Super Micro files financials ahead of Nasdaq deadline, stock pops

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Super Micro files financials ahead of Nasdaq deadline, stock pops

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 15% 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,

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, 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 Securities and Exchange Commission for its fiscal 2024, ending in June, and the first two quarters of the company’s fiscal 2025.

The Tuesday filing eliminates an possibility that the server maker could be delisted from the Nasdaq exchange, an overhang to Super Micro’s

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which had scared some investors away.

Last fall, Super Micro delayed releasing its annual report for the year ending in June, and its auditor, Ernst & Young, quit citing governance issues.

Super Micro said that it had identified material weaknesses in the company’s internal control over financial reporting, including IT issues, a lack of documentation over manual journal entries, and insufficient controls to address segregation of staff duties.

On Tuesday, Super Micro said in its filings that it is hiring additional accounting and audit employees and upgrading its IT systems to improve its internal financial controls going forward.

But while Super Micro has grappled with internal controls and accounting questions, the business has been growing strongly because it builds systems based around Nvidia’s graphics processing units, or GPUs, which are used to develop artificial intelligence. Elon Musk’s xAI, for example, buys Super Micro systems.

According to the company’s updated financials, Super Micro sales more than doubled in its fiscal 2024 to $14.99 billion.

Super Micro said it still faced risks related to its late financial reports, including litigation, repetitional harm, and potentially lower credit ratings. It said its failure to timely file its SEC reports could hurt its stock price and could hurt employee retention and hiring.

The stock has been rising this year after falling in the second half of last year on delisting concerns. Before Tuesday’s after-hours surge, it was up 52% so far in 2025.

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