Super Micro Computer (NASDAQ: SMCI) reported fiscal first-quarter 2027 net sales of $19.9 billion on November 3, up from $5.0 billion a year earlier and above the $16.39 billion LSEG estimate. Non-GAASuper Micro Computer (NASDAQ: SMCI) reported fiscal first-quarter 2027 net sales of $19.9 billion on November 3, up from $5.0 billion a year earlier and above the $16.39 billion LSEG estimate. Non-GAA

Super Micro (SMCI) Q1 FY2027 Earnings Results: $19.9 Billion Revenue Beats Estimates, FY2027 Outlook Raised to $72B–$82B

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Author: James Mitchell

2026/11/04 12:59

Super Micro Computer (NASDAQ: SMCI) reported fiscal first-quarter 2027 net sales of $19.9 billion on November 3, up from $5.0 billion a year earlier and above the $16.39 billion LSEG estimate. Non-GAAP EPS was $1.81 against $1.23 expected. Supermicro guided second-quarter net sales to $19.5 billion–$21.5 billion and raised its fiscal 2027 range to $72 billion–$82 billion from $65 billion–$72 billion.

SMCI closed the regular session at $31.39 and traded as high as $34.96 after hours before ending the extended session at $33.65. The SMCISTOCK_USDT futures on MEXC kept trading after 8:00 p.m. ET and was at 32.72 USDT at 10:00 p.m. ET, up 3.7% from its 4:00 p.m. price.

SMCI Q1 FY2027 Results vs Estimates

Net sales: $19.9 billion vs $16.39 billion (beat), per Supermicro's Q1 FY2027 earnings release
Non-GAAP EPS: $1.81 vs $1.23 (beat); GAAP diluted EPS was $1.75
Gross margin: 12.7% GAAP and 12.8% non-GAAP
Q2 guidance: $19.5 billion–$21.5 billion vs $17.14 billion (above)
FY2027 guidance: $72 billion–$82 billion vs $69.17 billion (above)

Consensus figures are LSEG estimates reported by Reuters. Supermicro describes the financial figures as unaudited.

Key Takeaways

Net sales were nearly four times the year-earlier quarter and up from $11.1 billion in Q4 FY2026.
Most of the revenue beat was announced on October 20, so the new information was the raised full-year outlook.
GAAP gross margin of 12.7% was higher than a year ago but lower than 17.5% in Q4 FY2026.
Operating cash flow was negative $434 million despite $1.59 billion in net income.
SMCISTOCK_USDT funding was positive before the release and 0% at the first settlement after it.

What Stood Out in Supermicro's Q1 FY2027 Report?

On October 20, Supermicro said in an SEC filing that first-quarter revenue would be $18.5 billion–$19.5 billion, against guidance of $14.5 billion–$15.5 billion. Final net sales of $19.9 billion landed above that range.

The outlook was the bigger change. The new fiscal 2027 range of $72 billion–$82 billion has a $77 billion midpoint.

Q1 actual plus the Q2 guidance midpoint is about $40.4 billion. That leaves roughly $31.6 billion–$41.6 billion for Q3 and Q4 combined, or about $18.3 billion per quarter at the midpoint, below the Q1 and Q2 pace. This is our calculation, not company guidance.

Gross Margin, Cash Flow and Balance Sheet

GAAP gross margin was 12.7%, compared with 9.3% a year earlier and 17.5% in Q4 FY2026. Non-GAAP gross margin was 12.8%, compared with 9.5% a year earlier.

The cash flow statement in the SEC filing shows why operating cash flow was negative:

Accounts receivable used $3.56 billion of cash.
Inventories used $2.48 billion.
Deferred revenue provided $3.05 billion.

Cash and equivalents were $6.9 billion at September 30, compared with $8.6 billion in total bank debt and convertible notes. Inventories reached $15.1 billion, up from $12.9 billion at June 30.

What Is Supermicro's Guidance for Q2 and Fiscal 2027?

Q2 net sales of $19.5 billion–$21.5 billion
Q2 gross margin of 12%–12.5%, according to the earnings call transcript
Q2 EPS of $1.59–$1.83 GAAP and $1.66–$1.90 non-GAAP
Fiscal 2027 net sales of $72 billion–$82 billion

How Did SMCI Stock React to the October 20 Preliminary Update?

SMCI closed at $32.47 on October 20 and rose 9.5% to $35.57 on October 21, according to Nasdaq price data.

By the November 2 close, it was $30.44, below its $32.10 close on October 19, before the update. The gain from the preliminary numbers had been fully given back before the full report.

On November 3, the stock rose 3.1% in the regular session before the release. After hours it ranged from $30.70 (-2.2%) to $34.96 (+11.4%), based on one-minute data from Yahoo Finance. After-hours prices can differ from the next regular-session open.

How SMCI Futures Reacted on MEXC

The SMCISTOCK_USDT perpetual contract on MEXC kept trading after the U.S. extended session closed. Figures below come from MEXC's public futures API (hourly candles).

Price: the contract closed the 3:00–4:00 p.m. ET hour at 31.55 USDT. In the release hour it ranged from 30.83 (-2.3%) to 34.56 (+9.5%) and closed at 34.01 (+7.8%). The evening high was 35.02 (+11.0%) between 6:00 and 7:00 p.m. It was at 33.14 (+5.0%) at 8:00 p.m. and 32.72 (+3.7%) at 10:00 p.m. ET.
Turnover: about 0.48 million USDT in the release hour, 16.5 times the average hourly turnover of the prior 24 hours. Turnover from 4:00 to 10:00 p.m. ET totaled about 0.88 million USDT.
Premium to index: after the release, hourly closes stayed within about 6 basis points of the index price.
Funding: funding settles every 8 hours. The rate was 0.0183%, 0.0346% and 0.0233% at the three settlements on November 3 (UTC), then 0% at the first settlement after the release, at 00:00 UTC on November 4.

At 8:00 p.m. ET, the contract was below the stock's last after-hours trade of $33.65, and it drifted lower afterward.

MEXC SMCISTOCK_USDT hourly closes and turnover from 8:00 a.m. to 10:00 p.m. ET on November 3, 2026. Source: MEXC public futures API.

Following SMCI Through MEXC

The SMCISTOCK_USDT perpetual contract offers a market to follow Supermicro around earnings and outside Nasdaq hours. Settled in USDT, it can be traded long or short; see how to trade stock futures on MEXC.

MEXC also lists SMCION, a tokenized Super Micro Computer stock. Eligible users can buy U.S.-listed shares through MEXC RealStocks, which works with licensed broker partners.

Perpetual contracts do not give shareholder rights, and they carry funding, leverage and liquidation risk.

FAQ

Did Supermicro beat earnings expectations in Q1 FY2027?

Yes. Net sales of $19.9 billion beat the $16.39 billion LSEG estimate, and non-GAAP EPS of $1.81 beat the $1.23 estimate.

What is Supermicro's fiscal 2027 revenue guidance?

$72 billion–$82 billion, raised from $65 billion–$72 billion.

Why was Supermicro's operating cash flow negative?

Receivables and inventories used about $6.0 billion of cash, partly offset by $3.05 billion from deferred revenue.

How did Supermicro's gross margin compare?

GAAP gross margin was 12.7%, up from 9.3% a year earlier but down from 17.5% in Q4 FY2026.

How did SMCI futures react on MEXC?

SMCISTOCK_USDT rose as much as 11.0% from its 4:00 p.m. price during the evening and was up 3.7% at 10:00 p.m. ET.

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