Shares of Symbotic fell over 30% following the company's announcement that they will restate their fiscal year 2024 financial results due to errors in revenue recognition and cost overruns. The company stated that it anticipates reducing reported revenues and adjusted EBITDA by $30-$40 million. Symbotic Inc. also delayed filing its Annual Report on Form 10-K, citing material weaknesses in internal controls, and lowered their revenue and adjusted EBITDA outlook for Q1 2025.
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