Like a kid handing in homework at the last minute, Supermicro finally files its missing financial figures
SMCI had to come up with long-delayed report – or lose its slot on NASDAQ again
It only took five or so months, but Supermicro has managed to untangle its long-delayed 2024 annual report, which was in a shoddy enough state to set its previous accountants running for the hills and put the server maker at risk of being delisted from the NASDAQ again.
Supermicro had delayed the release of its annual 10-K financial filing for the SEC, America's securities watchdog, in late August after discovering accounting issues.
The delays came amid allegations of accounting misconduct by a former employee, and a scathing report by activist short-seller Hindenberg Research claiming to have found additional evidence of unscrupulous behavior.
In December, an independent special committee formed by Supermicro's board ultimately found no evidence of corporate misconduct or fraud, but not before the accounting firm hired to review its reporting practices resigned. Supermicro later hired BDO USA to pick up the pieces.
But while the board-appointed special committee may have cleared the server slinger of wrongdoing, Supermicro nonetheless parted ways with its now-former CFO David Weigand and sought to hire a chief compliance officer and a general counsel.
Alongside its delinquent 10-K report for 2024, now finally submitted to the SEC and made publicly available, Supermicro also used the opportunity to catch up on 10-Q filings for the first and second quarters of its 2025 fiscal year, the three months to September 30 and December 31, 2024, respectively.
"With these filings, all outstanding financial statements are now filed with no restatements of previously filed financial statements, and the company has regained compliance with the NASDAQ filing requirements," the hardware maker said in a statement Tuesday.
The release of the 10-K saw the biz's share rocket more than 22 percent in after-hours trading on Tuesday — as the Silicon Valley corporation narrowly averted delisting from the NASDAQ stock exchange for a second time as punishment for fumbling around with its spreadsheets. Supermicro had until February 25 to turn in its completed financial paperwork, and did so in the nick of time that day.
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As for the numbers, Supermicro reported an annual profit of $1.15 billion, up 80 percent year-on-year, from revenues which jumped 110 percent to just shy of $15 billion. Its gross margin clocked in at 13.8 percent, down from 18 percent. The biz's fiscal year covers the 12 months to June 30, 2024.
This jump in sales unsurprisingly was driven by extreme demand for GPU-packed, AI-accelerating servers along with supporting equipment and accessories required to deploy these power hungry systems. Supermicro, we'll note, has benefited greatly from the AI boom, with it notably supplying a large quantity of systems used in xAI's 100,000 Nvidia H100 Colossus supercomputer.
Looking back at Supermicro's earlier disclosures, we see its latest figures differ slightly from the preliminary numbers shared in August. Revenues reported in the 10-K filing are slightly higher at $14.99 billion versus $14.94 billion, while net income was slightly lower at $1.15 billion versus $1.2 billion. ®