Investment Research report

Super Micro Computer, Inc.

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Research Overview

INDEX:
S&P 500
Sector:
Technology
Position:
Short
Date:
Jan 10, 2023

After conducting a forensic financial and accounting review of Super Micro Computer, Inc. (Nasdaq: SMCI), a computer server and storage hardware manufacturer, Spruce Point has grave concerns about the accuracy of its financial reporting and sustainability of its recent stock price performance. Based on our investigation, we estimate 40% to 50% downside risk, or $42.39– $50.86 per share.

The report highlights several key concerns with the company, including:

  • A long and documented history of accounting violations, most recently settling charges with the SEC in 2020
  • SMCI is pushing an aggressive revenue growth story, yet the Company has historically generated negative free cash flow
  • Evidence of rising financial strains as focus shifts to larger customers and over-reliance on Meta Platforms (Facebook) as a material customer
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