Supermicro Addresses Concerns Over Annual Report Filing
Supermicro Reassures Stakeholders in Recent Communication
Supermicro (NASDAQ: SMCI) recently issued a letter aimed at its customers and partners, addressing some pressing concerns that arose due to a delayed filing of its Annual Report for the fiscal year ending June 30, 2024, as well as a report from a short-seller.
In his communication, CEO Charles Liang sought to reassure stakeholders that these challenges would not hinder the company’s product offerings or its capacity to deliver cutting-edge IT solutions to customers.
Ongoing Production Stability
Liang emphasized that the company’s production capabilities remain stable, with operations continuing to meet the high demand from customers. "Our production capabilities are unaffected and continue operating at pace to meet customer demand," Liang stated. He reiterated the strength of Supermicro's engineering and support teams, which also continue to thrive as they develop and deploy large-scale AI Total Solutions.
Success in AI Total Solutions
One notable accomplishment highlighted by Liang was Supermicro's success in its liquid-cooled AI Total Solutions. This year, the company has shipped roughly 2,000 DLC liquid-cooled AI racks, capturing an impressive 75% market share in this segment. This achievement reflects the growing adoption of AI technologies in various sectors and the company’s commitment to staying ahead of the curve.
Addressing the Annual Report Delay
In connection with the delayed Annual Report, Liang informed stakeholders that the Audit Committee of the Board of Directors has formed a committee to evaluate internal controls and other relevant matters. While he acknowledged the delay, he reassured stakeholders, indicating, "We don't anticipate any material changes in our fourth quarter or fiscal year 2024 financial results," expressing confidence in the company’s financial health.
Confidence in Financial Stability
Liang described the current situation as positive, stating, "I continue to have strong confidence in our finance and internal teams." This statement reflects a strong commitment to transparency and stability, reassuring all stakeholders of Supermicro's resilient financial framework.
Confronting Short-Seller Claims
The letter also addressed a recent report from Hindenburg Research, which asserted the existence of “false or inaccurate statements” designed to negatively impact Supermicro’s stock price. Liang’s firm stance against these claims underscores the company’s dedication to its integrity and the trust of its investors.
Commitment to Customers and Innovation
In concluding his message, Liang affirmed that customer experience remains a top priority for Supermicro. Looking toward the future, he expressed optimism: "As we look ahead to 2025, we are closing out a historic year with winning products, a record number of orders, a strong and growing backlog of design wins and leading market positions across a number of areas." This perspective embodies the company's commitment to growth and innovation.
Liang also extended gratitude to customers for their ongoing trust and partnership, reiterating that Supermicro is focused on providing top-tier solutions and continuously innovating in its field.
Frequently Asked Questions
What issues did Supermicro address in its letter?
Supermicro addressed concerns related to the delayed filing of its Annual Report and allegations made by a short-seller.
How is Supermicro's production affected by the recent developments?
The company stated that its production capabilities remain unaffected and continue to meet customer demand.
What did CEO Charles Liang mention about financial expectations?
Liang expressed confidence that there wouldn't be any material changes in their fiscal year 2024 financial results.
How has Supermicro performed in the AI market?
Supermicro has shipped around 2,000 liquid-cooled AI racks this year, dominating over 75% of the market share.
What is Supermicro's commitment to customers?
Supermicro is committed to providing a top-tier customer experience and continues to focus on growth and innovation.
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