Research Reports

Prepared Highlights

Record revenue: Q2 FY2026 revenue of $12.7B, up 123% YoY and 153% QoQ, exceeding guidance of $10B–$11B (CFO). Included ~$1.5B in delayed Q1 shipments due to customer readiness (CEO, CFO).
Segment revenue: Enterprise channel $2B (16% of revenue, +42% YoY, +29% QoQ); OEM/appliance/large data center $10.7B (84% of revenue, +151% YoY, +210% QoQ) (CFO). One large data center customer represented ~63% of total revenue (CFO).
AI GPU platforms: Over 90% of Q2 revenue (CFO).
Non-GAAP gross margin: 6.4% vs 9.5% in Q1, impacted by customer/product mix, higher freight, production, and expedite costs (CFO). Q3 guidance expects gross margins up 30 bps QoQ (CFO).
Non-GAAP operating expenses: $241M, 1.9% of revenue vs 4.1% in Q1 (CFO). Non-GAAP operating margin 4.5% vs 5.4% in Q1 (CFO).
CapEx: Q2 $21M; Q3 expected $70M–$90M (CFO).
Free cash flow: Negative $45M in Q2 (CFO).
Cash and debt: Cash $4.1B; total debt $4.9B; net debt $787M (CFO). New $2B U.S. secured revolver and ~$1.8B Taiwan secured debt facility executed (CFO).
Cash conversion cycle: Improved to 54 days from 123 days in Q1; inventory days 63 (vs 105), DSO 49 (vs 43), DPO 58 (vs 26) (CFO).
DCBBS: Contributed 4% of profit in H1 FY2026; expected to grow to at least double-digit profit contribution by end of calendar 2026 (CEO). Gross margin on DCBBS “more than 20%” (CEO).
Official guidance: Q3 FY2026 net sales at least $12.3B; GAAP EPS at least $0.52; non-GAAP EPS at least $0.60 (CFO). Full FY2026 net sales at least $40B (CEO, CFO).

Mgmt quotes

“Super Micro delivered a strong fiscal Q2 as AI infrastructure demand continues to accelerate across every major customer segment.” (CEO)
“We achieved record Q2 fiscal year '26 revenue of $12.7 billion, up 123% year-over-year and up 153% quarter-over-quarter compared to our guidance of $10 billion to $11 billion.” (CFO)
“DCBBS will significantly help us gain market share in large, medium and small AI infrastructure deployments.” (CEO)
“We think that we've established ourselves with a number of deployments that we've made as being really the premier provider of the most current technologies that are available in the market.” (CFO)
“I'm confident to guide at least $12.3 billion for Q3 and up our full year revenue guidance back to at least $40 billion.” (CEO)

Prepared Metrics

Metric	Value	Speaker/Context
Q2 Revenue	$12.7B	CFO – record, +123% YoY, +153% QoQ
Q2 Non-GAAP Gross Margin	6.4%	CFO – vs 9.5% in Q1
Q2 Non-GAAP Operating Margin	4.5%	CFO – vs 5.4% in Q1
Q2 GAAP EPS	$0.60	CFO – vs guidance $0.37–$0.45
Q2 Non-GAAP Diluted EPS	$0.69	CFO – vs guidance $0.46–$0.54
Q2 CapEx	$21M	CFO
Q2 Free Cash Flow	-$45M	CFO
Q2 Cash	$4.1B	CFO
Q2 Net Debt	$787M	CFO
Q2 Cash Conversion Cycle	54 days	CFO – improved from 123 days in Q1
Q2 Inventory Days	63 days	CFO – vs 105 in Q1
Q3 Revenue Guidance	At least $12.3B	CFO
Q3 GAAP EPS Guidance	At least $0.52	CFO
Q3 Non-GAAP EPS Guidance	At least $0.60	CFO
Q3 CapEx Guidance	$70M–$90M	CFO
FY2026 Revenue Guidance	At least $40B	CEO, CFO
DCBBS Profit Contribution (H1 FY2026)	4%	CEO
DCBBS Gross Margin	>20%	CEO

Q&A Batch (1-1 of 1)

Q1 — Brandon Nispel

Topic: 客户集中度与稀释股数更正
Key points:
- 管理层确认新增大量客户（David Weigand称“新增了许多新客户”）。
- 针对63%大客户是否为新客户或原有10%客户，管理层未给出具体答案，仅指引查阅10-K和10-Q。
- 管理层主动更正：GAAP完全稀释股数环比从6.63亿股增至6.94亿股；非GAAP稀释股数从6.77亿股增至7.09亿股（此前有笔误）。
Mgmt stance: 中性：对客户集中度问题回避具体数据，但主动披露并纠正股数错误，态度透明。