Symbotic (SYM) Files to Delay 10-K

Symbotic (NASDAQ: SYM) disclosed:

Symbotic Inc. (the “Company”) has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the “Fiscal Year 2024 10-K”) by the prescribed filing due date, without unreasonable effort or expense, because the Company requires additional time to complete its assessment of the financial impacts of correcting an error related to system revenue recognition and the impacts of that error on internal controls over financial reporting. On November 25, 2024, in connection with the preparation of the Fiscal Year 2024 10-K, the Company identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024. The Company is concurrently filing with this Form 25b-25 an Amendment No. 1 on Form 8-K/A (the “Form 8-K”) to the Company’s Current Report on Form 8-K dated November 18, 2024 (the “Original Form 8-K”), which indicates that the Company’s previously issued unaudited interim financial statements for the first, second and third quarters of fiscal year 2024 that were previously filed in the Company’s quarterly reports on Form 10-Q on February 8, 2024, May 7, 2024 and July 31, 2024, respectively, and the preliminary unaudited financial results for fourth quarter and fiscal year 2024 furnished in the Original Form 8-K, should not be relied upon. Please refer to Item 4.02 of the Form 8-K for additional details. The Company is working diligently and expects to file the Fiscal Year 2024 10-K on or before the expiration of the fifteen-calendar day extension period.

On November 18, 2024, the Company issued an earnings press release including consolidated statements of operations for the fiscal years ended September 28, 2024 and September 30, 2023 (the “Fourth Quarter 2024 Earnings Release”). The consolidated statements of operations included in the Fourth Quarter 2024 Earnings Release reflected significant changes from the fiscal year ended September 28, 2024 compared to the fiscal year ended September 30, 2023, including an increase in revenues of approximately $645 million, a decrease in loss before income tax of approximately $167 million, and a decrease in net loss of approximately $157 million. The Company’s Form 8-K indicates that the preliminary unaudited financial results for fourth quarter and fiscal year 2024 included in the Fourth Quarter 2024 Earnings Release should not be relied upon. As described in Part III above, the Company is still evaluating the financial impacts on its fiscal year 2024 financial statements, including those included in the Fourth Quarter 2024 Earnings Release, of correcting the errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which is expected to impact system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024. At this time, it is anticipated that the financial statements included in the Annual Report on Form 10-K for the fiscal year ended September 28, 2024 will reflect an increase in revenues of between approximately $605 million and approximately $615 million, a decrease in loss before income tax of between approximately $127 million and approximately $137 million, and a decrease in net loss of between approximately $117 million and approximately $127 million, which reflects an expected negative adjustment of between $30 million to $40 million, respectively, to the revenue, loss before income tax and net loss initially reported in the Fourth Quarter Earnings Release for the fiscal year ended September 28,2024. Revenue increased and loss before income tax and net loss narrowed primarily due to more deployments and system sites operational during the 2024 fiscal year compared to the 2023 fiscal year.

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