盘后股价重挫9%！超微电脑Q1财季营收大幅下滑15%，毛利率暴跌至9%

Core Viewpoint - The disappointing Q1 financial results of Supermicro raise concerns about its ability to capitalize on the AI server market despite being in a favorable position [2][4]. Financial Performance - Q1 FY2026 revenue was $5 billion, a 15% year-over-year decline and a 14% quarter-over-quarter decline [5]. - Gross margin plummeted to 9.3%, down from 13.1% year-over-year and 9.5% quarter-over-quarter [5]. - Net profit fell to $168 million, a 60% year-over-year drop, with non-GAAP EPS at $0.35 compared to $0.73 in the same period last year [5]. - Operating cash flow was negative $918 million, with cash reserves at $4.2 billion and liabilities at $4.8 billion [5]. Business Progress - The company secured over $13 billion in Blackwell Ultra orders, indicating rapid expansion of its order backlog [5]. - Transitioning towards AI and data center infrastructure through DCBBS (Data Center Building Block Solutions) [5]. - Advancing leadership in direct liquid cooling (DLC) and AI technology sectors [5]. Performance Guidance - The company maintains its full-year revenue target of at least $36 billion [4]. - Q2 FY2026 revenue is expected to be between $10 billion and $11 billion, indicating a potential doubling of revenue quarter-over-quarter [8]. - Q2 projected GAAP EPS is between $0.37 and $0.45, while non-GAAP EPS is expected to be between $0.46 and $0.54 [8].