Super Micro Computer (NASDAQ: SMCI) stock has been on a roller-coaster ride in recent months. The tech stock has quickly gone from a hot artificial intelligence (AI) play to becoming a risky investment that may not only get the boot from the S&P 500, but could also end up getting delisted. Over the past six months, the company has lost nearly 60% of its market value.

But since the tech company announced a new auditor in BDO (the previous one resigned over concerns relating to internal controls), there appears to be hope. While the stock is still a long way from recouping those significant losses, the market does appear to be more optimistic. So the question is: Is it safe to invest in Super Micro stock again?

Are You Missing The Morning Scoop? Wake up with Breakfast news in your inbox every market day. Sign Up For Free »

The company still hasn't posted its annual report

Super Micro Computer's annual report, its 10-K filing, was due on Aug. 29, and the company has yet to file it. Providing audited financials can take time for a company, especially when the auditor is new, as opposed to an auditor who is already familiar with the business.

More importantly, however, with the appointment of BDO, Super Micro has submitted a compliance plan with the Nasdaq that should keep the exchange happy for the time being, and prevent the stock from getting delisted.

While investors appear to be cheering the news of the compliance plan with the stock rallying in recent days, it's just a temporary reprieve. BDO will still need to do a deep review of the company's financials. There is no guarantee the auditor will be content with the internal controls in place, nor be willing to sign off on Super Micro's annual report.

Preliminary Q1 results show growth and improvement in margins, but are they worth relying on?

Super Micro may be behind on filing its annual and quarterly reports, but that hasn't stopped it from posting preliminary numbers. On Nov. 5, the company released preliminary financial information for the first quarter of fiscal 2025 (that ended on Sept. 30), stating that its net sales would be around $5.9 billion to $6 billion. This is at the lower end of the guidance it previously issued, where it expected sales of around $6 billion to $7 billion.

While that may be low in terms of reaching its guidance, it still represents an increase of around 180% from the same period a year ago, when sales totaled $2.1 billion. Another positive is that the company says its gross profit margin will be at 13.3%, which is an improvement from the 11.2% margin it reported in the previous quarter.