Charles Liang, CEO of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on June 5, 2024.
Annabelle Chih | Bloomberg | Getty Images
Super Micro Computer reported its delayed financial results on Tuesday just in time to meet the Nasdaq’s listing deadline. Shares of the server maker popped 22% in extended trading after the filing.
“In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2024,” BDO, the company’s auditor, wrote in the filing, adding that the results are “in conformity with accounting principles generally accepted” in the U.S.
Super Micro filed updated and audited financials with the U.S. Securities and Exchange Commission for its fiscal 2024, ending in June, and the first two quarters of the company’s fiscal 2025. The filing reduces any near-term possibility that the server maker could be delisted from the Nasdaq, an overhang that had weighed on Super Micro’s stock price.
“The Company has received correspondence from the Nasdaq staff that the Company has regained compliance with the filing requirements, and the matter is now 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 had until Tuesday to become current and file audited financials with the SEC.
Super Micro said in a note from management as part of the filing that it had identified material weaknesses in internal controls over financial reporting, including IT issues, a lack of documentation over manual journal entries and insufficient controls to address segregation of staff duties. Super Micro said that it is hiring additional accounting and audit employees, as well as upgrading its IT systems.
Super Micro also said in Tuesday’s filing that a special committee of its Board overseeing its financial statements did not believe that EY’s resignation was “supported by the facts” examined by the committee.
In December, Super Micro said a review found “no evidence of misconduct.” At the same time, it removed its former chief financial officer, David Weigand. The company has not named a new CFO.
Still, the business has been growing rapidly because of soaring demand for Nvidia’s graphics processing units, or GPUs, which are used to develop artificial intelligence. Super Micro builds systems around Nvidia’s GPUs, and Elon Musk’s xAI is a customer.
According to the company’s updated and audited financials, Super Micro’s sales more than doubled in its fiscal 2024 to $14.99 billion.
Super Micro said it still faces risks related to its late financial reports, including litigation, reputational harm, and potentially lower credit ratings.
The stock has rebounded so far this year from a brutal last nine months of 2023. Before Tuesday’s postmarket surge, it was up 52% so far in 2025.
