Super Micro Computer, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 FY2026 revenue was $5.0B, down 15% year-over-year (from Q1 FY2025) and down 13% sequentially (from Q4 FY2025). This underperformance compared to prior guidance of $6–$7B was driven primarily by a late-stage customer configuration change that pushed ~$1.5B in revenue into Q2.
  • Despite the revenue delay, customer demand surged with over $13B in new orders — the highest in company history, including Super Micro’s largest single deal ever.
  • AI GPU platforms (e.g., NVIDIA Blackwell Ultra GB300, B300, AMD MI350/355X, RTX Pro 6000) accounted for over 75% of total revenue, underscoring accelerating traction in hyperscale and enterprise AI deployments.
  • Non-GAAP gross margin was 9.5%, slightly lower than Q4’s 9.6%. Non-GAAP operating margin improved slightly to 5.4% vs. 5.3% in Q4.
  • Non-GAAP EPS was $0.35 vs. guidance of $0.40–$0.52, reflecting lowered revenue and elevated working capital investments.

Business Highlights

  • Backlog for NVIDIA GB300 products surpassed $13B, driven by hyperscalers and major enterprise AI deployments.
  • Significant traction in full-rack and data center–scale deployments, where integration complexity contributed to shipment timing shifts.
  • Strong progress in DCBBS (Data Center Building Block Solutions), positioning the company as a full data center infrastructure provider, not solely a server/system vendor.

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Operator: Thank you for standing by. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. Business Update Call. With us today are Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Senior Vice President of Corporate Development. [Operator Instructions] Michael Staiger: Thank you, Matt. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the first quarter and full fiscal year 2026, which ended September 30, 2025. With me today are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer. By now, you should have received a copy of the press release from the company that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants in the Investor Relations section of the company's website under the Events and Presentations tab. We've also published management's scripted commentary on our website. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation and future business outlook, including guidance for

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