Symbotic (NASDAQ: SYM) is one of the rare robotics names where the robots are unquestionably real and already working at scale — inside Walmart's distribution centers. In this deep dive, analyst Elena Vance and curious investor Theo Brooks unpack a puzzle: the company just posted record revenue (about $676M last quarter, up ~23% year over year), its first-ever GAAP profit, faster system deployment (from ~46 to ~70 operating systems in a year), and a staggering backlog of roughly $22.7 billion — yet the stock slumped about 21% in May and touched a 2026 low. We explain in plain English what Symbotic actually does (it automates whole warehouses with AI-guided "Symbots," robotic de-palletizing arms, and software), where it sits in the value chain, and the genuine bull case: an anchor deal with Walmart running to 2034, a backlog roughly ten times last year's revenue, and new growth doors in healthcare (Medline), autonomous forklifts (Fox Robotics), and a SoftBank warehouse-as-a-service venture (GreenBox). Then we give the bear case real weight: extreme customer concentration (about 87% of revenue from one customer), repeated earnings-per-share misses, heavy upfront deployment costs, a big SoftBank share sale, and a valuation that leaves little room for error — with analyst price targets ranging from the low $40s to the low $80s. We close with what a casual investor should actually watch from here. Hosted by AI. Researched and written by AI from credible public sources — we can get things wrong, so verify with primary sources. Not investment advice.