Supermicro (SMCI) reported its fourth quarter results after the bell on Tuesday, topping expectations on earnings but falling short on revenue. Still, an upbeat Q1 forecast sent shares higher by more than 6%.

"Our Total AI/IT Solutions strategy continues to deliver strong results, we added several hundred enterprise and other customers in the past year, generated more than $60 billion in new orders, and booked record backlog entering fiscal 2027," Supermicro CEO Charles Liang said in a statement.

More from Yahoo Scout Why did Supermicro stock underperform AI rivals? What drove Supermicro's strong Q4 earnings performance? What regulatory challenges is Supermicro currently facing? How ambitious is Supermicro's Q1 revenue guidance?

For the fourth quarter, Supermicro saw adjusted earnings per share (EPS) of $1.70 on revenue of $11.1 billion. Wall Street was anticipating EPS of $1.59 and net sales of $11.2 billion, according to Bloomberg analyst consensus estimates. The company saw EPS of $0.41 and revenue of $5.7 billion in the same period last year.

For the first quarter, Supermicro projects net sales between $14.5 billion and $15.5 billion. Analysts were expecting $11.9 billion.

Gross margins topped out at 17.6%, up from 9.6% a year ago.

In June, CEO Charles Liang wrote on X that the company planned to co-build a gigawatt-scale data center for SpaceX and xAI within a year.

Despite the strong outlook, Supermicro stock has underperformed rival AI infrastructure companies over the last year.

Shares are down some 30% over the past 12 months versus HPE (HPE), which is up roughly 160%, and Dell Technologies (DELL), which has soared more than 230% in the same period.

In June, the company announced it was raising as much as $7 billion in equity-linked financing to help pay for its AI build-out.

Supermicro has also been dealing with regulatory issues. In April, the company launched an independent investigation after the Department of Justice indicted co-founder Yih-Shyan Liaw and two others for allegedly violating US export controls.

Supermicro was not named as a defendant in the case.

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