SMCISuper Micro Computer, Inc.
Industry Electronics mfg Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
$32.94 → $51.58
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 FY24 revenue $5.1-5.5B | Q3 '24 | $5,308M | Held |
| 5,000 racks a month by Jun '24 | Q3 '24 | capacity met | Held |
| FY26 revenue $33B+ | Q4 '25 | $39.1B | Held |
| 6,000 racks, 3,000 DLC, by Jun '26 | Q1 '26 | capacity met | Held |
| Q4 FY26 revenue $11.0-12.5B | Q3 '26 | $11,120M | Held |
| Q1 FY27 revenue $14.5-15.5B | Q4 '26 | $18.5-19.5B, preliminary | Held |
| Path to $50B+ revenue | Q4 '24 | slide dropped | Dropped |
| DLC in 25-30% of new data centres | Q4 '24 | never reported, dropped | Dropped |
| FY27 revenue $65-72B | Q4 '26 | not restated after Q1 | Open |
| Q4 FY24 EPS $7.62-8.42 | Q3 '24 | $6.25, 18% under | Missed |
| Q1 FY25 revenue $6-7B | Q4 '24 | $5.9-6.0B | Missed |
| FY25 revenue $26-30B | Q4 '24 | $22.0B after two cuts | Missed |
| 250kW and 500kW racks 'soon' | Q3 '25 | 240kW in FY27; 500kW still 'soon' | Missed |
| Q1 FY26 revenue $6-7B | Q4 '25 | $5,018M | Missed |
| FY26 revenue $40B+ (raised) | Q2 '26 | $39.1B | Missed |
| Q3 FY26 revenue $12.3B+ | Q2 '26 | $10,243M | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26Q4
'26
Time to marketPage one since Q3 '24
OutlookPage one since Q4 '26
Liquid coolingOff page one Q1 '26
DCBBSPage one since Q4 '25
CapacityFirst seen Q3 '24
FactoriesOff page one Q4 '26
Order bookPage one since Q4 '26
GreenFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Time-to-market on new GPU generations
“First to market development on NVIDIA GH200 (Grace Hopper) and GB200 (Blackwell) solutions”
Deck Fiscal Q3 2024 Results · p. 3 ·
Time-to-market on new GPU generations
“First to market with 8U AI NVIDIA H100 Liquid Cooled Clusters”
Deck Fiscal Q4 2024 Results · p. 3 ·
Time-to-market on new GPU generations
“First to ship latest gen AI products including Supermicro NVIDIA B200/GB200 in volume, TTM leadership”
Deck Fiscal Q3 2025 Results · p. 3 ·
Time-to-market on new GPU generations
“First to ship latest gen AI products including Supermicro NVIDIA B300/GB300; continued TTM leadership”
Deck Fiscal Q4 2025 Results · p. 3 ·
Time-to-market on new GPU generations
“TTM, among the first to ship next gen AI products including AMD MI355”
Deck Fiscal Q1 2026 Results · p. 3 ·
Time-to-market on new GPU generations
“Delivering high volume NVIDIA GB300 NVL72, HGX B300, RTX6000Pro, and AMD MI350/355 worldwide with TTM”
Deck FQ2 2026 Results · p. 3 ·
Time-to-market on new GPU generations
“Preparing for next generation Nvidia, AMD GPU/CPU, Intel, and ARM AGI CPU, and others”
Deck FQ3 2026 Results · p. 3 ·
Time-to-market on new GPU generations
“Delivering high volume NVIDIA VERA CPU / VERA Rubin, GB300 NVL72, HGX B300, RTX6000Pro, and AMD MI350/355 worldwide with the best Time to Market”
Deck FQ4 2026 Results · p. 3 ·
Revenue and outlook on the CEO slide
“Q4 FY24 revenue guidance: $5.1B to $5.5B, 133% to 152% YoY growth”
Deck Fiscal Q3 2024 Results · p. 3 ·
Revenue and outlook on the CEO slide
“FY25 revenue guidance: $26.0B to $30.0B, 74% to 101% YoY growth”
Deck Fiscal Q4 2024 Results · p. 3 ·
Revenue and outlook on the CEO slide
“Scaling nearly doubled revenue from $22B in FY25 to $39B in FY26 and large-scale billion-dollar customers from four in FY25 to nine in FY26 and $60B+ in back orders”
Deck FQ4 2026 Results · p. 3 ·
Direct liquid cooling
“Early seeding on X14 and H14 systems based on Intel Xeon 6 and AMD Turin • Rack-scale DLC-readiness as next-gen AI-solutions require liquid cooling – shipping 1000+ racks this quarter”
Deck Fiscal Q3 2024 Results · p. 3 ·
Direct liquid cooling
“Liquid Cooling Solutions: target 25~30% of the global new D/C deployments to use DLC solutions in next 12 months”
Deck Fiscal Q4 2024 Results · p. 3 ·
Direct liquid cooling
“Liquid Cooling Solutions: targeting ~30%+ of the global new D/C deployments to use DLC solutions in next 12 months”
Deck Fiscal Q3 2025 Results · p. 3 ·
Direct liquid cooling
“Introduced DLC-2, lowering 40% power and water consumption, significantly lower noise to about 50dB, and 20% lower TCO”
Deck Fiscal Q4 2025 Results · p. 3 ·
Direct liquid cooling
“, Coreweave, and more 6,000 Racks/capacity per month by year end FY26 3,000 DLC racks/capacity per month by year end FY26 150kW Racks shipping in volume (250/ 500kW soon)”
Deck Fiscal Q1 2026 Results · p. 5 ·
Direct liquid cooling
“Solutions to fully outfit liquid cooled AI factories and data centers”
Deck FQ2 2026 Results · p. 7 ·
DCBBS (Data Center Building Block Solutions)
“DCBBS (Data Center Building Block Systems) architecture to speed up customers’ AI solutions to achieve TTD, TTO and TCO”
Deck Fiscal Q4 2024 Results · p. 3 ·
DCBBS (Data Center Building Block Solutions)
“DATACENTER BUILDING BLOCKS Supermicro 4.0 2025 & BEYOND”
Deck Fiscal Q3 2025 Results · p. 5 ·
DCBBS (Data Center Building Block Solutions)
“Announced an expanded Data Center Building Block Solutions (DCBBS) for accelerated AI data center buildouts”
Deck Fiscal Q4 2025 Results · p. 3 ·
DCBBS (Data Center Building Block Solutions)
“DCBBS provides required components to fully outfit liquid cooled AI factories and data centers”
Deck Fiscal Q1 2026 Results · p. 6 ·
DCBBS (Data Center Building Block Solutions)
“Starting to ship production DCBBS SKUs in volume for key customer engagements”
Deck FQ2 2026 Results · p. 3 ·
DCBBS (Data Center Building Block Solutions)
“Continuing the expansion of DCBBS product offerings, including racks, DLC, L2A, chilled doors, power shelves, BBU, switches, and SuperDCM and Rack-Scale management software tools.”
Deck FQ3 2026 Results · p. 3 ·
DCBBS (Data Center Building Block Solutions)
“Adding a new DCBBS campus in silicon valley to support continued product expansion in addition to racks, DLC, L2A, chilled doors, power shelves, BBU, switches, and SuperDCM and Rack-Scale management software tools”
Deck FQ4 2026 Results · p. 3 ·
Rack and power capacity
“Server software management solutions drive optimization and higher infrastructure security 5,000 Racks capacity per month expected by the end of FY 24 of which….”
Deck Fiscal Q3 2024 Results · p. 6 ·
Rack and power capacity
“Powering the most powerful AI training/Inference cluster in the world 5,000 Racks per month production NOW 2,000+ DLC Racks per month - Critical 100KW (150, 200KW) Racks ready to deploy”
Deck Fiscal Q4 2024 Results · p. 6 ·
Rack and power capacity
“20MW Facilities today (30MW online soon)”
Deck Fiscal Q3 2025 Results · p. 7 ·
Rack and power capacity
“Powering the most powerful AI training/Inference clusters in the world – xAI, Coreweave and more 5,000 Racks per month production NOW 2,000 DLC Racks per month 150kW (250, 500kW) racks ship in volume 20MW facilities today (30MW 3mo later)”
Deck Fiscal Q4 2025 Results · p. 5 ·
Rack and power capacity
“52MW facilities worldwide”
Deck Fiscal Q1 2026 Results · p. 5 ·
Rack and power capacity
“63MW facilities worldwide”
Deck FQ2 2026 Results · p. 5 ·
Rack and power capacity
“75MW facilities worldwide”
Deck FQ3 2026 Results · p. 5 ·
Rack and power capacity
“85+10MW total power capacity worldwide”
Deck FQ4 2026 Results · p. 5 ·
Manufacturing expansion
“Focused on scaling, optimizing, and expanding manufacturing capacity across San Jose, Taiwan, Malaysia, and beyond”
Deck Fiscal Q3 2024 Results · p. 3 ·
Manufacturing expansion
“Manufacturing Expansion: Scaling in San Jose, Taiwan, Malaysia, and beyond”
Deck Fiscal Q4 2024 Results · p. 3 ·
Manufacturing expansion
“Flexibility: global capacity aligned to navigate dynamic tariff scenarios with agility to meet localized customer demand • Manufacturing: expanding capacity, adding third campus in Silicon Valley, adding Mexico, scaling Taiwan, Malaysia”
Deck Fiscal Q3 2025 Results · p. 3 ·
Manufacturing expansion
“Flexibility: global capacity aligned to navigate dynamic tariff scenarios with agility to meet localized customer demand • Manufacturing: expanding capacity, adding third campus in Silicon Valley, adding Mexico, scaling Taiwan, Netherlands”
Deck Fiscal Q4 2025 Results · p. 3 ·
Manufacturing expansion
“Scaling and expanding manufacturing, increasing headcount in marketing, business development, and sales personnel 3”
Deck Fiscal Q1 2026 Results · p. 3 ·
Manufacturing expansion
“Expanding manufacturing for scale out infrastructure builds and streamline operations/logistics/automation for business efficiency”
Deck FQ2 2026 Results · p. 3 ·
Manufacturing expansion
“Scaling manufacturing to support expansion of partner platform solutions and scale infrastructure builds, and streamlining operations and logistics with automation for business efficiency”
Deck FQ3 2026 Results · p. 3 ·
Manufacturing expansion
“Manufacturing Expansion Planning Underway”
Deck FQ4 2026 Results · p. 8 ·
Order book and customer breadth
“customer engagements, new wins, and order sizes resulting in outstanding order book growth both domestically and internationally”
Deck Fiscal Q1 2026 Results · p. 3 ·
Order book and customer breadth
“Enabling key customer engagements, rapidly scaling new AI factories, resulting in continued domestic and international order book growth”
Deck FQ2 2026 Results · p. 3 ·
Order book and customer breadth
“Scaling nearly doubled revenue from $22B in FY25 to $39B in FY26 and large-scale billion-dollar customers from four in FY25 to nine in FY26 and $60B+ in back orders”
Deck FQ4 2026 Results · p. 3 ·
Green computing
“GREEN COMPUTING FOR THE PLANET”
Deck Fiscal Q3 2024 Results · p. 9 ·
Green computing
“GREEN COMPUTING FOR THE PLANET”
Deck Fiscal Q4 2024 Results · p. 9 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Time to market
- On the CEO slide in all eight decks; "first to market" became "among the first" from Q1 FY26.
- Outlook
- Revenue and the guide headed the CEO slide in FY24, were gone from Q3 FY25 to Q3 FY26, and returned in Q4 FY26.
- Liquid cooling
- A 25-30% share target for new data centres from Q4 FY24, rolled forward a year twice, then dropped for rack counts.
- DCBBS
- Named in Q4 FY24, "SMCI 4.0" from Q3 FY25; volume shipments first claimed in Q2 FY26. No revenue figure on a slide.
- Capacity
- Racks a month until Q4 FY25 (5,000, then 6,000 with 3,000 liquid-cooled), then megawatts: 20MW to 85+10MW.
- Factories
- Every deck: San Jose, Taiwan, Malaysia, then Mexico, the Netherlands, Texas and the Middle East.
- Order book
- Growth in the order book from Q1 FY26, after two quarters of revenue slipping; the first figure, $60B+, in Q4 FY26.
- Green
- A full slide in both FY24 decks, gone from Q3 FY25 with the "Better Faster Greener" tagline.
- New
- Q4 FY26: a full-year table, nine customers above $1B (four in FY25), $60B+ of back orders, the FY27 guide. Oct '26: Q1 FY27 pre-announced at $18.5-19.5B against a $14.5-15.5B guide.
- Quiet
- Net cash, free cash flow and the cash cycle dropped after Q4 FY24; customer and regional mix after FY24; product mix after Q4 FY25; the long-term revenue target after Q4 FY24.
Every quarterly report we’ve saved · 10
The press releases and shareholder letters behind this page.
- Q1 FY2027 release · 8-K 20 Oct 2026
- Q4 FY2026 release · 8-K 21 Jul 2026
- Q3 FY2026 release · 8-K 5 May 2026
- Q2 FY2026 release · 8-K 3 Feb 2026
- Q1 FY2026 release · 8-K 23 Oct 2025
- Q4 FY2025 release · 8-K 5 Aug 2025
- Q3 FY2025 release · 8-K 29 Apr 2025
- Q2 FY2025 release · filed copy 11 Feb 2025
- Q1 FY2025 release · filed copy 5 Nov 2024
- Q4 FY2024 release · 8-K 6 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q1 25 – Q4 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 23% | 32% | 35% | 37% | 55% | 48% | 27% | 48% |
| Growth & sales | 19% | 29% | 25% | 53% | 45% | 28% | 32% | 30% |
| Pricing & margins | 8% | 18% | 20% | 53% | 55% | 28% | 36% | 30% |
| Guidance & outlook | 27% | 32% | 30% | 37% | 55% | 45% | 18% | 19% |
| Capacity & supply | 19% | 11% | 25% | 37% | 18% | 21% | 18% | 22% |
| Capital & financing | 15% | 4% | 10% | 11% | 18% | 10% | 18% | 4% |
| Competition | 8% | 4% | 10% | 5% | 18% | · | · | · |
| Products & technology | 15% | 21% | 30% | 5% | 36% | 14% | 9% | 19% |
| Macro & regulation | · | · | 10% | 5% | · | · | · | 7% |
| Other | 42% | 39% | 30% | 11% | · | 31% | 32% | 26% |
| Questions | 26 | 28 | 20 | 19 | 11 | 29 | 22 | 27 |
Who’s in charge, who’s selling
read from the filings · 24 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
A co-founder director indicted; the SEC, prosecutors and export enforcement all asking
Wally Liaw was indicted on 19 Mar '26 over alleged diversion of export-controlled servers and left the board the next day. Since then: a grand jury subpoena, a second SEC subpoena and export-enforcement subpoenas about a named customer. Four securities class actions and over a dozen derivative suits.
Tier 1 · improving
Internal control still ruled ineffective after the 2024 auditor resignation
EY resigned in Oct '24 citing integrity and board independence; filings ran late. BDO's FY26 opinion on internal control is adverse on one IT-controls weakness, three of four fixed. The CFO the special committee said to replace stayed until Oct '26.
Tier 2 · stable
The CEO's brothers make nearly all the chassis and power supplies
Liang chairs the board and his wife sits on it; together they own 12.2%. Ablecom made 95.3% of FY26 chassis and Compuware 94.4% of power supplies: $725.7M, 2.1% of cost of sales. A $200M trade credit line to Compuware in Nov '25.
Tier 2 · worsening
Staggered board, rising dissent, bylaws tightened without a vote
38.5% withheld from Tuan and 29.1% from Tally Liu, both on the pay committee, in Apr '26. Nomination and special-meeting rules tightened on 27 Aug '26. Five of six outside directors are 68-78.
Tier 2 · worsening
Shares up 10.5% in a year, with more to come
594M to 657M common, mostly the June '26 offering, plus a $4.2B mandatory convertible preferred (about 134M more shares by Jun '29 at today's price), $4.7B of convertible notes and a $1.25B at-the-market program.
Accounting rule changes 1 in 1 quarters
- Q3 '25Non-GAAP adds back the loss on extinguishment of convertible notes as well as stock-based compensation
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Tuan (pay committee, '26)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 108.0M | 38.5% |
| T. Liu (pay committee, '26)A board seat. | — | 81.7M | 29.1% |
| Liang (CEO, chair, '26)A board seat. | — | 45.7M | 16.3% |
| Blair ('25)A board seat. | 22.4M | — | 8.3% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 14.1M | 19.8M | 7.1% |
| More shares for the equity planStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 45.3M | 51.7M | 18.5% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Charles Liang and Sara Liu, CEO and director | $12.2M | 300K joint shares, Sep-Oct '26, under her plan |
| George Kao, operations chief | $1.9M | Nov '25, a month before his retirement; no plan |
| Sherman Tuan, director | $1.6M | Nov '25 at $33.00; no plan |