SMCI
Super Micro Computer, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Super Micro Computer, Inc.
Super Micro Computer, Inc. develops and manufactures high-performance server and storage systems, including GPU-accelerated servers for AI and HPC, liquid-cooled racks, and related subsystems. It sells to cloud providers, enterprises, and OEMs, emphasizing modular architectures and rapid time-to-market.
Coverage
Supermicro Is Capacity-Bound. Its Rack Ceiling Is Worth $12 to Our Fair Value.
Supermicro rose 9.5% on a $1.5 trillion 2030 server forecast. Matching that growth costs our fair value $1.07. Its own rack capacity is worth $12.15.
Cisco Added Supermicro to Its AI Factory.
Cisco adds Supermicro's Vera Rubin systems to its Secure AI Factory in October — with no customer order, rack count, contract value or margin disclosed.
Supermicro's Board Cleared Current Management—One Less Blocker to Our $60.79 Base Case.
Supermicro's independent review cleared current management and the issued financials — removing one of the blockers between $37.00 and our $60.79 base case.
Supermicro Beat Every Estimate on the Street. Then It Guided the Margin Away.
Supermicro beat everything — 17.47% gross margin, $1.62 GAAP EPS — then guided revenue up 30-39% sequentially with net income down 38-44%. The margin left.
Supermicro Already Told Us the Revenue Missed and the Margin Doubled. Tonight Is About Which One Matters.
Supermicro pre-announced the miss and the margin doubling on July 21, so estimates span $0.71 to $1.33. Tonight settles which of the two numbers matters.
Super Micro Books $60 Billion in New Orders — Even as Full Q4 Revenue Lands Near the Low End
Supermicro's preliminary Q4 FY2026 update showed revenue tracking near the low end of guidance, but gross margins nearly doubled and new orders topped $60 billion, sending shares sharply higher. We break down what the record backlog means for the AI server buildout — and the export-control cloud still hanging over the stock.
Where the revenue goes next
Latest: $11.12B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | $1.80B |
| Q3 FY2023 | $1.28B |
| Q4 FY2023 | $2.19B |
| Q1 FY2024 | $2.12B |
| Q2 FY2024 | $3.67B |
| Q3 FY2024 | $3.85B |
| Q4 FY2024 | $5.36B |
| Q1 FY2025 | $5.94B |
| Q2 FY2025 | $5.68B |
| Q3 FY2025 | $4.60B |
| Q4 FY2025 | $5.76B |
| Q1 FY2026 | $5.02B |
| Q2 FY2026 | $12.68B |
| Q3 FY2026 | $10.24B |
| Q4 FY2026 | $11.12B |
Latest: $1.62 (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | $0.31 |
| Q3 FY2023 | $0.15 |
| Q4 FY2023 | $0.34 |
| Q1 FY2024 | $0.27 |
| Q2 FY2024 | $0.51 |
| Q3 FY2024 | $0.66 |
| Q4 FY2024 | $0.46 |
| Q1 FY2025 | $0.67 |
| Q2 FY2025 | $0.51 |
| Q3 FY2025 | $0.17 |
| Q4 FY2025 | $0.31 |
| Q1 FY2026 | $0.26 |
| Q2 FY2026 | $0.60 |
| Q3 FY2026 | $0.72 |
| Q4 FY2026 | $1.62 |
Latest: 9.2 (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | 7.8 |
| Q3 FY2023 | 10.0 |
| Q4 FY2023 | 21.9 |
| Q1 FY2024 | 25.4 |
| Q2 FY2024 | 22.3 |
| Q3 FY2024 | 56.6 |
| Q4 FY2024 | 42.7 |
| Q1 FY2025 | 18.1 |
| Q2 FY2025 | 13.2 |
| Q3 FY2025 | 18.9 |
| Q4 FY2025 | 29.2 |
| Q1 FY2026 | 38.4 |
| Q2 FY2026 | 21.8 |
| Q3 FY2026 | 12.1 |
| Q4 FY2026 | 9.2 |
Latest: $719M (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | $151M |
| Q3 FY2023 | $190M |
| Q4 FY2023 | −$18M |
| Q1 FY2024 | $268M |
| Q2 FY2024 | −$610M |
| Q3 FY2024 | −$1.61B |
| Q4 FY2024 | −$662M |
| Q1 FY2025 | $365M |
| Q2 FY2025 | −$267M |
| Q3 FY2025 | $594M |
| Q4 FY2025 | $841M |
| Q1 FY2026 | −$950M |
| Q2 FY2026 | −$45M |
| Q3 FY2026 | −$6.70B |
| Q4 FY2026 | $719M |
Latest: 705M (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2020 | 51M |
| Q3 FY2020 | 52M |
| Q1 FY2021 | 52M |
| Q2 FY2021 | 51M |
| Q3 FY2021 | 50M |
| Q1 FY2022 | 51M |
| Q2 FY2022 | 52M |
| Q3 FY2022 | 52M |
| Q1 FY2023 | 53M |
| Q2 FY2023 | 56M |
| Q3 FY2023 | 56M |
| Q4 FY2023 | 52M |
| Q1 FY2024 | 572M |
| Q2 FY2024 | 581M |
| Q3 FY2024 | 614M |
| Q4 FY2024 | 59M |
| Q1 FY2025 | 639M |
| Q2 FY2025 | 636M |
| Q3 FY2025 | 622M |
| Q4 FY2025 | 597M |
| Q1 FY2026 | 663M |
| Q2 FY2026 | 694M |
| Q3 FY2026 | 692M |
| Q4 FY2026 | 705M |
Latest: −$7.73B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | $151M |
| Q3 FY2023 | $341M |
| Q4 FY2023 | $324M |
| Q1 FY2024 | $592M |
| Q2 FY2024 | −$18M |
| Q3 FY2024 | −$1.62B |
| Q4 FY2024 | −$2.29B |
| Q1 FY2025 | −$1.92B |
| Q2 FY2025 | −$2.19B |
| Q3 FY2025 | −$1.59B |
| Q4 FY2025 | −$754M |
| Q1 FY2026 | −$1.70B |
| Q2 FY2026 | −$1.75B |
| Q3 FY2026 | −$8.44B |
| Q4 FY2026 | −$7.73B |
Latest earnings
Company History
Charles Liang and Sara Liu found Super Micro Computer in San Jose, California, focused on modular, high-performance server motherboards.
Supermicro goes public on Nasdaq under ticker SMCI, raising about $64 million by selling 8 million shares at $8 each.
Hindenburg Research alleges accounting irregularities and undisclosed related-party transactions; auditor Ernst & Young resigns; Supermicro delays its FY2024 10-K and faces a real Nasdaq delisting deadline.
An independent special committee finds no evidence of management or board misconduct; Supermicro files its outstanding financial statements with new auditor BDO USA by the February 25, 2025 Nasdaq deadline and regains listing compliance.
Revenue and backlog surge on AI server demand (over $60 billion in new orders in Q4 FY2026 alone) even as a fresh independent board investigation examines export-control allegations tied to a March 2026 DOJ indictment of a co-founder and two others.
Key Players
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Funds we follow holding SMCI
By latest reported 13F position value. Market value at quarter-end, not cost basis.
