Margins
← Отчётные звонки
01
02
03
04 05 06
Тон
AI
Капзатраты
A1 A2 A3 A4 A5
SMCI
FY2026 Q3
Улучшается
Отчётный звонок Super Micro Computer, Inc.
Вывод Buzzberg
Gross margin recovered sharply to 10.1%
SMCI reported a strong quarter with significant gross margin recovery, though revenue was impacted by a large customer's site readiness delay. Management is focused on diversifying the customer base and growing high-margin DCPBS and enterprise business while navigating supply constraints. Q3 FY26 revenue was $10.2B, slightly below guidance due to customer readiness delays, but gross margins expanded substantially to 10.1%.
Вывод Buzzberg Gross margin recovered sharply to 10.1% SMCI reported a strong quarter with significant gross margin recovery, though revenue was impacted by a large customer's site readiness delay. Management is focused on diversifying the customer base and growing high-margin DCPBS and enterprise business while navigating supply constraints. Q3 FY26 revenue was $10.2B, slightly below guidance due to customer readiness delays, but gross margins expanded substantially to 10.1%. Читать полный анализСвернуть анализ
SMCI reported a strong quarter with significant gross margin recovery, though revenue was impacted by a large customer's site readiness delay. Management is focused on diversifying the customer base and growing high-margin DCPBS and enterprise business while navigating supply constraints. Q3 FY26 revenue was $10.2B, slightly below guidance due to customer readiness delays, but gross margins expanded substantially to 10.1%.
- Enterprise and DCPBS traction is driving margin improvement, with a goal for DCPBS to be 20% of net income in 2 years.
- Strong partnerships with NVIDIA, AMD, and Intel confirmed, with no change in GPU allocation.
- Management guides for Q4 revenue of $11-12.5B and FY26 revenue of $38.9-40.4B.
Выручка$10.243B-19% к/к
EPS$0.84+22% к/к
Валовая маржа9.95%Факт
Операционная маржа6.11%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Backlog at record high despite revenue dip
Margins
DCBBS and software to drive profitability
Показать ещё 3 тезиса
Demand
Enterprise channel share jumped to 28% of revenue
Legal
Management expects no restatement from DOJ probe
Supply
Supply shortages expected to ease after six months
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $10.243B | -19% к/к |
| EPS | $0.84 | +22% к/к |
| Валовая маржа | 9.95% | Факт |
| Операционная маржа | 6.11% | Факт |
| Свободный денежный поток | $-6.6957B | Факт |
| Капзатраты | $0.0803B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 Q4 | $0.65–$0.79 | $0.72 | Обозначен |
| Валовая маржа | FY2026 Q4 | 8.2%–8.4% | 8.3% | Обозначен |
| Выручка | FY2026 Q4 | $11B–$12.5B | $11.75B | Обозначен |
| Выручка | FY2026 | $38.9B–$40.4B | $39.65B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Despite legal challenges and supply constraints, management expressed strong confidence in business fundamentals, future growth, and margin recovery, emphasizing record backlog and a clear strategy for value expansion.
Оценка AI от менеджмента
Management highlighted strong AI-driven demand, with AI GPU-related platforms contributing over 80% of revenue in Q3. They are shipping multiple NVIDIA platforms, preparing for next-generation systems (e.g., GB300MVL72, Vera Rubin MVL-72, AMD MI350/MI400), and seeing growth in agentic AI workloads, which they aim to support with ARM-based solutions.
Инвестиции и мощности
Management is aggressively expanding global production capacity with new sites in Taiwan, Malaysia, and the Netherlands, plus a new DCBBS campus in Silicon Valley. They are on track to produce more than 6,000 racks per month, with investments in clean rooms and advanced optical networking to support next-generation data center solutions.
все упомянутые компании ниже: 6
Компаниис момента звонка
Поставщики
Поставщики
Charles Liang
SMCI highlights ongoing strength for AMD's current MI350 platform and its preparation for future MI400-series products, signaling deepening partnership.
Доказательства
“We continue to build on strong momentum of our AMD MI350 platform as we prepare for the next generation of AMD Helios solutions featuring APEC, Venus, and MI400 series of products.”
Поставщики
Charles Liang
SMCI is collaborating with Intel on next-gen Xeon platforms, providing a signal of continued joint product development.
Доказательства
“In addition, we are working closely with Intel and ARM on the development of upcoming Xeon 6 Plus platforms...”
Поставщики
Charles Liang
Management is preparing for NVIDIA's next-generation 'Verilubin' systems and 'MVL-72 Supercluster'. — This confirms SMCI's strategic priority to secure early supply and design wins for NVIDIA's upcoming platform, indicating strong collaboration and early allocation.
Доказательства
“We continue to grow and expand our partnership with many key suppliers. Especially with NVIDIA, we are currently shipping many SKUs over the latest large-scale systems, including GB300MVL72, many B300HGX SKUs... and we are preparing to be”
Поставщики
Charles Liang
SMCI is developing ARM-based AGI GPU solutions, expected to offer performance-per-watt that is optimal for agentic AI workloads.
Доказательства
“In addition, we are working closely with Intel and ARM on the development of upcoming Xeon 6 Plus platforms and a new addition to our portfolio, including ARM AGI GPU-based solutions.”
Цепочка поставок
Цепочка поставок
Charles Liang
Memory and SSD prices have more than tripled over the last six months, a global supply phenomenon affecting all system builders. — This is a direct observation of inflationary pressure in memory prices, which benefits memory makers but hurts system builder margins across the industry.
Доказательства
“In last six months, as you know, on the memory, SSD price grow so much, double, triple, more than triple. And some CPU shortage, especially from Intel. So, and also even some GPU shortage”
Внешние сигналы
Альфа цепочки поставок · 5с момента звонка
Gross margin recovered substantially to 10.1% quarter-over-quarter, driven by higher-margin enterprise and DCPBS mix, despite a sequential revenue decline.
Доказательства
“The Q3 non-GAAP gross margin was 10.1%, up from 6.4% in Q2. Gross margins were ahead of expectations, driven by our customer and product mix...”
Working capital swung to a large negative free cash flow of -$6.7B in Q3 due to a $10B reduction in accounts payable, reflecting a significant drain on cash flow despite slower revenue growth.
Доказательства
“Cash flow used in operations for Q3 was 6.6 billion compared to 24 million used in the prior quarter. Operating cash flow was impacted by a reduction of $10 billion in accounts payable...”
Management is preparing for NVIDIA's next-generation 'Verilubin' systems and 'MVL-72 Supercluster'.
Memory and SSD prices have more than tripled over the last six months, a global supply phenomenon affecting all system builders.
SMCI's DCPBS (Data Center Building Block Solutions) software and services are growing rapidly, with revenue from management software reaching $46 million this quarter.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 6. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.