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Symbotic (Nasdaq: SYM), a company specializing in A.I.-enabled robotics technology for the supply chain, disclosed that it needed more time to file its annual report citing “material weaknesses” in controls over its financial reporting.
Symbotic also lowered its sales guidance for the 1st quarter of 2025 to revenue of $480 million to $500 million along with adjusted EBITDA of $12 million to $16 million.
Symbiotic had previously announced in November 18, 2024 that while reviewing business processes and preparing its full-year financial statements, the company identified occurrences during fiscal year 2024 where goods and services were expensed prior to the time that the corresponding milestones were achieved. This resulted in the acceleration of the recognition of cost of revenue.
Symbiotic finished Wednesday’s trading session at $24 a share, down 35% from Tuesday. The stock had recently recovered from September lows of $17 a share.
