SMCI · CIK 1375365
What Super Micro Computer, Inc. told the SEC could break it.
Super Micro's disclosures cluster on concentration at both ends of its business. On the supply side, purchasing is heavily reliant on a single vendor — Supplier A was 64.4% of total purchases in fiscal 2025 — and certain materials come from only a limited number of suppliers, exposing it to shortages. On the demand side, dependence on large customers is rising fast: four customers each accounted for 10% or more of net sales in fiscal 2025, up from one in 2024 and none in 2023. Tying the two together is its exposure to U.S.–China export controls on GPUs and advanced chips, which directly affect its GPU-server products, including those containing NVIDIA's A100 and H100.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- four customers each ≥10% of net sales (FY2025)high
Super Micro is increasingly dependent on large data-center/cloud, enterprise and OEM customers — four customers each accounted for ≥10% of net sales in fiscal 2025 (vs one in FY2024, none in FY2023); loss of any could materially reduce revenue.
“We had four customers account for 10% or more of our net sales in fiscal years 2025 and one customer account for 10% or more of our net sales in fiscal 2024, while we had no single customer account for 10% or more of net sales in fiscal year 2023.”
SEC filing →As of 2025
Regulatory & policy
- US-China export controls on GPUs / advanced chipshigh
US export restrictions and licensing requirements on GPUs and advanced integrated circuits (and computing equipment containing them), focused on China and expanded to the Middle East and parties by ultimate-parent location, directly affect Super Micro's GPU-server products (e.g. those with NVIDIA A100/H100).
“At the same time, export restrictions and export license requirements were also imposed on certain GPUs and advanced integrated circuits, as well as computing equipment containing such components, with a focus on China (including Hong Kong). These restrictions impacted certain of our products, including products that contain the NVIDIA A100 and H100 integrated circuits, among others.”
SEC filing →As of 2025
Supplier concentration
- Supplier A = 64.4% of total purchaseshigh
Super Micro's purchasing is highly concentrated — one supplier (Supplier A) was 64.4% of total purchases in FY2025 (65.4% in FY2024), with certain materials available from a limited number of suppliers, exposing it to shortages or supply interruptions.
“Two suppliers accounted for below percentage of total purchases: June 30, 2025 June 30, 2024 June 30, 2023 Percentage of total purchases Supplier A 64.4 % 65.4 % 30.7 % Supplier B 5.1 % 6.3 % 13.5 %”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We rely on a limited number of contract manufacturers, including Super Micro Computer, Inc., or Supermicro, to assemble, test, and load our software onto Supermicro servers to deliver Rubrik-branded commodity servers, or Rubrik-branded Appliances, which the customer enterprise data we secure relies upon.”
Cited →“We rely on a limited number of suppliers, and in some cases single-source suppliers, for several key hardware components of the Nutanix-branded NX series hardware platforms. These components are generally purchased on a purchase order basis through Supermicro, and we do not have long-term supply contracts with these suppliers.”
Cited →
Its suppliers
“These restrictions impacted certain of our products, including products that contain the NVIDIA A100 and H100 integrated circuits, among others.”
Cited →Ablecom Technology, Inc.
“Each of Ablecom and Compuware are also developing campuses in close proximity to the campus we developed in Malaysia to expand our manufacturing. Steve Liang, Ablecom's Chief Executive Officer and largest shareholder, is the brother of Charles Liang, our President, Chief Executive Officer and Chairman of our Board of Directors (the “Board”).”
Cited →
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