11:19 AM EST, 11/27/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Symbotic ( SYM ) shares slumped 39% in recent trading on Wednesday after it submitted a notification of late filing for its annual report for the fiscal year ending Sept. 28.

The company said it needs more time to assess and correct an error related to revenue recognition and the impact of that error on its financial reporting.

The company said earlier this month that it found examples in fiscal 2024 where goods and services were expensed before the corresponding milestones were achieved, resulting in the acceleration of revenue.

The company estimates the corrected numbers will lower adjusted EBITDA by $30 million to $40 million for fiscal year 2024, compared with financial results released on Nov. 18.

Symbotic ( SYM ) said it is also lowering its revenue outlook for fiscal Q1 to $480 million to $500 million, down from $495 million to $515 million previously.

Price: 22.65, Change: -14.76, Percent Change: -39.45