Super Micro (SMCI): the full file — the numbers, the owners, and what the filings actually show

**Who actually buys from them**
This is disclosed, and it changed sharply. The FY2025 10-K states **"Four customers each accounted for 10% or more of our net sales in fiscal year 2025,"** that one customer did so in FY2024, and that **"No customer accounted for 10% or more of our net sales in fiscal year 2023"**\[S1\]. In two years the base went from no 10%-plus customer to four — a fast concentration into a handful of buyers, typical of the AI build-out. The company does **not name** them, so their identity is **not disclosed**. Sales outside the U.S. were 40.6% of net sales in FY2025 (32.0% in FY2024) \[S1\].
**Where it is actually made — plants & supply chain**
As of 30 June 2025 the company owned \~**3,157,000 sq ft** and leased \~**1,539,000 sq ft** of office and manufacturing space \[S1, Item 2\]. R&D and much assembly run in San Jose, California and in **Taiwan** (including the "Bade" facility, financed partly by Taiwanese CTBC bank loans); a new **Malaysia** facility was added in FY2025. A structural feature: part of the supply chain runs through **related parties** — Taiwan-based **Ablecom** and **Compuware**, long-standing suppliers connected to the founders and a board member (see below). The names of GPU/component suppliers are **not**disclosed at line-item level.
**Five years of numbers**

Revenue compounded at **57.6%** a year and net income at **75.0%** from FY2021 to FY2025 — though FY2025 net income ($1,049m) was actually **lower** than FY2024's ($1,153m) despite 47% more revenue, because gross margin fell. Over five years cumulative net income was **+$3,238.5m** and cumulative operating cash flow **-$480.7m**. One chart captures it.