On Wednesday, Symbotic Inc (NASDAQ:SYM) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ending September 28, 2024.
The company cited the need for additional time to evaluate revenue recognition errors' financial impacts and address related internal control weaknesses. The stock is down 31% in premarket trade.
These issues were initially identified in Symbotic's recent earnings release. The company's review uncovered revenue recognition errors related to cost overruns on specific deployments. These inaccuracies impacted system revenue recognized in the second, third, and fourth quarters of fiscal year 2024.
The company estimates the total impact of correcting these errors will be to lower system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 million to $40 million for fiscal year 2024 compared to the financial results released on November 18, 2024.
Symbotic now projects first-quarter fiscal 2025 revenue of $480 million – $500 million (prior $495 million – $515 million) versus the $503.6 million estimate, alongside adjusted EBITDA of $12 million – $16 million (prior $27 million -$31 million). The company has committed to amending its previous financial disclosures to reflect these adjustments.
In response to these material weaknesses, Symbotic is implementing strategies to enhance internal control over financial reporting. The company expects to file its Form 10-K and amended quarterly reports on Form 10-Q for fiscal year 2024 within the 15-day extension period allowed for late filings.
Symbotic stock plunged 25% year-to-date. Symbotic will also be amending its Current Report on Form 8-K concerning this matter to indicate that its financial results for the fourth quarter and fiscal year 2024, issued on November 18, should no longer be relied upon.
On CNBC's "Mad Money Lightning Round," Jim Cramer highlighted Symbotic as a substantial investment opportunity, noting its profitability and position in a rapidly growing sector.
Price Action: SYM stock is down 31% at $25.79 premarket at last check Wednesday.
周三，Symbotic Inc（纳斯达克股票代码：SYM）宣布推迟提交截至2024年9月28日财年的10-k表年度报告。
该公司指出，需要更多时间来评估收入确认错误的财务影响并解决相关的内部控制缺陷。该股在盘前交易中下跌了31％。
这些问题最初是在Symbotic最近的财报中发现的。该公司的审查发现了与特定部署成本超支相关的收入确认错误。这些不准确之处影响了2024财年第二、第三和第四季度确认的系统收入。
该公司估计，与2024年11月18日公布的财务业绩相比，更正这些错误的总体影响将是使2024财年的系统收入、系统毛利、所得税前收益（亏损）和调整后的息税折旧摊销前利润减少3000万至4000万美元。
Symbotic现在预计2025财年第一季度收入为4.8亿美元至5亿美元（之前为4.95亿美元至5.15亿美元），而调整后的息税折旧摊销前利润为1200万美元至1,600万美元（之前为2700万美元至3,100万美元）。该公司已承诺修改其先前的财务披露以反映这些调整。
为了应对这些重大缺陷，Symbotic正在实施战略，以加强对财务报告的内部控制。该公司预计将在允许延迟提交的15天延期内提交2024财年的10-k表和经修订的10-Q表季度报告。
今年迄今为止，Symbotic的股票暴跌了25％。Symbotic还将修改其有关此事的8-k表最新报告，以表明不应再依赖其于11月18日发布的第四季度和2024财年的财务业绩。
在CNBC的 “疯狂金钱闪电回合” 中，吉姆·克莱默强调Symbotic是一个巨大的投资机会，并指出其盈利能力和在快速增长的行业中的地位。
价格走势：在周三的最后一次盘前检查中，syM股价下跌31％，至25.79美元。
