“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 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 outlook 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.
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.
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