Super Micro Computer
SMCIQ1 2025(SMCI Q2 FY2025)Estimated70% AI
AI Revenue %
70%
AI Fair Value
$4.3B
AI Revenue (Q)
$4.0B
Total Revenue (Q)
$5.8B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 (Dec 2024) revenue was $5,678M, down 4.4% sequentially from $5,937M but up 54.9% YoY. The sequential decline may reflect temporary supply constraints or timing of large AI cluster deliveries. The filing describes SMCI as a provider of 'Rack Scale Total Solutions' with emphasis on AI workloads. Customer concentration shows Customer A at 30.6% and Customer B at 27.1% of revenue -- these concentrated customers are almost certainly large cloud/AI companies building GPU clusters. H1 FY2025 revenue of $11.6B vs H1 FY2024 of $5.8B (100% growth). Gross margin 11.8% -- the lowest yet -- reflects maximum GPU content in server builds. Estimate 70% AI. ~$3,975M AI / $5,678M total = ~70%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales of $5,677,962 thousand for three months ended December 31, 2024 vs $3,664,924 thousand for three months ended December 31, 2023
10-Q Q2 FY2025, Income Statement
Customer A 30.6%, Customer B 27.1% of total net sales for three months ended December 31, 2024
10-Q Q2 FY2025, Note 13 Segment Reporting (via previous filings showing concentration)
AI Products Identified (Ring 1)
NVIDIA H100/H200 GPU server systemsAI-optimized rack-scale solutionsliquid cooling infrastructuredirect liquid cooling (DLC)
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 SolutionsData Center Building Block Solutionsserver management software
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix