Super Micro Computer
SMCIQ2 2025(SMCI Q3 FY2025)Estimated68% AI
AI Revenue %
68%
AI Fair Value
$6.7B
AI Revenue (Q)
$6.6B
Total Revenue (Q)
$9.6B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q3 FY2025 (Mar 2025) revenue was $4,600M, down 19.0% sequentially from $5,678M but up 19.5% YoY (from $3,850M). The sequential decline suggests a pause between NVIDIA GPU generations (Hopper to Blackwell transition) or customer digestion. Gross margin compressed further to 9.6% ($440M / $4,600M), the lowest in SMCI's history, indicating extremely GPU-heavy product mix. Revenue from Thailand was 14.2% -- a new geography consistent with AI datacenter buildout in Southeast Asia. The filing explicitly describes 'comprehensive portfolio of AI-focused solutions' including 'NVIDIA's Hopper (H100/H200) and Blackwell (GB200/B200/RTX Pro 6000) generation platforms' and 'Data Center Building Block Solutions (DCBBS)' and 'DLC-2, next-generation Direct Liquid Cooling.' Net income dropped to $108.8M from $402.5M YoY due to margin compression. Despite lower revenue, AI share remains high. Slight reduction to 68% as the GPU transition may have temporarily shifted some mix toward traditional servers during the inter-generational gap. ~$3,128M AI / $4,600M total = ~68%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales of $4,599,913 thousand for three months ended March 31, 2025 vs $3,850,066 thousand for three months ended March 31, 2024
10-Q Q3 FY2025, Income Statement
60.2% of the Company's revenues were from the United States for three months ended March 31, 2025, and 14.2% from Thailand
10-Q Q3 FY2025, Note 13 Segment Reporting
comprehensive portfolio of AI-focused solutions, specifically designed to support the latest AI workloads, including products compatible with NVIDIA's Hopper (H100/H200) and Blackwell (GB200/B200/RTX Pro 6000) generation platforms
10-K FY2025, Item 1 Business
Data Center Building Block Solutions (DCBBS), an integrated offering that simplifies the deployment of liquid-cooled AI factories
10-K FY2025, Item 1 Business
AI Products Identified (Ring 1)
NVIDIA Hopper GPU servers (H100/H200)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 Solutionsliquid cooling operationsserver management software
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix