SGI has reported it’s Q2 results for 2010, and there’s some interesting figures that show they are poised to really make the most of their technology in the next few quarters.

Revenue is up to over $90m but SGI still posted a loss of $23m. The last few quarters have been spent consolidating operations and reducing costs, so the loss isn’t as bad as it has been.

A quick aside on one of the quirks of the HPC market. Rules mean that SGI can’t book revenue from HPC installations until they’ve been qualified, and if it’s a multi-year deal they have to book those revenues across the year. This always makes the business look a lot more shaky than it is, which is why they also report non-GAAP figures, which get around this.

According to this, revenues were up at just over $150m with a profit of just over $2m. According to details on the call, SGI are gunning for over $500m in sales this year.

The new Altix UV systems have a lot of promise. Now that Oracle have completed their Sun merger, looking at Sun’s future roadmap their involvement in HPC – both at the hardware and software level – looks doubtful.

This leaves a nice gap for SGI to exploit, and at the lower end HP and Dell don’t have much to offer apart from clusters. With new products and a server market that’s starting to pick up, SGI are well positioned to do well this year.

You can read the full details here.