Super Micro said it had nine customers paying the company over $1 billion each in the fiscal year 2026, compared to four in 2025.

  • Super Micro’s surging order book has been a key highlight in its recent results.
  • SMCI stock has remained weak, with shares a mere 8% higher since the start of the year.
  • Super Micro reported Q4 revenue and sales forecasts for Q1 and fiscal 2027 above analysts’ expectations.

Shares of Super Micro Computer, Inc. rose 10% in early premarket trading Wednesday after the company forecast quarterly and full-year revenue above Wall Street expectations while also disclosing a record $60 billion backlog.

Super Micro’s surging orderbook has been a key highlight in its recent results. However, controversy surrounding the indictment of its co-founder over the alleged illegal shipment of banned chips to China has raised concerns about the company’s operations and weighed on investor confidence.

In the post-results call, the management continued to keep the identity of its new customers under wraps. When an analyst asked about customers, CFO David Weigand said, “We have a lot of emerging Neoclouds and CSPs, and so they were -- and some enterprise customers that were in that mix that we mentioned.”

CSP is a cloud service provider. For server and rack manufacturers such as Super Micro, CSPs are major buyers. 

Super Micro said it had nine customers paying the company over $1 billion each in the fiscal year 2026, compared to four in 2025. During the last quarter, Super Micro said it saw a pickup in demand from enterprise and channel customers that are upgrading their compute, storage, and network infrastructure with more efficient CPU platforms.

By geography, the U.S. represented 71% of Q4 revenue, Asia represented 11%, Europe represented 8%, and the rest of the world represented 10%.

Despite posting high growth, SMCI stock has remained weak, with shares up a mere 8% since the start of the year. In comparison, shares of rival Dell Technologies have climbed 253%.

SMCI Q4 Recap 

Super Micro’s net sales rose 93% to $11.1 billion in the fourth quarter, while adjusted per-share earnings reached $1.70, comfortably outpacing the average analyst projection of $0.96 cents.

“Our FY26 ending backlog was at record levels with over $60 billion in new orders received during Q4 FY26, which we expect to fulfill over the coming quarters. Non-GAAP gross margins for FY26 were 10.9% versus 11.2% in FY25,” Michael Staiger, senior vice president of corporate development, said in prepared remarks.

This growth momentum comes amid an unprecedented global surge in AI infrastructure spending. As tech giants and cloud service providers rapidly expand data centers to train and run complex AI models, demand for high-density server configurations continues to outstrip broader hardware supply. 

For the first quarter of fiscal year 2027, the company expects net sales to fall between $14.5 billion and $15.5 billion, topping the highest end of expectations of $10.5 to $15.4 billion.

For fiscal year 2027, Supermicro anticipates total net sales in the range of $65 billion to $72 billion, exceeding average Wall Street analyst expectations of $53.3 billion.

Retail View On SMCI

SMCI was the top trending ticker on Stocktwits at the time of writing, with the retail sentiment for the stock shifting to ‘extremely bullish’ from ‘bullish’ the previous day and message volume rising over 270%.

“$SMCI This earnings report completely nullifies the shorts’ thesis. I just don’t understand why shorts would stick with this stock so stubbornly. Forward P/S < 0.5, P/E < 5, $68B in revenue vs. a $22B market cap—and it’s a profitable business,” a trader wrote.

Another said, “This will be 40 EOW easily. They hit the ball out of the park and will be rewarded.”

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