AI Server Leader Surpasses $10 Billion Quarterly Revenue but Faces Increased Financial Burden

U.S.-based AI server manufacturer Super Micro Computer, Inc. (SMCI) reported preliminary results for the third quarter of fiscal 2026, delivering revenue of $10.2 billion (roughly KRW 14 trillion) and net income of $483 million (approximately KRW 600 billion), marking strong year-over-year growth.

Quarter over quarter, however, revenue declined, and more than $6 billion of cash flowed out from operating activities, driving a sharp rise in accounts receivable and inventory. To support these higher working-capital needs, the company took on about $8.8 billion of additional debt, including bank loans and convertible bonds.

These numbers are preliminary and subject to change upon completion of closing procedures. Super Micro has warned they may be revised based on the findings of an independent, board-led investigation into certain export-control–related transactions.

In March, U.S. authorities indicted three individuals, including one of Super Micro’s co-founders, for alleged violations of export controls on shipments to China. In response, the company initiated an independent probe overseen by its board. The investigation has rattled the stock, which at one point in March plunged more than 20%, underscoring increased volatility.

Legal uncertainty has grown further as U.S. law firms such as Robbins LLP have publicly urged investors who suffered losses to join class-action lawsuits, alleging that Super Micro’s disclosures and risk explanations concerning the export-control allegations were inadequate.

Headquartered in San Jose, California, Super Micro designs and manufactures servers and storage systems. Partnering with Nvidia, AMD and Intel, it supplies high-performance platforms for AI and cloud data centers—a segment that has driven its rapid revenue surge over the past few years.

With generative AI adoption fuelling a global rush in data center investment, U.S.-China technology tensions and tighter American export controls are making the AI server supply chain increasingly sensitive to regulatory and compliance risks.