Super Micro Computer — 2026Q3 財報

“Gross margin of 17.5% versus 9.9% in Q3'26 and 9.5% in Q4'25.”

The quarter's headline improvement was gross margin, which rose to 17.5% from 9.9% in the immediately preceding quarter and 9.5% a year earlier.

“Non-GAAP diluted net income per common share of $1.70 versus $0.41 in Q4'25.”

Non-GAAP diluted EPS came in at $1.70 against $0.41 a year earlier — the figure the deterministic consensus comparison scored as the beat.

“For fiscal year 2027, the Company expects net sales in the range of $65.0 billion to $72.0 billion.”

Management set a full-year fiscal 2027 revenue range far above fiscal 2026's actual, framing the quarter as the start of a much larger buildout.

“In addition, as the Company has disclosed, the Board is conducting an independent review of certain transactions in connection with export-control issues. The outcome of that investigation could affect our forecasts, these preliminary results and prior period results.”

The release discloses that a Board-level independent review of certain transactions tied to export-control issues is still running, and that its outcome could change both this quarter's numbers and prior periods.

“The unaudited financial information presented in this press release is preliminary. The final financial results reported for this period may also differ from the results reported in this release.”

Every figure in this release is presented as preliminary and unaudited, with the company stating the final reported results may differ.

“As of June 30, 2026, total cash and cash equivalents was $7.5 billion and total bank debt and convertible notes were $8.7 billion.”

The company ended the year with more total bank debt and convertible notes ($8.7 billion) than cash ($7.5 billion).

“Q4 non-GAAP gross margin was 17.6% versus our guidance of 8.2% to 8.4%. This was up from 10.1% in Q3. Gross margins improved by 750 basis points sequentially due to a better-than-anticipated customer and product mix, including the deferral of several contracts from Q4 fiscal year '26 to Q1 fiscal year '27, and perhaps the subsequent quarter. This favorable mix contributed approximately 75% of the gross margin improvement.”

The CFO measured the margin result against a guide of 8.2% to 8.4%, and attributed approximately 75% of the improvement to a favourable customer and product mix that included contracts deferred out of the quarter.

“Based on the expected customer and product mix, we expect gross margin to be in the range of 10.4% to 10.8%.”

The elevated margin is not guided as a run rate — the September-quarter guide takes it straight back to roughly the level of the prior two quarters.

“While Q4 revenue came in at $11.1 billion due to some short-term customer delays in power shortage, cooling, and networking, we know this is purely a timing story.”

The CEO characterised the revenue level as a customer-readiness problem — power, cooling and networking at the customer site — rather than a demand problem.

“Turning to the balance sheet and working capital metrics, the cash conversion cycle increased by 43 days, from 106 days in Q3 to 149 days in Q4.”

Working capital deteriorated sharply as the company built inventory ahead of fiscal 2027, with the cash conversion cycle lengthening by 43 days quarter over quarter.

“During the quarter, we completed public equity offerings, raising $5.6 billion after offering expenses, comprising $1.4 billion of common stock and $4.2 billion of mandatory convertible preferred shares.”

The working-capital demand of the backlog was funded in the quarter with equity and mandatory convertible preferred rather than from operations.

“As to your second question, Ananda, we expect to provide an update shortly, and that's all we can share on this call.”

Asked directly for an update on the Board inquiry — the second half of the first analyst's question — the CFO deferred it off the call entirely.