Supermicro Announces an Update from the Independent Special Committee and First Quarter Fiscal Year 2025 Preliminary Financial Information
Preliminary First Quarter Fiscal Year 2025 Highlights
The Company expects to report the following financial information for the quarter ended
-
Net sales in a range of
$5.9 billion to$6.0 billion compared to its previous guidance range of$6.0 billion to$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 to$0.70 compared to its previous guidance range of$0.60 to$0.77 -
Non-GAAP diluted net income per common share of
$0.75 to$0.76 compared to its previous guidance range of$0.67 to$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
Nasdaq Compliance Plan
Supermicro announced on
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
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
Supermicro (Nasdaq: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in
Supermicro, Server
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Investor Relations Contact:
email: ir@supermicro.com
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