$SMCI has disclosed it can’t file its Q1 2025 10-Q or 2024 10-K on time without unreasonable effort or expense, due to ongoing issues around internal controls and the need for a new audit firm. After concerns raised by its former auditor, a Special Committee review was launched and is nearly complete. Further delays stem from hiring a successor audit firm, finalizing internal control assessments, and completing necessary audits and reviews. The company will file these reports once its 2024 10-K is finalized.