Aslan Research · Hardware & networking
Super Micro Computer, Inc. (SMCI)
Data as of 2026-09-03 · 28 quarters · filed in USD
Committed obligations equal nearly a full year of revenue, with $34.7 billion committed against $39.1 billion of trailing-year revenue. Commitments grew 92% per year, faster than revenue at 51% and expenses at 61%.
Earned, collected early, and merely signed
Reports — of debt; has promised $35B
Purchases make up $34.2 billion of committed money, while leases account for $540 million. The commitment profile is therefore driven mainly by future purchases, not leases.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $39.5 billion due against $21.4 billion of future revenue promised, or 1.8x as much due. Another $327 million is scheduled after year five.
The rates that matter
Expenses as filed vs after cited reconciliation
15 patterns worth a second look
The sharpest flag is the reported financing of related-party suppliers that also provide goods or services. Other disclosures include an equity investment in a sublicensee alongside future sublicense receipts, and a receivables facility where the company is both seller and guarantor. Filing delays included a 10-K filed 240 days after period end and a 10-Q filed 148 days after period end.
circular financing · 2
The filings report company financing to related-party suppliers that also provide goods or services to the company.
The filings report an equity investment in the sublicensee while also reporting future sublicense receipts from that customer.
filing cadence · 6
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.
+ 3 more
off balance sheet · 2
The filings report large obligations under data-center lease tranches not yet commenced, alongside expected sublicense receipts.
The filings report a receivables purchase facility under which the company is seller and guarantor, with receivables sold later reported as outstanding.
related party exposure · 2
The filings repeatedly report substantial purchase commitments and trade credit extended to related-party suppliers Ablecom and Compuware.
The filings report sales to, receivables from, and an equity investment in a corporate venture that is also a customer.
subsequent event · 1
The FY2024 filing reports major post-period financing that materially recontextualizes liquidity after June 30, 2024.
tagging quality · 1
14 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The reported SEC settlement accrual increased from $17.5 million to $18.114 million across filings.