(Reuters) -Super Micro Computer said on Tuesday it believes it will be able to file its delayed annual and quarterly reports with the U.S. Securities and Exchange Commission (SEC) by February 25, after failing to submit the 10-K report by the August deadline.
Shares of the San Jose, California-based company rose about 2% in volatile trading after the bell.
The server maker said it had received subpoenas from the U.S. Department of Justice and the SEC seeking certain documents following short seller Hindenburg Research’s allegations of “accounting manipulation” in August. It is cooperating with the requests.
The company also cut its annual revenue forecast, as competition between server makers heats up for high-performance computers used to train artificial intelligence models.
Super Micro, which has so far been one of the beneficiaries of a spending surge on advanced data center architecture that can support the complex processing needs of GenAI, faces intensifying competition from rivals such as Dell and HP Enterprise.
Dell and HPE have also been doubling down on providing liquid cooling to their already large base of customers, further threatening Super Micro’s competitive edge.
The emergence of low-cost AI models from China’s DeepSeek has also spooked Wall Street, with investors questioning the sky-high valuation and dominance of AI bellwethers.
DeepSeek rolled out a free assistant it says uses lower-cost chips and less data, sparking worries about rivals’ profits and the need for costly tech.
Shares of AI-linked firms, including AI-darling Nvidia and Super Micro, were affected following the launch of DeepSeek, with the server maker closing down over 12% in the aftermath on January 27.
Super Micro was removed from the tech-heavy Nasdaq-100 Index in December, after receiving an extension from the Nasdaq, till February 25, to file its delayed annual and quarterly reports.
The company expects net sales between $23.5 billion and $25 billion for fiscal 2025, down from its earlier projection of $26 billion to $30 billion.
The midpoint of the forecast is $24.25 billion, while analysts expect $24.92 billion in annual revenue, according to data compiled by LSEG.
(Reporting by Juby Babu in Mexico City; Editing by Alan Barona)
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