Super Micro Computer (NASDAQ:SMCI) reported fiscal first-quarter sales of $19.9 billion, nearly four times the $5.0 billion of a year ago. Shares rose about 6% in early after-hours trading. The AI server maker earned $1.6 billion but still burned cash, and its full-year outlook points to a slower second half. Supermicro is winning volume at thin prices. Gross margin fell nearly 5 points from last quarter. The release doesn't explain the drop, but its forward-looking statements note that a small number of large customers could mean lower margins. Profit still jumped because operating expenses grew far slower than sales, up 67% against a 297% sales increase. The cash story is weaker. Receivables and inventory soaked up about $6 billion this quarter. Customer deposits offset about half of that. The company still burned cash overall.
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