Symbotic Inc. (SYM): auditor change — Symbotic restates FY2024 results; revenue recognition error cuts revenue and EBITDA by $30M-$40M

Symbotic Inc.

Total impact of correcting errors lowers FY2024 system revenue, gross profit, income before tax, and adjusted EBITDA by $30M-$40M vs. Nov 18 release.
Previously issued financial statements for Q1-Q3 FY2024 and Q4 FY2024 earnings release should no longer be relied upon.
Management identified material weaknesses in internal control over financial reporting.
Revised Q1 FY2025 outlook: revenue $480M-$500M and adjusted EBITDA $12M-$16M.
Delay in filing FY2024 Form 10-K; expects to file within 15-day extension period.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Symbotic Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 27, 2024, the Company issued a press release describing the impact of the error and indicating that the financial results for the fourth quarter and fiscal year 2024 included in the Fourth Quarter Earnings Release should no longer be relied upon.

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Source: SEC EDGAR

accession 0001193125-24-266541

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