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Super Micro Computer Meets Nasdaq Deadline with Updated Financial Results
Super Micro Computer Inc. recently submitted its delayed financial results, successfully adhering to Nasdaq’s listing requirements. Following this filing, the company saw its shares rise by 15% in after-hours trading.
In the filed documents, BDO, the company’s auditor, stated, “In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2024.” The audit confirmed that Super Micro’s financial results align with Generally Accepted Accounting Principles (GAAP) in the United States.
The updated financial statements were filed with the Securities and Exchange Commission, covering the fiscal year ending June 2024, as well as the initial two quarters of the 2025 fiscal year.
This filing has alleviated fears regarding a potential delisting from the Nasdaq, a concern that had previously unsettled investors and clouded the company’s financial outlook.
Super Micro encountered challenges last fall when it postponed its annual report release and faced governance issues that led to the departure of its auditor, Ernst & Young. Despite these internal hurdles, the company’s business has continued to thrive, particularly due to its focus on systems utilizing Nvidia’s powerful graphics processing units (GPUs), which play a crucial role in artificial intelligence development. A notable client, Elon Musk’s xAI, has been among those procuring these systems from Super Micro.
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