Super Micro Computer (SMCI.O) announced on Tuesday that it expects to file its delayed annual and quarterly reports with the U.S. Securities and Exchange Commission (SEC) by the February 25 deadline, leading to an 8% surge in its shares after hours. The server maker had previously missed the deadline for its 10-K report after receiving subpoenas from the U.S. Department of Justice and the SEC, following short-seller Hindenburg Research’s allegations of “accounting manipulation” in August. Super Micro confirmed that it is cooperating with the authorities’ requests for documents.
The company, based in San Jose, California, also reduced its revenue forecast for fiscal 2025 due to delays in the availability of Nvidia’s (NVDA.O) Blackwell processors, a key component for its AI server systems. While the delay in filing the report was a “distraction,” Super Micro’s financial chief, David Weigand, explained that the primary issue was the delay in technology availability. Despite the challenges, Super Micro announced the full production availability of its AI server systems powered by Nvidia’s Blackwell chips last week.
Super Micro, a beneficiary of the growing demand for advanced data center infrastructure to support generative AI, now faces increasing competition from rivals like Dell (DELL.N) and HP Enterprise (HPE.N). The company has revised its fiscal 2025 net sales forecast to a range of $23.5 billion to $25 billion, down from its previous projection of $26 billion to $30 billion. The midpoint of this forecast, $24.25 billion, falls below analysts’ expectation of $24.92 billion.
For the third quarter, Super Micro is projecting net sales of $5 billion to $6 billion, lower than analysts’ estimate of $6.09 billion. In December, the company was removed from the Nasdaq-100 Index after missing its initial deadline for filing the 10-K report, though it received an extension until February 25.