Super Micro Computer (SMCI) stock seesawed Tuesday after market close as the company said it expects to submit delayed filings to the SEC by the Nasdaq's Feb. 25 deadline to avoid delisting.
The company — a rival to Dell (DELL) that makes computer servers using Nvidia's (NVDA) latest Blackwell AI chips — said it "continues to work diligently toward the filing" of its delayed annual and quarterly reports to the US Securities and Exchange Commission and "believes it will make such filings by February 25." Super Micro had put off submission of the filings following a scathing report published last year by short-selling firm Hindenburg Research accusing the server maker of accounting violations.
Super Micro also reported preliminary second quarter earnings after the bell Tuesday, which missed Wall Street’s estimates. Super Micro said it expects to record a revenue of $5.6 billion to $5.7 billion for the quarter ended Dec. 31, below the $5.95 billion expected by Wall Street analysts, according to Bloomberg consensus estimates. The company cut its revenue guidance for the 2025 fiscal year to a range between $23.5 billion and $25 billion, lower than its prior range of $26 billion to $30 billion.
SMCI shares sank as much as 19% after the bell on the earnings results but quickly reversed direction. The stock was up more than 3% late Tuesday.
Super Micro's business update comes after a turbulent year in which the company faced ongoing controversies in the wake of the Hindenburg report. The US Department of Justice reportedly launched a probe into Super Micro’s accounting practices. The firm's delayed annual and quarterly SEC filings put it at risk of being delisted by the Nasdaq, and its accountant resigned.
The Nasdaq recently granted Super Micro an extension to submit the filings by Feb. 25. The company has hired a new accountant, and the server maker said an independent review of its business found no evidence of misconduct.
Super Micro stock had been on an upswing ahead of its scheduled business update Feb. 11, but reversed direction Tuesday. Shares fell more than 9% by the end of the trading day Tuesday, ending a week-long rally that saw shares gain nearly 60%.
Super Micro confirmed in its update Tuesday that it had "received subpoenas from the Department of Justice and the Securities and Exchange Commission seeking certain documents following the publication of allegations in a short seller report which was published in August 2024."
"The Company is cooperating with these document requests," the company continued.
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