Charles Liang, CEO: “Powered by our DCBBS architecture, Supermicro is transforming into a leading AI and datacenter infrastructure company. With a rapidly expanding order book—including over $13 B in NVIDIA Blackwell Ultra orders—we expect at least $36 B in FY 2026 revenue.” Liang highlighted ongoing scaling in AI server capacity and broader deployment of liquid-cooled and rack-level AI solutions.
Outlook
Q2 FY26 (Dec 2025 quarter)
Revenue: $10.0 B – $11.0 B
GAAP EPS: $0.37 – $0.45
Non-GAAP EPS: $0.46 – $0.54
Assumes ~16% tax rate and ~680 M diluted shares
FY 2026 Full-Year Target: ≥ $36 B in revenue
Financial Summary
Metric
Q1 FY26
Q4 FY25
Q1 FY25
YoY Change
Revenue
$5.02 B
$5.76 B
$5.94 B
–15%
GAAP EPS
$0.26
$0.31
$0.67
–61%
Non-GAAP EPS
$0.35
—
$0.73
–52%
Gross Margin
9.3%
9.5%
13.1%
–3.8 pts
Net Income
$168 M
$195 M
$424 M
–60%
AI-Related Highlights
$13 B+ Blackwell Ultra AI server backlog.
Expanding Direct Liquid Cooling (DLC-2) systems for high-density AI workloads.
Scaling customer base across hyperscale cloud, enterprise, and sovereign AI segments.
Positioning to capture next wave of AI datacenter infrastructure growth.
Key Takeaways
Profitability compressed on lower margins and cash outflow despite solid backlog.
Management projects sharp sequential rebound in Q2 on AI-server ramp.
Focus remains on AI infrastructure leadership via DCBBS and liquid-cooling platforms.
FY26 target implies >6× growth vs FY25 revenue base—ambitious but order-driven.
