Supermicro (NASDAQ:SMCI) stock surged higher in after-hours trading Tuesday after the company filed its delayed financial reports.

Shares of Supermicro last traded up 17% after the close Tuesday after dropping 11.8% during the regular session.

The company filed its 10-K for the fiscal year ended June 30, 2024, its 10-Q for the quarter ended September 30, 2024, and its 10-Q for the quarter ended December 31, 2024.  The filings will keep the company compliant with NASDAQ to maintain its stock listing.

The filings were delayed after the company’s former public accounting firm, Ernst&Young, resigned due to matters related to governance, transparency, and the company's internal control over financial reporting.  In November, the company hired BDO USA, P.C. as their new independent registered public accounting firm.  A Special Committee set up by the company did not find any substantial concerns about the integrity of the senior management or the Audit Committee, or their commitment to ensuring that its financial statements are materially accurate.

Shares of Supermicro have been on fire since it reported its preliminary second quarter results (the period ended December 31, 2024) on February 11th.  It wasn’t the quarterly results that impressed investors, but it was the guidance that sees fiscal year 2026 revenue of $40 billion that is driving the stock.

The $40 billion 2026 revenue figure suggests up to 70% growth from fiscal year 2025, and CEO Charles Liang suggested that number could prove conservative. The company's NVIDIA (NASDAQ:NVDA) Blackwell server ramp is driving the strong revenue guidance.

Since the update, Supermicro has seen its stock climb 36%.

While investors have eagerly awaited the delayed filings and can now breathe a sigh of relief, partner NVIDIA's earnings after the close of trading on Wednesday is the next major catalyst.

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