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Reports › SMCI › 10-Q FY2025

SEC filings, compared

What changed in Super Micro Computer,'s 10-Q for the quarter ended September 30, 2025

Compared with the 10-Q for the quarter ended September 30, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant
Super Micro Computer, Inc. · SMCI
This filing
0001375365-25-000030 ↗ · filed Nov 7, 2025
Compared with
0001375365-25-000005 ↗ · filed Feb 25, 2025
Processed
Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

46 material changes among 71 changed paragraphs

16 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

ConceptFY2025FY2024Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax5,017,790,000USD · Jul 1, 2025 to Sep 30, 20255,937,256,000USD · Jul 1, 2024 to Sep 30, 2024−919,466,000−15.5%
Net income or lossus-gaap:NetIncomeLoss168,285,000USD · Jul 1, 2025 to Sep 30, 2025424,327,000USD · Jul 1, 2024 to Sep 30, 2024−256,042,000−60.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue4,196,867,000USD · at Sep 30, 20252,088,718,000USD · at Sep 30, 2024+2,108,149,000+100.9%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities(917,523,000)USD · Jul 1, 2025 to Sep 30, 2025408,904,000USD · Jul 1, 2024 to Sep 30, 2024−1,326,427,000−324.4%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001375365-25-000030 · FY2024: 0001375365-25-000005

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

7 material additions

Part I, Item 2 · MD&A

7 of 7 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Financial Highlights

Summary · quote-checked

A new Financial Highlights table presents quarterly sales, profit, expense, income, and per-share results.

The numeric table newly appears, indicating a newly disclosed set of financial results rather than a routine update to an existing table.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025
[added] |[added] Three Months Ended September 30,[added] 2025 | 2024[added] Net sales | $ | 5,017,790 | $ | 5,937,256[added] Gross profit | $ | 467,373 | $ | 775,580[added] Total operating expenses | $ | 285,117 | $ | 266,381[added] Income from operations | $ | 182,256 | $ | 509,199[added] Net income | $ | 168,285 | $ | 424,327[added] Net income per diluted share | $ | 0.26 | $ | 0.67
Cite this change

"Three Months Ended September 30, 2025 | 2024 Net sales | $ | 5,017,790 | $ | 5,937,256 Gross profit | $ | 467,373 | $ | 775,580 Total operating expenses | $ | 285,117 | $ | 266,381 Income from operations | $ | 182,256 | $ | 509,199 Net income | $ | 168,285 | $ | 424,327 Net income per diluted share | $ | 0.26 | $ | 0.67"

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02AddedPart I, Item 2 › Financial Highlights

Summary · quote-checked

Added disclosure that net sales decreased 15.5%, citing delayed customer orders, product mix changes and lower average selling prices.

The new paragraph substantively changes the MD&A by stating a sales decline and identifying specific operational and pricing drivers.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] • Net sales decreased by 15.5% in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to the timing of several substantial customer orders received only in late September, which prevented the related GPU and SuperRack products from being shipped within the quarter. The decrease also reflects changes in product mix and a modest reduction in average selling prices as we continued to price our products competitively.

Cite this change

"• Net sales decreased by 15.5% in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to the timing of several substantial customer orders received only in late September, which prevented the related GPU and SuperRack products from being shipped within the quarter. The decrease also reflects changes in product mix and a modest reduction in average selling prices as we continued to price our products competitively."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03AddedPart I, Item 2 › Financial Highlights

Summary · quote-checked

Added a financial highlights statement reporting lower net income and attributing the decrease to lower gross profit and higher operating and other expenses.

The new MD&A disclosure introduces a substantive result and its stated drivers, rather than merely rolling forward dates or presenting recurring figures.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] • Net income decreased to $168.3 million in the three months ended September 30, 2025 as compared to $424.3 million in the three months ended September 30, 2024, which was primarily due to decrease in gross profit and increase in operating and other expenses.

Cite this change

"• Net income decreased to $168.3 million in the three months ended September 30, 2025 as compared to $424.3 million in the three months ended September 30, 2024, which was primarily due to decrease in gross profit and increase in operating and other expenses."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedPart I, Item 2 › Critical Accounting Estimates

Summary · quote-checked

Added disclosure identifying inventories, revenue recognition, and income taxes as critical accounting estimate areas.

The new paragraph substantively identifies estimates with material subjectivity, judgment, and potential impact on the condensed consolidated financial statements.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] An accounting estimate is considered critical if both (i) the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment involved, and (ii) the impact within a reasonable range of outcomes of the estimates and assumptions is material to our condensed consolidated financial statements. Critical accounting estimates in the areas of inventories, revenue recognition, and income taxes, when applicable, have the greatest potential impact on our condensed consolidated financial statements. Therefore, we consider these to be our critical accounting estimates.

Cite this change

"Critical accounting estimates in the areas of inventories, revenue recognition, and income taxes, when applicable, have the greatest potential impact on our condensed consolidated financial statements."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedPart I, Item 2 › Income Tax Provision

Summary · quote-checked

Adds a three-month income statement table covering sales, expenses, income, taxes and net income for 2025 and 2024.

A newly appearing numeric table is material under the rubric, because the existence of the disclosed financial information changed.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025
[added] |[added] Three Months Ended September 30,[added] 2025 | 2024[added] Net sales | $ | 5,017.8 | $ | 5,937.3[added] Cost of sales | 4,550.4 | 5,161.7[added] Gross profit | 467.4 | 775.6[added] Operating expenses:[added] Research and development | 173.3 | 132.2[added] Sales and marketing | 47.9 | 68.9[added] General and administrative | 63.9 | 65.3[added] Total operating expenses | 285.1 | 266.4[added] Income from operations | 182.3 | 509.2[added] Other income, net | 51.2 | 7.2[added] Interest expense | (24.9) | (17.4)[added] Income before income tax provision | 208.6 | 499.0[added] Income tax provision | (40.2) | (74.7)[added] Share of loss from equity investee, net of taxes | (0.1) | -[added] Net income | $ | 168.3 | $ | 424.3
Cite this change

"Income tax provision | (40.2) | (74.7)"

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06AddedPart I, Item 2 › Income Tax Provision

Summary · quote-checked

Added MD&A explanation of lower income tax provision, linking it to reduced worldwide income, stock-based compensation tax benefit, and other tax items.

The new paragraph substantively adds a results narrative and identifies the drivers of the change, rather than merely rolling forward a period or figure.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] Income tax provision decreased by $34.5 million or 46.2% primarily due to a decline in worldwide income before income tax provision that reduced tax expense by $58.4 million which was offset by a lower tax benefit from stock-based compensation of approximately $14.5 million, and the effects of other immaterial tax items of approximately $9.4 million. The income before income tax provision for the first quarter of fiscal 2026 was $208.6 million, which is a decrease of $290.5 million or 58.2%.

Cite this change

"Income tax provision decreased by $34.5 million or 46.2% primarily due to a decline in worldwide income before income tax provision that reduced tax expense by $58.4 million which was offset by a lower tax benefit from stock-based compensation of approximately $14.5 million, and the effects of other immaterial tax items of approximately $9.4 million."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Added a contractual obligations disclosure covering debt, convertible debt, operating leases, and non-cancelable purchase commitments.

The new paragraph introduces substantive obligations and amounts, including long-term debt, convertible debt, lease commitments, and purchase commitments.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] Our estimated future obligations as of September 30, 2025, include both current and long-term obligations. For our long-term debt, as noted in Note 7, "Lines of Credit and Term Loans" in the notes to the condensed consolidated financial statements, we have a current obligation of $100.6 million and a long-term obligation of $25.2 million. Additionally, as noted in Note 8, "Convertible Notes" in the notes to the condensed consolidated financial statements, we have a convertible debt obligation of $4,725.0 million. Under our operating leases as noted in Note 9, "Leases" in the notes to the condensed consolidated financial statements, we have a current obligation of $30.1 million and a long-term obligation of $359.8 million. As noted in Note 13, "Commitments and Contingencies" in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $11.6 billion.

Cite this change

"Our estimated future obligations as of September 30, 2025, include both current and long-term obligations. For our long-term debt, as noted in Note 7, "Lines of Credit and Term Loans" in the notes to the condensed consolidated financial statements, we have a current obligation of $100.6 million and a long-term obligation of $25.2 million. Additionally, as noted in Note 8, "Convertible Notes" in the notes to the condensed consolidated financial statements, we have a convertible debt obligation of $4,725.0 million. Under our operating leases as noted in Note 9, "Leases" in the notes to the condensed consolidated financial statements, we have a current obligation of $30.1 million and a long-term obligation of $359.8 million. As noted in Note 13, "Commitments and Contingencies" in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $11.6 billion."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

4 material removals

Part I, Item 2 · MD&A

4 of 4 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that competitor product introduction cycles affect monitoring and research and development expenditures.

The paragraph disclosed named competitor dependencies and linked their product cycles to ongoing R&D investment; removing it eliminates substantive business and expenditure context.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We commenced operations in 1993 and have been profitable every year since inception. For the three months ended September 30, 2024 and 2023, our net income was $424.3 million and $157.0 million, respectively. In order to increase our sales and profits, we believe that we must continue to develop flexible and application optimized server and storage solutions and be among the first to market with new features and products and deliver Total IT Solutions that combine server, storage, networking and software that is integrated, validated and delivered at the rack and cluster (multi-rack) level. We must also continue to expand our software and customer service and support offerings, particularly as we increasingly focus on larger enterprise and large data center customers. Additionally, we must focus on development of our sales partners and distribution channels to further expand our market share. We measure our financial success based on various indicators, including growth in net sales, gross profit margin, operating margin, and growth in net income per common share. Among the key non-financial indicators of our success is our ability to rapidly introduce new products and deliver the latest application-optimized server and storage solutions. In this regard, we work closely with microprocessor and other key component vendors to take advantage of new technologies as they are introduced. Historically, our ability to introduce new products rapidly has allowed us to benefit from technology transitions such as the introduction of new GPUs, microprocessors and storage technologies. [removed] As a result, we monitor the product introduction cycles of NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc. and others closely and carefully. This also impacts our research and development expenditures as we continue to invest more in our current and future product development efforts.

Filing text · FY2025 10-Q · filed Nov 7, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"As a result, we monitor the product introduction cycles of NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc. and others closely and carefully."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000005, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000005/smci-20240930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02RemovedPart I, Item 2 › Net Sales

Summary · quote-checked

The company removed its discussion of declining product prices over product life cycles and price changes responding to key component costs.

The removed paragraph disclosed substantive pricing dynamics and dependence on component costs, rather than merely rephrasing or rolling forward boilerplate.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] As with most electronics-based product life cycles, average selling prices typically are highest at the time of introduction of new products that utilize the latest technology and tend to decrease over time as such products mature in the market and are replaced by next generation products. Additionally, in order to remain competitive throughout all industry cycles, we actively change our selling price per unit in response to changes in costs for key components such as CPUs, GPUs, SSDs and memory.

Filing text · FY2025 10-Q · filed Nov 7, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"As with most electronics-based product life cycles, average selling prices typically are highest at the time of introduction of new products that utilize the latest technology and tend to decrease over time as such products mature in the market and are replaced by next generation products. Additionally, in order to remain competitive throughout all industry cycles, we actively change our selling price per unit in response to changes in costs for key components such as CPUs, GPUs, SSDs and memory."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000005, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000005/smci-20240930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03RemovedPart I, Item 2 › Net Sales

Summary · quote-checked

Removed the explanation that increased subsystems and accessories sales reflected stronger accessory demand from data center customers alongside full-system and server sales.

The removed paragraph disclosed the stated drivers of reported net sales growth, so its removal changes the substance of the MD&A results narrative.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] The period-over-period increase in net sales for our subsystems and accessories is primarily due to increased demand of accessories sold to data center customers as more accessories and spares were purchased in conjunction with the strong sales of full systems and servers.

Filing text · FY2025 10-Q · filed Nov 7, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"The period-over-period increase in net sales for our subsystems and accessories is primarily due to increased demand of accessories sold to data center customers as more accessories and spares were purchased in conjunction with the strong sales of full systems and servers."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000005, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000005/smci-20240930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04RemovedPart I, Item 2 › Cost of Sales, Gross Profit and Gross Margin

Summary · quote-checked

The filing removed the explanation attributing the period-over-period cost of sales increase to components, freight, overhead and inventory write-downs.

The removed paragraph disclosed specific drivers of a reported cost increase; eliminating those drivers substantively changes the MD&A explanation, not merely its presentation.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] The period-over-period increase in cost of sales was primarily attributed to an increase of $3,347.6 million in costs of components, materials and contract manufacturing expenses, a $24.3 million increase in freight costs primarily related to the increase in net sales volume, a $19.2 million increase in overhead costs and a $4.6 million increase in inventory write-down adjustment.

Filing text · FY2025 10-Q · filed Nov 7, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"The period-over-period increase in cost of sales was primarily attributed to an increase of $3,347.6 million in costs of components, materials and contract manufacturing expenses, a $24.3 million increase in freight costs primarily related to the increase in net sales volume, a $19.2 million increase in overhead costs and a $4.6 million increase in inventory write-down adjustment."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000005, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000005/smci-20240930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

35 material changes

Part I, Item 2 · MD&A

5 of 35 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The cash-flow table changed from operating cash provided and a net cash increase to operating cash used and a net cash decrease.

The direction of operating cash flow and total cash movement reversed, changing the filing’s stated liquidity position rather than merely rolling the table forward.

Why the model ranked it here

The reversal from cash provided to cash used and from a net cash increase to a net cash decrease materially changes the company’s stated liquidity position.

Filing text · FY2024 10-Q · filed Feb 25, 2025
|Three Months Ended September 30, | Change2024 | [removed] 2023Net cash provided by operating activities | $ | [removed] 408.9 | $ | [removed] 270.5 | $ | [removed] 138.4Net cash used in investing activities | [removed] $ | (44.3) | [removed] $ | (7.6) | $ | (36.7)Net cash [removed] provided by (used in) financing activities | [removed] $ | 49.9 | [removed] $ | (159.9) | $ | 209.8Effect of exchange rate fluctuations on cash | [removed] $ | 4.5 | [removed] $ | (0.2) | $ | 4.7[removed] Net increase in cash, cash equivalents and restricted cash | $ | [removed] 419.0 | $ | [removed] 102.7 | $ | [removed] 316.3
Filing text · FY2025 10-Q · filed Nov 7, 2025
|Three Months Ended September 30, | Change[added] 2025 | 2024 | [added] $Net cash [added] (used in) provided by operating activities | $ | [added] (917.5) | $ | [added] 408.9 | $ | [added] (1,326.4)Net cash used in investing activities | [added] (32.3) | (44.3) | [added] 12.0Net cash (used in) [added] provided by financing activities | [added] (18.7) | 49.9 | [added] (68.6)Effect of exchange rate fluctuations on cash | [added] (4.6) | 4.5 | [added] (9.1)[added] Net (decrease) increase in cash, cash equivalents and restricted cash | $ | [added] (973.1) | $ | [added] 419.0 | $ | [added] (1,392.1)
Cite this change

"Net cash (used in) provided by operating activities | $ | (917.5) | $ | 408.9 | $ | (1,326.4)"

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

02ChangedPart I, Item 2 › Nets Sales by Geography

Summary · quote-checked

Net sales shifted from an increase driven by customer demand to a $919.5 million or 15.5% decrease driven by order timing, readiness delays, product mix and pricing.

The disclosure reverses the direction of results and replaces the stated drivers, adding specific shipment delays, customer configuration issues, geographic decline and pricing effects.

Why the model ranked it here

The disclosure reverses the prior sales-growth narrative and attributes the decline to delayed customer orders, data-center readiness, product mix, and pricing effects.

Filing text · FY2024 10-Q · filed Feb 25, 2025

The [removed] period-over-period increase in overall net sales [removed] is driven by [removed] an increase in demand from customers for GPU servers, [removed] HPC, and rack-scale [removed] solutions which have higher [removed] ASPs, especially for large enterprise and data center [removed] customers from the United States, Asia and Europe sales where they have experienced significant growth. The period-over-period increase of net sales in Asia and Europe is mainly due to an increase in net sales [removed] in Singapore, Japan and United Kingdom.

Filing text · FY2025 10-Q · filed Nov 7, 2025

The [added] $919.5 million or 15.5% decrease in total net sales [added] was primarily driven by [added] the timing of several substantial customer orders that were received only in late September, which prevented the related products including GPU servers, [added] HPC systems, and rack-scale [added] solutions, which generally have higher [added] average selling prices, from being shipped during the quarter ended September 30, 2025. This was caused principally by customer configuration upgrades and delays in data center [added] readiness. The decrease also reflects a shift in product mix and a modest reduction in average selling prices as we continued to price our products competitively to retain and gain market share. This impact was most notable in the United States, where net sales [added] decreased by $2,406.8 million, or 56.7%, compared to the prior quarter ended September 30, 2024.

Cite this change

"The $919.5 million or 15.5% decrease in total net sales was primarily driven by the timing of several substantial customer orders that were received only in late September, which prevented the related products including GPU servers, HPC systems, and rack-scale solutions, which generally have higher average selling prices, from being shipped during the quarter ended September 30, 2025."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

03ChangedPart I, Item 2 › Capital Expenditure Requirements

Summary · quote-checked

Projected remaining-fiscal-year capital expenditures increased from $98.0 million–$108.0 million to $200.0 million–$220.0 million, with related wording changes and removal of expected return on investment.

The substantially higher projected expenditure range changes the stated capital commitment and may alter conclusions about planned capacity and liquidity; the omitted investment-return factor also changes disclosure substance.

Why the model ranked it here

The substantially higher planned capital spending changes the company’s disclosed capital commitment and the resources required to expand its operations.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We anticipate our capital expenditures for the remainder of fiscal year [removed] 2025 will be in range of [removed] $98.0 million to [removed] $108.0 million, relating primarily to costs associated with [removed] expanding our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion. We will also continue to evaluate new business opportunities and new markets. As a result, our future growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on [removed] revenue growth, productivity, expenses, service levels and customer [removed] retention) and our expected return on investment.

Filing text · FY2025 10-Q · filed Nov 7, 2025

We anticipate our capital expenditures for the remainder of fiscal year [added] 2026 will be in range of [added] $200.0 million to [added] $220.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion. We will also continue to evaluate new business opportunities and new markets. As a result, our future growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on [added] net sales growth, productivity, expenses, service levels and customer [added] retention).

Cite this change

"We anticipate our capital expenditures for the remainder of fiscal year 2026 will be in range of $200.0 million to $220.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04ChangedPart I, Item 2 › Other Income, Net and Interest Expense

Summary · quote-checked

Interest expense disclosure changed from listing sources to explaining its increase, new convertible-note activity, and repayment of the Bank of America credit facility and term loans.

The paragraph adds substantive financing events, quantified drivers, and repayment information, changing the disclosed obligations and explanation of interest expense beyond a wording update.

Why the model ranked it here

The disclosure identifies new convertible-note financing while stating that the prior credit facility and term loans were fully repaid, materially changing the financing structure.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] Interest expense represents interest expense [removed] on our term loans, lines of credit and amortization of the 2029 Convertible Notes [removed] issuance costs.

Filing text · FY2025 10-Q · filed Nov 7, 2025

[added] The $7.5 million or 43.1% increase in interest expense [added] was primarily driven by a $21.9 million or 1187.3% increase in interest and amortization [added] related to the amendment of the 2029 Convertible Notes [added] and new issuance of the 2028 Convertible Notes and the 2030 Convertible Notes during the second half of fiscal 2025. This increase was partially offset by a $13.9 million or 94.1% decrease in interest expense associated with our Bank of America line of credit and term loans, which were fully repaid in November 2024.

Cite this change

"The $7.5 million or 43.1% increase in interest expense was primarily driven by a $21.9 million or 1187.3% increase in interest and amortization related to the amendment of the 2029 Convertible Notes and new issuance of the 2028 Convertible Notes and the 2030 Convertible Notes during the second half of fiscal 2025. This increase was partially offset by a $13.9 million or 94.1% decrease in interest expense associated with our Bank of America line of credit and term loans, which were fully repaid in November 2024."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity drivers now include customer requests for longer payment terms linked to increasing system costs, alongside revised working-capital language.

The added customer-payment-term and system-cost driver substantively changes the liquidity disclosure; cash figures and periods otherwise roll forward with the reporting year.

Why the model ranked it here

Customer requests for longer payment terms tied to rising system costs introduce a new pressure on working capital and liquidity.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We have financed our growth primarily with funds generated from operations, utilizing borrowing facilities, selling our common stock, and issuing convertible notes. [removed] Our recent drivers of liquidity changes [removed] have included an increase in the need for working capital due to higher levels of inventory required [removed] by growing revenues and to a lesser [removed] extent, longer supply chain lead times on certain key components. Our cash and cash equivalents were [removed] $2.1 billion and [removed] $1.7 billion as of September 30, [removed] 2024 and June 30, [removed] 2024, respectively. Our cash and cash equivalents in foreign locations [removed] were $395.1 million and [removed] $337.3 million as of September 30, [removed] 2024 and June 30, [removed] 2024, respectively.

Filing text · FY2025 10-Q · filed Nov 7, 2025

We have financed our growth primarily with funds generated from operations, [added] as well as utilizing borrowing facilities, selling our common stock, and issuing convertible notes. [added] Recent drivers of liquidity changes included an increase in the need for working capital due to higher levels of inventory required [added] to support future growing revenues, greater requests for longer payment terms from customers due to increasing system costs and to a lesser [added] extent longer supply chain lead times on certain key components. Our cash and cash equivalents were [added] $4.2 billion and [added] $5.2 billion as of September 30, [added] 2025 and June 30, [added] 2025, respectively. Our cash and cash equivalents [added] held in foreign locations [added] was $974.2 million and [added] $607.2 million as of September 30, [added] 2025 and June 30, [added] 2025, respectively.

Cite this change

"Recent drivers of liquidity changes included an increase in the need for working capital due to higher levels of inventory required to support future growing revenues, greater requests for longer payment terms from customers due to increasing system costs and to a lesser extent longer supply chain lead times on certain key components."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000030, filed 7 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000030/smci-20250930.htm

Comparison: https://yearover.com/reports/smci/0001375365-25-000030?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 35 in Part I, Item 2 (30 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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