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Super Micro to File Delayed Annual Report by February Deadline, Shares Rise

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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.

Strategy Reports Fourth Consecutive Quarterly Loss, Rebrands to Focus on Bitcoin

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Strategy (formerly known as MicroStrategy) reported its fourth straight quarterly loss on Wednesday, driven by a significant impairment charge on its bitcoin holdings. The Tysons Corner, Virginia-based company posted impairment losses of $1.01 billion for the quarter, a sharp rise from $39.2 million the previous year.

Founded by Michael Saylor, Strategy has become one of the largest corporate holders of bitcoin, benefiting from the cryptocurrency’s rising popularity. In 2020, the company shifted focus toward bitcoin as its software business revenue declined. Last year, it announced plans to raise $42 billion over three years to expand its bitcoin holdings, having already invested $20 billion toward that goal. As of February 2, Strategy holds about 471,107 bitcoins, with a market value of $46 billion.

In the fourth quarter, Strategy bought 218,887 bitcoins for $20.5 billion, marking its largest-ever increase in quarterly bitcoin holdings. The company’s net loss for the quarter was $670.8 million, or $3.03 per share, a stark contrast to the previous year’s profit of $89.1 million, or 50 cents per share.

Strategy also revealed a major rebranding, officially changing its name and logo to better reflect its focus on cryptocurrency. The company’s new identity emphasizes bitcoin as its core business, marking a shift away from its software operations, which have become less relevant. Strategy now refers to itself as the world’s “first and largest Bitcoin Treasury Company.” The rebranding includes a stylized “B” in its logo, symbolizing its commitment to bitcoin.

The company’s transition will also involve a change in accounting rules for its bitcoin holdings in the first quarter, with Strategy expecting the impairment charge to be a thing of the past going forward.