Analysis
Super Micro reports $19.9 billion for its fiscal first quarter, nearly four times last year, in preliminary unaudited results
Super Micro posts $19.9 billion for fiscal Q1, nearly four times last year. The figures are preliminary and unaudited, and gross margin fell to 12.7%.
Super Micro published preliminary, unaudited results for its fiscal first quarter 2027, which ended September 30, 2026: net sales of $19.9 billion, nearly four times the $5.0 billion of a year earlier (about +298%, our calculation). "Well above expectations" holds against the consensus figures cited, but the company had already raised its preliminary range in October. This is not investment advice.
The essentials
- The results: net sales of $19.9 billion, a record according to the release; net income of $1,594.2 million; diluted earnings per share of $1.75 (GAAP).
- The caveats: preliminary and unaudited figures; GAAP gross margin of 12.7%, down from 17.5%; operating cash flow of negative $434 million.
- The forecast: $19.5 to $21.5 billion for the second quarter, $72.0 to $82.0 billion for fiscal 2027.
- Not established: the final audited figures and the exact consensus.
What does Super Micro say for the quarter?
Net sales were $19,945.8 million, against $5.0 billion a year earlier and $11.1 billion in the previous quarter. Gross margin was 12.7% (GAAP) and 12.8% (non-GAAP), against 9.3% and 9.5% a year earlier. Crypto Briefing ties the drop to product mix and AI server demand, the outlet's reading. Net income was $1,594.2 million, against $168.3 million a year earlier; diluted earnings per share were $1.75 (GAAP) and $1.81 (non-GAAP). Operating cash flow was negative $434 million, cash $6.9 billion, and bank debt and convertible notes $8.6 billion.
Source: Super Micro release.
CEO Charles Liang speaks of a record quarter and a shift toward being a full-solution provider for AI data centers, built on DCBBS (Data Center Building Block Solutions), from gigawatt-scale data centers to containerized modules (our paraphrase). The release does not mention Blackwell. Crypto Briefing reports a partnership with NVIDIA on GPU-optimized systems; no customer is named.
Why "preliminary and unaudited"?
The release says the figures are published before the quarter's closing procedures are complete, that the auditor has not reviewed them, and that the final figures may differ.
Is it "well above expectations"?
Against the cited consensuses, yes: InvestingLive puts expectations at about $16 billion in revenue and about $1.20 in non-GAAP earnings per share. But the consensuses cited vary by outlet, and their source is not specified. Crypto Briefing writes that the company had already raised its preliminary first-quarter range in October to $18.5 to $19.5 billion; $19.9 billion is above it by a small margin. InvestingLive writes that published consensuses did not always include that update, so the surprise is overstated if measured against them (the author's analysis).
Source: Super Micro release, Crypto Briefing and InvestingLive.
What does Super Micro forecast?
For the second quarter, ending December 31, 2026: net sales of $19.5 to $21.5 billion and non-GAAP earnings per share of $1.66 to $1.90 (GAAP $1.59 to $1.83). For fiscal 2027: $72.0 to $82.0 billion. Crypto Briefing writes that this raises a $65 to $72 billion range; the release does not say so. It reads the $10 billion width as timing uncertainty (the author's interpretation). Relayed expectations: InvestingLive, about $18 billion and $1.14 non-GAAP for the second quarter; CNBC, an annual range above the LSEG consensus of $69.17 billion. For another view of AI hardware demand, see AMD's third quarter.
What is not established?
The final, audited figures. The exact consensus. Whether the surprise is truly large, since the gap is small against the October range. How much revenue comes from shipments shifted between quarters. Whether the growth lasts. The margin path. The customers and the mix. Any financing need. We tested nothing.
Comparison table
| Point | What the sources say | Source |
|---|---|---|
| Net sales | $19.9 billion, about 3.98 times last year (our calculation) | Super Micro release |
| Gross margin | 12.7% GAAP, against 17.5% the previous quarter | Super Micro release |
| October range | $18.5 to $19.5 billion, already raised | Crypto Briefing |
| Expected revenue | About $16 billion, consensuses vary | InvestingLive |
| Stock | Between 7% and more than 9% after the close | CNBC; InvestingLive |
Frequently asked questions
Did the revenue quadruple?
Almost: about 3.98 times last year, or about +298% (our calculation on the rounded release figures, $19.9 billion and $5.0 billion).
Are the results final?
No. The release says they are preliminary and unaudited.
Did the stock really gain 7%?
Between 7% and more than 9% after the close depending on the outlet (CNBC: more than 9%). These are after-hours moves that change, not closing prices.
Method and limits
We read the Super Micro release, Crypto Briefing, InvestingLive and CNBC through automatic summaries, not in full. Quartz and GuruFocus returned a 403 error and were not read; other outlets seen in search are not cited. The consensuses come from relays, with no named provider except LSEG (CNBC, annual). The figures are preliminary and unaudited, the stock moves are after-hours, and we tested nothing. This is not investment advice.
Sources
- Super Micro, first quarter fiscal 2027 financial results, read via an automatic summary
- Crypto Briefing, Super Micro Q1 earnings raise guidance, read via an automatic summary
- InvestingLive, Super Micro shares rise after hours, read via an automatic summary
- CNBC, stocks making the biggest moves after hours, read via an automatic summary
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