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Super Micro Computer, Inc. Delinquent Financial Report Q3 2024: Filing Challenges & Investigations

$SMCI
Form NT 10-Q
Filed on: 2024-11-13
Source
Super Micro Computer, Inc. Delinquent Financial Report Q3 2024: Filing Challenges & Investigations

Key Information and Insights from the Financial Report (NT 10-Q)

  1. Company Overview:
  • Full Name of Registrant: Super Micro Computer, Inc.
  • Principal Executive Office Address: 980 Rock Avenue, San Jose, California 95131.
  1. Filing Status:
  • This document is a notification of late filing for the Quarterly Report on Form 10-Q for the period ending September 30, 2024.
  • The company has also been unable to file its Annual Report on Form 10-K for the period ending June 30, 2024. Both reports are referred to as "Delinquent Reports."
  1. Reasons for Delay:
  • The company cites that it could not file the reports in a timely manner without "unreasonable effort or expense."
  • The Audit Committee of the Board of Directors formed a Special Committee to review internal controls due to concerns raised by the company's independent registered public accounting firm, which subsequently resigned.
  1. Ongoing Investigations:
  • The Special Committee has completed an initial investigation but has ongoing work that is expected to conclude soon. This includes the need for:
    • The selection and engagement of a new independent registered public accounting firm (Successor Firm).
    • Completion of an assessment of internal controls over financial reporting.
    • Audits of financial statements and internal controls.
  1. Filing Timeline:
  • The company plans to file the 2024 Form 10-K and the Q1 2025 Form 10-Q before the respective deadlines outlined for late filings (15 days for annual reports and 5 days for quarterly reports).
  1. Contact Information:
  • Contact Person: Charles Liang
  • Telephone Number: (408) 503-8000
  1. Anticipated Changes in Financial Performance:
  • The company anticipates that significant changes in results of operations may be reflected in the earnings statements due to ongoing investigations and reviews, although specific details have not been provided in this notification.
  • Preliminary financial information for the quarter ended September 30, 2024, was released on November 5, 2024.
  1. Forward-Looking Statements:
  • The document includes a cautionary statement regarding forward-looking statements, indicating that the company does not guarantee future performance and acknowledges risks associated with compliance issues regarding SEC filings.

Conclusion: Super Micro Computer, Inc. is currently facing challenges in timely filing its financial reports due to internal control reviews and the resignation of its accounting firm. The company is working to resolve these issues and has outlined a plan for future filings while indicating potential changes in financial performance. Stakeholders should monitor the situation closely as the company navigates its compliance obligations.