Raccoon Robin Hood was feeling the love.
“you son of a bitch YOU DID IT <3”, read the Feb. 26 comment on X.
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The post was a reference to Super Micro Computer (SMCI) , which had filed its delayed financial results just in time to avoid being delisted by the Nasdaq.
“Thank you for filling your outstanding reports, you had us investors worried!” Raymond Clench said.Â
Shares of the AI-server company were surging after the filing and were up 17% to $53.24 at last check. They’ve traded up as much as 23% at $56.19 on Wednesday. A year ago the stock was trading above $85.
“F the haters, let’s go,” Meytar commented.Â
A few people cracked open some Champagne GIFs to mark the occasion.Â
“We did it boys,” Fight Club Central said, adding a clip of the actor Steve Carell firehosing the bubbly in a scene from The Office.
Charles Liang, CEO of Super Micro, said the company’s SEC filing was an important milestone. Photo: Annabelle Chih/Bloomberg via Getty Images
Super Micro CEO: filing an important milestone
Super Micro filed its annual report for fiscal 2024 ended June 30 and audited financial results for the first two quarters of fiscal 2025. The company said in a news release that it has âregained complianceâ with the Nasdaqâs filing requirements.
For the fiscal year, net income came to $1.15 billion, up from nearly $640 million in fiscal 2023. Super Micro revenue more than doubled to $14.99 billion from $7.12 billion.
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âTodayâs filings represent an important milestone,â Charles Liang, founder, president, and CEO, said in a statement.Â
âWith our financial reporting now current, we can now fully focus on executing our proven winning growth strategy through technology, product and solution innovations, time-to-market advantage, global footprint, and green computing.â
Super Micro, Liang added, “is accelerating at the forefront of the AI revolution, helping our customers, partners and driving strong returns for investors.”
SMCI: Management identified weaknesses
The filing said that management had identified âcertain material weaknesses in our internal controls over financial reporting,â including information technology general controls for certain IT systems that support the company’s financial reporting process and âwere not appropriately identified, designed or implemented.â
In addition, the SEC filing said that “controls to address segregation of duties conflicts were not properly designed and appropriately implemented.”Â
The filing represents the latest turn in the long strange trip for the company, which includes AI-chip kingpin Nvidia (NVDA)  as one of its customers.
Super Micro took a dark turn back in August when short-seller Hindenburg Research released a report accusing the company of what it called âglaring accounting red flags, evidence of undisclosed related-party transactions, sanctions violations, and customer troubles.â
Related: Analyst reboots Super Micro stock price target amid key filing
A day later, Super Micro said it would delay filing its Securities and Exchange Commission Form 10-K for fiscal 2024 ended June 30.
Supermicro’s then-auditor, Ernst & Young, bailed in October, citing governance and transparency concerns.
The company appointed a special committee of the board and after an investigation said it found âno evidence of misconduct.â The committee brought in outside counsel Cooley LLP and forensic accounting firm Secretariat Advisors to investigate EYâs concerns.
“Due to EYâs stated concerns and subsequent resignation, we were unable to timely file our Annual Report and Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2024 and December 31, 2024,â the company said.
Analyst: Key customers of Super Micro get into full swing
Super Micro’s current auditor, BDO, said the consolidated financial statements for the fiscal year ended June 30, 2024, âpresent fairly, in all material respects, the financial position of the Company.â
The financial report said that Super Micro has âa variety of business relationshipsâ with the Taiwanese companies Ablecom and Compuware.
Ablecomâs CEO, Steve Liang, is Charles Liangâs brother, while a third brother, Bill Liang is CEO of Compuware. Ablecom is also partly owned by Super Micro CEO Charles Liang and his wife.Â
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The Hindenburg report had complained about Super Micro’s “oddly circular” relationship with the two companies.
Super Micro released preliminary second-quarter results earlier this month, estimating adjusted earnings of 59 cents a share on sales of $5.65 billion, based on the midpoint of its estimates.
Analysts polled by FactSet were calling for earnings of 61 cents a share on sales of $5.77 billion.
Loop Capital bullish on Super Micro
Loop Capital analyst Ananda Baruah on Feb. 26 raised the investment firm’s price target on Super Micro to $70 from $50 and affirmed a buy rating on the shares after the company filed its reports with the SEC.
Super Micro remains an important company in an important space with both special situation catalysts and fundamental drivers, the analyst said. The context includes the ramp of Nvidia’s GB200 and GB300 chips heading into summer and as key customers âget into full swing,â he said.
SMCI’s two largest customers also have huge plans for 2025, Baruah added.
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The analyst said Super Micro could immediately become “at the least” a $60 to $80 stock as a price-to-earnings multiple of 15 to 20 is a “reasonable valuation matrix” to think about given the company’s recent 2025 and 2026 guidance.
Super Micro’s 2025 revenue-growth outlook of 40% and 2026 revenue-growth guidance of at least 70% with 12% gross margin gets investors at least to a p/e of 15 to 20, he said.
Baruah said “increasingly bullish investors” had been waiting for Super Micro to clear the filing hurdle before they built core positions.
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