Supermicro revenue hits $19.9 billion, four times last year's quarter

What the company reported. Revenue for the quarter ended September 30 was $19.9 billion. That is almost four times a year ago ($5.0 billion) and almost 80% more than last quarter ($11.1 billion). Net income was $1.59 billion, or $1.75 per share, and $1.81 on an adjusted basis. Adjusted figures leave out some items, such as stock-based pay.

Margins. Gross margin, the share of revenue left after the cost of goods, was 12.7%. It was 9.3% a year ago and 17.5% last quarter. Per Yahoo Finance, the adjusted margin of 12.8% beat the company's own preliminary range of 12% to 12.5%. Operations used $434 million in cash in the quarter: sales are growing, but money is still going into inventory and supplier payments.

Outlook. For fiscal Q2 (October to December), Supermicro expects $19.5 to $21.5 billion in revenue and adjusted earnings of $1.66 to $1.90 per share. Per Yahoo Finance, analysts expected $16.35 billion. For the full fiscal year ending June 2027, it expects $72 to $82 billion.

What came before. Per Yahoo Finance, Supermicro stock fell 27% in the past month and 38% over the past year. The trigger was a Gartner report saying many small AI cloud companies, called neoclouds, may not earn back what they invest. Neoclouds CoreWeave and Nebius fell 40% and 37% in the month. CoreWeave is a Supermicro customer.

How to read it. CEO Charles Liang calls it record revenue and points to demand for complete data center systems. The numbers are unaudited. This is an overview, not advice.

Hechos confirmados

• Supermicro released unaudited results for fiscal Q1 2027, the quarter ended September 30, 2026, on November 3.^[1]
• Revenue was $19.9 billion, against $11.1 billion in fiscal Q4 2026 and $5.0 billion a year earlier.^[1][2]
• Gross margin was 12.7%, against 17.5% the quarter before and 9.3% a year earlier.^[1]
• Net income was $1.59 billion, earnings per share $1.75, and adjusted earnings per share $1.81.^[1][2]
• Operations used $434 million in cash in the quarter.^[1]
• Fiscal Q2 outlook: revenue of $19.5 to $21.5 billion, adjusted earnings of $1.66 to $1.90 per share.^[1]
• Full fiscal 2027 revenue outlook: $72 to $82 billion.^[1]
• Analysts expected fiscal Q2 revenue of $16.35 billion.^[2]
• The adjusted gross margin of 12.8% beat the company's preliminary range of 12% to 12.5%.^[2]
• Supermicro stock rose more than 5% right after the report.^[2]
• In the month before the report the stock fell 27% after a Gartner report on neoclouds, and 38% over 12 months; CoreWeave and Nebius fell 40% and 37% in the month.^[2]

Implicaciones

• ConfirmadoDemand for Supermicro's AI servers did not drop this quarter: revenue grew almost fourfold in a year.
• ConfirmadoThe company's outlook for next quarter is above the average analyst forecast.
• Nuestra lecturaRevenue growth comes with a thin margin and cash leaving operations, so the market will watch profit, not just volume. That is our reading.

Todavía no se sabe

• How Supermicro stock trades in the regular session on November 4
• Whether the margin stays above 12% as volumes grow
• Which customers drove most of the revenue: the release does not name them

A quién afecta

Global, United States. People who follow AI and server stocks or hold tech sector funds

Fuentes

1. Supermicro: Supermicro Announces First Quarter of Fiscal Year 2027 Financial Results 3 de noviembre de 2026 · oficial
2. Yahoo Finance: Supermicro tops Q1 estimates, offers strong Q2 outlook 3 de noviembre de 2026 · medios