Charles Liang, CEO of Super Micro Computer Inc. at the Computex Conference held in Taipei, Taiwan on June 5th, 2024.
Annabellechee | Bloomberg | Getty Images
Super Microcomputer It reported delays in financial results on Tuesday to meet the deadline for the NASDAQ listing. The server maker’s shares won 22% in extended transactions after filing.
“In our opinion, the integrated financial statements present the company’s financial position fairly in all important respects as of June 30, 2024,” said BDO, the company’s auditor. I wrote it in the filingadded that the results “conform to commonly accepted accounting principles.”
Super Micro filed renewed and audited financial statements with the US Securities and Exchange Commission That 2024Ends in June, beginning two The company’s accounting quarter 2025. This filing reduces the short-term chance that server makers can delist the Nasdaq, an overhang that had heavy Super Micro stock prices.
“The company has received a return from staff at NASDAQ to comply with the filing requirements. The issue is currently closed.” I said in a press release.
Last year, after the company delayed its annual report, it lost its auditor Ernst & Young, citing governance issues. Super Micro has become current and file audit finance with the SEC until Tuesday.
Super Micro has identified key weaknesses in internal financial reporting controls, including IT issues, lack of documentation on manual journal entries, and inadequate controls to address staff obligations, according to the filing. as stated in a note from the management. Super Micro said it employs additional accounting and auditing employees, as well as IT systems upgrades.
Super Micro also said in a filing Tuesday that the board’s special committee overseeing the financial statements does not believe EY’s resignation is “supported by the facts” considered by the committee.
In December, Super Micro said the review found “no evidence of fraud.” At the same time, he removed former Chief Financial Officer David Weigand. The company has not given a name to the new CFO.
Still, business is growing rapidly due to rising demand for Nvidia’s graphics processing units or GPUs used to develop artificial intelligence. Super Micro builds the system around Nvidia’s GPUs, and Elon Musk’s Xai is a customer.
According to the company’s updated and audited finances, Super Micro’s revenues were more than doubled in 2024 to $149.9 billion.
Super Micro said it faces risks related to the second half of its financial reporting, including litigation, reputational damage and potentially low credit ratings.
This year, stock prices have recovered from the brutality of the past nine months of 2023. It has so far increased 52% in 2025 before the postmarket surge on Tuesday.
