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SMCI
FY2026 Q1
상향
Super Micro Computer, Inc. 실적 발표
Buzzberg 분석
Record $13B+ in orders, including largest in history
SMCI reported a weak Q1 (revenue of $5B, below guidance) due to shipment delays but guided to a massive ramp in Q2 (>= $10.5B) and raised FY26 revenue to >= $36B. The company is pushing into a new strategic low-margin 'mega-scale' deal, likely for a neocloud customer, and is expanding capacity aggressively. Revenue of $5B missed guidance of $6-7B due to last-minute customer upgrades and logistics delays; $1.5B pushed to December quarter.
Buzzberg 분석 Record $13B+ in orders, including largest in history SMCI reported a weak Q1 (revenue of $5B, below guidance) due to shipment delays but guided to a massive ramp in Q2 (>= $10.5B) and raised FY26 revenue to >= $36B. The company is pushing into a new strategic low-margin 'mega-scale' deal, likely for a neocloud customer, and is expanding capacity aggressively. Revenue of $5B missed guidance of $6-7B due to last-minute customer upgrades and logistics delays; $1.5B pushed to December quarter. 전체 분석 보기분석 접기
SMCI reported a weak Q1 (revenue of $5B, below guidance) due to shipment delays but guided to a massive ramp in Q2 (>= $10.5B) and raised FY26 revenue to >= $36B. The company is pushing into a new strategic low-margin 'mega-scale' deal, likely for a neocloud customer, and is expanding capacity aggressively. Revenue of $5B missed guidance of $6-7B due to last-minute customer upgrades and logistics delays; $1.5B pushed to December quarter.
- Record new orders of >$13B, primarily for NVIDIA GB300 platforms, including the largest single deal in company history.
- Gross margin guidance for December quarter implies ~6.5%, down 300 bps sequentially due to costs of ramping a new mega-scale platform.
- Management raised full-year revenue guidance to at least $36B, calling it 'very conservative'.
매출$5.0178B보고값
주당순이익(EPS)$0.35보고값
매출총이익률9.31%보고값
영업이익률3.63%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
Fiscal 2026 revenue guidance raised to at least $36B
Margins
DCPBS to drive higher margins, on track for data center solutions
핵심 내용 3개 더 보기
AI
Preparing for NVIDIA Vera Rubin and AMD Helios launches
Capex
Expanding capacity to support $100B+ potential revenue
Margins
Gross margins expected to trough in December quarter
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $5.0178B | 보고값 |
| 주당순이익(EPS) | $0.35 | 보고값 |
| 매출총이익률 | 9.31% | 보고값 |
| 영업이익률 | 3.63% | 보고값 |
| 잉여현금흐름 | $-0.9498B | 보고값 |
| 자본지출 | $0.0323B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 Q2 | $0.46–$0.54 | $0.50 | 제시 |
| 매출총이익률 | FY2026 Q2 | 6.5% | 6.5% | 제시 |
| 매출 | FY2026 | $36B | $36B | 상향 |
| 매출 | FY2026 Q2 | $10B–$11B | $10.5B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management expressed strong confidence in growth, highlighted record orders and revenue guidance raise, and emphasized their unique positioning in AI infrastructure, despite acknowledging margin pressures.
경영진의 AI 분석
Management highlighted strong demand for AI compute, with NVIDIA GB300 (Blackwell) products contributing over $13B in back orders, and expects continued growth from AI GPU platforms, including B300, B200, MI350/355X, and upcoming NVIDIA Vera Rubin and AMD Helios launches. They also see rapid growth in edge AI, agentic AI, and industry-specific models, and are positioning themselves as a leading AI
투자 및 생산능력
Management is aggressively expanding global production capacity, with new facilities in Taiwan, Netherlands, Malaysia, and Middle East, targeting 6,000 racks per month (including 3,000 liquid-cooled racks) within the fiscal year. They are investing upfront in capacity, which pressures near-term margins, but expect cost efficiencies and economies of scale to improve profitability over time.
아래에 언급된 기업 6개 모두 표시
기업발표 이후 수익률
고객
XAI.PVT
고객
Charles Liang
Confirmed ongoing strategic partnership with xAI, indicating long-term customer relationship beyond the initial Colossus deployment.
근거
“XAI, for sure, are very good partners. And whenever we have a chance, we try to work with them to learn something from them and to offer our best service. So, yes, XAI will continue to be our important partner for long term.”
공급업체
공급업체
Charles Liang
SMCI received over $13 billion in new orders, largely for GB300-based racks, including its largest deal ever, indicating a significant demand spike for next-gen AI platforms from 'high-profile' customers. — The scale of these orders validates that the AI infrastructure buildout is in an early, accelerating phase and points to significant complexity and cost in the supply chain.
근거
“We are shipping RTX Pro 6000, B200, MVL4, and AMD MI350, 355X platforms in volume to power generative AI, large language model, inference, and HPC workloads.”
공급업체
Charles Liang
SMCI's guidance implies ~6.5% gross margin for the December quarter, down from 9.5%, with management explicitly citing a 'strategic large design win' with 'higher costs and lower margin' as a major factor, likely referring to a hyperscaler or neocloud customer. — This indicates SMCI is taking a low-margin, high-volume strategic deal to secure market share, which signals intense price competition and immense pricing power among the leading AI chip customers.
근거
“NVIDIA is getting available. we are receiving more and more allocation from them and preparing for a huge volume to ramp up, start from this quarter.”
공급망
공급망
Charles Liang
SMCI received over $13 billion in new orders, largely for GB300-based racks, including its largest deal ever, indicating a significant demand spike for next-gen AI platforms from 'high-profile' customers. — The scale of these orders validates that the AI infrastructure buildout is in an early, accelerating phase and points to significant complexity and cost in the supply chain.
근거
“Our NVIDIA BlackWare Hotspot-based GB300 product line now at more than $13 billion in back orders, including the largest deal in our 32-year history.”
공급망
David Wiegand
SMCI's guidance implies ~6.5% gross margin for the December quarter, down from 9.5%, with management explicitly citing a 'strategic large design win' with 'higher costs and lower margin' as a major factor, likely referring to a hyperscaler or neocloud customer. — This indicates SMCI is taking a low-margin, high-volume strategic deal to secure market share, which signals intense price competition and immense pricing power among the leading AI chip customers.
근거
“...we are ramping a new product line at mega scale, and so, therefore, We're being a little conservative on the margin because we will have higher costs as we ramp production and shipment.”
외부 신호
공급망 알파 · 4발표 이후 수익률
SMCI received over $13 billion in new orders, largely for GB300-based racks, including its largest deal ever, indicating a significant demand spike for next-gen AI platforms from 'high-profile' customers.
SMCI is ramping capacity to ~6,000 racks per month (including ~3,000 liquid cooled), suggesting a production capacity potentially exceeding $100 billion annually, indicating a major logistics and supply chain scale-up.
근거
“If you time 3,000 liquid cooling tower per month, and you time 12 months a year, and each rack, for example, $3 million, so the number is more than $100 billion.”
SMCI's cash conversion cycle ballooned to 123 days with inventory at 105 days as it pre-builds for the December quarter, implying a cash-intensive ramp that could pressure suppliers' ability to keep pace.
근거
“Q1 operating cash flow was impacted by lower net income and higher accounts receivable and higher inventory levels as we prepared for a strong Q2 with higher working capital needs.”
SMCI's guidance implies ~6.5% gross margin for the December quarter, down from 9.5%, with management explicitly citing a 'strategic large design win' with 'higher costs and lower margin' as a major factor, likely referring to a hyperscaler or neocloud customer.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 6개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.