On Tuesday, the company released its delayed financial results, just in time to fulfill the Nasdaq listing requirement. Shares of the server manufacturer rose 22% in extended trade following the filing.
“In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company on June 30, 2024,” BDO, the company’s auditor, stated in the filing, adding that the results are “in conformity with accounting principles generally accepted” in the United States. Super Micro filed updated and audited financials with the United States Securities and Exchange Commission for 2024, which ended in June, and the first two quarters of fiscal 2025.Â
The move lessens the likelihood that the server maker could be eliminated from the Nasdaq, which has dragged on Super Micro’s stock price. “The Company got correspondence from the Nasdaq staff that the Company is back in compliance with the filing requirements, and the case is now closed,” the news statement added. Last year, after delaying its annual report, the corporation lost its auditor, Ernst & Young, due to governance difficulties. Super Micro has until Tuesday to become current and submit audited financials to the SEC.
In a letter from management included with the filing, Super Micro stated that it had detected serious flaws in internal controls over financial reporting, including IT difficulties, a lack of documentation for manual journal entries, and insufficient procedures to address personnel segregation. Super Micro said it employs more accounting and audit staff and IT infrastructure.
Super Micro also stated in its filing on Tuesday that a special committee of its Board of Directors examining its financial accounts did not feel EY’s departure was “supported by the facts” considered by the committee. In December, Super Micro stated that an examination revealed “no evidence of misconduct.” At the same time, it fired its former CFO, David Weigand. The corporation has not announced a new CFO.
Nonetheless, the company has been expanding swiftly due to increased demand for Nvidia’s graphics processing units, or GPUs, which are used to build artificial intelligence. Super Micro produces systems based on Nvidia GPUs, and one of its customers is Elon Musk’s xAI. According to the company’s revised and audited financials, Super Micro’s revenues in fiscal 2024 increased by more than twice to $14.99 billion. Super Micro stated that the business continues to face risks associated with its late financial disclosures, including lawsuits, reputational loss, and perhaps worse credit ratings. The stock has recovered this year after a horrible last nine months of 2023. Before Tuesday’s postmarket spike, it had risen 52% in 2025.
