AIBRIEF
The AI data center hardware maker reported a record preliminary order wave and a doubled gross margin guide, while flagging cancellations, dilution, and an open export control review.
Supermicro says it booked more than $60 billion in new AI server orders in a single fiscal quarter (Q4 FY2026, ended June 30, 2026), pushing its backlog to a record as fiscal 2026 closed. In the same preliminary update, the company guided Q4 revenue to the low end of a previously stated $11 billion to $12.5 billion range and raised its gross-margin guide to 15% to 17%, roughly double the 8.2% to 8.4% it had told investors to expect earlier in the year.
Three caveats sit in the same disclosure. First, the company itself notes that not all of the booked orders are firm commitments and that some may be subject to cancellation or delays. Second, an independent board review of certain transactions related to alleged export-control issues is still open. Third, in June 2026, Supermicro announced plans to raise roughly $7 billion through concurrent equity and equity-linked financing to fund the components needed to fulfill large AI server orders, a raise that will dilute existing shareholders.
The preliminary Q4 numbers are unaudited; SMCI's independent auditor has not yet reviewed them. Shares still trade near $30. What to watch: the auditor's review of the preliminary figures, the conclusion of the independent export-control review, realized margin in the next filing, and the terms of the ~$7 billion raise.