Super Micro Computer reports revenue more than doubling year over year, but stock remains flat amid governance investigations and unaudited results.

Super Micro Computer reported Q3 FY2026 revenue of $10.24 billion, falling roughly 18% short of the $12.45 billion consensus. The company raised its FY2026 revenue guidance to $38.9 billion to $40.4 billion, with Q4 guided to $11.0 billion to $12.5 billion.

Federal authorities allege that Supermicro co-founder Yih-Shyan "Wally" Liaw conspired to illegally route $2.5 billion worth of NVIDIA-chipped servers to China through a Southeast Asia front company. The board is conducting an independent review of certain transactions related to export-control issues. Q3 results are explicitly preliminary and unaudited, and securities fraud class actions cover the period April 30, 2024 through March 19, 2026.

GAAP gross margin rebounded to 10% from 6% sequentially, operating income rose 326% year over year, and net income jumped to $483 million from $109 million. Non-GAAP EPS of $0.84 beat the $0.62 estimate by 35%. However, Q3 cash burn ran $6.6 billion in cash used in operations, with total bank debt and convertible notes of $8.8 billion.

SMCI trades at $32.23 against a consensus target of $33.20, implying roughly 3% upside. The stock is up 1.03% over the past year while the S&P 500 is up 31% over the trailing year. Analyst coverage splits 5 Buy, 9 Hold, and 4 Sell.