Shares of Super Micro Computer surged 20% after the company filed its delayed financial results by the Nasdaq’s deadline. The filings, audited by BDO, confirmed that the financial statements for the fiscal year ending June 30, 2024, were accurate and in compliance with U.S. accounting standards.
The company also filed audited results for the first two quarters of fiscal 2025 and announced it had regained compliance with Nasdaq’s filing requirements. However, Super Micro acknowledged material weaknesses in internal controls, including IT issues and insufficient segregation of duties. Plans are underway to hire additional staff and upgrade systems.
Despite these challenges, Super Micro faces ongoing risks such as potential litigation and reputational harm. The company has seen increased demand for its AI servers amid the technology boom but faced setbacks last year following a report by Hindenburg Research and governance concerns that led to delays in reporting.
In December, the company removed its CFO, finding no evidence of misconduct, and CEO Charles Liang expressed confidence in meeting the filing deadline. Shares remain volatile, with year-over-year declines of 48%.
— news from CNBC