Super Micro Computer (SMCI, Financials) shares surged 11.1% to $53.23 as of 12:03 p.m. ET on Tuesday, one week ahead of the company's Feb. 25 deadline to file its 2024 annual report and quarterly reports for the September and December 2024 periods.

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Reflecting a 54% year-over-year midpoint, the business reported forecasted net sales between $5.6 billion and $5.7 billion in its preliminary financial results for its fiscal second quarter ending December 31, 2024. While diluted net income per share is between $0.50 and $0.52, maintaining steady compared to the previous year, GAAP gross margins are estimated to be between 11.8% and 11.9%.

Supermicro also changed its sales projection from a prior range of $26 billion to $30 billion down to $23.5 billion to $25 billion, therefore offering a revised direction for fiscal 2025. The business estimates net revenues between $5 billion and $6 billion for the fiscal third quarter ending March 31, 2025; GAAP net income per diluted share is estimated between $0.36 and $0.53.

Citing its direct-liquid cooling system and relationships with chipmakers like Nvidia, CEO Charles Liang claimed the business is still positioned to dominate in AI infrastructure solutions. Over thirty percent of new data centers expected by Supermicro in the coming year will use its cooling technologies.

Following claims in an August 2024 short seller report, the business also revealed that it had subpoenas from the Securities and Exchange Commission and the Department of Justice. Supermicro says no restatements of previous financial statements are needed and is working with authorities.

Supermicro intends to submit its delayed regulatory reports. Additionally disclosed by the business were changes to current convertible notes due 2029 and a $700 million private sale of new convertible senior notes due 2028.