Supermicro Announces an Update from the Independent Special Committee and First Quarter Fiscal Year 2025 Preliminary Financial Information
Supermicro (SMCI) announced preliminary Q1 FY2025 results with expected net sales of $5.9-6.0 billion, below previous guidance of $6.0-7.0 billion. The company expects GAAP and non-GAAP gross margin of 13.3%, with GAAP EPS of $0.68-0.70 and non-GAAP EPS of $0.75-0.76. For Q2 FY2025, Supermicro projects net sales of $5.5-6.1 billion with GAAP EPS of $0.48-0.58. The Special Committee investigation found no evidence of fraud or misconduct by management or Board. The company continues working on its delayed Form 10-K filing and must submit a compliance plan to Nasdaq within 60 days.
Supermicro (SMCI) ha annunciato i risultati preliminari per il primo trimestre dell'anno fiscale 2025 con vendite nette attese di 5,9-6,0 miliardi di dollari, inferiori alle precedenti stime di 6,0-7,0 miliardi di dollari. L'azienda prevede un margine lordo GAAP e non GAAP del 13,3%, con un utile per azione GAAP di 0,68-0,70 dollari e un utile per azione non GAAP di 0,75-0,76 dollari. Per il secondo trimestre dell'anno fiscale 2025, Supermicro stima vendite nette di 5,5-6,1 miliardi di dollari e un utile per azione GAAP di 0,48-0,58 dollari. L'indagine del Comitato Speciale non ha trovato prove di frode o cattiva condotta da parte della direzione o del Consiglio. L'azienda continua a lavorare sul deposito del suo modulo 10-K in ritardo e deve presentare un piano di conformità a Nasdaq entro 60 giorni.
Supermicro (SMCI) anunció resultados preliminares para el primer trimestre del año fiscal 2025, con ventas netas esperadas de 5.9-6.0 mil millones de dólares, por debajo de la orientación previa de 6.0-7.0 mil millones de dólares. La empresa espera un margen bruto GAAP y no GAAP del 13.3%, con un EPS GAAP de 0.68-0.70 dólares y un EPS no GAAP de 0.75-0.76 dólares. Para el segundo trimestre del año fiscal 2025, Supermicro proyecta ventas netas de 5.5-6.1 mil millones de dólares con un EPS GAAP de 0.48-0.58 dólares. La investigación del Comité Especial no encontró evidencia de fraude o mala conducta por parte de la gerencia o de la Junta. La empresa sigue trabajando en su presentación atrasada del Formulario 10-K y debe presentar un plan de cumplimiento a Nasdaq en un plazo de 60 días.
슈퍼마이크로(SMCI)는 2025 회계연도 1분기 예비 실적을 발표하며, 추정 순매출이 59억~60억 달러에 이를 것으로 예상된다고 밝혔습니다. 이는 이전의 60억~70억 달러 전망보다 낮은 수치입니다. 이 회사는 GAAP 및 비GAAP 총 마진을 13.3%로 예상하고 있으며, GAAP 주당순이익은 0.68~0.70 달러, 비GAAP 주당순이익은 0.75~0.76 달러로 추정하고 있습니다. 2025 회계연도 2분기에는 슈퍼마이크로가 55억~61억 달러의 순매출과 GAAP 주당순이익 0.48~0.58 달러를 예측하고 있습니다. 특별위원회 조사에서는 경영진이나 이사회에 대한 fraud 또는 비행 행위의 증거를 발견하지 못했습니다. 이 회사는 지연된 10-K 양식 제출 작업을 계속하고 있으며, 60일 이내에 나스닥에 준수 계획을 제출해야 합니다.
Supermicro (SMCI) a annoncé des résultats préliminaires pour le premier trimestre de l'exercice 2025, avec des ventes nettes attendues de 5,9 à 6,0 milliards de dollars, en dessous des prévisions précédentes de 6,0 à 7,0 milliards de dollars. L'entreprise prévoit une marge brute GAAP et non GAAP de 13,3%, avec un BPA GAAP de 0,68 à 0,70 dollar et un BPA non GAAP de 0,75 à 0,76 dollar. Pour le deuxième trimestre de l'exercice 2025, Supermicro prévoit des ventes nettes de 5,5 à 6,1 milliards de dollars avec un BPA GAAP de 0,48 à 0,58 dollar. L'enquête du Comité spécial n'a révélé aucune preuve de fraude ou de conduite répréhensible de la part de la direction ou du Conseil d'administration. L'entreprise continue de travailler sur le dépôt retardé de son formulaire 10-K et doit soumettre un plan de conformité à la Nasdaq dans les 60 jours.
Supermicro (SMCI) gab die vorläufigen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 bekannt, mit erwarteten Nettoumsätzen von 5,9-6,0 Milliarden Dollar, was unter den vorherigen Prognosen von 6,0-7,0 Milliarden Dollar liegt. Das Unternehmen erwartet eine GAAP- und non-GAAP-Bruttomarge von 13,3%, mit einem GAAP-EPS von 0,68-0,70 Dollar und einem non-GAAP-EPS von 0,75-0,76 Dollar. Für das zweite Quartal des Geschäftsjahres 2025 prognostiziert Supermicro Nettoumsätze von 5,5-6,1 Milliarden Dollar mit einem GAAP-EPS von 0,48-0,58 Dollar. Die Untersuchung des Sonderausschusses ergab keine Beweise für Betrug oder Fehlverhalten seitens des Managements oder des Vorstands. Das Unternehmen arbeitet weiterhin an seiner verspäteten Einreichung des Formulars 10-K und muss innerhalb von 60 Tagen einen Compliance-Plan bei der Nasdaq einreichen.
- Special Committee investigation found no evidence of fraud or misconduct
- Strong cash position with $2.1 billion in cash and cash equivalents
- Q1 FY2025 GAAP EPS expected to exceed lower end of previous guidance
- Q1 FY2025 revenue missed previous guidance range by up to $1 billion
- Q2 FY2025 guidance shows sequential revenue decline
- Delayed Form 10-K filing leading to Nasdaq compliance issues
- High debt level of $2.3 billion
Insights
The preliminary Q1 FY2025 results reveal significant insights. Revenue of
Q2 FY2025 guidance of
The balance sheet remains solid with
The Special Committee's findings represent a mixed scenario. While clearing management and the Board of fraud allegations is positive, the recommendation for strengthening internal governance suggests existing control weaknesses. The delayed Form 10-K filing and Nasdaq compliance issues create regulatory uncertainty.
The 60-day deadline from Nasdaq for compliance is crucial, with potential extension to 180 days if a remediation plan is accepted. These governance challenges could impact investor confidence despite solid operational performance. The implementation of recommended remedial measures will be critical for long-term institutional credibility.
Preliminary First Quarter Fiscal Year 2025 Highlights
The Company expects to report the following financial information for the quarter ended September 30, 2024:
-
Net sales in a range of
$5.9 billion $6.0 billion $6.0 billion $7.0 billion -
GAAP and non-GAAP gross margin of approximately
13.3% -
GAAP diluted net income per common share in the range of
$0.68 $0.70 $0.60 $0.77 -
Non-GAAP diluted net income per common share of
$0.75 $0.76 $0.67 $0.83
The non-GAAP gross margin expected to be reported for the first quarter of fiscal year 2025 adds back stock-based compensation expense of
The Company expects to report total cash and cash equivalents of approximately
Financial Information Is Preliminary and May Be Subject to Change
The unaudited interim financial information presented in this press release is preliminary. The final financial results reported for this period may also differ from the results reported in this release.
Second Quarter Fiscal Year 2025 Guidance
The Company expects net sales in a range of
Update from the Independent Special Committee
As previously disclosed by the Company, in response to information that was brought to the attention of the Audit Committee of the Company’s Board of Directors, the Board of Directors had formed an independent committee (the “Special Committee”). The Special Committee has today provided the following statement to Super Micro, but has not otherwise provided any additional details or information.
"The Special Committee has completed its investigation based on a set of initial concerns raised by EY. Following a three-month investigation led by Independent Counsel, the Committee’s investigation to date has found that the Audit Committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the Board of Directors. The Committee is recommending a series of remedial measures for the Company to strengthen its internal governance and oversight functions, and the Committee expects to deliver the full report on the completed work this week or next. The Special Committee has other work that is ongoing but expects it to be completed soon."
Form 10-K Update
The Company continues to work diligently on matters related to the Form 10-K for the fiscal year ended June 30, 2024 (the “Form 10-K”), but remains unable at this time to predict when the Form 10-K will be filed. The Form 10-K was due on August 29, 2024. The Company filed a Form 12b-25 on August 30, 2024.
Nasdaq Compliance Plan
Supermicro announced on September 20, 2024, that it received a notification letter from Nasdaq stating that the Company is not in compliance with Nasdaq listing rule 5250(c)(1), which requires timely filing of reports with the
Under the Nasdaq rules, the Company has 60 days from the date of the notice either to file the Form 10-K or to submit a plan to Nasdaq to regain compliance with Nasdaq’s listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-K’s due date to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.
The Company intends to take all necessary steps to achieve compliance with the Nasdaq continued listing requirements as soon as possible.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical in fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate, among other things, to the preliminary financial information for the quarter ended September 30, 2024, guidance for the second quarter of fiscal year 2025 ending December 31, 2024, the Company’s submission of a plan to Nasdaq to regain compliance with Nasdaq’s listing rules and any potential acceptance and grant of additional days to regain compliance in connection therewith, and (if needed) the outcome of any appeal to a Nasdaq hearings panel related to the Company’s plan of compliance. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties, including, but not limited to, the impact of any adjustments to the Company’s historical or current financial results as a result of the Special Committee’s review, and the timing and consequences of the delays in the Company’s regaining compliance with its SEC filing obligations. Additional factors are contained in our filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings.
Use of Non-GAAP Financial Measures
Non-GAAP gross margin discussed in this press release adds back stock-based compensation expenses. Non-GAAP diluted net income per common share discussed in this press release adds back stock-based compensation expenses adjusted for the related tax effects. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets, and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Pursuant to the requirements of SEC Regulation G, the reconciliation between the Company's GAAP and non-GAAP financial results is associated with stock-based compensation expenses of
About Super Micro Computer, Inc.
Supermicro (Nasdaq: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
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Investor Relations Contact:
NMN Advisors
email: ir@supermicro.com
Source: Super Micro Computer, Inc.
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