Super Micro's revenue for the quarter ended September was US$19.9 billion, about four times a year earlier, with one customer at 44% and the US share jumping from 37% to 80%

Concept illustration: two figures in long black coats with lanyard badges stand at either side, each holding a roller of a wide unrolled banner whose black top strip carries large white lettering "SUPER MICRO" and, at its right end, a green oval with blue lettering "SUPERMICRO". Below the strip, a large beige building signed "CUSTOMER" on the left shows four red cabinets with vent slots side by side, and to its right stands a row of smaller beige buildings: five each show one black cabinet, and a sixth is cut off at the banner's right edge. Printed on the image: 44% One customer's share of net sales, per 10-Q.

Super Micro, which assembles AI servers, filed its 10-Q with the SEC on November 6 for the quarter ended September 30 (Super Micro 10-Q, 2026-11-06). Super Micro's revenue roughly quadrupled, and 44% of its net sales came from one customer the filing doesn't name. Anyone reading this filing as a gauge of AI server demand is reading, to a large extent, one buyer's orders.

Net sales for the quarter were US$19.95 billion, up from US$5.02 billion a year earlier. Management's discussion in the 10-Q puts year-over-year growth at 297.5%, driven mainly by higher demand for AI platforms. Gross profit was US$2.54 billion, a 12.7% gross margin, up from 9.3%. Net income rose to US$1.59 billion from US$168 million.

The buyer base has narrowed. One customer accounted for 44.0% of net sales, the 10-Q says, where a year earlier two customers accounted for 17.3% and 11.6%. Two customers also account for 49.0% and 16.8% of accounts receivable. US sales were US$15.99 billion, or 80.1% of the total, versus 36.6% a year earlier, while Asia fell to US$1.09 billion, or 5.5%, from 46.2%.

Not proven yet: the 10-Q doesn't name the customer behind 44% of net sales How we checked →

Next to watch: the next quarterly report in early February, and which way the single-customer share and the Asia share move.

Source and checks

This item ran in the brief of Nov 7, 2026, alongside 13 other items. How we checked it, the quote checks and what was still missing that day are on that issue's How we checked page.

Cite this item

SecondSource (2026). "Super Micro's revenue for the quarter ended September was US$19.9 billion, about four times a year earlier, with one customer at 44% and the US share jumping from 37% to 80%." https://secondsource.io/en/news/2026-11-07-3/. Accessed access date.