$SYM
FILES TO DELAY 10-K DUE TO REVENUE RECOGNITION ERRORS
Symbotic has delayed its FY2024 10-K filing, citing the need to address errors in revenue recognition related to cost overruns on deployments that won’t be billable. These issues impact system revenue, gross margin, and net income across Q2-Q4 of FY2024, with previously reported results deemed unreliable.
Revised estimates for FY2024 include revenue growth of $605M-$615M (vs. $645M initially reported) and a narrowed net loss of $117M-$127M (reflecting a $30M-$40M adjustment). Symbotic expects to file the corrected 10-K within the 15-day extension period.
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$SEDG (+11.9%) TO CUT 500 JOBS, EXIT ENERGY STORAGE BUSINESS
SolarEdge is cutting 500 jobs, about 12% of its workforce, as it shuts down its energy storage division to focus on its core solar operations. Most layoffs will affect manufacturing roles in South Korea, with nearly all set to occur in the first half of 2025.
The pivot will result in $81M-$99M in charges from asset impairments, inventory write-offs, and severance. SolarEdge plans to partially offset these costs by selling off the energy storage unit's assets.