SMCI revenue surges 123% on AI server demand but cash burn accelerates to $7.6B

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Revenue jumped 123% YoY to $10.2B in Q3, driven by large AI GPU server design wins from a few customers. Nine-month revenue rose 72% to $27.9B, with AI GPU products up 98% while other categories fell 35%.

  MD&A: Revenue verify on EDGAR →
• high

  Operating cash flow swung from $796M inflow to $7.6B outflow over nine months, driven by inventory purchases and receivables growth. Cash fell from $5.2B to $1.3B; company drew $4.0B on credit lines to fund working capital.

  MD&A: Cash Flow verify on EDGAR →
• high

  Material weaknesses in IT controls and disclosure processes remain unremediated from prior year. Company made significant progress on segregation-of-duties and IT architecture fixes, expects remediation pending operating effectiveness testing in FY2026.

  Controls & Procedures verify on EDGAR →