Supermicro, whose stock price plummeted following a short-selling report from Hindenburg Research, is now facing market scrutiny as to whether the company can regain its value after submitting its delayed financial statements. Supermicro, which recently expressed confidence in its earnings report, is seeking a rebound, with its stock price recovering to the $40 level.

Super Micro Computer, Inc. ("Supermicro") today announced preliminary financial information for its fiscal year ending December 31, 2024, and its second quarter of 2025 results, which are due December 31, 2025, at 12 p.m. KST.

Supermicro reported second-quarter revenue of approximately $5.65 billion (approximately 8 trillion won), a 54% increase year-over-year. GAAP and non-GAAP margins are expected to be in the range of 11.8% to 11.9%, and GAAP diluted net income is expected to be in the range of $0.50 to $0.52 per share, unchanged from the previous year.

“We expect more than 30% of new data centers to implement direct liquid cooling (DLC) technology in the next 12 months, and Supermicro is well positioned to design AI infrastructure based on NVIDIA Blackwell,” said Charles Liang, CEO. “We expect this technology transition to drive revenue in the range of $23.5 billion to $25 billion in 2025.”

The projected 2025 revenue of approximately KRW 36 trillion, based on peak sales, is a 16% decrease from Supermicro's previous guidance, which previously forecasted revenue in the range of $26 billion to $30 billion.

However, the stock price surged by over 10% at one point after the company's 2026 guidance significantly exceeded market expectations and CEO Charles Liang expressed confidence that the company would file its delayed 10-K report on time.

Supermicro's 2026 guidance is $40 billion, or approximately 58 trillion won (approximately $40 billion USD), surprising investors by stating that this is a conservative figure. This represents a 60% increase in total revenue, compared to the company's 2025 guidance of $25 billion, with a minimum revenue guidance of $40 billion for 2026.

As of February 13, 2025, Supermicro's stock price is $39.68 based on the local closing price, resulting in a market capitalization of $23.235 billion. Assuming a minimum margin of 10% in the 2026 guidance, the PER based on net profit of KRW 4 billion is 5.8 compared to the current price, indicating potential for growth.

However, the stock price is being suppressed in the low $40 range, which is analyzed to be due to the uncertainty surrounding the delayed 10-K financial report submission, downwardly revised guidance, declining gross margin, and pressure on the overall margin due to the entry of Dell, HPE, etc. into the AI server market.

CEO Charles Liang expressed confidence during the earnings call, saying, “Our finance team and our new auditor, BDO, are fully committed to completing the audit process and are working toward filing our 2024 10-K annual report and 2025 10-Q quarterly report. We are confident that we will file the delayed reports by February 25th.”

He also reiterated that “the special committee found no evidence to support the resignation of former auditor Ernst & Young LLP,” adding that “over the past two quarters, we have added senior leaders in corporate communications and operations, finance, legal and compliance.”

Meanwhile, according to MarketBeat, Supermicro's institutional ownership ratio reached 84%, and it was confirmed that there was a strong influx of institutional purchases in the fourth quarter of last year, with the National Pension Service purchasing close to 40 billion won.

As market investors focus on whether the delayed report will be submitted on February 25th, which will be a turning point for Supermicro, investors are also focusing on the future direction of the stock price.

(This article does not constitute an investment recommendation for the company in question, and investors are responsible for their investment decisions and the results.)