Super Micro Computer (NASDAQ:SMCI) just pulled off a major save, filing its long-overdue 10-K late Tuesday and dodging a Nasdaq delisting. Investors wasted no time reactingshares skyrocketed around 20% at 9.10am in the premarket trading. The AI server maker is officially back in compliance with SEC reporting requirements, a critical milestone after months of uncertainty. While new auditor BDO confirmed the company's financials present fairly overall, it also flagged serious issues with internal controls. That warning raises some red flags, but for now, the market is celebrating Super Micro's ability to keep its Nasdaq listing intact.

• Warning! GuruFocus has detected 5 Warning Signs with SMCI.

Still, the numbers weren't all good news. Revenue for fiscal 2024 came in slightly higher than previously reported, but net income was revised down 4.6%, adding fuel to ongoing concerns about the company's accounting practices. Super Micro had already been in the hot seat after a short-seller report from Hindenburg Research accused the company of financial missteps, and the drama escalated when Ernst & Young resigned as its auditor in October. CEO Charles Liang tried to steer the focus back to business fundamentals, emphasizing growth, AI-driven innovation, and green computing as the company's key priorities moving forward.

For investors, this is a high-risk, high-reward situation. The stock has already climbed nearly 50% this year, but uncertainty isn't going away anytime soon. Big institutional players might hesitate given BDO's concerns about internal oversight, and further regulatory scrutiny is a real possibility. The AI server boom could help Super Micro ride this wave, but whether it can rebuild long-term confidenceor if this relief rally fades fastremains to be seen.