Supermicro shares surge 20% as robust margins, $60B backlog eclipse soft revenue

Super Micro Computer shares jumped about 20% in after-hours trading after a preliminary Q4 update showed a major profitability surprise despite softer-than-expected revenue. The company said GAAP and non-GAAP gross margins are estimated at 15%-17%, well above prior guidance of 8.2%-8.4%, driven by a favorable product and customer mix. Revenue is expected near the low end of its $11.0 billion-$12.5 billion range, but investors focused on the stronger margin outlook and a record backlog. Supermicro reported $60 billion in new orders in Q4 and said its backlog reached an all-time high at fiscal 2026 end, signaling robust demand for AI infrastructure and a strong delivery pipeline. The market reaction suggests investors are prioritizing earnings power and visibility over near-term sales softness ahead of the full fiscal 2026 results on August 11.