Super Micro Computer stock (NASDAQ: SMCI) fell by about 6% in Tuesday’s trading and remains down 54% over the past month amid significant corporate governance concerns and questions about the company’s financial reporting.

Super Micro Computer, Inc. (NASDAQ:SMCI) stock is trading lower Wednesday after it announced that it could not file its fiscal first-quarter 2025 Form 10-Q for the September 30, 2024 quarter due to excessive effort and cost.

Super Micro Computer (NASDAQ: SMCI), also known as Supermicro, was one of the market's hottest AI stocks. The shares of the maker of high-end servers set a record high of $118.81 on March 13, representing a 5,080% gain over the previous four years.

Super Micro Computer Inc., the troubled server maker whose auditor resigned last month, delayed yet another filing as it continues to search for a new accounting firm.

AI server maker Super Micro Computer said on Wednesday it is unable to file its quarterly report on form 10-Q for the quarter ended Sept. 30, 2024 in a timely manner, amid its ongoing delay in filing an annual report.

The server maker disclosed it will be late with its quarterly filing in addition to its past annual one. Super Micro also said it needs additional time to find a new auditor.

Super Micro Computer, the chip maker that became a target of short seller Hindenburg Research earlier this year, said it needs additional time to file its 10-Q form for earnings in the quarter ending Sept.

The company's shares fell about 4% in premarket trading. The stock is down 55% since Ernst & Young resigned as auditor in October after earlier flagging concerns about the company's governance, transparency and internal control over financial reporting.

Super Micro Computer (SMCI) faces delays in filing its quarterly report due to ongoing investigations and the need to select a new accounting firm.