Model Update - Remains A Top Pick

Research evidence excerpt

Model Update - Remains A Top Pick

Diversified Industrials, Automation & Robotics

Symbotic

TD SECURITIES (USA) LLC ESTIMATE CHANGES

May 11, 2026

Price: $51.71 (05/11/2026) Model Update - Remains A Top Pick

Price Target: $75.00

BUY (1)

ESG SCORE: 61/100

Joe Giordano, CFA THE TD COWEN INSIGHT

646 562 1405

The 2H ramp remains on track as new starts are accelerating. Multiple upcoming catalysts

joe.giordano@tdsecurities.com

- Exol customer announcements, acceptance of micro fulfillment prototype, and potential

Michael Anastasiou repeat orders from existing customers most notably. Lot of confusion regarding post Q

646 562 1437 weak trading - we give some potential explanations below but don't see these reasons as

michael.anastasiou@tdsecurities.com

problematic.

Chris Grenga, CFA

646 562 1387 See our initial thoughts on the quarter HERE and our deep dive on Exol HERE.

chris.grenga@tdsecurities.com

Potential explanations we've heard regarding post Q weakness despite strong results with

Key Data backlog implying upside to Street over next 12 months

Symbol NASDAQ: SYM

Beta: 2.04 Warranty disclosure in 10Q – SYM disclosed a $30+MM accrual addition associated with

52-Week Range: $87.30-$26.00 warranties on component replacement. Management likened this as similar to an auto

company where small variances are identified and subsequently rectified. The accrualMarket Cap: $6.5B

addition is small in the context of the 50+ systems currently live (<$1MM per system), the fix

Net Debt (MM): $(1,981.5)

has already been determined and is being deployed, and the customer is clearly on board with

Cash/Share: $5.57

it since they were actively ordering more systems this Q. This expense was fully taken in the

Dil. Shares Out (MM): 134.4

P&L and was not adjusted out.