Super Micro Computer
SMCIQ4 2025(SMCI Q1 FY2026)Estimated72% AI
AI Revenue %
72%
AI Fair Value
$4.7B
AI Revenue (Q)
$4.3B
Total Revenue (Q)
$5.9B
Source: SEC EDGAR 10-Q Filing
Browse 10-Q filings on SEC.govAnalysis
Q1 FY2026 (Sep 2025) revenue was $5,018M, down from $5,937M YoY (-15.5%). The decline is notable but the geographic mix shift is dramatic: US revenue dropped from 71.4% to 36.6% while Malaysia (22.2%) and Indonesia (11.5%) emerged as major destinations -- consistent with hyperscaler AI datacenter buildout in Southeast Asia. Customer A was 11.6% of revenue. Gross margin was 9.3% -- extremely compressed, consistent with very high GPU content in shipments. Inventory surged to $5.73B from $4.68B. The $5B revenue level with 9.3% gross margin is the profile of a company shipping primarily GPU-heavy AI server racks where GPUs are 70%+ of BOM cost. Revenue decline may reflect GPU transition timing. Maintaining 72% AI estimate. ~$3,613M AI / $5,018M total = ~72%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales of $5,017,790 thousand for three months ended September 30, 2025 vs $5,937,256 thousand for three months ended September 30, 2024
10-Q Q1 FY2026, Income Statement
United States $1,834,477 (36.6%), Malaysia $1,115,149 (22.2%), Indonesia $578,706 (11.5%) for three months ended September 30, 2025
10-Q Q1 FY2026, Note 2 Segment Information
Customer A 11.6% of total net sales for three months ended September 30, 2025
10-Q Q1 FY2026, Note 2 Concentration of Customer Risk
AI Products Identified (Ring 1)
NVIDIA Blackwell GPU servers (GB200/B200)Data Center Building Block Solutions (DCBBS)DLC-2 Direct Liquid CoolingAI factory rack-scale solutions
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.
Rack Scale Total SolutionsMalaysia manufacturingIndonesia AI datacenter deployments
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix