Super Micro Computer reported its delayed financial results on Tuesday, meeting the Nasdaq’s listing deadline. Shares of the server maker surged 15% in extended trading following 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, stated in the filing, confirming the results align with U.S. accounting principles. Super Micro submitted updated and audited financials to the Securities and Exchange Commission for its fiscal 2024, which ended in June, and the first two quarters of fiscal 2025. This filing removes the risk of delisting from Nasdaq, a concern that had previously deterred some investors. Last autumn, Super Micro postponed its annual report, leading to the departure of its auditor, Ernst & Young, due to governance issues. The company acknowledged material weaknesses in its financial reporting controls, including IT challenges and insufficient documentation. On Tuesday, Super Micro announced plans to hire more accounting and audit staff and enhance its IT systems to strengthen financial controls. Despite these challenges, the company has seen robust growth, driven by its production of systems using Nvidia’s graphics processing units (GPUs) for artificial intelligence development. Notably, Elon Musk’s xAI purchases Super Micro systems. According to the updated financials, Super Micro’s sales more than doubled in fiscal 2024 to $14.99 billion. The company warned of ongoing risks from its delayed reports, including potential litigation, reputational damage, and lower credit ratings. These delays could also impact its stock price and employee retention. The stock has rebounded this year after declining in late 2024 due to delisting fears. Prior to Tuesday’s after-hours jump, it was up 52% in 2025. — news from CNBC
