Super Micro Computer, Inc. (NASDAQ:SMCI) has already given the market a preview of its upcoming earnings report, set to be released on Tuesday after market close. The company’s July 21 business update disclosed more than $60 billion in new orders and lifted gross margin guidance to 15%-17%, nearly double the prior 8.2%-8.4% outlook. SMCI shares jumped as much as 24% on the news.
- SMCI stock is moving ahead of earnings. See the real-time price action here.
For most companies, Tuesday’s report would just confirm those preliminary figures. For Supermicro, “unaudited” carries extra weight.
A History That Makes ‘Unaudited’ Risky
Ernst & Young resigned in October 2024, telling the board it could no longer rely on management’s representations. The stock lost roughly a third of its value that session. A delayed 10-K, a Nasdaq non-compliance notice and months of delisting risk followed before BDO USA came aboard in November 2024.
Overdue reports were filed the following February with no restatements. Full Nasdaq compliance wasn’t restored until January 2026.
That history explains why the current caveat reads differently here than for a peer.
Supemicro’s SEC filing on the July update states the board is conducting an independent review of transactions tied to alleged export-control violations, and that findings could affect forecasts and prior-period results. BDO remains the auditor of record, a firm with an established relationship rather than a fresh hire playing catch-up.
The independent review traces to a Justice Department indictment unsealed in March 2026. Prosecutors charged co-founder Yih-Shyan “Wally” Liaw, Taiwan manager Ruei-Tsang “Steven” Chang, and contractor Ting-Wei “Willy” Sun with diverting roughly $2.5 billion in servers containing Nvidia Corp. (NASDAQ:NVDA) H200 and B200 GPUs to Chinese buyers through Southeast Asian shell companies.
SMCI shares fell 33% the day the indictment surfaced, and Liaw resigned from the board. Supermicro itself was not named as a defendant.
Taiwan’s Keelung District Prosecutors Office opened a parallel probe that has widened steadily. Authorities detained three suspects in May, expanded the investigation to nine people and raided the company’s Taiwan office in late June, then detained two more employees in early July.
On July 28, prosecutors detained an Nvidia employee in a third round of searches, extending scrutiny beyond Supermicro’s own staff, according to Reuters. Shares dropped roughly 8% after the June raid alone, part of a 37% monthly slide, per Benzinga Pro.
None of this touches the financials directly, but it explains why “independent review” language sits inside the same filing as the margin and order numbers. Investors weighing Tuesday’s audited results will want to know whether the board’s inquiry has produced findings that could bleed into guidance, shipment timing or customer relationships ahead.
Backlog, Margins and What’s Left to Prove
Backlog conversion is the other open question. Orders have piled up faster than deliveries, a gap management attributes to component shortages and customer data-center readiness rather than softening demand.
Analysts will likely press for a timeline on when that backlog converts to revenue, and whether the export-control review adds friction to shipments in the meantime.
SMCI Stock Price Activity: Super Micro stock was up 1.40% at $31.90 at the time of publication Tuesday. The stock has a 52-week range of $19.48 to $58.78, according to data from Benzinga Pro.
Photo: Piotr Swat / Shutterstock
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