Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Supermicro’s (NASDAQ:SMCI) fell sharply Monday ahead of its all-important financial update on Tuesday, February 25th. The AI server maker is expected to file its delayed fiscal year and quarterly filings by this date.
Supermicro’s stock closed down nearly 8% on Monday.
In a recent update, Supermicro said it “continues to work diligently toward the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and its Quarterly Report on Form 10-Q for the period ended September 30, 2024. Based on information currently available, the Company believes it will make such filings by February 25, 2025.” The company also expects to file its 10-Q for the period ended December 31, 2024, by February 25, 2025.
Supermicro’s shares have been on fire since it reported its preliminary second-quarter results (the period ended December 31, 2024) on February 11th. It wasn’t the quarterly results that impressed investors, but it was the guidance that it now sees fiscal year 2026 revenue of $40 billion that is driving the stock.
The $40 billion 2026 revenue figure suggests up to 70% growth from the fiscal year 2025, and CEO Charles Liang even said that number could prove "conservative." The strong guidance is being driven by the NVIDIA (NASDAQ:NVDA) Blackwell server ramp.
Since the update, Supermicro has seen its stock climb 34%.
Some of the climb is being attributed to short covering. Short sellers swarmed the stock in 2024 after Hindenburg Research highlighted potential accounting manipulation and corporate malfeasance. Shortly after the short seller report, the company’s former auditor resigned due to corporate governance issues.
In addition to its financial report update, Supermicro will be keying off NVIDIA’s highly anticipated earnings report, which is due after the close on Wednesday.