Embattled server maker Super Micro Computer told regulators that it will be unable to file its quarterly report on Form 10-Q for the period ended Sept. 30 in a timely manner without unreasonable effort or expense. SMCI stock fell Wednesday on the news.
Super Micro alerted the U.S. Securities and Exchange Commission about the delay in an SEC filing late Tuesday.
The artificial intelligence server maker said it needs additional time to select and engage a new accounting firm to review its fiscal 2024 financials before it can prepare its fiscal Q1 2025 Form 10-Q. Super Micro already is late in filing its 2024 Form 10-K.
SMCI stock dropped 6.3% to close at 20.33 on the stock market today.
On Nov. 5, the San Jose, Calif.-based company cut its sales targets for the September and December quarters in a business update.
On Oct. 30, Super Micro revealed in an SEC filing that its accounting firm, Ernst & Young, had resigned over financial reporting concerns. That news was on top of a delay in filing its annual 10-K report and a possible investigation by the U.S. Department of Justice.
Meanwhile, Super Micro faces a potential delisting from Nasdaq if it fails to return to compliance with its financial reporting.
SMCI stock is down 65% in the last three months and 28% year to date.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
