As of Q2'26 (2025-12-31), SMCI reported Operating Cash Flow of -23.9M USD and Free Cash Flow of -45.1M USD. Both metrics remain in negative territory, indicating continued cash outflows during the latest quarter. Over the period from Q3'23 to Q2'26, the chart reveals significant volatility in both Operating and Free Cash Flow. After positive cash flows in early periods, SMCI experienced substantial declines, particularly in Q3'24 and Q4'24, with Operating Cash Flow reaching a low of -1.52B USD and Free Cash Flow at -1.61B USD. The company rebounded in fiscal 2025, posting strong positive cash flows in Q3'25 and Q4'25, before returning to negative figures in Q1'26 and Q2'26. This pattern suggests periods of heavy investment or operational challenges followed by recovery, but with ongoing instability in cash generation.