Watch on earnings:Revenue guidance and backlog for AI/GPU server segmentGross margin percentage and trajectory (target 12-15% range)Liquid cooling system adoption rates and attach rates to GPU serversDays sales outstanding (DSO) and inventory turns as indicators of demand healthCustomer concentration - revenue mix between hyperscalers, enterprises, and government
Key metrics:NVIDIA GPU supply allocation and next-generation platform launch timelines (Blackwell, Rubin roadmap) · Hyperscaler capex guidance (Microsoft, Meta, Google, Amazon quarterly earnings) as leading indicator for AI server demand · Gross margin percentage - target 12-15% range with liquid cooling mix as key driver · Book-to-bill ratio and backlog commentary for forward revenue visibility
⚠ Working capital intensity - rapid revenue growth requires proportional increases in inventory and receivables, straining cash flow and potentially requiring additional debt or equity financing
Metric
Jun 21
Jun 22
Jun 23
Jun 24
Jun 25
Cash & Equivalents
232
267↑15.1%
440↑64.7%
1,670↑279.1%
5,170↑209.6%
Total Current Assets
1,867
2,806↑50.3%
3,179↑13.3%
8,932↑180.9%
12,302↑37.7%
Total Assets
2,242
3,205↑43.0%
3,675↑14.7%
9,826↑167.4%
14,018↑42.7%
Total Current Liabilities
969
1,470↑51.7%
1,375↓6.5%
2,346↑70.6%
2,345↓0.0%
Total Liabilities
1,146
1,779↑55.3%
1,703↓4.3%
4,409↑158.9%
7,717↑75.0%
Total Equity
1,096
1,426↑30.0%
1,972↑38.3%
5,417↑174.7%
6,302↑16.3%
Total Debt
119
621↑421.3%
290↓53.2%
2,183↑652.1%
4,779↑118.9%
Net Debt
-113
353↑411.9%
-150↓142.5%
514↑442.1%
-391↓176.1%
Cash Flow Statement
Metric
Jun 21
Jun 22
Jun 23
Jun 24
Jun 25
Operating Cash Flow
123
-441↓458.5%
664↑250.5%
-2,486↓474.6%
1,660↑166.8%
Capital Expenditure
-58
-45↑22.1%
-37↑18.6%
-124↓237.8%
-127↓2.4%
Free Cash Flow
65
-486↓848.4%
627↑229.0%
-2,610↓516.4%
1,532↑158.7%
Stock-Based Comp
29
33↑14.9%
54↑65.9%
232↑325.3%
314↑35.8%
Net Change in Cash
21
35↑66.7%
172↑391.0%
1,229↑613.1%
3,502↑184.9%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down