Symbotic announced it will delay filing its FY2024 10-K due to revenue recognition errors discovered in Q2-Q4 2024. The company identified cost overruns on certain deployments that will not be billable, impacting system revenue, gross profit, and adjusted EBITDA by an estimated $30-40 million compared to previously reported results on November 18.The company has determined that its previously issued unaudited interim financial statements for Q1-Q3 FY2024 and the Q4/FY2024 earnings release should no longer be relied upon. Management has identified material weaknesses in internal control over financial reporting and is implementing remediation measures.Looking ahead, Symbotic revised its Q1 FY2025 outlook, now expecting revenue of $480-500 million and adjusted EBITDA of $12-16 million. The company expects to file the Form 10-K and amended quarterly reports within the fifteen-day extension period.

Symbotic announced it will delay filing its FY2024 10-K due to revenue recognition errors discovered in Q2-Q4 2024. The company identified cost overruns on certain deployments that will not be billable, impacting system revenue, gross profit, and adjusted EBITDA by an estimated $30-40 million compared to previously reported results on November 18.The company has determined that its previously issued unaudited interim financial statements for Q1-Q3 FY2024 and the Q4/FY2024 earnings release should no longer be relied upon. Management has identified material weaknesses in internal control over financial reporting and is implementing remediation measures.Looking ahead, Symbotic revised its Q1 FY2025 outlook, now expecting revenue of $480-500 million and adjusted EBITDA of $12-16 million. The company expects to file the Form 10-K and amended quarterly reports within the fifteen-day extension period.