Investing.com - Shares in Super Micro Computer (NASDAQ:SMCI) surged in pre-market trading Tuesday after the company filed its delayed financial reports.
The firm, which does business as Supermicro, filed its 10-K for the fiscal year ended June 30, 2024, its 10-Q for the quarter ended September 30, 2024, and its 10-Q for the quarter ended December 31, 2024. The filings will keep the group compliant with the Nasdaq index to maintain its stock listing.
The filings were postponed after Supermicro’s former public accounting firm, Ernst & Young, resigned due to matters related to governance, transparency, and the company’s internal control over financial reporting. In November, the company hired BDO USA, P.C. as their new independent registered public accounting firm. A Special Committee set up by the company did not find any substantial concerns about the integrity of the senior management or the Audit Committee, or their commitment to ensuring that its financial statements are materially accurate.
Supermicro shares have spiked by 36% since February 11, when it reported preliminary results for the quarter ended in December.
Supermicro’s guidance for fiscal year 2026 revenue of $40 billion, driven by its ongoing ramp-up of Nvidia (NASDAQ:NVDA) Blackwell servers, has particularly impressed investors. The outlook indicates up to 70% growth from fiscal year 2025, and CEO Charles Liang suggested that number could prove conservative.
While traders have eagerly awaited the delayed filings and can now breathe a sigh of relief, partner NVIDIA’s earnings after the close of trading on Wednesday is the next major catalyst.
(Scott Kanowsky contributed reporting.)