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Item 1. Business

2025-11-24 compared with 2024-12-04 · 349 added, 327 removed, 202 unchanged (77% of the section changed)

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Our vision is to make the supply chain work better for everyone.

We do this by developing, commercializing, and deploying innovative, 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 companies in the world.

Our supply chain automation system (“System”) enhances operations at the front end of the supply chain, and therefore benefits all supply partners further down the chain, irrespective of fulfillment strategy.

Symbotic was established to develop technologies to improve operating efficiencies in modern warehouses.

Significant funds and resources have been devoted to date in developing the Symbotic system and related applications to create a system with the ability to fundamentally change how the supply chain functions.

Symbotic’s intellectual property is protected by a portfolio of over 700 issued and/or pending patents.

Our revolutionary system accelerates the movement of goods through the supply chain, improves stock keeping unit (“SKU”) agility, fulfills orders with 99.9999% accuracy, and does this all with less inventory and operating cost.

The underlying architecture of our system differentiates it from everyone else in the marketplace.

The system uses Symbots which are high-speed, fully autonomous mobile robots that travel up to 25 miles-per-hour (“mph”).

The Symbots are controlled by our artificial intelligence (“A.I.”) enabled software to move goods through our proprietary storage or “buffering” structure.

Our proprietary modular applications, such as our inbound sorting and outbound palletizing cells, plug into our system to achieve compelling, real world supply chain improvements at scale.

We are developing other modular applications that will allow our customers to support all omni-channel strategies, such as brick-and-mortar retail and e-commerce with in-store pickup or home delivery, from a single centralized warehouse/fulfillment facility.

Our system varies in size and price.

A system can be as small as a football field (i.e., 48,000 square feet), which can serve 25 or more stores and can scale to meet the needs of the world’s largest retailers.

Our system’s modular design and greater storage density enables installation in existing, and active warehouses, with limited interruption to ongoing operations.

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.

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, cases and items (known as eaches) in warehouses.

Our robotic based automation systems, which include hardware and essential software, move, store and sort cases and eaches in warehouses.

Our systems are operational in a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC (“GreenBox”), our warehouse-as-a-service joint venture.

We have spent significant time working closely with our customers to develop, test and refine our technology.

We have approximately $22.5 billion of backlog as of September 27, 2025, of which our agreements with Walmart and GreenBox comprise the vast majority.

We have devoted significant funds and resources to date in developing and diversifying our systems and related applications.

Our systems are designed to increase efficiency, speed and flexibility of the supply chain by using proprietary robotics and A.I.-powered software for the movement and storage of goods.

Our intellectual property is protected by a portfolio of approximately 1,100 issued and/or pending patents.

We 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.

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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

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.

In January 2025, we acquired the Advanced Systems and Robotics (“ASR”) business from Walmart and signed a Master Automation Agreement that provides for the development, manufacture and installation of automated systems for online pickup and delivery at Walmart retail stores (“2025 Walmart MAA”).

This acquisition added a new product category for us to address the opportunity for automated fulfillment of customer orders at the local and store level, which supports the growth of e-commerce.

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.

Industry Background

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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”).

This means pallets are separated into cases and then cases are separated into eaches.

The second mismatch relates to the timing of when goods are produced versus needed.

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Thus, movement of goods is a critical function of the supply chain.

Types of Warehouses

Nodes in the Supply Chain

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

Two common types of warehouses are distribution centers and micro-fulfillment centers.

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

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Packing and shipping

Typical Location Rural, Suburban Suburban, Urban

Typical Location Rural or Suburban Suburban, Urban or Store-Based

Common Fulfillment Unit Pallets, Cases Items/Eaches

Optimized for Low cost per case Speed of fulfillment & delivery

Optimized for Low cost per case Low cost per item

Speed of fulfillment and delivery

Volume High Low to moderate

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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.

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.

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• 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 23% higher than the turnover rate for all nonfarm employees in 2023, according to the U.S.

The turnover rate for transportation, warehousing, and utilities employees was 20% higher than the turnover rate for all nonfarm employees in 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 must also support online with home delivery, buy online pick up in store, as well as support for channel-related reverse logistics.

Traditional brick-and-mortar retailers must 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.

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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 processes.

Existing warehouse automation systems are largely engineered to solve single challenges in the supply chain.

This requires either a greater number of specialized supply chain processes or greater flexibility of legacy processes.

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 system is unique as it is a comprehensive warehouse automation system.

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 systems, processing power, machine learning, and A.I.

We benefit from advances in robotics, sensors, vision systems, processing power, 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 System Overview

Overview of 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 manages 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 system has an approximate useful life of 25 to 30 years and is so space efficient that it 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.

Unique System Architecture

Our innovative system architecture differentiates our system from alternative warehouse systems.

Our systems 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.

They are so space-efficient that they can be installed in phases in operating warehouses with minimal impact to operations.

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.

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• A.I.-Powered Software :

Our system is enhanced by our A.I.-enabled autonomous 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 simulate human learning, comprehension, problem solving, decision making, creativity, and autonomy.

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 see and identify objects.

They can understand and respond to human language.

They can learn from new information and experience.

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.

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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

and palletizing 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-items).

Our case-based system separates all incoming pallets to the case level.

Our Breakpack system separates all cases to the each (or items) level to handle toted items in our system just like we currently handle cases.

Competing warehouse systems handle pallets and more frequently partial pallets of goods.

Pallets and partial pallets represent an increased level of on hand inventory and partial pallets leave unused volume within the warehouse.

Volume adds expense because it has its own cost and because volume adds movement distance, slowing down the transport of goods through the supply chain.

By managing goods at the case and toted item level, rather than at the pallet level, our system removes unused space from the distribution center, allowing merchandise to be stored more densely and increasing the speed of product throughput.

These space saving efforts are increased by the storage density of our system, which allows us to retrofit our system into our customers’ existing warehouse operations without interrupting ongoing supply chain operations or requiring capital to build new greenfield warehouse space.

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 case-based system can separate all incoming pallets to the case level.

Our BreakPack and micro-fulfillment systems can separate cases to the each level.

By managing goods at the case and each level, rather than at the pallet level, our systems remove unused space from the warehouse, allowing merchandise to be stored more densely and increasing the speed of product throughput.

• Dynamic Storage :

Our system function is analogous to that of a random-access computer hard drive.

By effectively “digitizing” each individual case and toted item and spreading them throughout the storage structure, we create optionality for our picking and routing optimization algorithms.

Our systems’ function is analogous to that of a random-access computer hard drive.

By effectively “digitizing” totes and cases and spreading them throughout the storage structure, we create optionality for our picking and routing optimization algorithms.

Merchandise is opportunistically placed throughout the storage structure, similar to the way a random-access hard drive handles data.

This minimizes movement to increase throughput, enhances SKU agility and reduces the number of autonomous mobile robots required to distribute product.

• Autonomous Movement :

Fully autonomous A.I.-enabled mobile robots allow our system to have superior flexibility, speed, mobility, and inventory handling capabilities.

Like fully autonomous cars operating in a smart city, our robots operate independently but act collectively to transport, sequence, and move cases through a

Autonomous A.I.-powered mobile robots allow our systems to have superior flexibility, speed and inventory handling capabilities.

Like autonomous cars operating in a smart city, our robots operate independently but act collectively to transport, sequence, and move cases and totes through the storage structure.

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).

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.

Our Bots that handle cases and totes can travel at speeds that exceed 20 miles-per-hour.

Our systems have multi-level access in the storage structure, which allows for faster throughput resulting in more storage and retrieval transactions per hour compared to tray, shuttle, or crane-based systems.

Finally, our use of automation and A.I.-powered software means our system in the distribution center that handles cases 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.

Our systems can handle a variety of goods in a range of verticals.

Our autonomous A.I.-powered mobile robots are able to manipulate a range of case and tote sizes, types and weights in a variety of packaging formats.

The SymBots™® mobile robots place and pick cases and totes by underpicking, which is lifting them from the bottom using an automated fork system.

Underpicking reduces case damage and rejection rates, thereby decreasing waste and cost.

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.

We also do not transfer goods to standardized trays, eliminating additional handling of goods and reducing empty storage space.

Trayless handling allows storage of cases within 10 millimeters of each other.

• 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.

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.-powered mobile robots, lifts and inbound and outbound palletizing cells.

Thus, if a key part of our system fails, another part of the system can assume the task load.

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

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.

Functional Flow Overview of Systems

Generally, manufacturers create their products in batches by SKU (i.e., individual type of item like can of chicken noodle soup).

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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.

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:

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 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.

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 warehouse, such as in traditional international shipping containers where goods are loaded from floor to ceiling without the use of pallets for quick unloading, they are placed into our automated system and the individual cases enter the scan tunnel just like palletized goods.

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 system uses vision technology and sensors to “digitize” the dimensions and attributes of each inbound case.

Simultaneously, our system performs an integrity check of each case to screen for damage.

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 by our system.

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 :

The storage structure, where goods are placed, stored, and retrieved, is comprised of a number of levels stacked on top of each other.

Each level is approximately three feet tall, allowing a typical thirty-two-foot-tall warehouse to have ten levels of storage which optimizes space utilization.

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.

Our average sized system has 200,000 linear feet of storage.

The levels are connected vertically by a series of lifts.

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 are our fully autonomous mobile goods handling robots.

They are powered by rapid-charging ultracapacitors, so charging takes a matter of seconds as the Symbots drive over charge plates integrated into the floor of the storage structure.

This eliminates the need for Symbots to come out of service for charging, which allows them to operate all day for weeks at a time.

Our Symbots are interchangeable and hand off tasks to each other in a live operating system without productivity loss.

If a Symbot does need maintenance, an individual Symbot can be removed from our system by remote instruction.

The 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 Symbot picks up a case from the lift and enters the transfer deck on its way to the appropriate aisle.

The Symbot is routed by our proprietary A.I.

software to the aisle and location where a case 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.

When the Symbot reaches the appropriate placement location, it extends its finger lift and places the case on the aisle position and is ready for its next task.

In a typical size and configuration system, a Symbot can reach any location in our structure and return to our inbound or outbound cells in under four minutes.

Retrieving a case is simply the reverse process of placing a case.

Our outbound lift retrieves cases delivered by Symbots and transfers them to the outbound level of our system.

Our software utilizes the Symbots and lifts to sequence cases in an optimal order for outbound processing.

Our system typically creates a pallet comprised of a variety of different goods and SKUs (known as a “rainbow pallet”).

Our system can also create a rainbow pallet based upon a customer’s store plan.

Specifically, the rainbow pallet can consist of products for a specific store aisle, which can be delivered directly from a truck to the end of an aisle so that store employees can unpack the cases from the pallet, replenish shelves quickly, and reduce store labor costs.

• Palletizing :

Our system uses A.I.-enabled software that allows us to palletize cases using two robotic arms on opposite sides of a pallet.

These two robotic arms work together placing a case onto a pallet in less than three seconds.

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.

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

on opposite sides of a pallet.

On average, these two robotic arms work together to place cases onto pallets every two seconds.

Our solution typically creates a pallet comprised of a variety of different goods and SKUs (known as a “rainbow pallet”).

Our solution can also create a rainbow pallet based upon a customer’s store plan.

Specifically, the rainbow pallet can consist of products for a specific store aisle, which can be delivered directly from a truck to the end of an aisle so that store employees can unpack the cases and totes from the pallet, replenish shelves quickly and reduce store labor costs.

In systems used in micro-fulfillment centers, cases are cut open and the eaches are placed in totes, which is known as decanting.

The totes are supplied from the storage structure and once filled are inducted back into the system.

Our A.I.-powered software guides the operator on filling totes, which enter the system for use in filling consumer orders.

Pick station operators pick eaches from the supply totes.

Currently, the supply totes are delivered by our Alphabot® mobile robots, which can travel both horizontally and vertically.

The operators then place the eaches into order totes.

When order totes are completed, they are fed back into the system for storage or staged in special dispense lanes for pickup by customer.

Our systems are typically sold in three parts:

the initial system sale, software maintenance and support services, and operation services.

Our systems are a modular, highly configurable capital asset purchase that we sell to our customers in the year of deployment.

Over the remaining system life, 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 the system for a limited time and then transfer daily operation to the customer.

Our technologies are categorized into both hardware and software components, which work together to deliver an integrated comprehensive solution to our customers.

Key elements of the hardware and software components are as follows:

• Intelligent Autonomous Mobile Robots :

Our intelligent Bots handle cases and totes and utilize a suite of sensors to locate, retrieve, and transport products.

Our Bots can travel at speeds exceeding 20 mph;

some Bots can travel at speeds up to 25 mph.

Our Bots locate, retrieve and transport products with very high accuracy.

Currently, we ship in excess of eight million cases per day without reported inaccurate fulfillments.

Our newest version of these robots uses vision technology in addition to our autonomous routing algorithms to achieve optimal speed, safety, and routing.

We also have Bots that handle eaches in micro-fulfillment centers and distribution centers.

• 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 and palletizing robotic cells to perceive, understand, reason and perform or orchestrate complex actions in our systems.

• A.I.–Powered Software :

Our systems utilize A.I.

technologies in a variety of ways to dynamically achieve optimal performance and improve over time.

Since the flow of goods through our systems is highly dynamic and the related parameters are constantly changing, our software responds to these changes by reoptimizing 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.

Our software enables our Bots 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 systems in the shortest amount of time and at the lowest cost.

Our software 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.

• Real-Time Data Analytics Software :

Our proprietary software aggregates and synthesizes data generated by our systems to provide real-time analytics and actionable insights regarding inventory levels, throughput, accuracy and performance.

We also collect and analyze real-time data on various parts of our systems to evaluate health and predict 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-

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

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Our chairman, chief executive officer, and significant shareholder, Richard B.

Cohen, started Symbotic in 2006 to develop advanced technologies to make the supply chain work better for everyone.

This vision was inspired by Mr.

Cohen’s experiences building C&S Wholesale Grocers.

Cohen is an accomplished business builder, as evidenced by his helping lead sales growth at C&S Wholesale Grocers from $14 million in 1974 to over $20 billion in 2023.

Effectively running warehouse operations for the low margin grocery industry, Mr.

Cohen has been building, running, and innovating warehouses for two generations.

We believe our founder’s deep industry and operational expertise is a core competitive advantage for us.

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.

Cohen, founded Symbotic in 2006 to develop advanced technologies that make the supply chain work better for everyone—a vision shaped by his decades 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.

Cohen has assembled an experienced board and executive leadership team with diverse expertise in technology, engineering, and operations.

Members of our board of directors and leadership team have held senior roles at leading organizations and research institutions, including Alphabet, Amazon, Avis Budget Group, The Boeing Company, Comau, Carnegie Mellon, Enphase, Fortna, Manhattan Associates, MIT, Parker-Hannifin, SoftBank, Staples, Tesla, Toyota, and Walmart.

Unique Team Culture

Our team has harnessed first principles thinking to help us understand complex systems like supply chains and automation in simple, elemental ways.

This approach unburdens our creativity from the constraints of legacy problem solving.

First principles thinking also leads us to constantly question our established approaches to problems, freeing us to invent new technologies to improve the supply chain.

Approximately half of our team is composed of software, mechanical, electrical, and systems engineers and scientists focused on our technology solutions.

As a result, we have developed or created a significant amount of intellectual property protecting our core technology, including a patent portfolio with over 700 patent filings.

Our culture is rooted in first-principles thinking, allowing us to analyze complex systems such as supply chains and automation from the ground up.

This approach frees our teams to innovate without the constraints of legacy processes and has fueled the creation of proprietary technology and differentiated intellectual property.

Nearly half of our employees are engaged in engineering, research and development, and related technical functions.

As a result, we have developed a substantial intellectual property portfolio, including more than 1,100 issued and/or pending 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 can become the de facto standard approach for how warehouses operate.

We believe we have developed highly unique system architecture, which uses 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 systems can become the de facto standard approach for how warehouses operate.

Superior System Return on Investment

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

Based on quantifiable metrics, our systems 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 mobile robots minimizes movement to increase throughput, enhances SKU agility, and reduces the number of robots required to distribute product.

The optimized and randomized storage of our architecture, and the speed and agility of our Bots, minimize Bot movement, which increases 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 removes unused space from the warehouse, stores merchandise more densely, and increases the speed of product throughput.

By managing goods at the case and tote level, rather than at the pallet level, our systems remove unused space from the warehouse and stores merchandise more densely.

• No Compromise Retrofit :

The modularity of our system allows us to install our system in existing warehouses while achieving full performance benefits.

We are also able to install our system in phases, which allows the warehouse to continue to operate while the transition to our system is underway.

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.

• System Scalability :

Our systems can be scaled to fit the needs of our customers and scale of their facilities.

We can easily reconfigure and expand our systems to accommodate SKU proliferation as our customers’ needs and strategies evolve.

• Inventory Reduction & SKU Agility :

The accuracy, throughput speed, and density of our system allows our customers to achieve a higher level of availability and maintain a wider range of SKU variety with less inventory.

The accuracy, throughput speed and density of our 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, A.I.-enabled store/retrieve software and other automated systems contribute to the 99.9999% fulfillment accuracy of our system.

Our digitization strategy and A.I.-powered store and retrieve software contribute to the fulfillment accuracy of our 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 single points of failure, which enhances system resiliency.

We utilize a redundant array of autonomous robots, lifts, and inbound and outbound palletizing systems.

This allows any part of our system to assume the task load of another system part if any sub-system fails.

Our system-of-systems architecture philosophy reduces single points of failure, which enhances system resiliency.

We utilize a redundant array of autonomous robots, lifts, inbound de-palletizing cells and outbound palletizing cells.

If any key part of our system fails, another part of our system can assume the task load.

In addition, our hardware and software are engineered for rapid serviceability utilizing field-replaceable components wherever possible.

• System Scalability :

Our system can be scaled to fit the needs of our customers and scale of their facilities.

We are also able to install our systems in phases, allowing the warehouse facility to continue to operate while the transition to our system is underway.

We can easily reconfigure and expand our system to accommodate SKU proliferation as our customers’ needs and strategies evolve.

Remaining Performance Obligations (“Backlog”)

• Upstream and Downstream Benefits :

Our systems create benefits throughout the supply chain.

There are benefits for our customers before the goods reach our solution, which include order qualities, pricing and packaging.

There are also benefits for our customers after the goods leave our solution, which include optimized trailer utilization and optimal sequencing for routing and receiving.

Remaining Performance Obligations (i.e., backlog)

As of September 27, 2025, we had approximately $22.5 billion of backlog of orders from our customers, of which approximately 12% is expected to be recognized as revenue in fiscal year 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 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.

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.

Backbone of Commerce

Our expertise has been established at the front end of the supply chain because our system “handshakes” directly with producers and manufacturers who are the first node in the supply chain.

Our system is the backbone of commerce because our optimized case handling capability benefits all nodes downstream in the supply chain.

Our system has a strategic impact for our customers and is mission critical for daily operations.

Our expertise has been established at the front end of the supply chain because our systems at distribution centers have direct coordination with producers and manufacturers who are the first node in the supply chain.

Our systems at distribution centers are the backbone of commerce because our optimized case handling capability benefits all nodes downstream in the supply chain.

Our systems 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.

We are 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 warehouse.

We believe this capability is unique and will drive supply chain efficiency through reduced handling and the ability to buffer inventory at either the precise unit, or case count.

We believe our competitive positioning is highly differentiated because our upstream expertise facilitates our integration with other downstream applications, including our Breakpack system.

Our system resides upstream in the supply chain from systems for e-commerce fulfillment centers.

Our competitors have not established automated case level storage or warehouse expertise, which makes their upstream integration significantly more challenging than our downstream integration.

Our BreakPack system can be integrated into our case handling system and be installed in a 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 each, or case count.

Our micro-fulfillment system provides the next logical step in building out the essential components of commerce by utilizing a version of our solution (initially in the back of stores of Walmart locations) to provide order fulfillment directly to customers representing the final node in the supply 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 over the next 15 years for U.S.

warehouses in the general merchandise, ambient grocery, ambient food distribution, consumer packaged food, and apparel verticals.

We estimate the size of our initial addressable market 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 and associated recurring revenue.

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).

Over time we plan to expand beyond our primary and secondary target verticals, into additional verticals such as pharmaceuticals and electronics.

To capture the size of this broader market opportunity, we estimate the size of these additional verticals in the United States at an additional $52 billion (using the same methodology we use for our primary and secondary verticals).

We also plan to expand to Europe, and further expand within Canada, so we define our total addressable market as our total U.S.

market opportunity of $321 billion plus our market opportunity in Canada and Europe, which we estimate to be an additional $111 billion.

This implies a total addressable market of $432 billion.

To estimate our market opportunity in Europe and Canada we assume the number of warehouses in each country relative to the number of warehouses in the U.S.

We define our primary addressable market as the total potential spend on our systems and software 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 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, which are non-food consumer packaged goods, home improvement, auto parts, third-party logistics, and refrigerated and frozen foods over the next 15 years.

Over time, we plan to expand beyond our primary and secondary target verticals into additional verticals such as healthcare and electronics.

To capture the size of this broader market opportunity, we estimate the size of these additional verticals in the United States at an additional $52 billion over the next 15 years (using the same methodology we use for our primary and secondary verticals).

We signed our first contract with a customer in the healthcare vertical in the quarter ended September 27, 2025.

We also plan to expand internationally, so we define our total addressable market as our total U.S.

market opportunity of $322 billion plus our market opportunity in Canada, Germany, Italy, United Kingdom and France, which we estimate to be an additional $111 billion over the next 15 years.

This implies a total addressable market of $433 billion over the next 15 years.

To estimate our market opportunity in Germany, Italy, United Kingdom, France and Canada, we assume the number of warehouses in each country relative to the number of warehouses in the U.S.

is proportionate to their relative GDPs.

We then multiply the resulting number of warehouses by our estimate for the percent of those warehouses that are addressable and by our estimate for the average price of our system and associated recurring revenue outside the U.S.

After the fiscal year completed, we also began our first expansion into Latin America.

over the next 15 years.

We also began 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 (“WaaS Market”).

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 warehouse facilities, advanced inventory management systems, and technology-driven logistics solutions that benefit from automation and A.I.

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.

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• 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.

We fully expect that the value these customers receive from our system will translate into winning full deployments at the remainder of their warehouses and distribution centers and therefore, we expect to grow our market share.

Our customers are large companies, many of which have thousands of stores and hundreds of warehouses.

Under our customer contracts, we are converting a portion of these customers’ warehouses in the United States to our systems.

We fully expect that the value these customers receive from our systems will translate into winning full deployments at the remainder of their warehouses 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.

Given the size of our primary 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 believe that every vertical that involves the physical distribution of goods through a warehouse 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 we build our refrigerated and frozen capabilities, we intend to expand into these verticals.

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, by building our integrated item handling application, we can help our customers manage an increasing variety of SKUs and optimize their e-commerce operations.

We can also increase our appeal to pure-play e-commerce retailers.

Because 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.

For example, we developed our BreakPack system and acquired the ASR business from Walmart.

These solutions help our customers manage and optimize their e-commerce operations.

They also increase our appeal to pure-play e-commerce retailers.

We are also 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.

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.

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.

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.

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.

There are several point solutions available in the market that automate certain components of the warehouse, 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 at significant cost and time and adds latency to operations.

The 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 solutions also must be integrated with other disparate technologies, which often come at significant cost and time and adds latency to operations.

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.

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They are frequently based on pallet and partial pallet storage techniques, which require additional inventory and warehouse space.

Amazon Kiva, Exotec, Ocado, and AutoStore focus exclusively on individual order fulfillment.

We do not consider them to be direct competitors because we are focused on fulfillment to physical stores.

They focus primarily on e-commerce and lack case picking technology.

Therefore, they cannot support large retailers with both online and offline operations.

However, they may become partners or competitors if we expand into e-commerce or if they expand to brick-and-mortar retail.

Since we expanded into e-commerce with our micro-fulfillment system, Knapp AG, Exotec, Ocado, Geek+, Hai Robotics and AutoStore are competitors.

However, they focus exclusively on individual order fulfillment and lack case picking technology.

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.

We have worked with Walmart since 2015 and entered into the initial Walmart Master Automation Agreement (“MAA”) in 2017 and restated and amended that agreement in January 2019.

On 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 systems across 25 of Walmart’s 42 regional distribution centers.

On May 20, 2022, we again amended and restated the Walmart 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 and restated Walmart MAA added approximately an additional $6.1 billion to our backlog.

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.

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.

In April 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.

In May 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 A&R MAA added approximately an additional $6.1 billion to our backlog at that time.

The implementation of our systems 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:

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

• for spare parts.

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

participants.

• for spare parts and other miscellaneous expenses.

Walmart also pays us for operation services for systems installed in the first four distribution centers 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 and for other systems as requested.

The initial term of the A&R MAA expires in May 2034 with annual renewals of the term thereafter.

At any time, either party may terminate the A&R 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 A&R MAA at any time if we fail to meet certain performance standards or undergo certain change of control transactions.

Pursuant to the A&R MAA, we must provide Walmart notice in certain circumstances, including if we explore transactions, 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 participants.

We have also agreed to certain restrictions on our ability to sell or license our products and services to a specified company or its subsidiaries, affiliates, or dedicated service providers.

On December 12, 2021, we entered into an Investment and Subscription Agreement (the “Investment and Subscription Agreement”) with Walmart.

Pursuant to such agreement, in connection with the amendment and restatement of the Walmart MAA on May 20, 2022, Walmart exercised a warrant to purchase 267,281 units of Warehouse, or 3.7% of the total outstanding units of Warehouse at such time as calculated following the exercise of the warrant and issuance of units thereunder, at an aggregate purchase 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 outstanding units of Warehouse at such time as calculated on a pro forma basis at the time of the issuance of the warrant, subject to customary adjustments, at an exercise price of $614.34 per unit, which is the estimated value of a unit of Warehouse on the date of the Merger Agreement based on the Exchange Ratio assuming one share of Class A Common Stock is $10.00.

In connection with the Closing of the Business Combination, the warrant to purchase 258,972 units of Warehouse converted into a new warrant to acquire up to an aggregate of 15,870,411 common units of Symbotic Holdings.

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 and Subscription Agreement and as a result of the warrant exercise, Walmart has the right to designate a Walmart employee of a certain seniority level to attend all meetings of the Board in a nonvoting observer capacity, except in certain circumstances, including where such observer’s attendance may be inconsistent with the directors’ fiduciary duties to the Company or where such meetings may involve attorney-client privileged information, a conflict of interest between the Company and Walmart or information that the Company determines is competitively or commercially sensitive.

Additionally, pursuant to the Investment and Subscription Agreement 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 Warehouse and the Company until the earlier of (i) December 12, 2025 and (ii) the later of (a) the date on which Walmart owns less than 5% of the fully diluted equity interests of Warehouse or, after the closing of the Business Combination (the “Closing”), the Company and (b) the date that is six months after Walmart no longer has the board observer rights described above.

On July 21, 2023, in conjunction with entities related to the SoftBank Group, we established GreenBox Systems LLC, a strategic joint venture to build and automate supply chain networks globally by operating and financing our advanced A.I.

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.

Pursuant to the Investment and Subscription Agreement and as a result of its ownership, 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 certain circumstances, including where such observer’s attendance may be inconsistent with the directors’ fiduciary duties to the Company or where such meetings may involve attorney-client privileged information, a conflict of interest between the Company and Walmart or information that the Company determines is competitively or commercially sensitive.

Additionally, pursuant to the Investment and Subscription Agreement 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 Company until the earlier of (i) December 12, 2025 and (ii) the later of (a) the date on which Walmart owns less than 5% of 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.

Pursuant to the 2025 Walmart MAA, we are operating several micro-fulfillment systems, which we will continue to support.

We will also engage in a development program funded by Walmart to enhance current online pickup and delivery fulfillment systems and design new micro-fulfillment systems to meet the needs of current and future customers.

The 2025 Walmart MAA provides for a commitment, subject to the satisfaction of defined system performance metrics, from Walmart to purchase 400 micro-fulfillment systems, with an option for Walmart to purchase an additional 200, exercisable by Walmart within 30 days following acceptance of the 220 th micro-fulfillment system under the terms of the 2025 Walmart MAA.

Associated with this development program, Walmart will pay us a total of $520 million, including $230 million that was paid at the closing of acquisition of ASR, $165 million payable on the first anniversary of the acquisition and $125 million payable on the second anniversary of the acquisition.

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.

For each micro-fulfilment system, Walmart will pay 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;

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

certain restrictions 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.

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.

On July 23, 2023, we entered into a commercial agreement with GreenBox that sets forth the terms, conditions, rights and obligations governing the design, installation, implementation and operation of our system for GreenBox.

In July 2023, we entered into a commercial agreement with GreenBox that sets forth the terms, conditions, rights and obligations governing the design, installation, implementation and operation of our system for GreenBox.

On the terms and subject to the conditions set forth therein, the commercial agreement provides for a commitment from GreenBox to expend at least $7.5 billion in the aggregate to purchase our systems over a six-year period pursuant to an agreed-upon timeline with implementation of our systems which began in fiscal year 2024.

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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.

Our system 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 25-30 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 the system for a limited time and then transfer daily operation to the customer.

Symbotic System Capabilities

We 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.

Our technologies are categorized into both hardware and software components, which work together to deliver the full comprehensive system to our customers.

Key elements of the hardware and software components are as follows:

• 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,

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 million in developing technology for our system, which is protected by over 700 issued and/or pending patents.

We have invested over $1 billion in developing technology for our systems, which is protected by approximately 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 currently include programs in the following areas:

• Expand the capabilities and improve our technology :

We conduct our research and development at our headquarters in Wilmington, Massachusetts.

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

• Expand 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 robots alongside our proprietary software to continue to help our customers optimize operational efficiency.

Specifically, we intend to continue innovating our robust A.I.-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 to handle non-ambient foods.

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 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.

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We go to market via a direct sales model.

Given the size, complexity, and value of our system, 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.

Given the size, complexity, and value of our systems, our sales have come from long-term discussions between our management team and senior-level executives at our customers.

Manufacturing and Suppliers

We operate a repair/service facility center with engineering support in Wilmington, Massachusetts, and a facility with additional engineering support in Montreal, Quebec.

Our Wilmington facility services previously manufactured autonomous mobile robots, whereas today it is dedicated to warranty processing and repair of field returns.

Our facility in Montreal conducts testing and engineering developmental work on de-palletizing and palletizing robotic cells.

Each facility is staffed with a mix of permanent and temporary employees to manage peak workload and can operate two shifts when needed.

We operate a repair/service facility center with engineering support in Wilmington, Massachusetts.

The repair operation ensures customer uptime.

It also services deployed Bots and components needing repairs.

The engineering and prototype areas focus on innovation.

It 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.

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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 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 May 2025 and October 2043.

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.

As of September 28, 2024, we had approximately 1,650 full-time employees, including approximately 1,600 based in the United States.

Approximately 40% of our employees are based out of our Wilmington, Massachusetts and Montreal, Quebec locations.

The remaining majority of employees install, commission, operate, or maintain our systems at customers’ facilities.

We also engage consultants and contractors to supplement our permanent workforce on an as needed basis.

A significant proportion of our employees are engaged in engineering, research and development, and related functions.

We have been investing in our people for over a decade and our team possesses decades of combined technical and engineering experience, with a majority of our full-time employees holding technical degrees and a substantial portion of our total employee base holding advanced degrees, including numerous PhDs in engineering or related fields.

We consider our relationship with our employees to be in good standing and have not experienced any work stoppages.

Our employees are critical to our success and innovation.

As of September 27, 2025, we employed approximately 2,000 full-time employees, including approximately 1,950 based in the United States.

Approximately 30% of our employees are based at, or out of, our Wilmington, Massachusetts headquarters.

Approximately half are located across customer sites where they install, commission, and maintain our systems.

We also engage consultants and contractors, as needed, to supplement our permanent workforce.

Nearly half of our employees are engaged in engineering, research and development, and related technical functions.

Our workforce brings decades of collective experience across automation, robotics and supply chain disciplines.

We believe our relationship with our employees is strong.

We 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 existing and new employees.

The principal purposes of our incentive plans are to attract, retain, and motivate key employees, directors, and consultants through cash and stock performance rewards and other benefits.

Diversity, Equity and Inclusion

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.

Our human capital objectives include, as applicable, recruiting, developing, motivating and retaining a high-performing, diverse workforce.

Our incentive plans are designed to attract and retain top talent and to align compensation with our performance through a combination of cash, equity and other benefits.

As a leader in warehouse automation, we are committed to building a vibrant and 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.

Talent Attraction

Our ability to attract and retain key talent is crucial to the success of our business.

We invest in talent acquisition initiatives to have the right people in key positions.

Our workforce strategy includes recruiting top talent, building a talent pipeline through university partnerships, providing ongoing training and development opportunities, and fostering a workplace culture that promotes innovation and collaboration.

In the coming years, we anticipate continued competition for skilled professionals in our industry, and our talent acquisition strategy will focus on building our reputation as a destination for top talent and recruiting individuals with expertise in robotics and industrial automation.

Our success depends on attracting, developing and retaining exceptional talent to build future technical and leadership capability.

We continue to invest in initiatives to recruit top professionals in robotics, A.I.

and industrial automation, while expanding early-career and leadership development programs that strengthen our future workforce.

Through university partnerships and our internship and cooperative education programs, we engage students across technology and operations disciplines by providing hands-on experience and building a pipeline of talent aligned with our evolving business needs.

continues to reshape our industry, we anticipate continued competition for skilled professionals.

Our strategy focuses on positioning us as a destination for top talent, while developing the expertise and leadership required to sustain innovation and growth in a rapidly changing market.

Talent Management

The engagement, development, and retention of employees is critical to meet our priorities and deliver braggingly happy customers.

All management levels are engaged in talent management practices.

Our board of directors discusses key talent strategy in each regular board meeting, including periodic detailed discussions of our global leadership talent, with a focus on key positions at the executive leader level.

We recognize that investing in strong talent management practices drives business performance, customer satisfaction, and employee engagement.

Therefore, our talent interventions utilize various tools such as an annual performance management process, individual development interventions to facilitate a specific individual’s career growth, and development programs and learning plans to meet each employee where they are in their career.

High-potential leaders are given exposure and visibility to members of our board of directors through formal project assignments and board presentations.

We provide growth opportunities through formal and informal development programs that include training, coaching, networking, skills development, and on-the-job experience.

In fiscal year 2024, we implemented management training to enable sustainable growth, support effective scaling, and foster a highly engaged workforce.

Developing and retaining exceptional talent is essential to achieving our business priorities and delivering braggingly happy customers.

We take a strategic approach to talent management.

We focus on understanding the capabilities required for today’s needs and tomorrow’s growth and investing to build them across our workforce.

This includes disciplined assessment of key talent and ongoing discussions at the leadership and board of directors levels to maintain visibility into our talent landscape.

Our talent practices span the employee lifecycle, balancing engagement with leadership and technical development to equip employees for evolving business demands.

We make targeted investments such as bespoke coaching and upskilling for high-potential individuals along with broad, programmatic investments to develop our future leaders.

We also invest in scalable, on-demand learning and launched a regular employee listening cadence, including companywide pulse surveys, to strengthen engagement and build a culture where top talent can join, grow, and stay.

Competitive Pay and Benefits

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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.

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.

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 warehouse automation industry and with respect to data privacy and security.

For example, our compliance programs include product design safety reviews.

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.

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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 as soon as reasonably practicable after we electronically file such material with, or furnish them to the SEC.

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.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business