SMCI stock price: Super Micro Computer shares are falling ahead of an expected Nasdaq delisting update

Shares in Super Micro Computer, Inc. (Nasdaq: SMCI) are down around 4% in premarket trading this morning as of the time of this writing after surging over 17% yesterday on optimism about the company’s Q2 2025 earnings, which will be announced after the close of market today.

But while investors are no doubt interested in learning how the storage and server solutions company performed in its most recent quarter, they are also eagerly awaiting news from the company on the filing status of its much-delayed Form 10-K with the U.S. Securities and Exchange Commission (SEC). Unless that form is filed within the next two weeks, Super Micro Computer (aka Supermicro) is at risk of being delisted from the Nasdaq.

Here’s what to know in the run-up to Supermicro’s eagerly anticipated updates.

SMCI stock has been on a wild ride recently

It’s not uncommon for people to describe the recent experience of SMCI investors as being on a roller-coaster they can’t get off of. This is due to several concerning events surrounding the company, which began in the latter half of 2024.

The drama kicked off in August when a report from activist investment short-selling firm Hindenburg Research alleged that it had discovered “glaring accounting red flags” at Supermicro. The following month, the Wall Street Journal reported that the U.S. Department of Justice (DOJ) was investigating the company over alleged accounting irregularities.

But things really hit the fan in October when Supermicro’s auditor, Ernst & Young, resigned from its duties. In EY’s resignation letter, the accounting firm said it was “unwilling to be associated with the financial statements prepared by [Super Micro Computer’s] management.”

Given all the uncertainty and concern this spate of news generated, it’s little surprise SMCI stock spent much of the past six months experiencing extreme volatility. For example, after EY announced its resignation as the company’s auditor, SMCI stock plummeted 32% in one day.

By mid-November, shares were trading below $18 at one point. (This is a significant contrast to early 2024 when shares topped $120.)

The stock recovered some by the first part of December after a special committee said it found “no evidence of misconduct” at the company. But since then, SMCI shares have fluctuated up and down—including yesterday with their 17% rise and today’s premarket fall of about 4%.

Will Supermicro be delisting from the Nasdaq?

A major concern for investors is the fact that Supermicro has so far failed to file an important form with the SEC. This form, known as Form 10-K, is a legal requirement, and if it is not filed, the company can be delisted from the Nasdaq stock exchange. Indeed, Nasdaq has now given Supermicro until February 25 to file the form, according to the company.

Should Supermicro fail to file the form by then, the company could be booted from the Nasdaq—something that would be a devastating blow to both itself and its investors. This means that besides finding out how the company’s Q2 went when the company delivers its earnings today, investors will be paying close attention to any updates on the company’s delinquent SEC filing.

Where will SMCI stock price go from here?

In March 2024, Super Micro Computer shares were trading at an all-time high of above $122, but by November, they had crashed to below $18. In the past year, they have lost over 42% of their value, as of yesterday’s close. However, year-to-date SMCI shares are up nearly 40%.

Where they go from here, at least in the short term, will likely be very dependent on both the financial results the company announces today and the update it gives about its delinquent SEC filing and any possible delisting from the Nasdaq.

Supermicro is expected to announce its Q2 2025 results today (February 11, 2025) at 5 p.m. ET.