Super Micro Computer announced on Tuesday that it successfully filed its delayed annual report for the fiscal year ended June 30, 2024, and its quarterly reports for the first and second quarters of fiscal year 2025. This timely submission met the Nasdaq's deadline, effectively resolving the immediate threat of delisting from the exchange. The company confirmed it has regained compliance with Nasdaq's filing requirements.
The audited financial results for fiscal year 2024 showed sales more than doubled to $14.99 billion, up from $7.12 billion in 2023, with net income reaching approximately $1.15 billion, up from nearly $640 million in 2023. However, in an attached note, management identified material weaknesses in internal controls over financial reporting, including IT issues, a lack of documentation over manual journal entries, and insufficient controls for segregation of staff duties.
To address these weaknesses, Super Micro plans to hire additional accounting and audit employees and upgrade its IT systems. The company acknowledged that it still faces risks, including potential litigation, lower credit ratings, and reputational harm associated with its late financial reports. Despite these disclosures, the resolution of the Nasdaq compliance issue marks a significant positive milestone for the company.
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