Super Micro Computer, Inc. (SMCI) shares rose approximately 10% in premarket trading after the server manufacturer reported fourth-quarter earnings and issued forward revenue guidance well above Wall Street expectations.

The company reported adjusted earnings of $1.70 per share for the quarter, surpassing analyst estimates. However, revenue came in at $11.12 billion, below the $11.73 billion consensus. Despite the revenue shortfall, investors focused on Super Micro's record backlog and an outlook that significantly exceeded forecasts. Super Micro builds rack-scale server systems optimized for AI and high-performance computing workloads, competing with Dell Technologies, Hewlett Packard Enterprise, and others for a share of the data center infrastructure spending that has accelerated with generative AI adoption.

Forward Guidance Drives Rally

For the first quarter of fiscal 2027, Super Micro projected earnings of $1.01 to $1.10 per share, well above the approximately $0.76 analysts had anticipated. The company guided quarterly revenue between $14.5 billion and $15.5 billion, compared to the $12.09 billion Street consensus.

For the full fiscal year 2027, Super Micro forecast revenue of $65 billion to $72 billion. Wall Street had been expecting roughly $53.3 billion. The substantial guidance beat supported the premarket rebound in SMCI shares despite the weaker quarterly revenue print.

Management attributed demand strength across cloud, enterprise, and AI infrastructure customers. Super Micro ended fiscal 2026 with a record backlog after receiving more than $60 billion in new orders during the fourth quarter alone. That single-quarter order total exceeds the company's reported Q4 revenue by more than five times. The company said it expects to fulfill those orders over the coming quarters as customers continue expanding data center capacity.

Nine customers each generated more than $1 billion in fiscal 2026 revenue, up from four such customers in fiscal 2025. Management did not identify the customers but described the group as including cloud service providers, newer cloud firms, and enterprise buyers. The expansion from four to nine billion-dollar customers in a single year illustrates how AI-related infrastructure spending is broadening beyond the largest hyperscale operators.

Regional Breakdown and Margins

Enterprise and channel customers increased spending on compute, storage, and networking systems during the quarter, according to the company. Super Micro also cited strong demand for dense server systems used in AI data centers.

The United States accounted for 71% of fourth-quarter revenue. Asia contributed 11%, Europe represented 8%, and other regions made up the remaining 10%. Non-GAAP gross margin for fiscal 2026 stood at 10.9%, down from 11.2% a year earlier. Server manufacturers across the industry have been operating in a competitive pricing environment as multiple vendors scale production capacity for large-volume AI deployments.

Technical Outlook

SMCI closed at $31.68 prior to the earnings release and remained down 31.77% over the past year. The stock has gained only modestly in 2026, underperforming rival Dell Technologies.

The next technical resistance level sits near $35.20. A sustained move above that price would push SMCI beyond a recent resistance zone. Failure to break through could leave the post-earnings rebound vulnerable to renewed selling pressure.