Super Micro shares surge in Tuesday's after-hours trading, though they fell sharply in the regular session.

SUPER MICRO COMPUTER INC on Tuesday afternoon filed audited financials with the Securities and Exchange Commission, sending its stock higher after hours.

The server maker faced a Feb. 25 deadline to submit its delayed annual filing for last fiscal year and its delayed quarterly filing for the period that ended in September. Super Micro has been staring down a Nasdaq delisting over its noncompliance with the filing requirement, though a Wedbush analyst said that Super Micro also could have asked for a further extension beyond the Feb. 25 deadline.

Though the latest developments satisfy the filing requirement, they don't fully resolve the broader lingering issues Super Micro faces. For instance, the company said earlier this month that it has received subpoenas from both the Department of Justice and Securities and Exchange Commission pertaining to matters raised in a short-seller report from last summer. The company also disclosed various lawsuits, which it thinks are meritless.

The company also will be looking to hit its $40 billion revenue target for fiscal 2026, a goal that some see as ambitious but that management sees as reflective of the company's big opportunity to capitalize on Nvidia Corp.'s new Blackwell platform. That would be up from the $23.5 billion to $25 billion revenue target that Super Micro has for its current fiscal year.

Shares were up 22% in Tuesday's extended trading after they lost nearly 12% in the regular session.

Tuesday's announcement is the latest chapter in a long saga for Super Micro, which was one of last year's hottest technology stocks before various issues emerged. For one, the company began to see more competition in its business, pressuring margins. And Super Micro also started to face heavy scrutiny over its financials, including from short-seller Hindenburg Research. Ernst & Young, the company's former auditor, resigned in October, and Super Micro is now working with BDO.

Management said in a business update earlier in February that it was adjusting its unaudited financials for last fiscal year to increase sales by about $46 million, increase cost of sales by roughly $96 million and reduce earnings per share by about 9 cents.

Super Micro announced in December that an independent special committee of its board found "no evidence of misconduct on the part of management" or the board. That committee also recommended a new chief financial officer, as well as accounting and compliance chiefs who could add more oversight.

Shares are up 55% so far this year but down more than 60% from their March 2024 peak of $118.81.