Super Micro Already Told Us Its Revenue, Its Margins, and Its Orders. Tuesday's Report Has One Number Left.

Supermicro's July 21 preliminary update put fiscal fourth-quarter revenue near the low end of its $11.0 billion to $12.5 billion guidance.

Preliminary gross margin of 15% to 17% is roughly double the 8.2% to 8.4% management guided for the quarter.

The company received more than $60 billion of new orders during the quarter and reports full results Tuesday at 5 p.m. ET.

Super Micro Computer (NASDAQ: SMCI) took most of the suspense out of its own earnings report three weeks ago.

In a preliminary update on July 21, the AI server maker said revenue for its fiscal fourth quarter (the period ended June 30) would land near the low end of its $11.0 billion to $12.5 billion guidance. It also said gross margin would come in between 15% and 17%, and that the company received more than $60 billion of new orders during the quarter, pushing its backlog to record levels.

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Those three figures would normally be the report. What the update didn't include is a fiscal 2027 outlook. That guide, due when Supermicro reports full results on Tuesday at 5 p.m. ET, is the first number that says what all of those orders convert into.

The market isn't paying up while it waits. Shares trade in the low $30s as of this writing, down about 45% from their 52-week high, at about 9 times expected earnings for the year ahead.