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 will fairly present the company’s financial position on June 30, 2024,” the company’s auditor, BDO, wrote in the submission, with the results saying, ” Accounting Principles Generally Accepted in the US
Super Micro filed renewed and audited financial statements with the U.S. Securities and Exchange Commission for 2024, which ended in 2024, the company’s first two quarters of accounting 2025. The Nasdaq is an overhang that weighed on Super Micro’s stock price.
“The company has received a message from staff at NASDAQ that the company has regained compliance with its filing requirements, and the issue is currently closed,” Super Micro 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 upgrading its IT systems.
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 named 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.
Super Micro’s revenues more than doubled in 2024 to $149.9 billion, according to the company’s updated and audited finances.
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 so far recovered from the cruelty of the past nine months of 2023. It had risen 52% so far in 2025 before postmarket surge on Tuesday.
