Despite finding no evidence of fraud, Super Micro still has no timetable for releasing its annual results.

• On Tuesday, Super Micro, the beleaguered server manufacturer, disclosed its preliminary first-quarter results.
• The company is facing several challenges related to its corporate governance.
• After its auditor resigned last week, Super Micro's board of directors determined that there was no evidence of fraud or misconduct from management.

On Tuesday, the embattled server maker that is behind schedule in releasing its annual financials and faces the possibility of being delisted by the Nasdaq, reported its unaudited first-quarter results.

The stock fell 12% in extended trading after the company's revenue missed estimates, guidance was weaker than expected, and Super Micro announced it doesn't know when it will file its annual results for the latest fiscal year.

Last week, Super Micro's stock price dropped after Ernst & Young resigned as its auditor. The company is facing allegations of accounting irregularities and shipping sensitive chips to sanctioned nations and companies, which violates export controls.

Super Micro is currently in the process of hiring a new auditor, as stated by CEO Charles Liang during a call with analysts on Tuesday. The company will not discuss any questions related to Ernst & Young's decision to resign.

If Super Micro fails to submit its annual report to the SEC by mid-November, it may face delisting from the Nasdaq stock exchange, as it has not released audited results since May.

Liang stated on the call that we are working with urgency to update our financial reporting.

Super Micro reported net sales of between $5.9 billion and $6 billion for the quarter ending Sept. 30, which is below analyst expectations of $6.45 billion but still represents an 181% increase from the previous year. The company's growth has been driven by its shipment of servers containing processors for artificial intelligence.

The adjusted net income for the quarter was 75 cents to 76 cents a share, meeting analyst expectations compiled by LSEG.

Super Micro's revenue forecast for the December quarter was below analyst estimates. The company expects revenue to be between $5.5 billion and $6.1 billion, which is lower than the $6.86 billion average estimate. Additionally, the company anticipates adjusted earnings per share to be between 56 cents and 65 cents, which falls short of the analysts' expectation of 83 cents.

On Tuesday, Super Micro announced that its board of directors had appointed a special committee to investigate Ernst & Young's concerns. After a three-month investigation, the committee concluded that there was no evidence of fraud or misconduct from management, the company stated.

The Committee has recommended remedial measures for the Company to improve its internal governance and oversight functions, and the Committee anticipates submitting the final report on the completed work this week or next, according to Super Micro. The company stated that it will take all necessary actions to maintain its listing on Nasdaq.

In 2023, Super Micro's stock price increased by 87%, and in the following year, it experienced a 246% increase, reaching a peak of $118.81 in March after being included in the S&P 500 index.

Over $55 billion in market cap has been wiped out since the company lost almost 80% of its value.

WATCH: Super Micro shares down on earnings