Super Micro Computer, Inc.

FY26 performance: major scale-up + profitability inflection (good / “surprising” for many) - Revenue $39.1B, up 78% YoY (from $22B in FY25). - Non-GAAP fully diluted EPS $3.63, up 76% YoY (from $2.06 in FY25). - FY26 non-GAAP gross margin: 10.9% vs 11.2% in FY25 (roughly stable, despite the huge growth). - FY26 non-GAAP operating margin: 8.1% vs 7.1% in FY25 (operating leverage improving). - Key qualitative theme: shift from being “USA-based server manufacturer” to AI/IT data center total solution (DCBBS: integrated compute + liquid cooling + networking + software + services).

Q4 results: revenue timing delays but margins rebounded sharply (good, with an important negative) - Q4 revenue: $11.1B, up 93% YoY and +9% QoQ, but near the low end of guidance ($11.0B–$12.5B) due to short-term customer delays tied to power/cooling/networking readiness. - Management called it a timing story (delayed shipments should move into later quarters). - Q4 AI mix: AI solutions ~60% of total revenue in Q4 (down from >80% in Q3) due to project ramp timing; company expects >80% of future revenue to be AI-related. - Q4 non-GAAP gross margin: 17.6% vs guidance 8.2%–8.4%, up from 10.1% in Q3. - Drivers: customer/product mix and deferral of some contracts (contributed ~75% of the improvement), plus lower tariff costs and lower inventory reserves (~25%).

Orders/backlog: strong demand signal for FY27 (opportunity) - During the call, company referenced preannouncement of >$60B in new orders, pushing backlog/order book to record levels. - CFO clarified the order mix: ~70% “pure AI” and 30% CPU or CPU-based AI/edge-agent applications. - Management confidence: those orders are expected to be fulfilled over coming quarters, supporting acceleration into FY27.