SMCI reports $11.12 billion Q4 revenue and 93% YoY growth but faces cash flow and export-control risks.
Super Micro Computer (NASDAQ:SMCI) reported Q4 earnings per share 77.55% above estimates, driven by $11.12 billion in revenue, a 93.2% year-over-year increase. Shares closed flat despite the beat, as investors weighed strong fundamentals against risks.
The company guided fiscal 2027 sales between $65 billion and $72 billion, citing a record backlog. Gross margins improved to 17.5% from 9.5% a year earlier, while non-GAAP EPS reached $1.70. However, negative $6.8 billion in operating cash flow and an ongoing board review of export-control transactions tempered optimism.
SMCI’s forward P/E of 10 on 93% revenue growth compares favorably to peers like Dell and HPE, but shares remain 36% below their 52-week high of $58.78.