Supermicro booked $11.12 billion in revenue for its fiscal fourth quarter, up 93.2 percent year on year, and recorded the most profitable quarter in its history: $1.18 billion in net income, or 10.6 percent of revenue. The numbers come from the company's results for the quarter ended in June, reported to Wall Street analysts. They are strong. They are also flattered by a product transition that pushed AI system orders into later quarters.

Operating income rose 6.6 times to $1.49 billion, according to the reported figures. This was not the company's highest revenue quarter — that was the second quarter of fiscal 2026, at $12.68 billion — but it was the best quarter in absolute profit and in net margin. For context, Supermicro hit a 10.5 percent margin in Q3 of fiscal 2024, when it was roughly a third of its current size.

How much of the quarter was actually AI?

AI systems revenue reached $6.69 billion in the June quarter, up 64.2 percent year on year and equal to 60 percent of total revenue. Founder and chief executive officer Charles Liang said on the analyst call that between 60 percent and 70 percent of overall revenue came from traditional accelerated machines — GPUs, mostly Nvidia GPUs — with another 10 percent to 20 percent from agentic AI sandboxing and edge AI systems. The remaining 20 percent or so came from traditional servers, storage and IoT.

The gap between the Nvidia Grace-Blackwell rackscale systems that ramped last year and the Vera-Rubin systems ramping in the coming months left a hole in the AI line. Supermicro filled much of it with CPU servers sold to its largest customers, who are consolidating workloads onto fewer machines to make room for accelerated systems.

The arithmetic of the shortfall is worth scrutiny. Guidance for the quarter was $11 billion to $12.5 billion; actual revenue came in just above $11.1 billion. By the source's estimate, between $100 million and $1.4 billion in AI systems slipped. Some AI orders slated for Q4 F2026 will land in Q1 and Q2 of fiscal 2027 instead. Supermicro was not precise about the amounts. Guidance for Q1 F2027 is $14.5 billion to $15.5 billion.

What did the full year deliver?

For all of fiscal 2026, Supermicro posted $39.06 billion in sales, up 77.8 percent. Operating income was $2.77 billion, up 2.2 times, and net income was $2.23 billion, up 2.1 times — but only 5.5 percent of revenue.

For fiscal 2027, the company guides to a midpoint of $68.5 billion, roughly a 78 percent increase. The source — an industry analyst tracking the company — projects operating income of $5.21 billion and net income around $4.18 billion, or 6.1 percent of revenue, assuming higher prices on Vera-Rubin systems and falling costs on rowscale builds with power and liquid cooling. That is a projection, not company guidance. The company's own range is $65 billion to $72 billion.

Who is buying?

One customer alone accounted for 28 percent of fiscal 2026 revenue. The source identifies this as almost certainly SpaceX's AI operation, whose Colossus 2 supercomputer is rented mostly by Google and Anthropic at an estimated $920 million and $1.25 billion per month respectively. Those rental figures are estimates, not confirmed numbers.

Supermicro also disclosed nine customers that spent over $1 billion each. Together they represent roughly half of annual revenue. Concentration this high cuts both ways: large deals drive growth, and their absence creates the very choppiness the company just experienced.

What about capacity?

Supermicro has opened a new rowscale computing facility in Silicon Valley for optical networking and datacenter-scale systems. It now has nearly 4 million square feet of design and factory space in the United States, plus factories in Taiwan, Malaysia and the Netherlands. Current output exceeds 3,000 direct liquid cooling racks per month at up to 240 kilowatts per rack, and 3,000 air-cooled racks per month. Designs for 500-kilowatt racks are in prototyping now.

The balance sheet supports the buildout. Supermicro ended the quarter with $7.52 billion in cash and equivalents, of which $1.4 billion came from new common stock sales and $4.2 billion from convertible preferred shares. Growth is partly financed, not purely earned.

Can Supermicro outrun Dell?

Here the story turns. Dell, its chief U.S. rival, is expected to book $60 billion in AI system sales in its fiscal 2027 ending January, and perhaps $120 billion in overall datacenter sales against an enterprise base of millions of companies. The source's assessment: Dell and Supermicro will field roughly equal AI systems businesses, around $60 billion each. In total datacenter revenue, Dell stays far ahead.

The subsystems business, once Supermicro's core, grew an estimated 2.4 times to $278 million in the quarter — small, but growing. Systems brought in an estimated $10.84 billion, up 92.2 percent. Those split figures are the analyst's math, not company disclosures.

The GenAI boom lifts Supermicro. It lifts Dell just as much. And as the source puts it bluntly, allocations of CPUs and GPUs decide the outcome — and everyone knows who controls them.