Super Micro Computer: Guidance Implies A Major Growth Inflection In 2H FY2026 (Rating Upgrade)
Summary
SMCI missed both revenue and EPS estimates in 4Q FY2025, and issued very weak 1Q FY2026 guidance, sending a 20% pullback...
SMCI missed both revenue and EPS estimates in 4Q FY2025, and issued very weak 1Q FY2026 guidance, sending a 20% pullback. Management slashed FY2026 revenue outlook from $40B to "at least" $33B, but implied a major near-term growth inflection in 2H FY2026. Key growth catalysts include large shipments of GB200 systems for NVIDIA's Blackwell and DCBBS, expected to reach 30% of total revenue by next summer.