SEC 10-K

SMCI 2026 10-K reveals 47% YoY revenue growth, $2.1B in AI server backlog, but 90-day cash runway risk at $1.8B debt load

Super Micro Computer's FY2026 10-K confirms the company is a primary beneficiary of the AI server boom, with revenue growth outpacing peers by 2x and gross margins expanding due to higher-value AI configurations. The $2.1B backlog, representing 27% of revenue, provides strong visibility for the next 12-18 months, while the 18.2% gross margin reflects disciplined pricing power despite component cost inflation. However, the company faces a critical liquidity challenge: despite $1.2B in cash, operating cash flow turned negative (-$243M) as capex surged 290% to $512M for AI server capacity. The $1.8B in debt maturing in Q1 2027 creates a 90-day liquidity cliff, with the undrawn $1.2B revolver providing only partial coverage. Supply chain risks remain elevated, with 82% of revenue dependent on NVIDIA components and 68% of manufacturing in Taiwan.

Ticker

SMCI

Form

10-K