TLDR
- Super Micro Computer cut its Q1 fiscal 2026 revenue forecast to $5 billion from $6-7 billion due to customer delivery schedule shifts for large AI deals
- Shares dropped nearly 3% in morning trading, though the stock is still up 72% year-to-date
- The company maintained its full fiscal year 2026 revenue guidance of at least $33 billion
- Super Micro secured over $12 billion in new business with delivery requested in Q2 fiscal 2026
- The company previously disclosed weakness in internal financial reporting controls in August
Super Micro Computer announced Thursday it was reducing its first-quarter revenue forecast, a move that sent shares down nearly 3% in morning trading. The AI server manufacturer now expects Q1 fiscal 2026 revenue of $5 billion.
Super Micro Computer, Inc., SMCI
The company had previously guided for revenue between $6 billion and $7 billion for the quarter. Wall Street analysts were expecting $6.52 billion for the period ending September 30.
Super Micro attributed the cut to shifts in customer delivery schedules for large AI deals. The timing changes pushed some expected revenue into later quarters.
Despite the quarterly reduction, the stock has performed well in 2025. Shares are up about 72% year-to-date.
The company made clear it wasn’t backing away from its full-year targets. Super Micro reiterated its fiscal 2026 revenue forecast of at least $33 billion.
Management pointed to continued strong demand for its AI server products. The company said it has locked in more than $12 billion in new business.
Those new orders are scheduled for delivery in the second quarter of fiscal 2026. This suggests the revenue isn’t disappearing, just moving to different quarters.
Demand Context
Super Micro has benefited from the explosion in AI infrastructure spending. The company builds servers that power AI applications like ChatGPT.
Dell Technologies has also seen gains from this trend. Both companies have become major players in the generative AI hardware market.
Morgan Stanley estimates show the scale of investment happening. Major tech companies are projected to spend $400 billion on AI infrastructure this year.
The spending is coming from household names. Alphabet, Amazon, Meta, Microsoft and CoreWeave are all investing heavily.
Financial Reporting Issues
Super Micro has faced scrutiny over its financial controls. In August, the company reported weakness in internal control over financial reporting.
The disclosure came in a regulatory filing. The company said unresolved issues could hurt its ability to report results accurately and on time.
This adds another layer of complexity for investors. The delivery delays come as the company works through internal reporting challenges.
The $12 billion in secured new business represents a pipeline for future quarters. Super Micro said customers have requested delivery in Q2 fiscal 2026.
Analysts had expected $6.52 billion in Q1 revenue based on LSEG data. The actual forecast of $5 billion represents a gap of about $1.5 billion.
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