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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The business can grow quickly with AI infrastructure demand, but the central test is whether system profits finance the inventory and credit needed to deliver that growth. FY2026 earnings were positive while CFO was deeply negative. New orders, higher ending cash and financing proceeds cannot substitute for recurring cash generation.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track sales and gross margin alongside sequential inventory, receivables and customer advances. Improve confidence if growth funds itself after capex and senior claims; reduce it if turnover worsens or current bank obligations require continuing outside capital."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm","title":"August 31 audited FY2026 accounts and financial-control risks","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000021/exhibit991_20260630.htm","title":"August 11 sales outlook and quarterly results","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000020/smci-20260805.htm","title":"August 5 initial preferred cash-dividend declaration","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1375365/000119312526270430/d151436d8k.htm","title":"June 15 preferred terms and conversion","retrieved":"2026-09-19"},{"url":"https://ir.supermicro.com/news/news-details/2026/Supermicro-Announces-Completion-of-Independent-Investigation-and-Continued-Enhancement-of-Export-Compliance-Program/default.aspx","title":"August 20 internal investigation conclusion; government work continues","retrieved":"2026-09-19"}],"business":{"drivers":["Delivered systems, customer acceptance and product mix","Gross margin and engineering/compliance expense","Inventory, receivables, customer funding and capital claims"],"description":"Supermicro designs and integrates servers, rack-scale AI systems, storage and cooling solutions. Sales depend on component availability, customer acceptance and deployment schedules. Large systems carry substantial inventory and receivables. Working capital can therefore require financing even when reported earnings grow, and preferred stock, convertible notes and bank loans create claims ahead of common shareholders."},"earnings":{"source":"estimated from 10-Q filed 2026-05-11 plus 90 days","next_report_date":"2026-08-09"},"identity":{"cik":1375365,"sic":"3571","name":"Super Micro Computer, Inc.","symbol":"SMCI","cluster":"AI infrastructure & power","exchange":"Nasdaq"},"research":{"risks":["Large customer acceptance and shipment timing can move revenue between quarters.","Component supply, product transitions and inventory obsolescence affect cash and margin.","Customer credit and receivables-sale dependence can obscure collection quality.","Bank maturities, convertibles and preferred dividends create financing needs.","Equity compensation, financing and mandatory conversion dilute ownership.","Control weaknesses, export compliance and continuing official investigations remain material."],"title":"AI system growth through the working-capital and financing cycle","question":"Can system delivery fund inventory and receivables while preserving cash after senior claims?","economics":"FY2026 revenue was $39.063B, gross profit $4.227B and operating income $2.770B. CFO was negative $6.810B, despite $1.881B net deferred-revenue funding, with $8.877B inventory and $3.922B receivable cash uses. PP&E spending adds $162M. June inventory was $12.896B and current receivables $6.125B. Cash $7.521B followed $9.479B financing cash; it is distinct from internally generated cash. Loans totaled about $4.056B including $2.040B current, with convertible carrying value $4.664B and preferred face $4.3125B. Preferred dividends accrue at 7%; the first cash dividend was declared for September 1. Annual sales guidance is $65B-$72B and Q1 $14.5B-$15.5B. The model tests collection and stocking requirements instead of equating sales growth with cash.","change_note":"First completed working-capital model with actual financing context, preferred cash and current-debt scope explicit.","checkpoints":[{"event":"FY2027 Q1 execution","watch":"Compare sales with guidance and inspect inventory/receivable turnover.","timing":"Quarter ending September 30","date_status":"estimated"},{"event":"Cash funding","watch":"Separate deferred customer funding, receivables sales and external financing.","timing":"Each quarterly filing","date_status":"estimated"},{"event":"Controls and capital","watch":"Monitor remediation, government investigations, loan maturities and preferred declarations.","timing":"Filings and financing disclosures","date_status":"estimated"}],"countercase":"Large orders can turn into expensive inventory or extended customer credit before deployment. Pricing pressure, product transitions and concentrated customers can reduce margin. Capital raised to fund orders can sustain activity while diluting or subordinating common owners.","limitations":["Orders exceeding $60B during FY2026 are not a disclosed $60B ending backlog and are not added to sales. Customer acceptance, product availability and mix determine recognition.","No automatic repetition of Q4 17.5% GAAP gross margin. Forecast margin is a desk product/pricing sensitivity, not company annual margin guidance.","Working-capital balances use a standardized 90-day quarter and revenue/COGS run rates. They are illustrative turnover sensitivities, not a full balance sheet or precise cash collection schedule.","Reported FY2026 CFO includes noncash, factoring and timing effects beyond the simplified bridge. The forecast omits separate receivables-sale proceeds rather than assuming a new permanent funding source.","September preferred cash uses the declared initial dividend. Later cash payments are a desk election at the 7% contractual rate; terms can permit shares. Mandatory conversion in 2029 is beyond this horizon.","Cash after preferred and awards is before debt principal, new borrowing, share issuance, acquisitions and optional buybacks. Current loans of $2.040B require separate repayment/refinancing analysis.","The August 20 internal investigation conclusion is not a government clearance. Control weaknesses and ongoing official investigations remain risks. No complete common EPS or conversion model is supplied."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":15000000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":16050000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q3","revenue":17655000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q4","revenue":19795000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"fy26_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2026 revenue","value":39063.072,"period":"FY2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm","source_date":"2026-08-31"},{"id":"fy26_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2026 gross profit","value":4227.251,"period":"FY2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm","source_date":"2026-08-31"},{"id":"fy26_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to 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exceeding $60B during FY2026 are not a disclosed $60B ending backlog and are not added to sales. Customer acceptance, product availability and mix determine recognition.","No automatic repetition of Q4 17.5% GAAP gross margin. Forecast margin is a desk product/pricing sensitivity, not company annual margin guidance.","Working-capital balances use a standardized 90-day quarter and revenue/COGS run rates. They are illustrative turnover sensitivities, not a full balance sheet or precise cash collection schedule.","Reported FY2026 CFO includes noncash, factoring and timing effects beyond the simplified bridge. The forecast omits separate receivables-sale proceeds rather than assuming a new permanent funding source.","September preferred cash uses the declared initial dividend. Later cash payments are a desk election at the 7% contractual rate; terms can permit shares. Mandatory conversion in 2029 is beyond this horizon.","Cash after preferred and awards is before debt principal, new borrowing, share issuance, acquisitions and optional buybacks. 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