
Disney, Walmart, And Carnival UK Share Lessons In AI For Customer Experience
When it comes to implementing AI for customer experience (CX), the gap between technology promises and enterprise deployment reality can be vast. During the NiCE Interactions conference, customer experience executives from three major companies—Disney, Walmart, and Carnival UK—shared how their companies navigated these challenges with different approaches, offering a glimpse into what works when deploying AI at scale.
The companies' collective experience reveals that successful AI implementation requires more than a focus on finding the right technology solution. Instead, CX success demands strategic partnerships, effective organizational change management, and a fundamental shift in how companies approach customer service operations.
Carnival UK: The Knowledge Management Imperative
When John Wells inherited customer service operations at Carnival UK, he faced a familiar enterprise challenge: 1.25 million annual guest interactions flowing through disconnected legacy systems that couldn't even link a customer's phone call to their email inquiry.
"We had siloed systems," Wells, the company's Contact Center Director, explained. "If guests would phone us or they'd email us, we wouldn't know one interaction to the next."
The cruise line's transformation over 18 months represented a desire to reimagine the experience. "This wasn't a technology change program," Wells emphasized. "This was a business change program underpinned by a technology change." Carnival UK understood that data quality was key to delivering a successful customer experience. The company spent six months consolidating scattered knowledge from multiple systems, recognizing that AI success depends entirely on information architecture.
"Knowledge management and structuring your knowledge is as important to your success as AI management," Wells discovered. "Getting the data and the knowledge in the right place, structured in the right way, enables you to be able to be successful in your development of the AI."
AI guardrails are mechanisms and strategies designed to ensure that AI systems, especially generative AI, operate within safe, ethical, and legal boundaries. Carnival UK's methodical approach to knowledge management enables it to create guardrails that ensure AI responses align with company policies while maintaining the premium service experience that luxury cruise customers expect.
Carnival UK's Key Lesson: Treat AI like a new employee. "You wouldn't just put a new team member in place and just let them get on with it," Wells explained. "You have to train and coach them. You have to work with them every day, tweak (the process), and point them in the right direction."
Disney: Leadership and Security First as a Foundation for Customer Experience
Arun Chandra, SVP for Customer Experience at Disney, shared Disney's vision to build the best CX program globally, serving over 150 million customers in 100 geographies. Disney's approach uses three foundational principles that address the organizational dynamics often overlooked in AI implementations.
First, Disney insists on direct senior leadership involvement, recognizing that executives must work alongside their teams to separate genuine AI capabilities from marketing hype. This hands-on approach ensures that AI initiatives align with business objectives rather than getting caught up in technological possibilities.
Second, Disney places extraordinary emphasis on data privacy, legal requirements, and security challenges. The company focuses on critical questions are data use and management. For example, what data trained the AI models and was it proprietary Disney company data? It also has to evaluare the implications of using models trained on external and potentially inaccurate data sources.
Disney understands that AI implementations can create new security vulnerabilities if not properly managed. Data governance isn't just a compliance issue for a company handling millions of customer interactions across theme parks, streaming services, and merchandise operations. It's essential for securing data and delivering a seamless experience.
Third, Disney views change management as the cornerstone of successful AI implementation. The company recognizes that AI transformation affects not just customer-facing agents but the entire organizational workforce.
"AI impacts everyone across the organization, as everyone ultimately contributes to serving customers and stakeholders," according to Chandra.
Disney's Key Lesson: AI implementation requires comprehensive organizational change rather than isolated departmental deployments. Success depends on addressing security concerns upfront and ensuring executive leadership remains actively involved throughout the process.
Walmart: Consolidation and Strategic Partnership For Scaling Customer Experience
Walmart's journey offers a distinct perspective on enterprise AI adoption, emphasizing the crucial distinction between products and strategic partnerships. Anderson Wilkins from Walmart explains the company's rationale: "We selected NiCE as that one (contact center) platform, not because it was perfect, but because we found a strategic partner. We created a shared vision to co-innovate together, to scale with a microservice architecture and auto-scaling for on-demand capacity."
This approach proved crucial for handling Walmart's massive scale challenges. "When everybody calls us on Black Friday, many of our brands are unified under one Walmart contact center platform."
Walmart shared how it collected stakeholder feedback to manage organizational resistance to change. The key to its success was transparency about the transformation roadmap: "We shared the roadmap of how we would reduce costs, streamline our tech, eliminate friction, and give them a platform where we could deliver changes faster.", said Wilkins.
Walmart's Key Lesson: Enterprise AI success depends not just on technical capabilities but on organizational acceptance across diverse business units with different priorities and concerns.
Common Ground In Customer Experience Transformations
Despite their different strategic approaches, Disney, Walmart, and Carnival UK encountered remarkably similar obstacles that reveal the universal challenges of enterprise AI implementation in customer experience such as legacy system integration, organizational resistance and data quality and governance concerns.
The most pervasive issue was legacy system integration. Each organization discovered that their existing infrastructure created barriers to seamless customer experiences. Carnival UK's siloed systems prevented agents from connecting a customer's phone call to their previous email inquiry, while Disney's complex multi-platform operations spanning theme parks, streaming services, and retail required coordination of multiple data source. Similarly, Walmart's diverse brand portfolio and large number of stores demanded integration strategies that could unify multiple business units under a single contact center platform without sacrificing each brand's unique requirements.
Organizational resistance emerged as another significant hurdle across all three implementations. Each company faced internal pushback when introducing AI-enabled contact center systems, as employees worried about job security and changing workflows. The companies learned that success required more than technical deployment—it demanded proactive change management, transparent communication about transformation goals, and concrete demonstrations of how AI would benefit rather than replace human workers.
Scale requirements presented unique challenges that tested each organization's infrastructure decisions. Whether managing cruise guest inquiries during peak booking seasons, handling Disney's massive theme park operations during holidays, or supporting Walmart's Black Friday shopping surges, all three companies needed AI solutions capable of dynamic scaling without manual intervention. This requirement influenced their architectural choices and partnership strategies, as they sought platforms that could automatically adjust capacity based on demand rather than requiring constant human oversight.
Data governance concerns proved equally critical across all implementations. Each organization recognized that AI success fundamentally depends on clean, well-structured data and robust security protocols. This wasn't merely a technical checkbox but a business imperative that affected everything from customer trust to competitive positioning. The companies discovered that poor data quality could undermine even the most sophisticated AI capabilities, while strong data governance created the foundation for sustained AI success.
The common thread across all three implementations is patience and methodology. Rather than rushing to deploy the latest AI features, successful companies invest time in organizational preparation, data quality, and strategic partnerships.
For enterprise leaders embarking on AI initiatives, one lesson is clear. Getting the technology right is only half the battle at most. The real challenge lies in organizational transformation, data governance, and creating the cultural conditions for AI customer experience success. Companies that master these fundamentals position themselves not just for immediate AI benefits, but for long-term competitive advantage in an increasingly AI-driven marketplace.

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The webcast link is: _______________1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under 'Use of Non-GAAP Financial Information.' See the tables below for reconciliations to net loss, the most comparable GAAP measure. 2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic's control and/or cannot be reasonably predicted, such as restructuring charges and the provision for stock-based compensation. ABOUT SYMBOTIC Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world's largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit USE OF NON-GAAP FINANCIAL INFORMATION Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States ('U.S. GAAP'). This press release contains financial measures that are not recognized under U.S. GAAP ('non-GAAP financial measures'), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted research and development expenses, adjusted selling, general, and administrative expenses, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management's perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business. Symbotic defines adjusted EBITDA, a non-GAAP financial measure, 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; equity method investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by total revenue. Symbotic defines adjusted research and development expenses, a non-GAAP financial measure, as GAAP research and development expenses excluding the following items: depreciation and amortization of tangible and intangible assets and stock-based compensation. Symbotic defines adjusted selling, general, and administrative expenses, a non-GAAP financial measure, as GAAP selling, general, and administrative expenses excluding the following items: depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; internal control remediation; business transformation costs; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic's financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted research and development expenses, adjusted selling, general, and administrative expenses, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic's business because they highlight trends in its core business. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic's expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, 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 include, but are not limited to, statements about the ability of or expectations regarding, Symbotic to: meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog; expand its target customer base and maintain its existing customer base; realize the benefits expected from the acquisition of Walmart's Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic's acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica; realize its outlook, including its system gross margin; anticipate industry trends; maintain and enhance its system; maintain the listing of the Symbotic Class A Common Stock on Nasdaq; execute its growth strategy; develop, design and sell systems that are differentiated from those of competitors; execute its 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 business; stay abreast of modified or new laws and regulations applying to its 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 its internal control over financial reporting; anticipate rapid technological changes; and effectively respond to general economic and business conditions. Forward-looking statements also include, but are not limited to, statements with respect to: the future performance of Symbotic's business and operations; expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs; expectations regarding cash flow, liquidity and sources of funding; the next generation storage structure; expectations regarding capital expenditures; the anticipated benefits of Symbotic's leadership structure; the effects of pending and future legislation, regulation and trade practices, including tariffs; business disruption; disruption to the business due to Symbotic's dependency on certain customers; increasing competition in the warehouse automation industry; any delays in the design, production or launch of Symbotic's 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 Symbotic's new products and services and any changes in its 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. Such 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 Symbotic's Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the 'SEC') on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and 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. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC. In addition to factors previously disclosed in Symbotic's Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart's Advanced Systems and Robotics business and risks related to the acquisition. Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic's control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events. Annualized, projected and estimated numbers are not forecasts and may not reflect actual results. This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements. INVESTOR RELATIONS CONTACT Charlie Anderson Vice President, Investor Relations & Corporate Development ir@ MEDIA INQUIRIES mediainquiry@ Symbotic Inc. and SubsidiariesConsolidated Statements of Operations Three Months Ended Nine Months Ended (in thousands, except share and per share information) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Revenue: Systems $ 559,108 $ 513,372 $ 450,595 $ 1,536,539 $ 1,168,993 Software maintenance and support 8,121 6,685 3,545 20,331 8,280 Operation services 24,892 29,594 16,198 71,595 46,340 Total revenue 592,121 549,651 470,338 1,628,465 1,223,613 Cost of revenue: Systems 457,911 414,560 398,761 1,254,289 1,024,832 Software maintenance and support 1,756 2,095 2,539 5,735 6,201 Operation services 24,832 25,168 14,065 72,952 43,331 Total cost of revenue 484,499 441,823 415,365 1,332,976 1,074,364 Gross profit 107,622 107,828 54,973 295,489 149,249 Operating expenses: Research and development expenses 52,147 61,540 44,722 157,279 133,327 Selling, general, and administrative expenses 75,670 78,347 47,871 215,092 143,535 Restructuring charges 16,361 — — 16,361 — Total operating expenses 144,178 139,887 92,593 388,732 276,862 Operating loss (36,556 ) (32,059 ) (37,620 ) (93,243 ) (127,613 ) Other income, net 8,451 11,714 11,615 27,987 27,626 Loss before income tax and equity method investment (28,105 ) (20,345 ) (26,005 ) (65,256 ) (99,987 ) Income tax expense (benefit) (44 ) 1,397 (182 ) 1,204 (102 ) Loss from equity method investment (3,776 ) (2,490 ) (537 ) (7,831 ) (537 ) Net loss (31,925 ) (21,438 ) (26,724 ) (71,883 ) (100,626 ) Net loss attributable to noncontrolling interests (26,012 ) (17,513 ) (22,043 ) (58,569 ) (84,300 ) Net loss attributable to common stockholders $ (5,913 ) $ (3,925 ) $ (4,681 ) $ (13,314 ) $ (16,326 ) Loss per share of Class A Common Stock: Basic and Diluted $ (0.05 ) $ (0.04 ) $ (0.05 ) (0.12 ) $ (0.18 ) Weighted-average shares of Class A Common Stock outstanding: Basic and Diluted 109,201,745 107,726,978 102,414,284 107,664,864 92,891,276 Symbotic Inc. and SubsidiariesReconciliation of Non-GAAP Financial Measures The following table reconciles GAAP net loss to Adjusted EBITDA: Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net loss $ (31,925 ) $ (21,438 ) $ (26,724 ) $ (71,883 ) $ (100,626 ) Interest income (8,373 ) (7,229 ) (11,610 ) (23,371 ) (27,554 ) Income tax expense (benefit) 44 (1,397 ) 182 (1,204 ) 102 Depreciation and amortization 12,940 11,169 10,032 30,969 15,065 Stock-based compensation 50,279 47,962 30,320 126,982 94,508 Business Combination transaction expenses 422 3,298 — 7,522 — Equity method investment 3,776 2,490 537 7,831 537 Internal control remediation 1,795 2,175 — 7,046 — Business transformation costs 75 2,400 — 2,475 — Fair value adjustments on strategic investments — (4,481 ) — (4,481 ) — Restructuring charges 16,361 (231 ) — 16,130 34,206 Joint venture formation fees — — — — 1,089 Equity financing transaction costs — — — — 1,985 Adjusted EBITDA $ 45,394 $ 34,718 $ 2,737 $ 98,016 $ 19,312 The following table reconciles GAAP gross profit to Adjusted gross profit: Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Gross profit $ 107,622 $ 107,828 $ 54,973 $ 295,489 $ 149,249 Depreciation 3,538 2,949 5,359 8,957 5,540 Stock-based compensation 16,034 11,264 3,807 31,006 12,394 Restructuring charges — (231 ) — (231 ) 34,206 Adjusted gross profit $ 127,194 $ 121,810 $ 64,139 $ 335,221 $ 201,389 Gross profit margin 18.2 % 19.6 % 11.7 % 18.1 % 12.2 % Adjusted gross profit margin 21.5 % 22.2 % 13.6 % 20.6 % 16.5 % The following table reconciles GAAP research and development expenses to Adjusted research and development expenses: Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Research and development expenses $ 52,147 $ 61,540 $ 44,722 $ 157,279 $ 133,327 Depreciation and amortization (7,133 ) (5,611 ) (1,250 ) (15,044 ) (3,236 ) Stock-based compensation (12,860 ) (15,608 ) (13,279 ) (40,719 ) (41,728 ) Adjusted research and development expenses $ 32,154 $ 40,321 $ 30,193 $ 101,516 $ 88,363 The following table reconciles GAAP selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses: Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Selling, general, and administrative expenses $ 75,670 $ 78,347 $ 47,871 $ 215,092 $ 143,535 Depreciation and amortization (2,270 ) (2,609 ) (3,423 ) (6,969 ) (6,294 ) Stock-based compensation (21,385 ) (21,091 ) (13,235 ) (55,257 ) (40,385 ) Business combination transaction expenses (422 ) (3,298 ) — (7,522 ) — Internal control remediation (1,795 ) (2,175 ) — (7,046 ) — Business transformation costs (75 ) (2,400 ) — (2,475 ) — Joint venture formation fees — — — — (1,089 ) Equity financing transaction costs — — — — (1,985 ) Adjusted selling, general, and administrative expenses $ 49,723 $ 46,774 $ 31,213 $ 135,823 $ 93,782 The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow: Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net cash provided by (used in) operating activities $ (138,343 ) $ 269,575 $ 50,384 $ 336,259 $ 41,306 Purchases of property and equipment and capitalization of internal use software development costs (14,867 ) (20,560 ) (17,143 ) (42,784 ) (23,007 ) Free cash flow $ (153,210 ) $ 249,015 $ 33,241 $ 293,475 $ 18,299 Symbotic Inc. and Subsidiaries Supplemental Common Share Information Total Common Shares issued and outstanding: June 28, 2025 September 28, 2024 Class A Common Shares issued and outstanding 110,252,933 104,689,377 Class V-1 Common Shares issued and outstanding 76,015,171 76,965,386 Class V-3 Common Shares issued and outstanding 403,559,196 404,309,196 589,827,300 585,963,959 Symbotic Inc. and SubsidiariesConsolidated Balance Sheets (in thousands, except share data) June 28, 2025 September 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 777,576 $ 727,310 Accounts receivable 136,237 201,548 Unbilled accounts receivable 236,433 218,233 Inventories 138,901 106,136 Deferred expenses 35,545 1,058 Prepaid expenses and other current assets 101,516 101,252 Total current assets 1,426,208 1,355,537 Property and equipment, net 73,013 97,109 Intangible assets, net 82,921 3,664 Goodwill 60,534 — Equity method investment 105,551 81,289 Other assets 79,184 40,953 Total assets $ 1,827,411 $ 1,578,552 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 215,624 $ 175,188 Accrued expenses and other current liabilities 183,690 165,644 Deferred revenue 918,097 676,314 Total current liabilities 1,317,411 1,017,146 Deferred revenue 5,044 129,233 Other liabilities 61,544 42,043 Total liabilities 1,383,999 1,188,422 Commitments and contingencies — — Equity: Class A Common Stock, 3,000,000,000 shares authorized, 110,252,933 and 104,689,377 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively 13 13 Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,015,171 and 76,965,386 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively 7 7 Class V-3 Common Stock, 450,000,000 shares authorized, 403,559,196 and 404,309,196 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively 40 40 Additional paid-in capital 1,550,610 1,523,692 Accumulated deficit (1,337,239 ) (1,323,925 ) Accumulated other comprehensive loss (2,678 ) (2,594 ) Total stockholders' equity 210,753 197,233 Noncontrolling interest 232,659 192,897 Total equity 443,412 390,130 Total liabilities and equity $ 1,827,411 $ 1,578,552 Symbotic Inc. and SubsidiariesConsolidated Statements of Cash Flows Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Cash flows from operating activities: Net loss $ (31,925 ) $ (21,438 ) $ (26,724 ) $ (71,883 ) $ (100,626 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 14,202 12,279 10,696 34,126 17,048 Loss from equity method investment 3,776 4,055 537 7,831 537 Foreign currency (gains) losses, net (61 ) 20 — (73 ) (8 ) Gain on investments — — (1,339 ) — (10,084 ) Loss on disposal of assets — — — 201 — Provision for excess and obsolete inventory 3,921 292 (171 ) 4,901 34,105 Stock-based compensation 49,440 43,355 29,331 119,568 86,858 Gain from strategic investment fair value adjustment — (4,481 ) — (4,481 ) — Changes in operating assets and liabilities: Accounts receivable 1,389 (3,195 ) 27,166 65,570 (31,295 ) Inventories 3,470 (23,232 ) (12,179 ) (30,187 ) (30,099 ) Prepaid expenses and other current assets (37,107 ) 89,491 45,269 62,701 2,839 Deferred expenses 27,503 (1,757 ) (5,580 ) 23,582 (10,626 ) Other assets (9,449 ) (6,400 ) 514 (16,928 ) (4,952 ) Accounts payable (4,407 ) 13,806 (5,444 ) 40,544 17,871 Accrued expenses and other current liabilities 12,532 (65,685 ) 50,477 (7,613 ) 48,593 Deferred revenue (171,331 ) 230,283 (60,635 ) 117,288 12,009 Other liabilities (296 ) 2,182 (1,534 ) (8,888 ) 9,136 Net cash provided by (used in) operating activities (138,343 ) 269,575 50,384 336,259 41,306 Cash flows from investing activities: Purchases of property and equipment and capitalization of internal use software development costs (14,867 ) (20,560 ) (17,143 ) (42,784 ) (23,007 ) Proceeds from maturities of marketable securities — — 50,000 — 340,000 Purchases of marketable securities — — — — (48,660 ) Acquisitions of strategic investments (24,233 ) — (66,489 ) (42,225 ) (66,489 ) Cash paid for business acquisitions — (200,000 ) — (200,000 ) — Net cash provided by (used in) investing activities (39,100 ) (220,560 ) (33,632 ) (285,009 ) 201,844 Cash flows from financing activities: Payment for taxes related to net share settlement of stock-based compensation awards — — — (3,012 ) (3,181 ) Net proceeds from issuance of common stock under employee stock purchase plan — 3,233 — 3,233 3,435 Distributions to or on behalf of Symbotic Holdings LLC partners 57 (382 ) (47,654 ) (1,175 ) (47,654 ) Proceeds from issuance of Class A Common Stock — — — — 257,985 Proceeds from exercise of warrants — — 2 — 158,704 Net cash provided by (used in) financing activities 57 2,851 (47,652 ) (954 ) 369,289 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 24 50 (10 ) (10 ) (25 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (177,362 ) 51,916 (30,910 ) 50,286 612,414 Cash, cash equivalents, and restricted cash - beginning of period 958,002 906,086 904,242 730,354 260,918 Cash, cash equivalents, and restricted cash - end of period $ 780,640 $ 958,002 $ 873,332 $ 780,640 $ 873,332 Three Months Ended Nine Months Ended (in thousands) June 28, 2025 March 29, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Reconciliation of cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 777,576 $ 954,944 $ 870,469 $ 777,576 $ 870,469 Restricted cash 3,064 3,058 2,863 3,064 2,863 Cash, cash equivalents, and restricted cash $ 780,640 $ 958,002 $ 873,332 $ 780,640 $ 873,332 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data