Micron Technology (NASDAQ: MU) expects another step up in sales after a record fiscal fourth quarter. Its September 30 earnings release puts first-quarter fiscal 2027 revenue at $61.5 billion, plus or minus $1.5 billion, following $54.23 billion in the quarter ended September 3.

The forecast exceeds the $57.02 billion analyst average compiled by LSEG, Reuters reported. Customer financial commitments under long-term supply agreements reached $32 billion, up from $22 billion reported in June. Most were cash deposits, according to Chief Executive Sanjay Mehrotra's prepared remarks cited by Reuters.

Those deposits give the demand story a financial dimension beyond prospective orders. They are separate from sales already recorded in the quarter. Reuters also reported that remaining performance obligations under the agreements rose to roughly $150 billion from about $100 billion in the previous quarter. Neither measure should be added to current revenue.

Quarterly revenue rose from $41.46 billion in the preceding period and $11.32 billion a year earlier. GAAP diluted earnings were $32.87 per share; adjusted earnings were $33.42. Micron's next-quarter adjusted earnings outlook is $38.15 per share, plus or minus $1. The release reported $43.97 billion in operating cash flow and $10.77 billion in net capital expenditure for the fourth quarter.

Capacity remains the constraint behind the expansion plans. Micron's operating chief told Reuters that new factories need several quarters to ramp after their first wafer output. Mehrotra said most 2027 high-bandwidth memory production is covered by agreements and that fiscal 2027 capital spending would rise above earlier plans.

The results pair stronger near-term guidance with larger customer commitments. The forecast still depends on delivering memory and storage at the required scale: contracted demand, factory output and recognized revenue move on different timetables.