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- **Revenue growth acceleration**: FY2026 guidance raised to $36 billion, driven by $13 billion in AI GPU platform orders and DCBBS adoption.
- **AI leadership solidified**: NVIDIA Blackwell Ultra and B300 platforms dominate, with backlogs exceeding $13 billion.
- **DCBBS profitability**: Targeting 20%+ gross margins for data center infrastructure solutions, with initial shipments to key customers.
- **Global scale investment**: $52M in new manufacturing capacity to support 6,000 racks/month by end of FY2026.
- **Gross margin recovery path**: Short-term Q2 FY2026 decline expected, but long-term 15%-16% target remains achievable with DCBBS growth.

**【CEO Summary Section】**
- Q1 FY2026 revenue: $5 billion (down 15% YoY, down 13% QoQ) due to delayed shipments of $1.5 billion in AI GPU racks.
- Record new orders: $13 billion, driven by NVIDIA Blackwell Ultra and B300 platforms with backlogs exceeding $13 billion.
- DCBBS (Data Center Building Block Solution) launched, with initial shipments to key customers and expected rapid growth.
- Global expansion: New facilities in Taiwan, Netherlands, Malaysia, and Middle East to support 6,000 racks/month (3,000 DLC racks) by end of FY2026.
- Full year revenue guidance raised to $36 billion (from $33 billion), with Q2 FY2026 revenue expected to be at least $10.5 billion.

**【CFO Financial Commentary】**
- GAAP net income: $420 million; Non-GAAP EPS: $0.35 (vs. guidance of $0.40-$0.52).
- Gross margin: 9.5% (Q1 FY2026), expected to decline 300bps in Q2 due to new product ramps and customer support investments.
- Operating expenses: $203 million (non-GAAP, down 15% QoQ) due to lower R&D and marketing expenses.
- Cash flow: -$918 million (operating cash outflow) due to higher inventory and receivables.
- FY2026 outlook: Net sales of at least $36 billion, with GAAP EPS guidance of $0.37-$0.45 for Q2.

**【Q&A Key Highlights】**
- **Order pipeline**: $13 billion in new orders, driven by NVIDIA Blackwell Ultra and AMD MI350 platforms. 2 customers account for >10% of revenue.
- **Gross margin trends**: Q2 FY2026 gross margin expected to decline due to new product ramps, but long-term target of 15%-16% remains intact.
- **DCBBS impact**: DCBBS solutions target 20%+ gross margins, with initial shipments to large accounts and rapid adoption expected.
- **Capacity expansion**: $52M in new manufacturing capacity, with 6,000 racks/month (3,000 DLC) by end of FY2026.
- **Customer feedback**: DCBBS welcomed for faster deployment, cost savings, and improved efficiency. Large CSPs and enterprises driving demand.


Super Micro Computer, Inc. (SMCI) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: FY2025 up 47% to $22B; Q4 $5.8B (+8% YoY). FY2026 target: $33+ billion.
- **DCBBS Strategy**: Accelerates AI data center deployment, with Q1 2026 ramp and long-term margin expansion.
- **Margins**: FY2025 gross margin 11.2%; targeting 15%+ via enterprise/IoT and DCBBS solutions.
- **Cash Flow**: FY2025 cash from ops $1.7B; Q4 ending cash $5.2B.
- **Q1 2026 Guidance**: $6-7B revenue, non-GAAP EPS $0.40-0.52.

**【CEO Summary Section】**
- Fiscal 2025 revenue reached $22 billion, up 47% YoY, driven by AI and green computing solutions. Q4 revenue was $5.8 billion, +8% YoY, despite challenges like delayed revenue recognition and production constraints.
- Introduced DCBBS (Data Center Building Block Solutions), enabling customers to build AI data centers 2-3x faster. Q1 2026 guidance: $6-7 billion; FY2026 target: $33+ billion.
- Expanded into enterprise, IoT, and telco markets, with 4 large-scale customers in FY2025 (vs. 1 in FY2024). Gross margin target: 15%+ long-term through higher-margin solutions.

**【CFO Financial Commentary】**
- Q4 2025: GAAP net income $19 million, non-GAAP EPS $0.41 (vs. $0.50 YoY). FY2025: GAAP EPS $1.68, non-GAAP EPS $2.06. Q4 gross margin 9.6%, down from 13.9% FY2024 due to product mix.
- Q4 cash flow from ops: $864 million (vs. -$2.5B FY2024). FY2025 cash from ops: $1.7B. Ending cash: $5.2B, net cash $412M.
- Q1 2026 guidance: $6-7B revenue, GAAP EPS $0.30-0.42, non-GAAP EPS $0.40-0.52. Gross margins similar to Q4 levels.

**【Q&A Highlights】**
- **DCBBS Impact**: Expected to drive margin expansion as customers adopt full solutions (e.g., power, cooling, networking). Q4 2025 DCBBS components started shipping; full ramp in FY2026.
- **Customer Growth**: 4 large-scale customers in FY2025, with several more expected in FY2026. Sovereign AI deals (e.g., Europe, Middle East) provide high-margin opportunities.
- **B300 Availability**: NVIDIA partner for B300, with Super Micro ready to scale production once volumes increase.
- **Gross Margin Path**: Target 15%+ through enterprise/IoT solutions and DCBBS. FY2025 gross margin 11.2% vs. 13.9% FY2024; expect gradual improvement.
- **Tariffs**: Actively managing, but no material impact expected in Q1 2026.

Super Micro Computer, Inc. (SMCI) Q4 2025 Earnings Call Transcript

- **Q3 Results**: $4.6B revenue (+19% YoY), Non-GAAP EPS $0.31 (-53% YoY) due to $100M inventory write-down.
- **Product Momentum**: Blackwell GPU ramp, DCBBS solutions with 30% TCO savings, and 40% efficiency gains in DLC-2 liquid cooling.
- **Q4 Guidance**: Revenue $5.6-6.4B, Non-GAAP EPS $0.40-0.50, gross margin ~10%.
- **Challenges**: Tariff uncertainty, platform transition costs, and older GPU pricing pressure.
- **Growth Drivers**: Enterprise AI adoption, U.S. manufacturing scale, and global expansion (Malaysia, Midwest).

**【CEO Summary Section】**
- Q3 2025 revenue: $4.6 billion (19% YoY growth, 19% QoQ decline) due to delayed customer commitments amid Hopper/Blackwell GPU transitions.
- Non-GAAP EPS: $0.31 (down 53% YoY) due to $100M inventory write-down of older GPU platforms.
- Key product launches:
  - DCBBS (Data Center Building Block Solutions) with 2nd-gen DLC-2 liquid cooling tech (30% TCO savings, 40% power/water efficiency).
  - Blackwell GPU platforms entering volume production, expected to drive Q4+ growth.
- Global expansion: New Malaysia facility online, U.S. Midwest manufacturing scaling, Taiwan/Europe capacity increases.
- FY25 guidance: Q4 revenue $5.6-6.4B, FY25 total $21.8-22.6B.

**【CFO Financial Commentary】**
- Revenue breakdown:
  - Enterprise/Channel: $1.9B (42% of Q3, +38% QoQ).
  - OEM/Large Data Centers: $2.6B (57% of Q3, -38% QoQ).
  - Geography: U.S. 60%, Asia 30%, Europe 6%.
- Gross margin: 9.7% (down 220bps QoQ due to inventory reserves and new product ramp costs).
- Operating expenses: $216M (non-GAAP, -5% QoQ).
- Cash flow: $627M from operations, $594M free cash flow.
- Balance sheet: $2.54B cash, $2.49B debt (net $44M positive vs. -$479M last quarter).
- Q4 2025 guidance: GAAP EPS $0.30-0.40, Non-GAAP EPS $0.40-0.50, gross margin ~10%.

**【Q&A Highlights】**
- **Demand trends**: Strong Q4 orders for Blackwell, expecting sequential growth in Q4 and FY26. Enterprise adoption of AI accelerating despite macro uncertainty.
- **Gross margin challenges**: Tariff concerns, platform transition costs, and older GPU pricing headwinds. Inventory reserves expected to decline in Q4.
- **Supply chain**: 5,000/month rack production capacity maintained; Malaysia facility coming online Q3 2025.
- **Competitive positioning**: U.S. manufacturing flexibility, DLC-2 tech leadership, and first-to-market AI solutions.
- **Tariff impact**: Monitoring U.S. AI diffusion rules; U.S.-based customers driving 60% of revenue.


Super Micro Computer (SMCI)-6 May 25-2025 Q3 Earnings call transcript

- **Revenue Growth Acceleration**: Q2 FY25 revenue up 54% YoY to $5.6B-$5.7B, driven by AI and GPU transitions.
- **FY26 Ambitious Target**: $40B revenue ($65% YoY growth) backed by 1,500 GPU racks/month capacity and 30%+ DLC adoption.
- **Margin Recovery Path**: Target 14%-17% gross margin for FY26, leveraging DLC's 40% TCO savings advantage.
- **Capital Strength**: $700M convertible bonds and $1.7B amended notes to fund expansion and Super Micro fabs.
- **Market Leadership**: 60%+ DLC market share in FY24, with 30%+ new data centers adopting DLC by mid-2025.

**【CEO Summary Section】**
- Q2 FY25 revenue projected at $5.6B-$5.7B, up 54% YoY, driven by AI demand and transition to NVIDIA Blackwell GPUs.
- Non-GAAP EPS guidance of $0.58-$0.63, up 5% YoY, despite margin pressure from R&D and customer mix.
- FY26 revenue target set at $40B, reflecting 65% YoY growth, fueled by DLC (direct liquid cooling) adoption and new production capacity (e.g., 1,500 GPU racks/month in the U.S.).
- Announced $700M convertible bond issuance to support growth and Super Micro fab initiatives.

**【CFO Financial Commentary】**
- Q2 FY25 GAAP net income: $315M-$325M; non-GAAP net income: $375M-$392M.
- Gross margin: 11.9% (down 120bps QoQ due to product mix and R&D costs).
- Operating margin: 7.9% (down 180bps QoQ).
- Cash balance: $1.4B at end of Q2, with $2B+ at end of January 2025.
- FY25 updated revenue guidance: $23.5B-$25B (previously $26B-$30B), reflecting near-term supply chain constraints.

**【Q&A Key Highlights】**
- **Blackwell GPU Adoption**: B200 and GB200 systems in full production, with 30%+ of new data centers expected to adopt DLC by mid-2025.
- **Margin Outlook**: Target 14%-17% gross margin for FY26, driven by DLC leadership and 40%+ TCO savings vs. air-cooled solutions.
- **Customer Expansion**: Expanding into Asia and Europe, with utilization rates at 55% (U.S.), 60% (Taiwan), and <1% (Malaysia), leaving ample growth headroom.
- **Competitive Edge**: 60%+ market share in DLC solutions last year, with superior on-site deployment and service capabilities.
- **Financial Liquidity**: $700M convertible notes issuance and $1.7B amended notes to support capex and working capital.


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