SAN JOSE, Calif. - Super Micro Computer, Inc. (NASDAQ:SMCI), a company specializing in IT solutions for sectors such as AI, Cloud, Storage, and 5G/Edge, announced today that it will not file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, within the prescribed timeframe. The company anticipates filing a Notification of Late Filing on Form 12b-25 by August 30, 2024.
The delay is attributed to the additional time required by SMCI’s management to complete their assessment of the internal controls over financial reporting as of the end of the fiscal year. This process is necessary to ensure the accuracy and reliability of the company's financial statements.
Super Micro Computer has not updated its previously announced results for the fiscal year and quarter ended June 30, 2024, which were initially disclosed in a press release dated August 6, 2024.
Headquartered in San Jose, California, Supermicro is known for its Application-Optimized Total IT Solutions. The company prides itself on innovation tailored for various IT infrastructure needs, ranging from enterprise solutions to 5G Telco/Edge IT Infrastructure. Supermicro's in-house design and manufacturing capabilities are a cornerstone of its strategy to deliver optimized solutions that aim to improve total cost of ownership and reduce environmental impact through its Green Computing initiative.
The company's announcement today is a forward-looking statement and, like all such statements, is subject to risks and uncertainties that could cause actual results to differ materially from the anticipated outcomes. The factors that may influence these results are detailed in the company's filings with the Securities and Exchange Commission, especially under the "Risk Factors" section.
This news is based on a press release statement from Super Micro Computer, Inc. Investors and stakeholders are advised to consider the information provided with the understanding that actual future results may vary significantly from what is currently expected.
In other recent news, Super Micro Computer Incorporated has reported record-breaking financial results for the fourth quarter of 2024, with revenues reaching $5.31 billion, marking a 143% year-over-year growth. The full-year revenue for fiscal 2024 stood at $14.94 billion, a 110% increase from the previous year. This substantial growth is largely attributed to Super Micro's dominance in the AI infrastructure space, particularly in Generative AI training and inferencing. The company also announced a 10-for-1 forward stock split to enhance stock accessibility and set ambitious targets for its direct liquid cooling (DLC) solutions in data centers.
In other developments, Supermicro has added Susie Giordano to its board of directors. Giordano brings over 25 years of experience in advising on strategy, litigation, compliance, and other key areas, including an 11-year tenure at Intel (NASDAQ:INTC). Looking ahead, Super Micro projects its Q1 2025 revenue to be between $6 billion and $7 billion, with fiscal 2025 revenue estimated between $26 billion and $30 billion. Despite concerns about supply chain bottlenecks and the availability of key components, the company remains optimistic about its future.
InvestingPro Insights
As Super Micro Computer, Inc. (NASDAQ:SMCI) navigates the intricacies of financial reporting and internal controls, investors are keeping a close eye on the company's performance metrics. According to recent data from InvestingPro, Super Micro Computer has shown remarkable revenue growth over the last twelve months as of Q4 2024, with an increase of 109.77%. This substantial top-line expansion is a testament to the company's strong position in the technology hardware sector, particularly in areas such as AI, Cloud, Storage, and 5G/Edge—key drivers of its Application-Optimized Total IT Solutions strategy.
Despite the challenges of the past week, which saw the stock price take a significant hit with a one-week total return of -12.21%, Super Micro Computer has demonstrated resilience with a high return over the last year, boasting a 114.63% annual price total return. This performance underscores the company's robust market presence and the effectiveness of its innovation-led approach.
InvestingPro Tips highlight that analysts are optimistic about the company's prospects, having revised their earnings upwards for the upcoming period. This, coupled with Super Micro Computer's low P/E ratio of 25.21 relative to near-term earnings growth, suggests that the stock may be undervalued, offering potential for investors. Additionally, the company's liquid assets exceeding short-term obligations indicate a healthy financial position that could reassure stakeholders amidst the current delay in filing its annual report.
To gain further insights into Super Micro Computer's financial health and stock performance, including additional InvestingPro Tips, investors can visit https://www.investing.com/pro/SMCI. Currently, there are 17 more tips available on InvestingPro, providing a comprehensive analysis to help inform investment decisions.
The company's next earnings date is set for October 29, 2024, which will be a pivotal moment for investors to assess the company's financial trajectory and the effectiveness of its internal controls over financial reporting.
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