Charles Liang, CEO of Super Micro Computer Inc., was at the Computex conference in Taipei, Taiwan on June 5, 2024.
Annabelle Chih | Bloomberg | Getty Images
Super microcomputer Reported delayed financial results on Tuesday to meet the Nasdaq’s listing deadline in a timely manner. After filing, the server manufacturer’s stock accounted for 15% of the expansion transactions.
“We believe that in all material respects, the consolidated financial statements fairly present the company’s financial position as at 30 June 2024,” said BDO, a company auditor, Write in the filingadding that the results “comply with generally accepted accounting principles”
Super Micro filed updated and audited finance with the Securities and Exchange Commission to complete its fiscal year 2024, ending in June and the first two quarters of the company’s fiscal year 2025.
Tuesday’s application eliminates the possibility that server manufacturers can stand out from the Nasdaq Exchange, a super micro prospect that scares some investors.
Last fall, Super Micro delayed its annual report to June, with its auditor Ernst & Young resigning from the resignation of governance issues.
But despite Super Micro’s efforts to address internal control and accounting issues, the business has been growing strongly as it builds systems around NVIDIA’s graphics processing units or GPUs that are used to develop artificial intelligence. For example, Elon Musk’s XAI purchased a super micro system.
Super micro sales more than doubled to $14.99 billion in fiscal 2024, according to the company’s latest finance.
Super Micro said it still faces risks associated with its later financial reports, including litigation, duplication hazards and potential credit rating reductions. It said its failure to file SEC reports in a timely manner could damage its share price and could damage employee retention and recruitment.
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