—		—		219		—		—		(219)		—
Balance at September 30, 2023	82,112,881	8		66,931,097	7		407,528,941	41		58,126		1,254,022		(1,687)		(1,310,435)		(2,798)		(2,716)
Issuance of sponsor shares	—	—		—	—		—	—		—		—		3,616,000		—		—		—		—	—		—		431		—		—		(431)		—
Net loss	—	—		—	—		—	—		—		—		—		(13,490)		(71,182)		(84,672)
Issuance of earnout units upon triggering event	—	—		—	—		—	—		—		—		—		—		20,000,000		2		—	—		—		(258)		—		—		256		—
Issuance of common stock under stock plans, net of shares withheld for employee taxes	6,790,081	1		—	—		—	—		—		(3,103)		—		—		(50)		(3,152)
Exchange of Class V-1 common stock	—	—		—	—		—	—		—		—		1,607,185		—		(1,607,185)		—		—	—		—		212		—		—		(212)		—
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	230,548	—		—	—		—	—		—		5,465		—		—		—		5,465
Stock-based compensation	—	—		—	—		—	—		—		—		—		—		—		—		—	—		—		2,794		—		—		24,013		26,807
Exchange of Class V-1 and Class V-3 common stock	9,055,867	3		(5,836,122)	(3)		(3,219,745)	(1)		—		(9,747)		—		—		9,747		(1)
Additional paid-in capital adjustment resulting from VAP Unit modification	—	—		—	—		—	—		—		—		—		—		—		—		—	—		—		2,475		—		—		21,275		23,750
Issuance of common stock in connection with equity offering	6,500,000	1		—	—		—	—		—		257,985		—		—		—		257,986
Provision for warrants	—	—		—	—		—	—		—		—		—		—		—		—		—	—		74,280		—		—		—		—		74,280
Distributions to Symbotic Holdings LLC partners	—	—		—	—		—	—		—		—		—		—		(48,413)		(48,413)
Exercise of warrants	—	—		—	—		—	—		43,756,942		320,929		—		—		—		—		—	—		(43,153)		—		—		—		—		277,776
Stock-based compensation	—	—		—	—		—	—		—		19,070		—		—		93,414		112,484
Net loss pre business combination	—	—		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		(72,134)		—		(72,134)
Other comprehensive loss	—	—		—	—		—	—		—		—		(907)		—		(4,649)		(5,556)
Other comprehensive loss pre business combination	—	—		—	—		—	—		—		—		—		—		—		—		—	—		—		—		37		—		—		37
Exercise of warrants	—	—		15,870,411	3		—	—		(58,126)		—		—		—		216,828		158,705
Recapitalization of Preferred Units, Class C Units, Class A Voting Units, and creation of NCI (net of transaction costs of $37,104)	(24,922,109)	(173,460)		(24,041,300)	(240,408)		(47,508,300)	(475,072)		(411,305,888)		(337,738)		—		—		60,844,573		6		416,933,025	42		—		1,191,567		—		—		(301,973)		551,904
Balance at September 28, 2024	104,689,377	$	13	76,965,386	$	7	404,309,196	$	40	$	—	$	1,523,692	$	(2,594)	$	(1,323,925)	$	192,897	$	390,130
Recapitalization of SVF equity, PIPE, and FPA (net of transaction costs of $30,315)	—	—		—	—		—	—		—		—		50,664,146		5		—		—		—	—		—		40,425		—		—		381,276		421,706
Net loss	—	—		—	—		—	—		—		—		—		(16,937)		(74,095)		(91,032)
Net loss post business combination	—	—		—	—		—	—		—		—		—		—		—		—		—	—		—		—		—		(6,863)		(60,092)		(66,955)
Issuance of common stock under stock plans, net of shares withheld for employee taxes	4,756,526	—		—	—		—	—		—		(3,012)		—		—		—		(3,012)
Issuance of common stock under employee stock purchase plan, net of shares withheld for employee taxes	364,855	—		—	—		—	—		—		4,851		—		—		—		4,851
Exchange of Class V-1 common stock	2,825,174	—		(2,075,174)	—		(750,000)	—		—		4,964		—		—		(4,964)		—
Cancellation of Class V-1 common stock	—	—		(196,901)	—		—	—		—		—		—		—		—		—

Table of Contents

Other comprehensive loss post business combination	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(239)	—	(2,136)	(2,375)
Distribution to Symbotic Holdings LLC partners	—	—	—	—	—	—	—	(6)	—	—	(1,176)	(1,182)
Balance at September 24, 2022	—	—	—	—	—	—	—	—	57,718,836	6	79,237,388	8	416,933,025	42	58,126	1,237,865	(2,294)	(1,286,569)	61,756	68,940
Stock-based compensation	—	—	—	—	—	—	—	34,326	—	—

Filing Compare · Symbotic Inc.