Super Micro Computer

Q2 FY2026 (Dec 2025) revenue was $12,682M -- an extraordinary single-quarter figure, up 123.3% YoY from $5,678M. This is by far SMCI's largest quarter ever. US revenue rebounded to 86.2% of total ($10.9B from the US alone). Customer A was 62.6% of revenue -- roughly $7.9B from a single customer in one quarter. This extreme concentration and revenue scale is consistent with a hyperscaler AI infrastructure buildout. Accounts receivable surged to $11.0B (from $2.2B at June 2025) and accounts payable to $13.8B (from $1.3B), indicating massive throughput of GPU server hardware. Inventory reached $10.6B. The $12.7B quarterly revenue with these balance sheet characteristics is overwhelmingly AI GPU server revenue. Gross margin improved slightly to 6.3% ($799M / $12,682M), still very compressed by GPU-heavy BOM. Inventory valuation write-down of $169M for H1 suggests some product transition impact (Hopper to Blackwell). Estimate 78% AI. ~$9,892M AI / $12,682M total = ~78%.