Summary by Moomoo AI
On November 18, 2024, Symbotic identified errors in revenue recognition impacting fiscal year 2024 financial results. The errors, related to cost overruns on certain deployments, affected system revenue, net income, and gross margin for the second, third, and fourth quarters.As a result, Symbotic's financial statements for these periods should no longer be relied upon. The company plans to restate its unaudited interim financial statements and delay the filing of its Annual Report on Form 10-K for fiscal year 2024. The estimated impact of these corrections is a reduction in system revenue and adjusted EBITDA by $30 million to $40 million.Symbotic is implementing measures to improve internal controls over financial reporting. The company also revised its outlook for the first quarter of fiscal year 2025, expecting revenue of $480 million to $500 million and adjusted EBITDA of $12 million to $16 million.
