Shares of Symbotic Inc. (SYM) plummeted 37.78% in intraday trading on Wednesday, following the company's announcement of accounting errors and guidance cuts.

The robotics company disclosed that it will delay filing its annual report for fiscal year 2024, as it needs additional time to assess and correct an error related to system revenue recognition. Symbotic identified instances where goods and services were expensed before the corresponding milestones were achieved, resulting in the acceleration of revenue recognition.

Consequently, Symbotic estimates that correcting these errors will lower its system revenue, system gross profit, and adjusted EBITDA by $30 million to $40 million for fiscal 2024, compared to the previously reported financial results.

Furthermore, the company has revised its outlook for the first quarter of fiscal 2025. Symbotic now expects revenue in the range of $480 million to $500 million, down from its previous guidance of $495 million to $515 million. Additionally, the company lowered its adjusted EBITDA guidance for the quarter to $12 million to $16 million, from the earlier range of $27 million to $31 million.

Adding to the concerns, Symbotic identified certain material weaknesses in its internal control over financial reporting for fiscal 2024 and is implementing measures to remediate these issues.