Skip to content

Reports › SMCI › 10-K FY2026

SEC filings, compared

What changed in Super Micro Computer,'s 10-K for the fiscal year ended June 30, 2026

Compared with the 10-K for the fiscal year ended June 30, 2025. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant
Super Micro Computer, Inc. · SMCI
This filing
0001375365-26-000022 ↗ · filed Aug 31, 2026
Compared with
0001375365-25-000027 ↗ · filed Aug 28, 2025
Processed
Sep 21, 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

125 material changes among 190 changed paragraphs · 1 held for review

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 1 held for review appears as a diff at the end.

Numbers from XBRL

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

ConceptFY2026FY2025Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax39,063,072,000USD · Jul 1, 2025 to Jun 30, 202621,972,042,000USD · Jul 1, 2024 to Jun 30, 2025+17,091,030,000+77.8%
Net income or lossus-gaap:NetIncomeLoss2,230,453,000USD · Jul 1, 2025 to Jun 30, 20261,048,854,000USD · Jul 1, 2024 to Jun 30, 2025+1,181,599,000+112.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue7,521,474,000USD · at Jun 30, 20265,169,911,000USD · at Jun 30, 2025+2,351,563,000+45.5%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities(6,809,886,000)USD · Jul 1, 2025 to Jun 30, 20261,659,524,000USD · Jul 1, 2024 to Jun 30, 2025−8,469,410,000−510.4%

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. FY2026: 0001375365-26-000022 · FY2025: 0001375365-25-000027

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

24 material additions

Item 1A · Risk Factors

5 of 14 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Related to our Global Operating Business and Industry › If negative publicity arises with respect to us, our employees, our third-party service providers or our partners, our business and operating results could be adversely affected, regardless of whether the negative publicity is true.

Summary · quote-checked

Added disclosure of an unsealed indictment involving former Company personnel, related government cooperation, and resulting reputational and stock-price effects.

The new paragraph discloses a legal proceeding, alleged export-control violations, government cooperation, and actual and potential effects on reputation and trading price.

Why the model ranked it here

The unsealed indictment introduces an actual export-control proceeding involving former Company personnel, with direct reputational and market consequences.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] On March 19, 2026, the U.S. Attorney's Office for the Southern District of New York unsealed an indictment of three individuals either employed or associated with the Company at the time, including Yih-Shyan (Wally) Liaw, a former Senior Vice President, Business Development and director on our Board, in connection with an alleged conspiracy to commit export control violations (the "Indictment"). Although the Company is not named as a defendant or alleged to be a co-conspirator in the Indictment, and the three individuals are no longer employed or associated with the Company, the Company has been cooperating with the government's investigation. The Indictment, as well as the prior publication of the Report and our previous Delinquent Reports have all contributed to significant volatility in, and declines of, the trading price of our common stock, as well as harm to our reputation, and could continue to do so in the future.

Cite this change

"On March 19, 2026, the U.S. Attorney's Office for the Southern District of New York unsealed an indictment of three individuals either employed or associated with the Company at the time, including Yih-Shyan (Wally) Liaw, a former Senior Vice President, Business Development and director on our Board, in connection with an alleged conspiracy to commit export control violations (the "Indictment")."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We have been, are currently, and may in the future be subject to various lawsuits and other legal proceedings, disputes, claims, and government inquiries and investigations, which could cause us to incur substantial costs or require us to change our business practices in a way that could seriously harm our business, and any orders, actions or rulings not in our favor could have a material adverse effect on our business, results of operations, and financial condition.

Summary · quote-checked

Added disclosure describes personnel actions, export-compliance enhancements, ongoing government investigations, and potential enforcement actions and future legal proceedings.

The new paragraph introduces ongoing investigations, possible penalties and enforcement, compliance obligations, personnel terminations, and continuing litigation risk, materially expanding disclosed legal and regulatory exposure.

Why the model ranked it here

The disclosure that government investigations remain ongoing and could lead to enforcement, penalties, and further proceedings materially expands the Company’s unresolved legal exposure.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

In connection with the indictment of three former associates, the Company completed an independent investigation, which was jointly led by our Lead Independent Director and the Chair of the Board's Audit Committee. The independent investigation was conducted by Munger, Tolles & Olson LLP, and it engaged AlixPartners LLP as an independent forensic accounting consultant (collectively, the law firm and the accounting consultant are referred to as the "Independent Advisors"). The results of the investigation were reported to the entire Board. The investigation reviewed the customer transactions that were the subject of the Indictment, as well as transactions with a selection of other customers that purchased restricted products. The investigation did not find any evidence that any current member of senior management had knowledge of the alleged diversion scheme or of any actual diversion of restricted products by the Company. The investigation found no instance in which the Company directly sold export-controlled products to known restricted parties or locations, and found no basis for concluding that the Company's previously issued financial statements could not be relied upon based on the potential diversion of restricted products. The investigation also concluded that the Company had developed and maintained its export compliance program as its sales of restricted products increased during the period under review, and found that the Company's compliance personnel acted in good faith, with the support of management, to mitigate the risk of export-controlled products being diverted to restricted parties or locations. [added] In connection with the internal investigation, the Company took personnel actions, including terminations, with respect to its sales, technical support and business development functions staff for violations of various company policies. With the assistance of the Independent Advisors, the independent directors made recommendations to further enhance the Company's export compliance program, which the Board has adopted in full and is in the process of implementing. Notwithstanding the conclusion of this internal investigation, the government investigations and inquiries described above and below remain ongoing, are not bound by the conclusions of the internal investigation, and could result in enforcement actions, penalties, fines or other adverse consequences to the Company. In addition, although the Company has taken the measures described above and adopted the Independent Advisors' recommendations in full, there can be no assurance that such measures will be effective in preventing similar circumstances from arising in the future or that the Company will not become subject to similar lawsuits, legal proceedings, disputes, claims, government inquiries or investigations.

Cite this change

"Notwithstanding the conclusion of this internal investigation, the government investigations and inquiries described above and below remain ongoing, are not bound by the conclusions of the internal investigation, and could result in enforcement actions, penalties, fines or other adverse consequences to the Company."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

03AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We have been, are currently, and may in the future be subject to various lawsuits and other legal proceedings, disputes, claims, and government inquiries and investigations, which could cause us to incur substantial costs or require us to change our business practices in a way that could seriously harm our business, and any orders, actions or rulings not in our favor could have a material adverse effect on our business, results of operations, and financial condition.

Summary · quote-checked

Added disclosure describing an independent investigation into alleged diversion of restricted products and its findings regarding management knowledge, compliance, and financial statements.

The new paragraph discloses a specific investigation, indictment-related proceedings, export-control concerns, and conclusions about management, compliance, and financial-statement reliability.

Why the model ranked it here

The independent investigation and its conclusions about management knowledge, compliance, and financial statements change how readers assess the allegations and the Company’s controls.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] In connection with the indictment of three former associates, the Company completed an independent investigation, which was jointly led by our Lead Independent Director and the Chair of the Board's Audit Committee. The independent investigation was conducted by Munger, Tolles & Olson LLP, and it engaged AlixPartners LLP as an independent forensic accounting consultant (collectively, the law firm and the accounting consultant are referred to as the "Independent Advisors"). The results of the investigation were reported to the entire Board. The investigation reviewed the customer transactions that were the subject of the Indictment, as well as transactions with a selection of other customers that purchased restricted products. The investigation did not find any evidence that any current member of senior management had knowledge of the alleged diversion scheme or of any actual diversion of restricted products by the Company. The investigation found no instance in which the Company directly sold export-controlled products to known restricted parties or locations, and found no basis for concluding that the Company's previously issued financial statements could not be relied upon based on the potential diversion of restricted products. The investigation also concluded that the Company had developed and maintained its export compliance program as its sales of restricted products increased during the period under review, and found that the Company's compliance personnel acted in good faith, with the support of management, to mitigate the risk of export-controlled products being diverted to restricted parties or locations. In connection with the internal investigation, the Company took personnel actions, including terminations, with respect to its sales, technical support and business development functions staff for violations of various company policies. With the assistance of the Independent Advisors, the independent directors made recommendations to further enhance the Company's export compliance program, which the Board has adopted in full and is in the process of implementing. Notwithstanding the conclusion of this internal investigation, the government investigations and inquiries described above and below remain ongoing, are not bound by the conclusions of the internal investigation, and could result in enforcement actions, penalties, fines or other adverse consequences to the Company. In addition, although the Company has taken the measures described above and adopted the Independent Advisors' recommendations in full, there can be no assurance that such measures will be effective in preventing similar circumstances from arising in the future or that the Company will not become subject to similar lawsuits, legal proceedings, disputes, claims, government inquiries or investigations.

Cite this change

"The investigation did not find any evidence that any current member of senior management had knowledge of the alleged diversion scheme or of any actual diversion of restricted products by the Company."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

04AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We have been, are currently, and may in the future be subject to various lawsuits and other legal proceedings, disputes, claims, and government inquiries and investigations, which could cause us to incur substantial costs or require us to change our business practices in a way that could seriously harm our business, and any orders, actions or rulings not in our favor could have a material adverse effect on our business, results of operations, and financial condition.

Summary · quote-checked

Adds disclosure of subpoenas and government inquiries involving compliance, internal controls, customers, and potential civil or criminal enforcement consequences.

The new paragraph identifies specific investigations, authorities, requested information, and possible penalties or required business-practice changes, adding substantive legal and regulatory exposure.

Why the model ranked it here

The grand jury subpoena makes the indictment-related inquiry an active government investigation of the Company’s compliance program, internal controls, and related conduct.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] The Company also received a grand jury subpoena from the U.S. Attorney's Office for the Southern District of New York seeking documents and information relating to the individuals and facts referenced in the Indictment, as well as the Company's compliance program and internal controls, and related issues. The Company has also received other subpoenas, and inquiries from the Department of Justice, the Office of Export Enforcement ("OEE") of BIS, as well as foreign authorities requesting documents and information relating to certain other customers. The Company has not been informed that it is the target of any of these investigations to date, but if we become the target of any of these investigations, the Department of Justice could pursue civil or criminal enforcement actions against us, seek monetary or other penalties from us (including disgorgement), or require changes to our compliance program and internal controls.

Cite this change

"The Company also received a grand jury subpoena from the U.S. Attorney's Office for the Southern District of New York seeking documents and information relating to the individuals and facts referenced in the Indictment, as well as the Company's compliance program and internal controls, and related issues."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

05AddedItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We have been, are currently, and may in the future be subject to various lawsuits and other legal proceedings, disputes, claims, and government inquiries and investigations, which could cause us to incur substantial costs or require us to change our business practices in a way that could seriously harm our business, and any orders, actions or rulings not in our favor could have a material adverse effect on our business, results of operations, and financial condition.

Summary · quote-checked

Added disclosure of an SEC subpoena concerning certain customers and the Company's controls and procedures, with uncertain scope, duration, and outcome.

The paragraph introduces a specific government inquiry, cooperation obligation, and potential for further requests, materially changing the disclosed legal and regulatory exposure.

Why the model ranked it here

The SEC subpoena introduces a separate regulatory inquiry into customers and the Company’s controls, creating additional uncertainty about compliance and potential consequences.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] For example, the Company received a subpoena from the SEC requesting the production of documents relating to certain customers, including one customer that is the subject of the allegations in the Indictment, and the Company's controls and procedures. We are cooperating with the SEC's requests, but we cannot predict the scope, duration, or outcome of this matter, and the SEC may issue additional subpoenas or other information requests.

Cite this change

"For example, the Company received a subpoena from the SEC requesting the production of documents relating to certain customers, including one customer that is the subject of the allegations in the Indictment, and the Company's controls and procedures."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show all 14 in Item 1A (9 more, in filing order)

Item 7 · MD&A

3 of 10 shown · Ordered by the model, quote-checked

01AddedItem 7 › Other Income (Expense), Net, Interest Income, and Interest Expense

Summary · quote-checked

Added an explanation attributing higher interest expense to convertible-note activity, revolving-facility borrowings, and repayment of other credit facilities.

The new paragraph discloses specific financing transactions and borrowing dependencies driving interest expense, changing the filing’s discussion of debt-related obligations and liquidity exposure.

Why the model ranked it here

This change reveals substantial new borrowing activity, amended and newly issued convertible notes, and the repayment of other credit facilities, materially clarifying debt and liquidity exposure.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] The $135.0 million or 226.5% increase in interest expense was primarily driven by a $58.6 million or 160.5% 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, as well as $83.0 million additional interest expense related to the drawdown on our revolving credit facilities during the second half of fiscal 2026. These increases were partially offset by a $10.6 million decrease in interest expense associated with our Bank of America and Cathay Bank line of credit and term loans, which were fully repaid during the first half of fiscal 2025.

Cite this change

"The $135.0 million or 226.5% increase in interest expense was primarily driven by a $58.6 million or 160.5% 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, as well as $83.0 million additional interest expense related to the drawdown on our revolving credit facilities during the second half of fiscal 2026. These increases were partially offset by a $10.6 million decrease in interest expense associated with our Bank of America and Cathay Bank line of credit and term loans, which were fully repaid during the first half of fiscal 2025."

Super Micro Computer,, Form 10-K for FY2026, Item 7, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02AddedItem 7 › Other Income (Expense), Net, Interest Income, and Interest Expense

Summary · quote-checked

Added explanation attributing the increase in interest expense to interest and amortization on amended and newly issued convertible notes.

The paragraph introduces newly issued 2028 and 2030 Convertible Notes and an amended 2029 Convertible Note as drivers of interest expense, revealing new financing obligations.

Why the model ranked it here

This change identifies amended and newly issued convertible notes as major financing obligations affecting interest expense.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] The $40.2 million or 207.2% increase in interest expense was primarily due to a $34.6 million or 1774.1% increase in interest and amortization related to the amended 2029 Convertible Note and newly issued 2028 Convertible Notes and 2030 Convertible Notes.

Cite this change

"The $40.2 million or 207.2% increase in interest expense was primarily due to a $34.6 million or 1774.1% increase in interest and amortization related to the amended 2029 Convertible Note and newly issued 2028 Convertible Notes and 2030 Convertible Notes."

Super Micro Computer,, Form 10-K for FY2026, Item 7, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

03AddedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure describing potential expenditure adjustments, additional financing, debt-facility drawdowns, and voluntary early repayment of indebtedness.

The new paragraph substantively changes liquidity disclosure by identifying financing options, capital-management flexibility, and possible early debt repayment.

Why the model ranked it here

This change adds management’s stated options to adjust spending, raise financing, draw on debt facilities, or repay indebtedness, materially expanding the liquidity discussion.

Filing text · FY2025 10-K · filed Aug 28, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 31, 2026

[added] In addition, because a large portion of our future expenditures will be to fund our growth, we expect that if needed we will be able to adjust our capital and operating expenditures as necessary. We continually evaluate our cash needs and may decide it is best to raise additional capital or seek alternative financing sources to fund the rapid growth of our business, including through drawdowns on existing or new debt facilities or financing funds. Conversely, we may also from time to time determine that it is in our best interests to voluntarily repay certain indebtedness early.

Cite this change

"In addition, because a large portion of our future expenditures will be to fund our growth, we expect that if needed we will be able to adjust our capital and operating expenditures as necessary. We continually evaluate our cash needs and may decide it is best to raise additional capital or seek alternative financing sources to fund the rapid growth of our business, including through drawdowns on existing or new debt facilities or financing funds. Conversely, we may also from time to time determine that it is in our best interests to voluntarily repay certain indebtedness early."

Super Micro Computer,, Form 10-K for FY2026, Item 7, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show all 10 in Item 7 (7 more, in filing order)

What the company no longer says

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

19 material removals

Item 1A · Risk Factors

3 of 13 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › We face risks related to previously being delinquent in our SEC reporting obligations.

Summary · quote-checked

Removed disclosure that the FY2024 10-K and specified quarterly reports were delinquent due to circumstances discussed elsewhere in the filing.

The removed paragraph disclosed a specific SEC reporting delinquency and related reports, eliminating a stated reporting obligation issue rather than merely updating wording or formatting.

Why the model ranked it here

The removal of the delinquent filing disclosure changes the reader’s understanding of the company’s recent reporting compliance and unresolved filing obligations.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] Due to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report, our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 ("FY2024 10-K"), and our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2024 and December 31, 2024 (the "Delinquent Reports") were delinquent.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Due to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report, our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 ("FY2024 10-K"), and our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2024 and December 31, 2024 (the "Delinquent Reports") were delinquent."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Conflicts of interest may arise with Ablecom and Compuware, and they may adversely affect our operations.

Summary · quote-checked

Removed disclosure of the CEO’s unsecured personal loan, its terms, purpose, and outstanding balance owed to a related party.

The deleted paragraph described a related-party obligation and its amount, terms, and connection to pledged company shares, so its removal changes disclosed obligations and potential conflicts.

Why the model ranked it here

The removed disclosure concerned a substantial related-party loan involving the chief executive, company shares, and potential conflicts of interest.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] In October 2018, our Chief Executive Officer, Charles Liang, personally borrowed approximately $12.9 million from Chien-Tsun Chang, the spouse of Steve Liang. The loan was unsecured, had no maturity date and bore interest at 0.8% per month for the first six months, increased to 0.85% per month through February 28, 2020, and reduced to 0.25% effective March 1, 2020. The loan was originally made at Mr. Liang's request to provide funds to repay margin loans from two financial institutions that were secured by shares of our common stock he held. The lenders called the loans in October 2018, following the suspension of our common stock from trading on Nasdaq in August 2018 and the subsequent decline in its market price that October. As of June 30, 2025, the amount due on the unsecured loan (including principal and accrued interest) was approximately $16.8 million.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"As of June 30, 2025, the amount due on the unsecured loan (including principal and accrued interest) was approximately $16.8 million."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

03RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › We have incurred and expect to continue to incur significant expenses related to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report and the remediation of deficiencies in our internal control over financial reporting and disclosure controls and procedures, and any resulting litigation.

Summary · quote-checked

A risk paragraph describing substantial remediation resources and continuing incremental professional-service expenses was removed.

The removed paragraph disclosed ongoing costs and resource commitments arising from prior reporting circumstances and remediation efforts, constituting a substantive obligation and expense exposure.

Why the model ranked it here

The removal of remediation-resource and professional-service expense disclosure changes the reported picture of ongoing costs arising from prior reporting problems.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] We have devoted and expect to continue to devote substantial internal and external resources towards remediation efforts relating to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report, and management's review of the circumstances and processes that led to those circumstances. As a result of these efforts, we have incurred and expect that we will continue to incur significant incremental fees and expenses for additional accounting, financial and other consulting and professional services.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"We have devoted and expect to continue to devote substantial internal and external resources towards remediation efforts relating to the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" of this Annual Report, and management's review of the circumstances and processes that led to those circumstances."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

04RemovedItem 1A › Risks Related to our Global Operating Business and Industry

Summary · quote-checked

A risk concerning failure, disruption, security breaches, or incidents affecting information technology and information management systems was removed.

The removed paragraph disclosed a specific operational and cybersecurity dependency; under the rubric, dropping a stated risk is a material change.

Why the model ranked it here

The disappearance of the information-technology disruption and security-breach risk removes a key dependency affecting operations and information protection.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] • Any failure, disruption or security breach or incident of or impacting our information technology infrastructure or information management systems could have an adverse impact on our business and operations;

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Any failure, disruption or security breach or incident of or impacting our information technology infrastructure or information management systems could have an adverse impact on our business and operations;"

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

05RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.

Summary · quote-checked

Removed disclosure describing geopolitical restrictions, paused sales to certain regions, sanctions, and potential effects on the company and its suppliers.

The removed paragraph disclosed specific geopolitical risks, compliance obligations, sales restrictions, sanctions, and supplier exposure; eliminating it changes the reported risk profile.

Why the model ranked it here

The removed disclosure addressed paused regional sales, sanctions, geopolitical restrictions, and related supplier exposure.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] Global events may present challenges and risks to us. For example, the crises in Eastern Europe and the Middle East continue to pose challenges to global companies, including us, which have customers in the impacted regions. The U.S. and other global governments have placed restrictions on how companies may transact with businesses in these regions, particularly Russia, Belarus and restricted areas in Ukraine. Because of these restrictions and the growing logistical and other challenges, we have paused sales to Russia, Belarus and the restricted areas in Ukraine. This decision, which is in line with the approach of other global technology companies, helps us comply with our obligations under the various requirements in the U.S. and around the world. While it is difficult to estimate the impact on our business and financial position of both (i) our pause in sales to Russia, Belarus and the restricted areas in Ukraine and the current or future sanctions and (ii) tensions in the Taiwan strait, our pause in sales and these sanctions and continuing rising tensions could have adverse impacts on us in future periods, although they have not been material to date. For example, with respect to Russia, Belarus and the restricted areas in Ukraine, we did not, prior to the imposition of restrictions, make a material portion of our sales or acquire a material portion of our parts or components directly from impacted regions; however, our suppliers and their suppliers may acquire raw materials for parts or components from the impacted regions. Supply disruptions may make it harder for them to find favorable pricing and reliable sources for materials they need, which may put further upward pressure on their costs and increasing the risks that our costs may increase and that it may be more difficult, or we may be unable, to acquire materials needed. In addition, the crises may further exacerbate inflationary pressures that have indirect impacts on our business, such as further increasing our logistics costs from rising fuel prices and/or continuing to increase our compensation expenses. In addition, no assurances can be given that additional developments in the impacted regions, and responses thereto from the U.S. and other global governments, would not have a material adverse effect on our business, results of operations and financial condition.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Because of these restrictions and the growing logistical and other challenges, we have paused sales to Russia, Belarus and the restricted areas in Ukraine."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

06RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.

Summary · quote-checked

Removed disclosure that regional crises could disrupt materials sourcing, increase costs and inflationary pressures, and adversely affect results and financial condition.

The removed paragraph described supply, cost, inflation, logistics, compensation, geopolitical-response, and adverse-effect risks; dropping it changes disclosed exposures and dependencies.

Why the model ranked it here

The removal of supply-disruption, inflation, logistics, and sourcing-risk disclosure changes the stated exposure of costs and financial condition to regional crises.

Filing text · FY2025 10-K · filed Aug 28, 2025

Global events may present challenges and risks to us. For example, the crises in Eastern Europe and the Middle East continue to pose challenges to global companies, including us, which have customers in the impacted regions. The U.S. and other global governments have placed restrictions on how companies may transact with businesses in these regions, particularly Russia, Belarus and restricted areas in Ukraine. Because of these restrictions and the growing logistical and other challenges, we have paused sales to Russia, Belarus and the restricted areas in Ukraine. This decision, which is in line with the approach of other global technology companies, helps us comply with our obligations under the various requirements in the U.S. and around the world. While it is difficult to estimate the impact on our business and financial position of both (i) our pause in sales to Russia, Belarus and the restricted areas in Ukraine and the current or future sanctions and (ii) tensions in the Taiwan strait, our pause in sales and these sanctions and continuing rising tensions could have adverse impacts on us in future periods, although they have not been material to date. For example, with respect to Russia, Belarus and the restricted areas in Ukraine, we did not, prior to the imposition of restrictions, make a material portion of our sales or acquire a material portion of our parts or components directly from impacted regions; however, our suppliers and their suppliers may acquire raw materials for parts or components from the impacted regions. [removed] Supply disruptions may make it harder for them to find favorable pricing and reliable sources for materials they need, which may put further upward pressure on their costs and increasing the risks that our costs may increase and that it may be more difficult, or we may be unable, to acquire materials needed. In addition, the crises may further exacerbate inflationary pressures that have indirect impacts on our business, such as further increasing our logistics costs from rising fuel prices and/or continuing to increase our compensation expenses. In addition, no assurances can be given that additional developments in the impacted regions, and responses thereto from the U.S. and other global governments, would not have a material adverse effect on our business, results of operations and financial condition.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Supply disruptions may make it harder for them to find favorable pricing and reliable sources for materials they need, which may put further upward pressure on their costs and increasing the risks that our costs may increase and that it may be more difficult, or we may be unable, to acquire materials needed. In addition, the crises may further exacerbate inflationary pressures that have indirect impacts on our business, such as further increasing our logistics costs from rising fuel prices and/or continuing to increase our compensation expenses. In addition, no assurances can be given that additional developments in the impacted regions, and responses thereto from the U.S. and other global governments, would not have a material adverse effect on our business, results of operations and financial condition."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

07RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.

Summary · quote-checked

Removed a risk disclosure describing how economic weakness, financial conditions, geopolitical factors, and trade restrictions could reduce demand and impair collections, revenue, results, and cash flows.

The removed paragraph disclosed substantive business dependencies and potential adverse effects, including customer spending reductions, delayed collections, credit risk, lower prices, and declining financial results.

Why the model ranked it here

The deleted risk connected weaker demand and customer collections with lower revenue, credit exposure, results, and cash flows.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] Our business depends on the overall demand for accelerated compute platforms. Global financial developments and downturns, even if not directly unrelated to us or our industry, may adversely harm us. If economic conditions, including inflation, increased interest rates, economic output and currency exchange rates, in these markets and other key potential markets for our Total IT Solutions remain uncertain or deteriorate, including as a result of a downturn in the global economy, regional conflicts, tariffs, trade restrictions, or other reasons, customers may delay or reduce their spending. General economic weakness may also lead to longer collection cycles for payments due from our customers, an increase in customer bad debt, and impairment of investments. Furthermore, weakness and uncertainty in worldwide credit markets may harm our customers' available budgetary spending, which could lead to cancellations or delays in planned purchases of our Total IT Solutions. If our customers or potential customers experience economic hardship, this could reduce the demand for our Total IT Solutions, delay and lengthen sales cycles, increase requests for customer credit which may increase our risks in the event customers do not pay or make timely payment, lower prices for our Total IT Solutions, and lead to slower growth or even a decline in our revenues, operating results and cash flows.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Our business depends on the overall demand for accelerated compute platforms. Global financial developments and downturns, even if not directly unrelated to us or our industry, may adversely harm us."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

08RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.

Summary · quote-checked

Removed disclosure that renewed high inflation and higher interest rates could reduce demand, increase costs, constrain liquidity, and affect financing.

The removed paragraph disclosed specific inflation and interest-rate risks affecting demand, costs, liquidity, borrowing, client financing, and technology expenditures; its disappearance changes the disclosed risk profile.

Why the model ranked it here

The removed disclosure had linked inflation and interest rates to demand, operating costs, liquidity, financing, and technology spending.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] While recently moderating, inflation in the U.S. had increased to a rate not seen in several decades. A recurrence of high inflation may result in decreased demand for our Total IT Solutions, increases in our operating costs including our labor costs, constrained credit and liquidity, reduced spending, and volatility in financial markets. In response to inflation, the Federal Reserve has significantly raised, and may again raise, interest rates, which may increase our own borrowing costs, limit our clients' access to debt financing, and reduce technology expenditures and demand for our Total IT Solutions.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"A recurrence of high inflation may result in decreased demand for our Total IT Solutions, increases in our operating costs including our labor costs, constrained credit and liquidity, reduced spending, and volatility in financial markets."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

09RemovedItem 1A › Risks Related to Previously being Delinquent in SEC Reporting Obligations

Summary · quote-checked

A risk disclosure concerning adverse publicity and customer concerns related to prior SEC reporting delinquency was removed.

The removed paragraph disclosed an ongoing business and financial-condition risk tied to adverse publicity and potential customer concerns, not merely a cross-reference.

Why the model ranked it here

The deletion of the adverse-publicity and customer-concern risk changes how the filing describes the business consequences of prior reporting problems.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] • Matters relating to or arising from the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" section in this Annual Report, including adverse publicity and potential concerns from our customers, have had and could continue to have an adverse effect on our business and financial condition;

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"• Matters relating to or arising from the circumstances discussed in Item 9. "Changes in and Disagreements with Accountants on Accounting and Financial Disclosure" section in this Annual Report, including adverse publicity and potential concerns from our customers, have had and could continue to have an adverse effect on our business and financial condition;"

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

10RemovedItem 1A › Risks Related to our Global Operating Business and Industry

Summary · quote-checked

A risk concerning adverse effects from policy, geopolitical, economic, and other external factors was removed.

The removed paragraph disclosed a substantive business and operating-results risk, rather than a date, cross-reference, formatting, or recurring-list change.

Why the model ranked it here

The removed disclosure covered policy, geopolitical, and economic conditions that could affect the company’s business and operating results.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] • Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results;

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"• Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results;"

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

11RemovedItem 1A › General Risks

Summary · quote-checked

The filing removed a risk stating that the company’s products may not be viewed as supporting climate change mitigation in the IT sector.

A disclosed climate-related market perception risk was dropped, changing the substance of the stated risk factors.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] • Our products may not be viewed as supporting climate change mitigation in the IT sector;

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"• Our products may not be viewed as supporting climate change mitigation in the IT sector;"

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

12RemovedItem 1A › General Risks

Summary · quote-checked

The current filing removes disclosure that evolving ESG expectations and regulations may create liabilities, reputational harm, and other adverse business effects.

A disclosed regulatory and ESG-related risk was removed; under the rubric, dropping a substantive risk disclosure is material.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] • Expectations and evolving laws and regulations relating to environmental, social and governance considerations expose us to potential liabilities, reputational harm and other unforeseen adverse effects on our business.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Expectations and evolving laws and regulations relating to environmental, social and governance considerations expose us to potential liabilities, reputational harm and other unforeseen adverse effects on our business."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

13RemovedItem 1A › Risks Related to Previous Delinquent SEC Reporting Obligations › Changes in U.S. or foreign policies, geopolitical conditions, general economic conditions, and other factors beyond our control may adversely impact our business and operating results.

Summary · quote-checked

A paragraph describing geopolitical and economic uncertainties’ potential effects on supply chains, costs, consumer confidence, growth, and operations was removed.

The removed paragraph disclosed substantive external risks and their potential business effects, so its deletion changes the risk disclosure.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] These and other geopolitical tensions, political or economic uncertainty can disrupt supply chains and increase the cost of our and our partners' products, and have a negative impact on consumer confidence, which could impair our future growth and adversely affect our international operations, business, financial condition, and results of operations.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"These and other geopolitical tensions, political or economic uncertainty can disrupt supply chains and increase the cost of our and our partners' products, and have a negative impact on consumer confidence, which could impair our future growth and adversely affect our international operations, business, financial condition, and results of operations."

Super Micro Computer,, Form 10-K for FY2025, Item 1A, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show fewer in Item 1A

Item 7 · MD&A

2 of 6 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Net Sales by Product Type

Summary · quote-checked

The product-type net sales table was removed, eliminating disclosed sales, percentages, and year-over-year changes for server and storage systems and subsystems and accessories.

Removing this table changes the disclosed product mix and related sales trends, rather than merely rolling forward periods or reformatting recurring information.

Why the model ranked it here

The removed product-mix table eliminates disclosure needed to assess sales composition and trends across the company’s main offerings.

Filing text · FY2025 10-K · filed Aug 28, 2025
[removed] |[removed] Years Ended June 30, | 2025 over 2024 Change | 2024 over 2023 Change[removed] 2025 | 2024 | 2023 | $ | % | $ | %[removed] Server and storage systems | $ | 21,311.6 | $ | 14,185.2 | $ | 6,569.8 | $ | 7,126.4 | 50.2 | % | $ | 7,615.4 | 115.9 | %[removed] Percentage of total net sales | 97.0 | % | 94.6 | % | 92.2 | %[removed] Subsystems and accessories | $ | 660.4 | 804.0 | 553.7 | (143.6) | (17.9) | % | 250.3 | 45.2 | %[removed] Percentage of total net sales | 3.0 | % | 5.4 | % | 7.8 | %[removed] Total net sales | $ | 21,972.0 | $ | 14,989.2 | $ | 7,123.5 | $ | 6,982.8 | 46.6 | % | $ | 7,865.7 | 110.4 | %
Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"Years Ended June 30, | 2025 over 2024 Change | 2024 over 2023 Change 2025 | 2024 | 2023 | $ | % | $ | % Server and storage systems | $ | 21,311.6 | $ | 14,185.2 | $ | 6,569.8 | $ | 7,126.4 | 50.2 | % | $ | 7,615.4 | 115.9 | % Percentage of total net sales | 97.0 | % | 94.6 | % | 92.2 | % Subsystems and accessories | $ | 660.4 | 804.0 | 553.7 | (143.6) | (17.9) | % | 250.3 | 45.2 | % Percentage of total net sales | 3.0 | % | 5.4 | % | 7.8 | % Total net sales | $ | 21,972.0 | $ | 14,989.2 | $ | 7,123.5 | $ | 6,982.8 | 46.6 | % | $ | 7,865.7 | 110.4 | %"

Super Micro Computer,, Form 10-K for FY2025, Item 7, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02RemovedItem 7 › Net Sales by Product Type

Summary · quote-checked

Removed explanation that the year-over-year decrease in subsystems and accessories sales reflected a strategic shift toward server and storage systems.

The removed paragraph states both a sales decline and its strategic driver. Under the MD&A rule, removing a stated driver of reported results is a substantive change.

Why the model ranked it here

The removed explanation eliminates the stated strategic reason for the decline in subsystem and accessory sales.

Filing text · FY2025 10-K · filed Aug 28, 2025

[removed] The year-over-year decrease in net sales for our subsystems and accessories is primarily due to our strategic shift to focus on prioritizing sales of our server and storage systems.

Filing text · FY2026 10-K · filed Aug 31, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"The year-over-year decrease in net sales for our subsystems and accessories is primarily due to our strategic shift to focus on prioritizing sales of our server and storage systems."

Super Micro Computer,, Form 10-K for FY2025, Item 7, accession 0001375365-25-000027, filed 28 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show all 6 in Item 7 (4 more, in filing order)

What the company says differently

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

82 material changes

Item 1A · Risk Factors

3 of 48 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to our Global Operating Business and Industry › We may be unable to secure additional financing on favorable terms, or at all, which in turn could impair the rate of our growth, and any financing that we do obtain may dilute our stockholders, restrict our growth, or contain other unfavorable terms.

Summary · quote-checked

The liquidity sufficiency statement removes available credit-facility borrowing capacity and qualifies internally generated cash flows as expected future generation.

The disclosure changes the identified sources supporting operations and debt payments, altering the stated liquidity position and its certainty rather than merely updating wording.

Why the model ranked it here

Removing borrowing capacity from the sources supporting operations and debt payments changes the disclosure of liquidity support and its certainty.

Filing text · FY2025 10-K · filed Aug 28, 2025

We believe that our current cash, cash [removed] equivalents, borrowing capacity available from our credit facilities and internally generated cash flows will be sufficient to support our operating businesses and maturing debt and interest payments for the 12 months following the issuance of the financial statements included in this Annual Report. Nevertheless, we intend to continue to grow our business, which could require additional capital. We may need to further expand our credit facilities, enter into new credit facilities or engage in additional equity, debt or other type of financings to secure additional capital to continue or increase our rate of growth. If we raise additional capital through additional future issuances of equity or equity-linked securities, our existing stockholders could suffer significant dilution, and any new equity securities we may issue could have rights, preferences and privileges superior to those holders of our common stock. Any credit facility or debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which could make it more difficult for us to raise additional capital and to pursue our growth strategies. If we are unable to secure additional funding on favorable terms, or at all, when we seek it, we may not be able to continue the rate of our growth. In addition, no assurances can be given that in the event that we secure such financing that the proceeds thereof will be used effectively or result in growth.

Filing text · FY2026 10-K · filed Aug 31, 2026

We believe that our current cash, cash [added] equivalents and internally generated cash flows [added] that we expect to generate will be sufficient to support our operating businesses and maturing debt and interest payments for the 12 months following the issuance of the financial statements included in this Annual Report. Nevertheless, we intend to continue to grow our business, which could require additional capital. We may need to further expand our credit facilities, enter into new credit facilities or engage in additional equity, debt or other type of financings to secure additional capital to continue or increase our rate of growth. If we raise additional capital through additional future issuances of equity or equity-linked securities, our existing stockholders could suffer significant dilution, and any new equity securities we may issue could have rights, preferences and privileges superior to those holders of our common stock. Any credit facility or debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which could make it more difficult for us to raise additional capital and to pursue our growth strategies. If we are unable to secure additional funding on favorable terms, or at all, when we seek it, we may not be able to continue the rate of our growth. In addition, no assurances can be given that in the event that we secure such financing that the proceeds thereof will be used effectively or result in growth.

Cite this change

"We believe that our current cash, cash equivalents and internally generated cash flows that we expect to generate will be sufficient to support our operating businesses and maturing debt and interest payments for the 12 months following the issuance of the financial statements included in this Annual Report."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02ChangedItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Summary · quote-checked

The risk disclosure adds customers as potentially noncompliant parties and cites an indictment alleging export-control violations involving brokers and China-based customers.

The added indictment describes a specific alleged export-control event, while extending potential violations to customers, substantively changing the disclosed compliance risk.

Why the model ranked it here

The disclosure now ties the company to alleged export-control violations involving brokers and China-based customers, making compliance exposure concrete.

Filing text · FY2025 10-K · filed Aug 28, 2025

Although we attempt to ensure that we, our suppliers, resellers, and partners comply with the applicable import, export, and sanctions laws, we cannot guarantee full compliance by all. Actions of our suppliers, resellers and partners are not within our complete control, and our products could be re-exported to sanctioned persons or countries or provided by our retailers to third persons in contravention of our requirements or instructions or the laws. In addition, there are inherent limitations to the effectiveness of any policies, procedures, and internal controls relating to such compliance, and there can be no assurance that such procedures or internal controls will work effectively at all times or protect us against liability under [removed] anti- corruption, sanctions or other laws for actions taken by us, our resellers or partners. Any such potential violation by us, our suppliers, resellers, or our partners could have negative consequences, including government inquiries, investigations, enforcement actions, monetary fines, or civil and/or criminal penalties, and our reputation, brand, and revenue may be harmed.

Filing text · FY2026 10-K · filed Aug 31, 2026

Although we attempt to ensure that we, our [added] customers, suppliers, resellers, and partners comply with the applicable import, export, and sanctions laws, we cannot guarantee full compliance by all. Actions of our [added] customers, suppliers, resellers and partners are not within our complete control, and our products could be re-exported to sanctioned persons or countries or provided by our retailers to third persons in contravention of our requirements or instructions or the laws. In addition, there are inherent limitations to the effectiveness of any policies, procedures, and internal controls relating to such compliance, and there can be no assurance that such procedures or internal controls will work effectively at all times or protect us against liability under [added] anti-corruption, sanctions or other laws for actions taken by us, our resellers or partners. [added] For example, the Indictment alleged that the three individuals employed or associated with the Company at the time worked closely with third-party brokers with customers based in China to commit export-control violations. Any such potential violation by us, our [added] customers, suppliers, resellers, or our partners could have negative consequences, including government inquiries, investigations, enforcement actions, monetary fines, or civil and/or criminal penalties, and our reputation, brand, and revenue may be harmed.

Cite this change

"For example, the Indictment alleged that the three individuals employed or associated with the Company at the time worked closely with third-party brokers with customers based in China to commit export-control violations."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

03ChangedItem 1A › Risks Related to our Global Operating Business and Industry › We may be unable to secure additional financing on favorable terms, or at all, which in turn could impair the rate of our growth, and any financing that we do obtain may dilute our stockholders, restrict our growth, or contain other unfavorable terms.

Summary · quote-checked

The disclosure adds new revolving credit facilities with JP Morgan and CTBC and expands the description of Taiwan subsidiary financing.

New credit agreements, facilities, amounts, and counterparties substantively change the disclosed financing obligations and dependencies; the net-income roll-forward is secondary.

Why the model ranked it here

New revolving credit facilities and a named banking relationship introduce a material financing dependency and related obligations.

Filing text · FY2025 10-K · filed Aug 28, 2025

We had net income of [removed] $1,048.9 million, $1,152.7 million, and [removed] $640.0 million in fiscal years [removed] 2025, 2024, and 2023, respectively. During fiscal year 2025, we issued $700.0 million aggregate principal amount of our 2028 Convertible Notes in a private placement, and we issued $2.3 billion aggregate principal amount of our 2030 Convertible Notes in a private placement. [removed] Our Taiwan subsidiary, where we maintain significant operations, [removed] also increased their lines of credit, or entered into new lines of credit, with various commercial banks in [removed] Taiwan.

Filing text · FY2026 10-K · filed Aug 31, 2026

We had net income of [added] $2,230.5 million, $1,048.9 million, and [added] $1,152.7 million in fiscal years [added] 2026, 2025, and 2024, respectively. During fiscal year 2025, we issued $700.0 million aggregate principal amount of our 2028 Convertible Notes in a private placement, and we issued $2.3 billion aggregate principal amount of our 2030 Convertible Notes in a private placement. [added] During fiscal year 2026, we entered into a credit agreement with JP Morgan for a Revolving Credit Facility of $2,000.0 million. In addition, during fiscal year 2026, our Taiwan subsidiary, where we maintain significant operations, [added] increased its lines of credit, or entered into new lines of credit, with various commercial banks in [added] Taiwan, including also entering into a credit agreement with CTBC Bank Co., Ltd. ("CTBC") which provides for two revolving credit facilities totaling $1,765.0 million.

Cite this change

"In addition, during fiscal year 2026, our Taiwan subsidiary, where we maintain significant operations, increased its lines of credit, or entered into new lines of credit, with various commercial banks in Taiwan, including also entering into a credit agreement with CTBC Bank Co., Ltd. ("CTBC") which provides for two revolving credit facilities totaling $1,765.0 million."

Super Micro Computer,, Form 10-K for FY2026, Item 1A, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show all 48 in Item 1A (45 more, in filing order)

Item 7 · MD&A

2 of 34 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Operating Activities

Summary · quote-checked

Operating cash flow changed from provided to used, with different reported amounts, non-cash adjustments, and cash-flow drivers.

The paragraph changes the direction of operating cash flow and the stated reasons, including inventory purchases, receivables, and operational spending, so the disclosure is substantively different.

Why the model ranked it here

Operating cash flow changed from being provided to being used, materially altering the company’s cash-generation and liquidity picture.

Filing text · FY2025 10-K · filed Aug 28, 2025

Net cash provided by operating activities during fiscal [removed] 2025 mostly consisted of [removed] $1,048.9 million net income adjusted for certain non-cash items, such as [removed] $314.5 million of [removed] share-based compensation expense, [removed] $58.3 million of depreciation and amortization expense, and changes in working capital. The [removed] increase in cash flows from operating activities during fiscal [removed] 2025 compared to fiscal [removed] 2024, was due to an increase in [removed] cash collection from our customers driven by the increase in revenue reduction in inventory purchase, partially offset by higher cash paid for interest and other operational spending.

Filing text · FY2026 10-K · filed Aug 31, 2026

Net cash [added] (used in) provided by operating activities during fiscal [added] 2026 mostly consisted of [added] $2,230.5 million net income adjusted for certain non-cash items, such as [added] $412.1 million of [added] stock-based compensation expense, [added] $188.1 million of [added] inventory valuation adjustment write-downs, $95.4 million of deferred income taxes, net, $53.7 million of depreciation and amortization expense, and changes in working capital. The [added] decrease in cash flows from operating activities during fiscal [added] 2026, as compared to fiscal [added] 2025, was due to an increase in [added] inventory purchases, accounts receivable from customers, and increased operational spending.

Cite this change

"The decrease in cash flows from operating activities during fiscal 2026, as compared to fiscal 2025, was due to an increase in inventory purchases, accounts receivable from customers, and increased operational spending."

Super Micro Computer,, Form 10-K for FY2026, Item 7, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

02ChangedItem 7 › Financing Activities

Summary · quote-checked

Financing cash flows shifted from convertible-note issuance and debt repayment to credit facilities, term loans, equity offerings, and withholding-tax payments.

The paragraph changes the financing sources, obligations, amounts, and stated drivers of the year-over-year cash-flow change, not merely the reporting period.

Why the model ranked it here

Financing shifted from convertible-note activity and debt repayment to substantial reliance on credit facilities, term loans, and equity offerings.

Filing text · FY2025 10-K · filed Aug 28, 2025

Net cash provided by financing activities during fiscal [removed] 2025 mostly consisted of [removed] issuance of the 2028 Convertible Notes and the 2030 Convertible Notes of $683.7 million and $2,256.0 million, respectively, partially offset by [removed] common stock repurchase of $200.0 million and net repayment of debts. The decrease in cash provided by financing activities during fiscal [removed] 2025 compared to fiscal [removed] 2024, was mostly due to [removed] decrease in issuance of common stock, decrease in proceeds from debt, and increase in repurchase of common stock, partially offset by increase in issuance of the convertible notes.

Filing text · FY2026 10-K · filed Aug 31, 2026

Net cash provided by financing activities during fiscal [added] 2026 mostly consisted of [added] net proceeds from lines of credit and term loans of $3,948.3 million, as well as proceeds received from our equity offerings completed during the fourth quarter of fiscal 2026 of $5,638.6 million. These proceeds were partially offset by [added] payment for withholding taxes related to settlement of equity awards of $129.9 million. The increase in cash provided by financing activities during fiscal [added] 2026, as compared to fiscal [added] 2025, was mostly due to [added] this increase in net proceeds from lines of credit and term loans, as well as the proceeds received from our equity offerings completed during the fourth quarter of fiscal 2026.

Cite this change

"Net cash provided by financing activities during fiscal 2026 mostly consisted of net proceeds from lines of credit and term loans of $3,948.3 million, as well as proceeds received from our equity offerings completed during the fourth quarter of fiscal 2026 of $5,638.6 million."

Super Micro Computer,, Form 10-K for FY2026, Item 7, accession 0001375365-26-000022, filed 31 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/smci-20260630.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000022?ref=quote

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

Show all 34 in Item 7 (32 more, in filing order)

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

1 change held

HeldItem 1A › Risks Related to Regulatory, Legal, Our Stock, and Other Matters › We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.

Filing text · FY2025 10-K · filed Aug 28, 2025

Such restrictions could include additional unilateral or multilateral import and export controls on certain products or technology, including but not limited to AI technologies and high-performance computing. As geopolitical tensions have increased, products containing semiconductors associated with AI, including GPUs and associated products, are increasingly the focus of export control restrictions proposed by stakeholders in the U.S. and its allies. The United States has imposed unilateral controls restricting GPUs and associated products, and it is likely that additional unilateral or multilateral controls will be adopted. Such controls have been and may again be very broad in scope and application, prohibit us from exporting our products to any or all customers in one or more markets, including but not limited to China, and could tangentially negatively impact our warehousing locations and options, or could impose other conditions that limit our ability to serve demand abroad and could negatively and materially impact our business, revenue and financial results. [removed] Import and export controls targeting products containing GPUs and [removed] semiconductors associated with AI, which have been imposed and are increasingly likely to be further tightened, would further restrict our ability to export our technology, products, or services given that competitors may not be subject to similar restrictions, creating a competitive disadvantage for us and negatively impacting our business and financial results. In addition, such controls may subject downstream users to additional restrictions on the use, resale, repair, or transfer of our [removed] products, negatively impacting our business and financial results. Controls could negatively impact our cost and/or ability to provide services.

Filing text · FY2026 10-K · filed Aug 31, 2026

Such restrictions could include additional unilateral or multilateral import and export controls on certain products or technology, including but not limited to AI technologies and high-performance computing. As geopolitical tensions have increased, products containing semiconductors associated with AI, including GPUs and associated products, are increasingly the focus of export control restrictions proposed by stakeholders in the U.S. and its allies. The United States has imposed unilateral controls restricting GPUs and associated products, and it is likely that additional unilateral or multilateral controls will be adopted. Such controls have been and may again be very broad in scope and application, prohibit us from exporting our products to any or all customers in one or more markets, including but not limited to China, and could tangentially negatively impact our warehousing locations and options, or could impose other conditions that limit our ability to serve demand abroad and could negatively and materially impact our business, revenue and financial results. [added] Violations or alleged violations of such unilateral controls restricting GPUs and [added] associated products, such as in connection with the alleged conduct described in the Indictment involving individuals associated with the Company at the time, have contributed to significant volatility in, and declines of, the trading price of our [added] common stock, as well as harm to our reputation.

Get this when SMCI files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.

We store your email address. Nothing else. Privacy.