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Sep 30
Supermicro Q1 2026 Earnings Report
Supermicro reported Q1 2026 results with lower revenue and net income compared to the previous year, but maintained strong demand outlook driven by AI infrastructure.
Key Takeaways
Supermicro posted $5.0B in revenue and $168M in net income for Q1 FY26, reflecting a decline from Q1 FY25. Despite a drop in EPS and margins, the company forecasts strong growth ahead with over $13B in orders for its Blackwell Ultra platforms.
Revenue for Q1 FY26 was $5.0B, down from $5.94B in Q1 FY25.
GAAP EPS came in at $0.26, while non-GAAP EPS was $0.35.
Net income fell to $168M from $424M a year ago.
Company expects FY26 revenue of at least $36B, backed by strong AI server demand.
Supermicro
Supermicro
Forward Guidance
Supermicro projects Q2 FY26 revenue between $10B and $11B, with GAAP EPS between $0.37 and $0.45 and non-GAAP EPS between $0.46 and $0.54. FY26 revenue is expected to exceed $36B.
Positive Outlook
- Raised full-year FY26 revenue guidance to at least $36B.
- More than $13B in Blackwell Ultra orders already booked.
- Continued expansion as an AI and data center infrastructure provider.
- Anticipates $10–11B in revenue for Q2 FY26.
- Strong momentum in next-generation server demand.
Challenges Ahead
- Significant drop in Q1 revenue and net income YoY.
- Gross margin fell to 9.3%, down from 13.1% YoY.
- Operating cash flow was negative at -$917M.
- Stock-based compensation expenses rose to $89M.
- Inventory buildup increased to $5.73B, up from $4.68B in June 2025.