Super Micro Computer (NASDAQ: SMCI) reported a non-GAAP gross margin of 17.6% for fiscal Q4 2026, significantly exceeding its 8% guidance. However, CFO David Weigand attributed 75% of this gain to deferred contracts, labeling it a non-recurring event. The company's guidance for the current quarter's non-GAAP gross margin is 10.4% to 10.8%, suggesting the Q4 spike will not be sustained. Despite this, SMCI projects fiscal 2027 revenue guidance of $65.0 billion to $72.0 billion.