Super Micro Computer's Q2 2025: Discrepancies in Production, Margins, and Revenue Forecasts

These are the key contradictions discussed in Super Micro Computer's latest 2025 Q2 earnings call, specifically including: Blackwell production and supply chain constraints, gross margin expectations, and issues with product roadmap execution and supply chain:



Revenue Growth and AI Integration:
- Super Micro reported revenue of $5.6 billion to $5.7 billion for Q2 Fiscal 2025, up 54% year-on-year.
- The growth was driven by sustained AI demand from both existing and new customers, particularly for AI GPU platforms like NVIDIA H100 and H200, contributing over 70% of revenue.

Non-GAAP Financial Metrics:
- Preliminary fiscal Q2 non-GAAP earnings were in the range of $0.58 to $0.63 per share, representing approximately a 5% year-on-year growth.
- The growth was supported by a non-GAAP gross margin of approximately 11.9% and a non-GAAP operating margin of 7.9%, despite temporary margin pressures from product mix and R&D investments.

Impact of 10-K Filing Delay:
- The delay in filing the company's fiscal year 2024 10-K and 10-Qs had a negative impact on cash flow and market misperception, affecting the previous quarter's performance.
- The company anticipates the resolution of the filing issues by February 25, 2025, which will help improve cash flow and restore market confidence.

Technology and Product Expansion:
- Super Micro's NVIDIA B200 and GB200 products are shipping now, with volume production expected for NVIDIA GB200 NVL72 racks.
- The company's expansion into liquid-cooled data center infrastructure solutions, such as the xAI Colossus, is driven by the rapid growth of AI and a shift towards greener computing solutions.