$SMCI · Super Micro Computer, Inc.
Super Micro Computer reported Q1 FY2027 (ending September 30, 2026) preliminary unaudited results: net sales of $19.95B, up 297% YoY from $5.02B, with GAAP diluted EPS of $1.75 and non-GAAP diluted EPS of $1.81. Gross margin was 12.7% GAAP. The company guided Q2 FY2027 revenue to $19.5B–$21.5B and full FY2027 revenue to $72.0B–$82.0B. The Board also declared a $0.875 per depositary share dividend on its Series A Mandatory Convertible Preferred Stock (SMCIP), payable December 1, 2026.
- Net sales of $19.95B, up 297% YoY from $5.02B in Q1 FY2026 and up 79% sequentially from $11.1B in Q4 FY2026.
- GAAP diluted EPS of $1.75 vs $0.26 YoY; non-GAAP diluted EPS of $1.81 vs $0.35 YoY.
- Gross margin compressed to 12.7% GAAP (12.8% non-GAAP), down from 17.5% sequentially but up from 9.3% YoY.
- FY2027 full-year revenue guidance of $72.0B–$82.0B, implying ~4x annual run-rate at the midpoint.
- Cash used in operations was $434M; total cash of $6.9B against $8.6B in total bank debt and convertible notes.
Extended-hours trading shows SMCI at $34.00, up +8.31% from the regular-session close of $31.39, reflecting strong positive reaction to the massive revenue beat and FY2027 guidance. The $20.62B market cap company posted quarterly revenue nearly equal to its entire market cap.
SMCI's quarterly revenue nearly matches its $20.6B market cap, with FY2027 guidance implying the company could generate 3.5–4x its current market cap in annual sales — a scale anomaly that demands investor attention.
SMCI's $19.9B quarterly revenue run-rate places it firmly among the largest AI infrastructure beneficiaries, with scale now rivaling traditional server OEMs. The DCBBS strategy and gigawatt-scale datacenter deployments underscore the hyperscale AI buildout's continued acceleration.
Gross margin fell sharply from 17.5% in Q4 FY2026 to 12.7%, signaling potential pricing pressure or mix shift as revenue scales. Preliminary unaudited results are subject to change; final financial closing procedures are not yet complete and the independent auditor has not reviewed these figures.