Supermicro Stock Jumps Nearly 10% as $72 Billion Outlook Overshadows Revenue Miss

Super Micro Computer shares surged in premarket trading Wednesday after the AI-server manufacturer reported a major earnings beat and issued a fiscal 2027 revenue forecast far above Wall Street expectations.

SMCI rose approximately 9.8% to $34.70 before the Nasdaq opened, compared with Tuesday’s closing price of $31.60.

Super Micro Computer bStock (SMCIB) traded near $32.03 at the time of reporting. The token had not yet fully reflected the premarket rally in the underlying shares.

Supermicro Earnings Beat Estimates Despite Revenue Miss

Supermicro reported adjusted earnings of $1.70 per diluted share for its fiscal fourth quarter, substantially exceeding consensus estimates of approximately $0.92 to $0.96.

Revenue reached $11.12 billion, below Wall Street’s estimate of approximately $11.55 billion. Nevertheless, sales increased 93% from $5.76 billion one year earlier.

According to Supermicro’s financial results, profitability improved considerably:

• GAAP net income increased from $195 million to $1.18 billion.
• GAAP diluted earnings rose from $0.31 to $1.62 per share.
• Adjusted earnings increased from $0.41 to $1.70 per share.
• GAAP gross margin improved from 9.5% to 17.5%.
• Non-GAAP gross margin reached 17.6%.

Management attributed the revenue miss to temporary customer delays involving power, cooling and networking infrastructure. Some related revenue is expected to move into the first quarter of fiscal 2027.

The improved customer and product mix also helped Supermicro’s gross margin exceed its preliminary forecast of between 15% and 17%.

Fiscal 2027 Revenue Could Reach $72 Billion

Investors focused heavily on Supermicro’s exceptionally strong sales outlook.

The company expects fiscal 2027 revenue of between $65 billion and $72 billion, considerably above Wall Street’s average estimate of $52.5 billion.

At the midpoint of $68.5 billion, the guidance implies approximately 75% growth from the $39.1 billion generated during fiscal 2026.

Supermicro also expects first-quarter revenue of between $14.5 billion and $15.5 billion, compared with analysts’ previous estimate of approximately $11.8 billion. Adjusted earnings are forecast at $1.01 to $1.10 per share.

The guidance reflects strong demand for AI servers, liquid-cooling systems and complete data-center infrastructure as technology companies continue increasing spending on generative-AI capacity.

Supermicro Received More Than $60 Billion in New Orders

Supermicro entered fiscal 2027 with a record backlog after receiving more than $60 billion in new orders during the fourth quarter.

The distinction is important: the company did not disclose the backlog’s exact value. The $60 billion figure represents new orders received during the quarter rather than the reported backlog balance.

Supermicro has also warned that some of these orders may not constitute firm commitments and could be subject to delays, cancellations or unfulfilled contractual conditions.

The order volume still indicates substantial demand. However, investors will need to monitor how quickly Supermicro converts those orders into recognized revenue and cash flow.

Why SMCIB Lagged Behind SMCI

At $32.03, SMCIB was approximately 7.7% below SMCI’s $34.70 premarket indication. The token was also only about 1.4% above the stock’s previous closing price of $31.60.

The difference showed that SMCIB had not fully incorporated the premarket rally at that moment. Binance and Nasdaq operate separate order books with different levels of liquidity and investor participation, allowing temporary premiums or discounts to develop.

SMCIB is designed to provide economic exposure to Super Micro Computer shares, but it is a tokenized certificate rather than direct ownership of SMCI stock. Holders do not receive conventional shareholder rights.

What the Results Mean for Supermicro Stock

Supermicro’s Q4 report was not a complete beat because revenue fell short of expectations. However, the revenue miss was outweighed by significantly stronger earnings, recovering margins and a fiscal 2027 forecast that exceeded Wall Street estimates by a wide margin.

The results are fundamentally positive for SMCI and SMCIB. Still, achieving as much as $72 billion in annual revenue will depend on Supermicro converting its record order pipeline into completed deliveries while managing customer concentration, working-capital requirements and potential order cancellations.

The premarket rally reflects renewed confidence in Supermicro’s AI-server growth, but the company must now deliver against one of the most aggressive revenue forecasts in the hardware industry.