Shares of artificial intelligence (AI) server manufacturer SUPER MICRO COMPUTER INC (SMCI.US) soared more than 18% in after-hours trading. This followed the company's release of preliminary results showing its backlog reached a new record, driven by new orders exceeding $60 billion for the quarter.

Sales of the company's servers, which are equipped with Nvidia chips for AI workloads, have skyrocketed. However, within the growing AI market, the company has been working to manage costs while competing with rivals to quickly deliver these machines to customers and secure business.

The company stated in a release on Tuesday that gross margin for the fiscal quarter ending June 30 is expected to be between 15% and 17%. This better-than-anticipated performance indicates progress in selling higher-margin products.

SUPER MICRO COMPUTER INC noted that fourth-quarter revenue would land at the low end of its previously provided guidance range of $11.0 billion to $12.5 billion. The average analyst estimate was $11.8 billion.

Through Tuesday's market close, the stock had declined 13% year-to-date. This included a sharp one-day drop of 28% last month after the company announced plans to raise $7 billion through a package of equity financing.

The company stated on Tuesday that these new orders are "expected to be delivered over the coming quarters," which is a positive signal for future revenue and suggests the company is winning more contracts.

The company is scheduled to report its full quarterly results on August 11th.