Overview

• Super Micro reported $22 billion in FY2025 revenue, up 47% year over year, and set at least $33 billion for FY2026 as AI platforms drive the mix.
• More than 70% of Q4 FY2025 revenue came from AI systems, highlighting a pivot from standalone servers to turnkey, rack‑scale integration.
• The company expects a volume ramp of Nvidia B200 and GB300/Blackwell platforms through FY2026, which management says should support margin recovery.
• Near‑term pressures from tariffs, manufacturing costs, capital constraints, and design‑related shipment delays weighed on recent margins, though funding issues were described as resolved with delayed orders slated for upcoming quarters.
• Shares have climbed over 35% in a month on acceleration hopes, while some analysts remain cautious, including Bernstein’s Market Perform rating that cites recent misses and accounting concerns.