Summary by Moomoo AI
On November 25, 2024, Symbotic announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended September 28, 2024, due to errors in revenue recognition. These errors, related to cost overruns on certain deployments, affected system revenue, income (loss) before income tax, net income (loss), and gross margin for the second, third, and fourth quarters of fiscal year 2024.The company is working to correct these errors and expects to file the report within a 15-day extension period. Preliminary unaudited financial results for fiscal year 2024, previously released, should not be relied upon. Symbotic anticipates an increase in revenues of approximately $605-$615 million and a decrease in net loss of $117-$127 million compared to the previous year.
