Super Micro Computer, Inc.

Good afternoon and thank you for attending Supermicro's call to discuss financial results for the fourth quarter and full year of fiscal 2025, which ended June 30th, 2025. With me today are Charles Liang, founder, chairman, and chief executive officer, and David Wiegand, chief financial officer. By now, you should have received a copy of the press release from the company that was distributed to close a regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants in the investor relations section of the company's website under the events and presentations tab. We have also published management scripted commentary on our website. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including without limitation those regarding revenue, gross margin, operating expenses, other income and expenses, taxes, capital allocation, and future business outlook, including guidance for the first quarter of fiscal 2026 and the full fiscal year 2026. These statements and other comments are based on management's current expectations and assumptions of all material risks and uncertainties that could cause actual results or events to material different from those anticipated, and you should not place undue reliance on forward-looking statements. You can learn more about these risks and uncertainties in the press release we issued earlier this afternoon, our most recent 10K for fiscal 2024, and other SEC filings. All these documents are available on the investor relations page of Supermicro's website. We assume obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and business outlook. For an explanation of our non-GAAP financial measures, please refer to the accompanying presentation or to our press release published earlier today. The non-GAAP measures are presented as we believe that they provide investors with a means of evaluating and understanding how a company's management evaluates operating performance. These non-GAAP measures should not be considered in isolation from as these for or superior to financial measures prepared in accordance with U.S. GAAP. In addition, a reconciliation of GAAP and non-GAAP is contained in today's press release and in the supplemental information attached to today's presentation. At the end of today's prepared remarks, we'll have a Q&A session for Southside analysts. Our first quarter fiscal 2026 quiet period begins at the close of business Friday, September 12, 2025, and with that, I will now turn it over to Charles.

Charles. Thank you, Michael. I will be covering our performance for fiscal 2025 and providing insights into our strategic direction for fiscal 2026. Our fiscal 2025 results represent a 47% -on-year revenue growth at $22 billion. This growth reflects continuing the strong demand for our AI and green computing solutions. Despite the six-month cash flow impact from the filing of our fiscal year, and the full 10K and the revenue recognition from a major new large partner, non-GAAP earnings per share were 41 cents down year over year from 50% last year, primarily due to the tariff impact. A row, we have taken measures to reduce the impact, and we will see the results soon. Allow me to go a little deeper at the June revenue show fall in what was otherwise a stronger quarter. The show fall stemmed from a two key factors, a capital constraint that limited our ability to rapidly scale production and specification changes from a major new customer that today revenue recognition because of a new ad, because of some new ad features. The capital constraint was no longer an issue after we filed the fiscal year 2026, and large customer orders are now set for recognition in September and December quarters. Following close collaboration to align with the customer's update feature requirements. Despite these circumstances, we remain focused on our strategic priorities, optimizing our solutions and capturing market share. Notably, the number of large-scale plug player rack customers grew from two in fiscal year 2024 to four in fiscal year 2025, signaling strong momentum and continuing growth potential across our customer base. We are also on track to add a few more in fiscal year 2026. We continue our leadership in AI platforms and infrastructure with a comprehensive portfolio optimized for latest GPU technologies, including NVIDIA B330 and GB330 platforms, and AMD's MI350 and MI355X GPUs. Our X14 and H14 GPU systems deliver breakthrough performance, supporting large-scale AI training and envisioning workloads and enterprise computing demands with exceptional efficiency. Notably, we were able to deliver our B200 systems with an industry-leading -to-market to our customers. We are confident our B300 and GB300 solutions will deliver a similar, if not even better, -to-market and -to-online advantages for customers, helping them accelerate their AI deployment faster than others. To further simplify our customers' AI data center infrastructure deployment and -to-online, we officially introduced our data center building block solution, DCBBS, to the market last quarter. With our DCBBS, customers can harness our proven system building block advantage to adapt quickly to evolving market demands, especially in response to increasing compressed AI product cycles. Our modular architecture enables faster customization, streamline production and reduce time to delivery and time to online, while also optimize quality, efficiency, and easy maintenance. In most cases, customers who use our DCBBS can finish building a liquid core AI data center in just 18 months instead of two to three years. When converting an existing data center or warehouse to a high-density, direct liquid cooling data center, customers can complete the transformation in only three to six months

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