Super Micro Q1 FY2027 earnings review

Net sales rose 297.5% to $19.9B, and non-GAAP EPS beat the LSEG consensus by 47.2%.

Super Micro Computer · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Super Micro Q1 FY2027 earnings review

Quarter ended Sep 30, 2026 (calendar Q3 2026)

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Super Micro Computer (SMCI) Q1 FY2027 earnings review

Net sales rose 297.5% to $19.9B, and non-GAAP EPS beat the LSEG consensus by 47.2%

  1. 1.Non-GAAP EPS of $1.81 beat the $1.23 LSEG consensus; net sales beat by 21.7%
  2. 2.Net sales topped the $19.5B high end of the Oct 20 preliminary range
  3. 3.The FY2027 net sales outlook midpoint rose to $77.0B from $68.5B
  4. 4.Cash used in operations was $434M as receivables and inventories rose
  5. 5.Shares rose 9.0% to $34.22 by 5:03 PM ET on Nov 3 as results and outlook beat

Note: Non-GAAP EPS is Supermicro’s non-GAAP diluted net income per common share; it excludes stock-based compensation, net of tax.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Oct 20 and Aug 11, 2026 Form 8-K releases; LSEG via Reuters; CNBC quote, Nov 3, 2026; Reuters and Investing.com, Nov 3, 2026

2

2 · Executive summary

Q1 non-GAAP EPS beat the LSEG consensus by 47.2%, and net sales beat it by 21.7%

Q1 FY2027 results vs. LSEG consensus

MetricActualConsensusVarianceResult
Non-GAAP diluted EPS$1.81$1.23+$0.58 / +47.2%Beat
Net sales$19.95B$16.39B+$3.56B / +21.7%Beat

Q1 FY2027 results vs. FactSet consensus (cross-check)

MetricActualConsensusVarianceResult
Non-GAAP diluted EPS$1.81$1.23+47.2%Beat
Net sales$19.95B$17.53B+13.8%Beat

Share price reaction, Nov 3, 2026

MeasureNov 3 close5:03 PM ETChange
SMCI (Nasdaq)$31.39$34.22+9.0%

Note: Variance is actual less consensus. Prices are CNBC’s close and after-hours last trade, matched by Yahoo Finance and Public.com. Reuters and Investing.com tied the rise to the results and outlook beat.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; LSEG via Reuters; FactSet via Invezz; Reuters; Investing.com; CNBC, Yahoo Finance and Public.com quotes, Nov 3, 2026

3

3 · Q1 results vs. consensus

Supermicro guided Q2 net sales to $20.5B at the midpoint and raised the FY2027 midpoint 12.4%

Q2 FY2027 outlook vs. Q1 FY2027 actual

MetricQ2 FY2027 outlookQ1 FY2027 actualChange
Net sales range$19.50B–$21.50B$19.95B+2.8%
Non-GAAP diluted EPS range$1.66–$1.90$1.81-1.7%
GAAP diluted EPS range$1.59–$1.83$1.75-2.3%
Non-GAAP tax rate21.1%21.4%-30 bps
Non-GAAP diluted shares769M764M+0.6%

FY2027 net sales outlook, Nov 3 vs. Aug 11

MetricNov 3, 2026Aug 11, 2026Change
Low end$72.00B$65.00B+10.8%
High end$82.00B$72.00B+13.9%
Midpoint$77.00B$68.50B+12.4%

Note: Change is the outlook midpoint against the Q1 actual. Midpoint is the average of the low and high ends.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Supermicro Q4 FY2026 press release (Form 8-K, Exhibit 99.1), Aug 11, 2026; analysis of company data

4

4 · Q2 and FY2027 guidance

Net sales rose 297.5% to $19.9B, and income from operations rose 1,032.7%

  1. Faster than Q4Net sales rose 79.4% from Q4 FY2026.
  2. Higher EBITDA marginAdjusted EBITDA margin rose to 11.2% from 6.7%.
  3. Net income roseGAAP net income rose 847.3% YoY.

Key figures, Q1 FY2027 vs. Q1 FY2026

$M unless notedQ1 FY2026Q1 FY2027YoY
Net sales$5,018M$19,946M297.5%
Gross profit$467M$2,541M443.7%
Income from operations$182M$2,064M1,032.7%
Net income$168M$1,594M847.3%
Non-GAAP net income$238M$1,334M459.9%
Adjusted EBITDA$335M$2,227M565.2%

Note: Adjusted EBITDA is as reported by Supermicro: net income before interest expense, income tax, depreciation and amortization, and stock-based compensation.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

5

5 · Q1 key financials

Net sales of $19.9B topped the high end of the Oct 20 preliminary range by 2.3%

Q1 FY2027 results vs. company guidance

Prior guidance (Aug 11), preliminary range (Oct 20) and actual

MetricPrior guidanceOct 20 preliminaryActual
Net sales$14.50B–$15.50B$18.50B–$19.50B$19.95B
Gross margin10.4%–10.8%12.0%–12.5%12.7%
Non-GAAP diluted EPS$1.01–$1.10n.a.$1.81
GAAP diluted EPS$0.89–$0.98n.a.$1.75
Net sales beat the high end of prior guidance by 28.7%; the Oct 20 update cited demand for AI platforms.CEO Charles Liang said “DCBBS is driving significant value for our customers”

Note: DCBBS is Data Center Building Block Solutions. Prior guidance is from the Aug 11, 2026 release; the gross margin guidance is as cited on Oct 20. n.a. means not given.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026 (CEO quote); Supermicro Q1 FY2027 preliminary update (Form 8-K, Exhibit 99.1), Oct 20, 2026; Supermicro Q4 FY2026 press release (Form 8-K, Exhibit 99.1), Aug 11, 2026

6

6 · Results vs. company guidance

Net sales rose 79.4% from Q4 FY2026 to $19.9B as deferred revenue more than doubled

Net sales by quarter

$M, Q1 FY2026, Q4 FY2026 and Q1 FY2027

Net sales · Q1 FY2026: $5,018MNet sales · Q4 FY2026: $11,120MNet sales · Q1 FY2027: $19,946MQ1 FY2026Q4 FY2026Q1 FY2027$0.0M$5,000.0M$10,000.0M$15,000.0M$20,000.0M$25,000.0M$5,018M$11,120M$19,946M
Total deferred revenue rose 116.9% since June to $5,666M

Note: Deferred revenue is billings not yet recognized as net sales, current and non-current.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Supermicro Q4 FY2026 press release (Form 8-K, Exhibit 99.1), Aug 11, 2026; analysis of company data

7

7 · Net sales trend

Gross margin fell to 12.7% from 17.5% in Q4 FY2026, yet rose from 9.3% a year earlier

Gross margin by quarter

% of net sales, Q1 FY2026, Q4 FY2026 and Q1 FY2027

Gross margin · Q1 FY2026: 9.3%Gross margin · Q4 FY2026: 17.5%Gross margin · Q1 FY2027: 12.7%Q1 FY2026Q4 FY2026Q1 FY20270.0%5.0%10.0%15.0%20.0%9.3%17.5%12.7%
Gross profit rose 30.8% from Q4 FY2026 to $2,541M; the Oct 20 update tied margin above guidance to customer and product mix

Note: Gross margin is gross profit divided by net sales.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Supermicro Q4 FY2026 press release (Form 8-K, Exhibit 99.1), Aug 11, 2026; Supermicro Q1 FY2027 preliminary update (Form 8-K, Exhibit 99.1), Oct 20, 2026; analysis of company data

8

8 · Gross margin trend

GAAP diluted EPS rose 573.1% to $1.75, and non-GAAP diluted EPS rose 417.1%

GAAP and non-GAAP diluted EPS

$ per share, Q1 FY2026 vs. Q1 FY2027

Non-GAAP diluted EPS · Q1 FY2026: $0.35Non-GAAP diluted EPS · Q1 FY2027: $1.81GAAP diluted EPS · Q1 FY2026: $0.26GAAP diluted EPS · Q1 FY2027: $1.75Q1 FY2026Q1 FY2027$0.0$0.5$1.0$1.5$2.0$2.5$0.35$1.81$0.26$1.75

Non-GAAP diluted EPSGAAP diluted EPS

Preferred stock dividends were $76M, against none in Q1 FY2026

Note: Non-GAAP EPS excludes stock-based compensation, net of tax, and the related participating securities adjustment.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

9

9 · GAAP vs. non-GAAP EPS

Operating margin rose to 10.4% from 3.6% as operating expenses fell to 2.4% of net sales

GAAP and non-GAAP margins

% of net sales, Q1 FY2026 vs. Q1 FY2027

Gross margin · Q1 FY2026: 9.3%Gross margin · Q1 FY2027: 12.7%Non-GAAP gross margin · Q1 FY2026: 9.5%Non-GAAP gross margin · Q1 FY2027: 12.8%Operating margin · Q1 FY2026: 3.6%Operating margin · Q1 FY2027: 10.4%Adjusted EBITDA margin · Q1 FY2026: 6.7%Adjusted EBITDA margin · Q1 FY2027: 11.2%Q1 FY2026Q1 FY20270.0%5.0%10.0%15.0%9.3%12.7%9.5%12.8%3.6%10.4%6.7%11.2%

Gross marginNon-GAAP gross marginOperating marginAdjusted EBITDA margin

Operating expenses fell to 2.4% of net sales from 5.7%

Note: Margins are profit divided by net sales. Non-GAAP gross margin excludes stock-based compensation.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

10

10 · GAAP and non-GAAP margins

Cash used in operations was $434M as receivables and inventories absorbed $6,037M

Net income to operating cash flow

$M, Q1 FY2027

$M · Net income: $1,594M$M · Non-cash items: $154M$M · Accounts receivable: -$3,560M$M · Inventory build: -$2,477M$M · Deferred revenue: $3,054M$M · Other items: $801M$M · Operating cash flow: -$434MNet incomeNon-cashitemsAccountsreceivableInventorybuildDeferredrevenueOtheritemsOperatingcash flow-$5,000.0M-$2,500.0M$0.0M$2,500.0M$1,594M$154M-$3,560M-$2,477M$3,054M$801M-$434M
Deferred revenue added $3,054M, and free cash flow was an outflow of $476M

Note: Free cash flow is operating cash flow less purchases of property, plant and equipment. Other working capital covers prepaid items, payables, accruals and taxes.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

11

11 · Operating cash flow

Cost of sales rose 282.5%, while research and development expense rose 31.1%

Cost of sales fell to 87.3% of net sales from 90.7%

Cost growth by line

% change YoY, Q1 FY2027

YoY · Cost of sales: 282.5%YoY · Sales and marketing: 176.5%YoY · General and administrative: 82.8%YoY · Research and development: 31.1%Cost of salesSales andmarketingGeneral andadministrativeResearch anddevelopment0.0%100.0%200.0%300.0%350.0%282.5%176.5%82.8%31.1%

Note: Growth is Q1 FY2027 vs. Q1 FY2026 as reported.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

12

12 · Cost growth by line

Net debt rose $550M to $1,749M as cash and cash equivalents fell $624M

Balance sheet items

$M, Jun 30, 2026 vs. Sep 30, 2026

$MJun 30, 2026Sep 30, 2026
Cash and cash equivalents$7,521M$6,897M
Net debt$1,199M$1,749M
Inventories$12,896M$15,054M
Accounts receivable, net$6,125M$9,685M
Total deferred revenue$2,612M$5,666M
Inventories rose 16.7% since June to $15,054M, and receivables rose 58.1%

Note: Total debt is lines of credit, term loans and convertible notes. Net debt is total debt less cash and cash equivalents.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

13

13 · Balance sheet and net debt

Q2 estimates depend on margin mix and working capital, with gross margin at 12.7%

Indicator
What to watch
Implication
Q1 FY2027 reading
Gross margin mix
Customer and product mix in Q2
Profit could grow slower than net sales
Gross margin -473 bps vs. Q4 FY2026
Working capital
Receivables and inventory build
Cash conversion could stay negative
Cash used in operations $434M
Final results
10-Q and closing review
Preliminary figures may change
Net sales $19.9B, unaudited

Note: These are analytical watch points, not company targets. Q1 readings are reported Q1 FY2027 figures.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: supporting analysis for net sales

ClaimEvidenceCalculation
Sequential gainNet sales rose $8,826M from Q4 FY2026 net sales of $11,120MQ1 FY2027 less Q4 FY2026 net sales
Above prior guidanceNet sales were 33.0% above the $15.0B prior guidance midpointNet sales divided by guidance midpoint, less one
Above preliminary rangeNet sales were 5.0% above the $19.0B preliminary midpointNet sales divided by preliminary midpoint, less one
Deferred revenue buildCurrent deferred revenue rose to $4,329M from $1,578MReported balance sheet line

Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Supermicro Q4 FY2026 press release (Form 8-K, Exhibit 99.1), Aug 11, 2026; Supermicro Q1 FY2027 preliminary update (Form 8-K, Exhibit 99.1), Oct 20, 2026; analysis of company data

15

15 · Appendix: Net sales detail

Appendix: supporting analysis for profit and costs

ClaimEvidenceCalculation
Operating expenses roseTotal operating expenses rose 67.1% to $477MReported operating expense lines
Interest expense roseInterest expense was $83M, against $25MReported interest expense line
Tax rate roseGAAP effective tax rate was 21.4%, against 19.3%As reported by Supermicro
GAAP-to-non-GAAP EPS itemsNon-GAAP EPS exceeded GAAP EPS by $0.06 in Q1 FY2027 and $0.09 in Q1 FY2026Non-GAAP diluted EPS less GAAP diluted EPS

Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

16

16 · Appendix: Profit and costs

Appendix: cash flow and capital support

ClaimEvidenceCalculation
Capex stayed smallCapex and equity investments were $47MPurchases of property, plant and equipment plus equity investment
Payables offset part of the buildHigher accounts payable added $474M to operating cash flowReported cash flow line
Net debt repaymentSupermicro repaid a net $82M of lines of credit and term loansRepayments less proceeds
Preferred dividends paidPreferred stock dividends paid were $64M in cashReported cash flow line

Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

17

17 · Appendix: Cash and capital

Appendix: watch items behind outlook and risks

ClaimEvidenceCalculation
Implied second halfImplied second-half FY2027 net sales of $36,554M at the midpointsFY2027 midpoint less Q1 actual and Q2 midpoint
Implied quarterly run rateImplied second-half quarterly average of $18,277M, 10.8% below the Q2 midpointImplied second half divided by two
EPS midpointQ2 non-GAAP EPS midpoint of $1.78, against $1.81 in Q1Average of the low and high ends
Gross margin gapGross margin was -473 bps from Q4 FY2026Change in gross margin, in basis points

Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

18

18 · Appendix: Implied H2 run rate

Appendix: operating expense and non-GAAP detail

Operating expense detail, $M

$M unless notedQ1 FY2026Q1 FY2027
Research and development$173M$227M
Sales and marketing$48M$133M
General and administrative$64M$117M
Total operating expenses$285M$477M

Non-GAAP net income to common, basic, $M

$M unless notedQ1 FY2026Q1 FY2027
GAAP net income$168M$1,594M
Preferred stock dividends-($76M)
Participating securities-($252M)
GAAP net income to common$168M$1,267M
Stock-based compensation$89M$100M
Income tax effect($19M)($20M)
Participating securities adjustment-($13M)
Non-GAAP net income$238M$1,334M

Note: The participating securities adjustment is the non-GAAP allocation less the GAAP allocation.Source: Supermicro Q1 FY2027 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

19

19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Company: Supermicro Q1 FY2027 press release, Exhibit 99.1 to Form 8-K, Nov 3, 2026 — https://www.sec.gov/Archives/edgar/data/1375365/000137536526000026/exhibit991_20260930.htm
  • Company: Q1 FY2027 preliminary update, Exhibit 99.1 to Form 8-K, Oct 20, 2026 — https://www.sec.gov/Archives/edgar/data/1375365/000137536526000025/smcifirstquarterfy2027busi.htm
  • Company: Q4 FY2026 press release with Q1 and FY2027 guidance, Exhibit 99.1 to Form 8-K, Aug 11, 2026 — https://www.sec.gov/Archives/edgar/data/1375365/000137536526000021/exhibit991_20260630.htm
  • Consensus: LSEG via Reuters (U.S. News), Nov 3, 4:07 PM ET; share reaction reason — https://money.usnews.com/investing/news/articles/2026-11-03/super-micro-forecasts-quarterly-revenue-above-estimates-on-strong-ai-server-demand
  • Consensus cross-check: FactSet via Invezz, Nov 3 — https://invezz.com/news/2026/11/03/super-micro-stock-faces-earnings-test-as-options-signal-12-5-move/; TipRanks preview — http://www.tipranks.com/news/super-micro-computer-q1-earnings-are-on-nov-3-options-traders-brace-for-a-14-2-move-in-smci-stock
  • Share price reaction reason: Investing.com, Nov 3 — https://www.investing.com/news/stock-market-news/super-micro-computer-surges-6-as-earnings-guidance-top-estimates-4996413
  • Share price: CNBC quote, Nov 3 close and after-hours last trade at 5:03 PM ET — https://www.cnbc.com/quotes/SMCI; cross-checks: Yahoo Finance — https://finance.yahoo.com/quote/SMCI/; Public.com — https://public.com/stocks/smci/after-hours

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Supermicro's press releases filed with its Form 8-K reports on November 3, October 20 and August 11, 2026. The Q1 FY2027 figures are preliminary and unaudited, and no Form 10-Q was on file when this deck was made. Consensus estimates (LSEG via Reuters, FactSet via Invezz) and share prices (CNBC, Yahoo Finance, Public.com) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q1 FY2027, are not a reliable indicator of future results.

Non-GAAP measures. Non-GAAP figures, adjusted EBITDA and free cash flow follow Supermicro's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. Supermicro's press release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Super Micro Computer, Inc. and does not represent Supermicro's views. Company and product names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 3, 2026, 5:03 PM ET, at the start of Supermicro's earnings call. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

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