SAN JOSE, Calif. - Super Micro Computer, Inc. (NASDAQ:SMCI), a company specializing in IT solutions for various technological sectors, has announced the appointment of BDO USA, P.C. as its new independent auditor. The engagement is effective immediately, with BDO being part of the global accounting network BDO International.
Charles Liang, the President and CEO of Supermicro, expressed confidence in the new partnership, highlighting BDO's respected position in the accounting field and its global reach. According to Liang, the appointment of BDO is a critical step toward updating the company's financial statements, a task Supermicro is addressing with both dedication and speed.
In a related move, Supermicro has submitted a compliance plan to the Nasdaq Stock Market to request additional time to meet the exchange's listing requirements. The company believes it will be able to file its Annual Report for the fiscal year ended June 30, 2024, and its Quarterly Report for the quarter ended September 30, 2024, within the period allowed by Nasdaq's discretionary policies. As a result, Supermicro's securities will continue to be listed on Nasdaq while the exchange reviews the submitted compliance plan.
The information in this article is based on a press release statement from Super Micro Computer, Inc. It is important to note that forward-looking statements in the press release are not guarantees of future performance and are subject to various risks and uncertainties. These include the outcomes of both Nasdaq's review of the compliance plan and the company's ability to complete necessary audits and filings.
Supermicro, headquartered in San Jose, California, is known for providing optimized IT solutions across diverse sectors, including enterprise, cloud, AI, and 5G Telco/Edge IT infrastructure. Their product range includes server, AI, storage, IoT, and switch systems with an emphasis on in-house design and manufacturing aimed at improving total cost of ownership and reducing environmental impact.
In other recent news, Supermicro, Inc. has unveiled its latest SuperCluster, an AI data center solution featuring NVIDIA (NASDAQ:NVDA)'s Blackwell platform. This new development is designed to significantly enhance the GPU compute density of the company's existing liquid-cooled NVIDIA HGX H100 and H200-based SuperClusters. Supermicro's offerings now extend to all NVIDIA GB200 Grace Blackwell Superchips, including the NVIDIA GB200 NVL4 and NVL72 systems.
In terms of financial performance, Supermicro witnessed a substantial surge in its Q1 FY'25 revenue, primarily driven by robust demand for AI solutions. The preliminary net revenue is estimated between $5.9 billion to $6 billion, marking a 181% increase year-over-year. Non-GAAP earnings per share are projected at $0.75 to $0.76, a rise of 122% from the previous year.
The company is also expanding its manufacturing capabilities with a new campus in Malaysia and increased capacity in Silicon Valley. Supermicro launched new AI infrastructure products and sees potential growth in its direct liquid cooling technology. For Q2 FY'25, the company expects net sales to range from $5.5 billion to $6.1 billion, with GAAP diluted earnings per share projected between $0.48 and $0.58. These are among the recent developments for Supermicro.
InvestingPro Insights
As Super Micro Computer, Inc. (SMCI) navigates through its auditing and compliance challenges, recent InvestingPro data provides additional context to the company's financial landscape. Despite the current hurdles, SMCI's market capitalization stands at a robust $12.47 billion, reflecting its significant presence in the IT solutions sector.
The company's financial performance has been noteworthy, with revenue growth reaching an impressive 109.77% over the last twelve months as of Q4 2024. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year, suggesting continued momentum in SMCI's business operations.
However, investors should note that SMCI's stock has experienced significant volatility recently. InvestingPro data shows a 20.02% decline in the past week and a substantial 60.69% drop over the last month. This volatility is further emphasized by an InvestingPro Tip stating that the stock generally trades with high price volatility, which may be particularly relevant given the company's current auditing situation.
On a positive note, SMCI's P/E ratio of 10.88 suggests a relatively attractive valuation, especially considering its growth rates. This is supported by an InvestingPro Tip highlighting that the company is trading at a low P/E ratio relative to near-term earnings growth, which could be of interest to value-oriented investors.
For those seeking a more comprehensive analysis, InvestingPro offers 19 additional tips for SMCI, providing a deeper understanding of the company's financial health and market position during this critical period.
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