Super Micro Computer
SMCIQ4 2024(SMCI Q1 FY2025)Estimated70% AI
AI Revenue %
70%
AI Fair Value
$4.3B
AI Revenue (Q)
$1.5B
Total Revenue (Q)
$2.1B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 (Sep 2024) revenue was $5,937M, up 180% YoY (from $2,120M). Revenue nearly tripled. The 10-Q includes the EY resignation explanatory note but the Special Committee found no financial statement accuracy concerns. SMCI completed a 10-for-1 stock split (effective Sep 30, 2024), signaling confidence. US revenue was 71.4% of total. The massive revenue scale ($5.9B in a single quarter) is almost entirely explainable by AI server demand -- traditional enterprise servers do not grow at 180% YoY. Gross margin dropped to 13.1% (from 16.7%), further confirming GPU-heavy product mix. Estimate 70% AI. ~$4,156M AI / $5,937M total = ~70%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales of $5,937,256 thousand for three months ended September 30, 2024 vs $2,119,672 thousand for three months ended September 30, 2023
10-Q Q1 FY2025, Income Statement
71.4% of the Company's revenues were from the United States for the three months ended September 30, 2024
10-Q Q1 FY2025, Note 13 Segment Reporting
AI Products Identified (Ring 1)
NVIDIA H100/H200 GPU server systemsAI-optimized rack-scale solutionsliquid cooling infrastructureGPU server clusters
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
accelerated compute platforms10-for-1 stock splitfull rack scale solutions
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix