Symbotic Stock Plummets 40% Following Financial Reporting Errors and Filing Delay

The robotics company revises revenue forecasts and identifies material weaknesses in financial controls, alarming investors.

Symbotic announced a delay in filing its annual report due to revenue recognition errors and internal control weaknesses.
The company disclosed financial restatements that lower revenue, gross profit, and adjusted EBITDA by $30 million to $40 million for fiscal year 2024.
Revised guidance for Q1 fiscal 2025 projects revenue between $480 million and $500 million, down from prior estimates of $495 million to $515 million.
Shares of Symbotic fell nearly 40% in trading on Wednesday, marking a year-to-date decline of over 50%.
Symbotic is implementing measures to strengthen financial reporting controls and plans to file amended reports within the allowed extension period.