On February 11, Super Micro Computer announced its anticipated ability to submit overdue annual and quarterly reports to the U.S. Securities and Exchange Commission (SEC) by February 25, resulting in a more than 8% surge in its shares after-hours.
The company revealed that it had been served subpoenas from the U.S. Department of Justice and the SEC requesting certain documents in response to allegations of "accounting manipulation" by Hindenburg Research in August. Super Micro is fully cooperating with the authorities.
Attributing a reduction in its annual revenue forecast to delays in the availability of Nvidia's Blackwell processors, the San Jose-based server manufacturer acknowledged the challenges posed by the delay in technology accessibility during a conference call with financial analysts, as stated by Super Micro's CFO David Weigand.
Recently announcing the full production availability of its AI server systems powered by Nvidia's Blackwell chips, Super Micro faces escalating competition from counterparts such as Dell and HP Enterprise in the dynamic realm of advanced data center infrastructure that supports the intricate processing needs of GenAI.
Super Micro's revised fiscal 2025 net sales outlook falls between $23.5 billion and $25 billion, a contraction from the initial projection of $26 billion to $30 billion, with the midpoint forecast at $24.25 billion, slightly below analysts' average expectation of $24.92 billion in annual revenue.
Anticipating net sales of $5 billion to $6 billion for the third quarter, Super Micro's projection contrasts with analysts' estimate of $6.09 billion.
Having been removed from the Nasdaq-100 Index in December due to ongoing filing delays, Super Micro has until February 25 to comply with SEC reporting requirements after failing to meet the August deadline for the 10-K report.