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Sezzle Replaces Auditor Baker Tilly with PwC

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Sezzle has dismissed its independent auditor Baker Tilly and appointed PricewaterhouseCoopers (PwC) as its new auditor for 2026, according to a company filing.

The move follows the disclosure of a material weakness in the company’s internal controls related to the classification of cash flows tied to notes receivable for fiscal years 2024 and 2025. While Baker Tilly issued unqualified audit opinions for those years, it flagged that Sezzle’s internal financial reporting controls were ineffective as of the end of 2025.

Sezzle stated there were no disagreements with Baker Tilly during the audit periods, and the decision to change auditors was approved by its audit committee. The appointment of PwC remains subject to standard onboarding procedures.

The change reflects increased scrutiny on financial reporting practices, particularly for fintech firms operating in the buy now, pay later segment, where transparency and compliance are critical for investor confidence.

ASML to Halt Reporting of Key Metric, Citing Volatility

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ASML, the world’s leading chip equipment manufacturer, has announced it will stop publishing new order bookings, a key metric closely watched by investors. The company argues that the figure is too inconsistent and causes excessive volatility in its stock price.

Instead, ASML believes its own forecasts—based on discussions with chipmakers about their capacity expansion plans—offer a more reliable indicator of future performance. The company’s circuit-printing machinery plays a critical role in chip manufacturing, but orders can take six to 18 months to fulfill, making quarterly booking figures difficult to interpret.

“The swing factor is significant,” said Chief Financial Officer Roger Dassen, explaining the move.

The decision, announced on Wednesday, came as ASML’s stock jumped 7% following better-than-expected fourth-quarter bookings of €7.1 billion ($7.4 billion), a sharp increase from the €2.6 billion recorded in Q3. The fluctuation was likely driven by timing of orders from TSMC, which recently unveiled a $38 billion capital expenditure plan for 2025.

While analysts acknowledge the downside of losing insight into short-term order trends, they largely understand ASML’s reasoning.

“There is downside for investors, as we lose visibility on average bookings and backlog confidence,” said Sara Russo of Bernstein. However, she agreed that a single quarter’s bookings are not the best measure of long-term business health.

Michael Roeg of Degroof Petercam added that capital expenditure announcements from major clients such as TSMC, Intel, and Samsung already provide sufficient indicators of future demand.

Despite market fluctuations, Dassen emphasized that ASML’s full-year sales and margins remained aligned with its January 2024 forecasts.

“If you put all those quarters together, you see it wasn’t too shabby, was it?” he remarked.

 

Super Micro Gains Nasdaq Extension, Aims to File Financials by February

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Super Micro Computer announced on Friday that it received an extension from Nasdaq, giving the company until February 25, 2025, to file its overdue financial reports and maintain its listing on the stock exchange.

This extension provides some breathing room for the embattled server manufacturer, which has faced delisting risks due to delays in filing its audited year-end financials and quarterly results with the U.S. Securities and Exchange Commission (SEC).

“The Company’s common stock will remain listed on the Nasdaq Global Select Market during the exception period,” Super Micro stated in a press release. The company expressed confidence in meeting the new deadline and filing all required reports.

Market Reaction and Current Challenges

The announcement boosted investor confidence, with Super Micro’s stock rising 7% in extended trading on Friday. However, the company remains under scrutiny following a series of challenges:

  1. Accounting Issues:
    Super Micro’s reputation suffered a blow in August when activist investor Hindenburg Research accused the company of accounting irregularities. Though an internal probe, led by a board member, found no evidence of misconduct, the allegations added to investor uncertainty.
  2. Auditor Changes:
    Ernst & Young resigned as the company’s auditor in October, prompting Super Micro to appoint BDO as its new auditor last month.
  3. Leadership Shake-Up:
    Earlier this week, Super Micro announced it would replace its Chief Financial Officer, David Weigand, and appointed a new accounting chief as part of efforts to restore confidence.

Performance Highlights Amid Turmoil

Despite these challenges, Super Micro has enjoyed significant business growth, driven by its position as a key supplier of Nvidia-based computer clusters for artificial intelligence (AI). The company forecasts a remarkable 67% sales growth, targeting approximately $25 billion in revenue for fiscal 2025.

Super Micro’s stock soared over 14-fold from the end of 2022 to March 2023, bolstered by strong AI-related demand and its inclusion in the S&P 500. However, the stock has since lost about 60% of its value amid ongoing controversies and market volatility.

Previous Nasdaq Delisting and Current Risk

This is not the first time Super Micro has faced Nasdaq delisting. The company was previously removed from the exchange in 2018 for similar financial filing issues. The current delisting process, which typically spans about a year, has cast a shadow over the company’s stock despite Friday’s extension.

Super Micro now has a crucial opportunity to resolve its financial reporting issues and reassure investors. Should the company meet the February 25, 2025, deadline, its listing on the Nasdaq Global Select Market will remain intact, provided it complies with all other Nasdaq rules.