Super Micro Computer Inc

FY26 performance: explosive growth with improving profitability - Revenue reached $39.1B, up 78% YoY (from ~$22B in FY25). - Non-GAAP fully diluted EPS: $3.63, up 76% YoY (from $2.06 in FY25). - Non-GAAP gross margin FY26: 10.9% vs 11.2% FY25 (roughly flat), but profitability improved through operating discipline. - Non-GAAP operating margin FY26: 8.1% vs 7.1% FY25.

Q4 FY26 results: strong margins, but revenue timing drag - Q4 revenue was $11.1B (+93% YoY, +9% QoQ) but near the low end of guidance ($11.0B–$12.5B) due to customer delays tied to power readiness, cooling, and networking. - Management characterized this as “purely a timing story” expecting recognition in subsequent quarters. - Q4 non-GAAP gross margin: 17.6% (vs 10.1% Q3, and vs guidance 8.2%–8.4%). - Q4 non-GAAP diluted EPS: $1.70 (vs guidance $0.65–$0.79).

Order momentum + mix shift toward higher-margin enterprise/AI/CPU - Company disclosed $60B+ in new orders in the preannouncement; backlog and order book set record levels (expected to be fulfilled over coming quarters). - AI mix: Q4 AI was ~60% of revenue (down from >80% in Q3 due to timing of large AI ramps), with expectation that “>80% of revenues will be AI-related” going forward. - CEO emphasized mix drivers: higher-margin products (notably enterprise CPU, storage, IoT) plus growing DCBBS (data center building block solutions) and software/services attach. - CFO highlighted enterprise/channel revenue accelerating: $5.6B in Q4 (50% of total) vs 28% in Q3, up 172% YoY.