The Super Micro Computer Inc. headquarters in San Jose, California, US, on Tuesday, Dec. 3, 2024.
David Paul Morris | Bloomberg | Getty Images
Super Micro Computer shares fell as much as 10% during trading on Tuesday as the company nears a deadline to file audited financial reports or be delisted from the Nasdaq exchange.
Earlier this month, Super Micro CEO Charles Liang told investors that he was “confident” that the company could file those reports to the Securities and Exchange Commission by Feb. 25, a deadline set by Nasdaq. The company must file its audited annual report for fiscal 2024 and the first two quarters of fiscal 2025.
If Super Micro fails to file the reports, its stock could be delisted from Nasdaq. It could also ask for another extension of up to 180 days.
Super Micro representatives didn’t respond to a request for comment.
Last fall, Super Micro shares slumped in August after the company delayed releasing its annual report for the year ending in June. Ernst & Young, the company’s auditor, quit citing governance issues in October. Super Micro named BDO as its new auditor in November. The company has also been targeted by an activist short seller, Hindenburg Research, which alleged accounting fraud.
The uncertainty has led to a rollercoaster for the stock. It plunged last year to a low of about $18 per share in November after soaring more than 14-fold from the end of 2022 to its peak in March last year. So far in 2025, Super Micro’s stock price has risen more than 55%.
Throughout this saga, Super Micro has risen to a higher level of prominence as its revenue has surged as a result of the boom in artificial intelligence. The biggest driver of Super Micro’s growth is that it sells systems based around Nvidia graphics processor units, or GPUs, needed to build server clusters for AI. Elon Musk’s xAI, for example, buys Super Micro systems.
According to its unaudited financials, Super Micro sales more than doubled in its fiscal 2024 to $14.94 billion. Analysts expect about $5.37 billion in revenue for the current quarter, which would be nearly a 40% increase year-over-year.
The SEC’s system for accepting filings can receive documents as late at 10 p.m. Eastern, and depending on how late the filing is made, it can become public the next morning.
— CNBC’s Samantha Subin and Kristina Partsinevelos contributed to this report.
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