Aslan Research · Hardware & networking
Super Micro Computer, Inc. (SMCI)
Data as of 2026-08-21 · 27 quarters · filed in USD
Revenue reached $33.7 billion over the trailing year, while expenses grew 70% per year against 49% annual revenue growth. Committed money also grew 64% per year, showing that obligations expanded faster than sales.
Earned, collected early, and merely signed
Reports — of debt; has promised $10B
Leases account for $378 million of committed money, while purchases account for $10.1 billion. Purchases therefore make up nearly all of the $10.5 billion total committed amount.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $9.5 billion of obligations against $362 million of revenue promised for that period. The due amount is 26.3x the revenue promised next five years. Backlog is $2.1 billion, equal to 0.1x one year of revenue.
The rates that matter
Expenses as filed vs after cited reconciliation
10 patterns worth a second look
The filings describe financing to related-party customers through trade credit and receivables from a corporate venture. Conditional revenue balances grew 7.6x while quarterly revenue grew 2.8x over the last 8 periods. The 10-K for the period ended 2024-06-30 was filed 240 days after period end, and the 10-Q for the period ended 2024-09-30 was filed 148 days after period end.
circular financing · 1
The filings report financing to related-party customers through trade credit and receivables from a corporate venture.
conditional ratio · 1
Over the last 8 periods, conditional revenue balances grew 7.6x while quarterly revenue grew 2.8x.
filing cadence · 3
The 10-K for the period ended 2024-06-30 was filed 240 days after the period end.
The 10-Q for the period ended 2024-09-30 was filed 148 days after the period end.
3 periodic filings (10-K, 10-Q, 10-Q) were filed on the same day, 2025-02-25.
off balance sheet · 1
The FY2024 filing reports a not-yet-commenced data-center lease with approximately $411.8 million of fixed payments and approximately $436.5 million of sublicense receipts.
related party exposure · 1
The filings repeatedly report substantial purchase commitments and trade credit extended to related-party suppliers Ablecom and Compuware.
subsequent event · 1
The FY2025 filing reports a July 2025 receivables purchase facility with an initial limit of $1.79 billion, recontextualizing liquidity after the period end.
tagging quality · 1
7 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The June 30, 2020 loss-contingency accrual revision is substantive rather than clerical.