Super Micro Computer (SMCI) delivered a solid fourth quarter, capping fiscal 2026 with a record backlog and strong demand for its AI and IT infrastructure solutions. SMCI received more than $60 billion in new orders during Q4, a significant increase that reflects the scale of demand for its products. The outlook also remains constructive for the company.
Supermicro provided a better-than-expected fiscal 2027 first-quarter revenue forecast, supported by continued demand for its AI solutions and an expanding enterprise customer base. Trader's A $20 Billion Reason Why Intel Stock Is in Focus Marvell Technology (MRVL) Stock Might Offer a Quick Bounce Before Earnings Most Analysts Still Aren't Bullish on Tesla Stock, Even After Recent Selloff. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines.
While the record backlog and strong demand are likely to translate into sustainable revenue growth, Wall Street analysts aren't bullish on SMCI stock. Traders, on the other hand, had a pretty starkly contrasting view of SMCI on Wednesday and sent the stock up about 20%. Super Micro Computer entered fiscal 2027 with strong revenue momentum, supported by accelerating demand from enterprise customers and continued spending on AI and data center infrastructure.
Supermicro generated $39.1 billion in fiscal 2026 revenue, up 78% year-over-year (YoY). Growth remained solid in the fourth quarter, with revenue rising 93% YoY and 9% sequentially to $11.1 billion. Importantly, the growth is becoming broader-based, with enterprise and channel customers emerging as a significant contributor to the company's sales mix.
Enterprise and channel revenue was $5.6 billion in Q4, or 50% of total revenue, compared with just 28% in the previous quarter. Revenue from this segment surged 172% YoY and 98% sequentially, highlighting a sharp increase in demand from enterprise customers upgrading their compute, storage, and networking infrastructure. This shift in the revenue mix is strategically important.
A larger enterprise and channel customer base could make Supermicro's growth less dependent on a relatively concentrated group of large data center customers. At the same time, OEM appliance and large data center revenue totaled $5.5 billion. Management's outlook indicates that the current momentum is likely to continue into fiscal 2027.
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