Super Micro Computer (NASDAQ: SMCI) shares skyrocketed over 20% in after-hours trading Tuesday after the server maker submitted its overdue financial reports, beating a critical Nasdaq deadline. The company had until the close of business to file its fiscal 2024 annual report along with results for the first two quarters of fiscal 2025 to avoid being kicked off the exchange.
The successful submission erased earlier losses from the regular trading session, where uncertainty about meeting the deadline weighed on the stock.
Supermicro announced in a release that Nasdaq confirmed the company now complies with the exchange’s filing requirements, adding that “the matter is now closed.”
The Nasdaq did not immediately respond to requests for comment on the filings.
In its delayed annual report, Super Micro Computer (NASDAQ: SMCI) reported that sales for fiscal 2024 more than doubled year-over-year, hitting $14.99 billion. The jump reflects booming demand for its server products, particularly those supporting artificial intelligence applications.
Earlier this month, the company, a key Nvidia (NASDAQ: NVDA) partner, forecasted revenue could reach between $23.5 billion and $25 billion in fiscal 2025, with ambitions to climb to $40 billion by fiscal 2026.
Tuesday’s filing follows a February 11 update when Supermicro expressed confidence it would meet the deadline. That news triggered a five-day winning streak for the stock, a rally that gained fresh momentum with this latest development.
The past several months have been turbulent for Supermicro. Last August, the company pushed back its annual report amid allegations of accounting manipulation, a scandal that led to its auditor’s resignation. The uncertainty took a heavy toll, slashing the stock’s value by roughly 50% over the past year through Tuesday’s regular-session close.
With the filings now complete and the delisting risk off the table, investors are rallying behind Supermicro, driving shares sharply higher in a sign of renewed confidence.
