Penguin Solutions, Inc.

The grade, in three tenses

Headline 4.8 out of ten, 9 of 9 metrics filed: past 6.2 out of ten, present 4.2 out of ten, future 4.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.0 out of ten. +11% a year over 10 filed years; profitable in 5 of 10. 50th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.4 out of ten. Share count steady. 34% of cash flow returned. Insiders: 34 sales, 0 purchases. 64th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.2 out of ten. ROE 6%: 6¢ of profit per shareholder dollar. Leverage 76%: owes 76¢ per asset dollar. 42nd percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.7 out of ten. top 43% of 97 in its family; net margin 1.9%. 57th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 1.9 out of ten. bottom 19% of 66 in its family for leadership; chief executive since 2026. 19th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 3.3 out of ten. bottom 33% of 94 in its family for room to expand. 33rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.4 out of ten. bottom 34% of 93 in its family for growth drivers. 34th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 7.1 out of ten. top 29% of 88 in its family for expectations against reality. 71st percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2025-10-21 for the period ended 2025-08-29 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-07 for the period ended 2026-05-29 (on EDGAR). Newest results release: Form 8-K filed 2026-10-06 (on EDGAR). Newest filing: Form 4, 2026-10-08. Filings on record since 2014. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2025-10-21.

The people

Kash Shaikh has been president and chief executive since February 2, 2026, and joined the board the same day. He succeeded Mark Adams, who told the board on January 30, 2026 that he was retiring and stepped down as chief executive and director effective February 1. Shaikh came from software companies: he was chief executive of Securonix, a cybersecurity software company, from July 2024 to February 2026, and of Virtana, which makes software for monitoring cloud and AI infrastructure, from November 2020 to February 2024. Earlier he ran the enterprise infrastructure solutions business at Dell Technologies and held executive posts at Hewlett Packard Enterprise, Cisco, Ruckus Wireless and Nortel. Adams had led the company since August 31, 2020, after serving as chief executive of Lumileds and as president of Micron Technology. [1, 2, 3, 4, 5, 6]

The other officers the December 2025 proxy statement names mostly predate him. Jack Pacheco has been chief operating officer and president of Integrated Memory since September 2020; he was chief financial officer from 2004 to 2008 and again from October 2011 to September 2020. Joseph Clark, who joined CreeLED as a research engineer in 1998, has run Optimized LED since September 2022. Anne Kuykendall has been chief legal officer since September 2023, after joining as general counsel in April 2021, and Tony Frey became chief revenue officer in August 2025 after heading global strategic accounts at NetApp. The finance chief is interim: Nate Olmstead, chief financial officer since June 2024 and before that finance chief of Logitech, resigned effective July 8, 2026 to pursue another opportunity in a different industry, and Aaron Johnson, vice president of finance and accounting since joining from NETGEAR in June 2024, became interim chief financial officer on July 9, 2026. Pete Manca stopped serving as president of Advanced Computing in July 2025, and his employment ended that August. [7, 8, 9, 10, 11, 12, 13, 14, 15]

Penelope Herscher, a director since September 2021 who also chairs the board of Lumentum Holdings, has been the independent chair since February 2022; the chair and chief executive roles are kept apart. Mark Papermaster, chief technology officer of Advanced Micro Devices (AMD), has been a director since August 2022, and AMD is also among the company's processor suppliers. Min Yong Ha, head of SK Telecom's AI data center business division, joined in December 2024 as SK Telecom's designee. The others are Sandeep Nayyar, a director since September 2014 and chief financial officer of Altera since October 2025; Maximiliane Straub, who spent over 30 years with the Bosch companies, since April 2019; Mary Puma, a former chief executive of Axcelis Technologies, since July 2023; and David Heard, president of network infrastructure at Nokia, added on May 18, 2026, when the board grew to eight members. [16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26]

At the end of fiscal 2025 the company had about 2,900 full-time employees, not counting contractors, most of them in the United States, China and Malaysia, and it says it has never had a work stoppage. About 430 of them work in research and development, at centers in Durham, North Carolina; Fremont, Irvine and Newark, California; Maynard and Tewksbury, Massachusetts; Tempe, Arizona; and abroad in Huizhou, China, Bangalore, India, New Taipei City, Taiwan and Penang, Malaysia. Research and development spending was 79.8 million dollars in fiscal 2025, down from 90.6 million two years earlier. [27, 28, 29]

How it operates

Penguin Solutions, named SMART Global Holdings until October 15, 2024, when its Nasdaq ticker also changed from SGH to PENG, is based in Fremont, California, and sells computing systems, memory and LEDs through three segments: Advanced Computing, Integrated Memory and Optimized LED. The largest, Advanced Computing, designs, builds, deploys and manages high-performance computing (HPC) and AI infrastructure. Its OriginAI offering serves customers deploying GPUs, the processors that train and run AI models, by the hundreds or thousands, managed with its own ICE ClusterWare software, which works with any maker's hardware. The same segment sells Stratus fault-tolerant computers, built so critical applications keep running through a failure, for data centers and edge locations; its ztC Endurance platform is designed for 99.99999% availability. HPC and AI systems go to enterprise and government customers in AI cloud services, energy, financial services, hyperscale (the giant cloud and internet companies) and education; fault-tolerant systems go to enterprises in financial services, telecom, energy, transportation, healthcare, retail and industrial automation. [30, 31, 32, 33, 34, 35, 36, 37, 38, 39]

Integrated Memory, sold under the SMART Modular Technologies brand, designs and packages specialty memory and storage: DRAM modules, the working memory of servers and network equipment, in generations up to DDR5; flash storage such as solid-state drives; CXL memory cards that add memory to servers for AI work; and Zefr modules screened for ultra-high reliability. Its buyers are mainly OEMs, original equipment manufacturers, in industrial, government, networking and communications and enterprise storage and computing markets, which often need products that stay available for years, and it also runs supply chain services such as procurement, logistics and inventory management. Optimized LED, formed after the purchase of Cree LED in March 2021, sells LED chips made from gallium nitride and packaged LED components under the Cree LED brand for lighting, video displays and specialty lighting, a substantial part of it through distributors. [40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51]

Sales are concentrated. The ten largest end customers, counting sales to contract manufacturers and ODMs (original design manufacturers, which build hardware sold under other brands) made at those customers' direction, took 66% of fiscal 2025 net sales, up from 58% the year before. One Advanced Computing customer alone took 18.2%, after 18.4% and 23.3% in the two years before, and one Integrated Memory customer took 14.1%. Products are generally built to order, and sales run mainly on purchase orders rather than long-term supply agreements. A related party is also a customer: SK Telecom, which holds more than a tenth of the voting interest through an investment vehicle, signed an agreement in May 2025 for Penguin to supply its AI data center projects, and 32.4 million dollars of that order was recognized as revenue in fiscal 2025. [52, 53, 54, 55, 56]

By where customers take delivery, the United States received 776.5 million dollars of fiscal 2025 sales, 56.7% of the total and 15.4% more than the year before. China took 186.8 million dollars (13.7%) and Europe 97.0 million (7.1%), both less than a year earlier. The sharpest change was Mexico: 147.3 million dollars, 10.8% of sales, up from 27.3 million. [57, 58]

It runs some factories of its own. Memory and computing products are made in Newark and Fremont, California, and Penang, Malaysia; large AI and HPC clusters, with heavy power and cooling needs, are built and tested in Fremont; fault-tolerant products come mainly from outside manufacturers, with some product lines assembled in its Ireland facility; and LEDs are packaged and tested in Huizhou, China, from chips bought from outside wafer plants, as the company owns no wafer fabs. In memory and LED it calls this a Fab-Light model, meant to hold down capital spending and operating costs. Its suppliers include the big memory makers Samsung, Micron, SK hynix and Kioxia, processor suppliers such as Intel and Advanced Micro Devices, and the contract manufacturers NEC, Advantech and Celestica. It buys almost all its materials on purchase orders, generally without long-term commitments, and its purchases from its two largest suppliers came to 0.6 billion dollars in fiscal 2025. [59, 60, 61, 62, 63, 64, 20, 65, 66, 67]

The specifics

The company says it has spent the past few years turning from a holding company into a global enterprise solutions provider, and deals have shaped it; it credits acquisitions with a substantial portion of its growth and says it intends to keep using them. It formed Optimized LED by buying Cree LED in March 2021 and bought Stratus Technologies on August 29, 2022 for 225.0 million dollars in cash, plus an earnout of 50.0 million that it paid in full. In November 2023 it sold an 81% interest in its Brazilian memory business, SMART Brazil, to Lexar Europe, an affiliate of Shenzhen Longsys Electronics, and it sold the remaining stake, by then called Zilia Technologies, in a deal that closed on March 30, 2026. On June 30, 2025 it moved its parent company from the Cayman Islands to Delaware. It is also winding down Penguin Edge, its embedded and wireless computing line, whose technology it calls obsolete, aiming to stop by about the end of calendar 2025, and in fiscal 2025 it wrote off the rest of that line's goodwill with a 16.1 million dollar charge. [68, 69, 47, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79]

SK Telecom (SKT) is at once a shareholder, a board member's employer and a customer. On December 13, 2024 its affiliate Astra AI Infra invested 200.0 million dollars in newly issued convertible preferred shares, which the holder may convert into common stock at any time and which pay a cumulative dividend of six percent a year. The deal came with board representation, consent rights and standstill provisions, the usual limits on an investor buying more shares or seeking control. Min Yong Ha, an SKT executive, sits on the board, SKT holds more than a tenth of the voting interest, and in May 2025 the two companies agreed that Penguin would supply solutions for SKT's AI data centers. [80, 81, 82, 83, 84, 55]

At the end of fiscal 2025 it owned or exclusively licensed about 1,650 patents, expiring between 2025 and 2050, with 442 applications pending, and it says the business as a whole does not depend on any one patent. Products built around mature industry standards have less patent protection, so it relies on trade secrets for them. It names its competitors by kind, not by name: specialty memory makers, memory chip manufacturers that also build modules, supply chain service providers, compute and storage system providers, enterprise server vendors, industrial computer makers and LED manufacturers. Some are much larger, with more resources and longer relationships, though it says they offer little customization or service; some are also its suppliers or customers. [85, 86, 87, 88, 89, 90, 91, 92]

Trade policy weighs on it. The company says US tariffs on goods from China and other countries, and the retaliation they draw, have hurt its business, and that tariffs have raised its material costs, particularly in LED, whose factory is in Huizhou, China, and have led it to raise prices to customers. It also reports extended lead times for some components of its solutions, which slow how quickly it can ramp existing and new customer projects. [93, 94, 95, 96]

What drives growth, line by line

Net sales rose 16.9% in fiscal 2025 to 1.4 billion dollars, recovering from an 18.8% fall the year before, mainly on higher sales in Advanced Computing and Integrated Memory. Gross margin slipped to 28.8% from 29.1% because more of the mix came from Advanced Computing products and from memory. [97, 98, 99, 100]

Advanced Computing. The largest line: 648.4 million dollars, 47.4% of fiscal 2025 net sales, up 16.9%, or 93.9 million dollars, which the filing puts down to higher hardware sales on demand for AI and HPC solutions. It had fallen 26.0% the year before on lower hardware sales, which the company blamed on the unpredictable nature of large projects that may not recur with the same frequency or scale each year. The segment's operating income, on the company's non-GAAP measure (which leaves out items such as stock-based compensation and the amortization of acquired intangible assets), rose 20.7%, or 19.7 million dollars, on higher sales and lower subcontract services. [101, 102, 103, 104, 105, 106]

Integrated Memory. 464.2 million dollars, 33.9% of net sales and the fastest-growing line, up 30.3%, or 107.8 million dollars, on higher sales volumes of flash and DRAM products as market demand improved. A year earlier it had fallen 19.6% as OEM customers bought less flash and DRAM in a difficult economy. The segment's operating income on the same non-GAAP measure nearly doubled, up 94.7%, or 21.2 million dollars, after falling 69.6% the year before. [107, 108, 109, 110, 111, 112]

Optimized LED. 256.1 million dollars, 18.7% of net sales, down 1.4%, or 3.7 million dollars, on lower direct sales across China and Europe, after a 4.6% rise the year before when channel partners restocked from low inventories. The segment's operating income still rose 6.5 million dollars on a more favorable product mix, a year after it had turned from an operating loss to a profit. [113, 114, 115, 116, 117, 118]

What comes next, in the company's own words: it expects wider AI adoption by enterprises in fields such as financial services, energy, government and education, and more sovereign AI, meaning countries building AI capacity of their own; it anticipates growing demand for faster, more reliable memory such as its CXL products, while cautioning that the demand may not materialize; and it lists growth in demand from customers other than hyperscalers among the expected shifts in its customer mix. It also says the wind-down of Penguin Edge, due by about the end of calendar 2025, will weigh on revenue and margins. [119, 120, 121, 122]

The newest quarterly report shows the mix turning. In the first nine months of fiscal 2026 net sales rose 13.0% on the year, driven by Integrated Memory, whose sales rose 75.6% as accelerating AI-driven demand brought favorable pricing and higher volume across DRAM and flash. Advanced Computing fell 20.6%, reflecting the continuing Penguin Edge wind-down and hyperscale hardware sales in 2025 that did not recur, though its non-hyperscale AI infrastructure business drove a 3.8% rise in the third quarter. Optimized LED fell 6.3% on a broad decline in demand. [123, 124, 125, 126]

What the desk infers (inferred, not filed)

• The one Advanced Computing customer behind 18.2% of fiscal 2025 net sales is most likely a hyperscaler, one of the giant cloud and internet companies, buying AI hardware in large projects that come and go rather than as steady orders. Because: One Advanced Computing customer took 18.2% of net sales in fiscal 2025, 18.4% in 2024 and 23.3% in 2023. [53] Advanced Computing sells its HPC and AI products to customers in hyperscale, among other markets. [39] The company blamed the segment's 26.0% fall the year before on the unpredictable nature of large project engagements. [104] The annual report lists growth in demand from non-hyperscaler customers as an expected shift in its customer mix, which implies hyperscalers have been the core. [121] The newest quarterly report says Advanced Computing's decline in the first nine months of fiscal 2026 reflected hyperscale hardware sales in 2025 that did not recur. [125] Confidence 70 of 100. Wrong if: A filing that names or describes the customer as a government agency, a university, a telecom carrier or another enterprise outside the hyperscale cloud and internet business.
• Much of the fiscal 2025 jump in sales shipped to Mexico most likely came from memory bought by one large equipment maker and delivered to the contract manufacturers that assemble its products there. Because: Sales shipped to Mexico rose to 147.3 million dollars from 27.3 million, up 439.5%, the sharpest change of any region. [57, 58] Integrated Memory sales rose 107.8 million dollars on higher flash and DRAM volumes. [109] In the two years before, only one customer, in Advanced Computing, passed a tenth of net sales; in fiscal 2025 an Integrated Memory customer joined it at 14.1%, and two Integrated Memory customers each held more than a tenth of receivables at the year end. [127, 53, 128] The company counts sales to contract manufacturers and ODMs made at an end customer's direction as sales to that customer, and its supply chain services, part of the memory segment, serve customers and their manufacturing partners in many regions. [52, 129, 130] Confidence 50 of 100. Wrong if: A filing showing that most of the sales shipped to Mexico came from Advanced Computing or Optimized LED, or that the Integrated Memory customer above a tenth of sales takes delivery mainly outside Mexico.
• Memory, not AI systems, is the swing factor in Penguin's results: Integrated Memory's sales and profit rise and fall with the DRAM and flash cycle far more sharply than Advanced Computing's, so a memory upswing can lift the whole company even when AI systems sales slip. Because: Integrated Memory's segment operating income fell 69.6% in 2024 on lower flash and DRAM volumes, then rose 94.7% in fiscal 2025. [112, 111] Over the same two years Advanced Computing's segment operating income fell 14.1% and then rose 20.7%. [131, 105] The specialty memory products are built from commodity DRAM components whose costs move with market conditions. [132] In the first nine months of fiscal 2026 Integrated Memory sales rose 75.6% on favorable pricing and higher volume, lifting total net sales 13.0% while Advanced Computing fell 20.6%. [124, 123, 125] Confidence 70 of 100. Wrong if: A downturn in DRAM and flash markets in which Integrated Memory's operating income falls by a smaller percentage than Advanced Computing's.

Sources

1. Penguin Solutions, Inc., Form 8-K filed 2026-02-02: “On January 30, 2026, Mark Adams notified the board of directors (the “Board”) of Penguin Solutions, Inc. (together with its subsidiaries, the “Company”) of his retirement and resigned from his position as President and Chief Executive Officer of the Company and resigned as a member of the Board, effective February 1, 2026.”
2. Penguin Solutions, Inc., Form 8-K filed 2026-02-02: “On January 30, 2026, the Board appointed Kash Shaikh to succeed Mr. Adams as the Company’s President and Chief Executive Officer, effective February 2, 2026. Upon the recommendation of its Nominating and Corporate Governance Committee, the Board also appointed Mr. Shaikh to serve as a Class III director of the Board, effective February 2, 2026.”
3. Penguin Solutions, Inc., Form 8-K filed 2026-02-02: “Before joining the Company, Mr. Shaikh, age 56, served as President and Chief Executive Officer and a member of the Board of Directors of Securonix, Inc., a cybersecurity SaaS company offering Security Information and Event Management (SIEM) solutions powered by agentic AI, from July 2024 to February 2026.”
4. Penguin Solutions, Inc., Form 8-K filed 2026-02-02: “Prior to Securonix, Mr. Shaikh served as President and Chief Executive Officer and a member of the Board of Directors of Virtana Corporation, a hybrid cloud optimization and AI infrastructure observability software company, from November 2020 to February 2024. Earlier in his career, Mr. Shaikh served as Global Vice President and General Manager of the Enterprise Infrastructure Solutions business at Dell Technologies, Inc.”
5. Penguin Solutions, Inc., Form 8-K filed 2026-02-02: “Mr. Shaikh has also held executive and leadership positions at infrastructure companies including Hewlett Packard Enterprise Company, Cisco Systems, Inc., Ruckus Wireless, Inc., and Nortel Networks Corporation.”
6. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Mark Adams became our President and CEO as of August 31, 2020 and has served as a director since September 2020. Mr. Adams served as CEO of Lumileds, Inc. from February 2017 until March 2019. Previously, Mr. Adams served as President of Micron Technology, Inc. (“Micron”) from February 2012 to February 2016.”
7. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Jack Pacheco has served as our Executive Vice President, Chief Operating Officer (“COO”), and President, Integrated Memory (formerly known as Memory Solutions) since September 2020. He previously served as our SVP, COO, and CFO from October 2011 to September 2020. Previously, from 2004 to 2008, Mr. Pacheco served as our CFO.”
8. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Joseph Clark has served as our SVP and President, Optimized LED (formerly known as LED Solutions) since September 2022. He brings to Penguin Solutions more than 25 years of experience in the lighting and technology industries. He joined CreeLED in 1998 where he began his career as an R&D Engineer in LED Epitaxy.”
9. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Anne Kuykendall has served as our SVP, Chief Legal Officer, and Chief Compliance Officer since September 2023 and served as our Vice President, General Counsel, and Chief Compliance Officer from April 2021 to September 2023.”
10. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Tony Frey has served as our SVP and Chief Revenue Officer since August 2025. Before joining Penguin Solutions, Mr. Frey served as Vice President, Global Strategic Accounts at NetApp, Inc., an intelligent data infrastructure company, from February 2023 to May 2025.”
11. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Nate Olmstead has served as our Senior Vice President and Chief Financial Officer since June 2024. Most recently, Mr. Olmstead served in various financial management roles at Logitech International S.A., a software-enabled hardware solutions company, including as Chief Financial Officer from July 2019 to February 2023”
12. Penguin Solutions, Inc., Form 8-K filed 2026-06-01: “On May 26, 2026, Nate Olmstead notified Penguin Solutions, Inc. (the “Company”) of his decision to resign as the Company’s Senior Vice President and Chief Financial Officer (“CFO”), effective as of July 8, 2026, to pursue another opportunity in a different industry.”
13. Penguin Solutions, Inc., Form 8-K filed 2026-06-01: “On May 31, 2026, the board of directors of the Company appointed Aaron Johnson, the Company’s Vice President, Finance and Accounting, as interim CFO and as the Company’s principal financial and accounting officer, succeeding Mr. Olmstead in these positions effective as of July 9, 2026, on an interim basis until the Company appoints a successor.”
14. Penguin Solutions, Inc., Form 8-K filed 2026-06-01: “Mr. Johnson, age 47, has served in his current role since joining the Company in June 2024. Prior to joining the Company, Mr. Johnson served at NETGEAR, Inc., a global networking company, as Vice President, Finance from September 2022 to May 2024”
15. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Mr. Manca ceased serving as Senior Vice President, Penguin Solutions and President, Advanced Computing effective July 28, 2025, and his employment with the Company terminated effective August 1, 2025.”
16. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Penelope Herscher has served as a director since September 2021. Ms. Herscher is a seasoned technology public company board director, executive, and entrepreneur, with more than 15 years of experience as a high-tech CEO in Silicon Valley and more than 15 years of experience serving on public company boards of directors. She currently serves as chair of the board of directors at Lumentum Holdings, Inc.”
17. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Ms. Herscher has served as our independent Chair of the Board since February 2022, Ms. Straub has served as chair of our NCG Committee since September 2021, and Ms. Puma joined our Board in July 2023.”
18. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Currently, the role of Chair of the Board is separated from the role of CEO. Ms. Herscher serves as our independent Chair of the Board”
19. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Mark Papermaster has served as a director since August 2022. Mr. Papermaster is an experienced Chief Technology Officer overseeing corporate technical direction and product development with a demonstrated history of delivering impactful, leading-edge products to market. Since January 2019, he has served as Chief Technology Officer and Executive Vice President, Technology and Engineering, at Advanced Micro Devices, Inc. (“AMD”)”
20. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “They also include some of the world’s largest providers of computing, communications and graphics processers, including Intel Corporation (“Intel”), Advanced Micro Devices, Inc. and TD SYNNEX Corporation”
21. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Min Yong Ha has served as a director since December 2024, as a designee of SKT. Mr. Ha has served as SKT’s Head of AI DC Business Division since December 2024”
22. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Sandeep Nayyar has served as a director since September 2014. Since October 2025, Mr. Nayyar has served as CFO of Altera Corporation”
23. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Maximiliane Straub has served as a director since April 2019. Ms. Straub served with the Robert Bosch LLC companies (“Robert Bosch companies”) for over 30 years”
24. Penguin Solutions, Inc., Form DEF 14A filed 2025-12-19: “Mary Puma has served as a director since July 2023. Ms. Puma previously served as Chief Executive Officer and President of Axcelis Technologies, Inc. (“Axcelis”)”
25. Penguin Solutions, Inc., Form 8-K filed 2026-05-18: “On May 18, 2026, the board of directors (the “Board”) of Penguin Solutions, Inc. (the “Company”) increased the authorized size of the Board to eight members, and upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed David Heard to the Board and as a member of the Compensation Committee of the Board, effective immediately.”
26. Penguin Solutions, Inc., Form 8-K filed 2026-05-18: “Mr. Heard, age 58, has served as President of Network Infrastructure at Nokia, a global leader in fixed and mobile broadband infrastructure, since June 2025.”
27. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “As of August 29, 2025, we had approximately 2,900 full-time employees (excluding contractors) in locations across the globe, including in the United States, China and Malaysia. We have never experienced a work stoppage at any of our locations and take pride in our good employee relations.”
28. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “R&D expenses were $79.8 million, $81.5 million and $90.6 million in 2025, 2024 and 2023, respectively. As of August 29, 2025, we had approximately 430 R&D personnel worldwide.”
29. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our primary research and development (“R&D”) activities are conducted at our R&D centers in the United States (Durham, North Carolina; Fremont, California; Irvine, California; Maynard, Massachusetts; Newark, California; Tempe, Arizona and Tewksbury, Massachusetts) and in Huizhou, China; Bangalore, India; New Taipei City, Taiwan; and Penang, Malaysia.”
30. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On October 15, 2024, we changed our corporate name from “SMART Global Holdings, Inc.” to “Penguin Solutions, Inc.” and changed our Nasdaq Global Select Market ticker symbol from “SGH” to “PENG.””
31. The record on this page: the filing record (the EDGAR submissions feed)
32. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Penguin Solutions is an end-to-end technology company solving complex challenges in computing, memory and LED solutions.”
33. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Along with the update of our company brand, we revised how we describe our business segments. Today we have Advanced Computing, Integrated Memory and Optimized LED.”
34. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Penguin Solutions designs, builds, deploys, and manages HPC and AI infrastructure solutions that reliably enable the world’s most advanced, data intensive workloads for more than 25 years.”
35. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our solutions include Penguin Solutions OriginAI® — an AI infrastructure solution for customers deploying GPUs at scale (hundreds to thousands of GPUs).”
36. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “ICE ClusterWare is a hardware-agnostic, intelligent software platform for managing, scaling, and optimizing AI infrastructure.”
37. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Stratus brand products are designed to ensure the continuous availability of customers’ critical data and applications in data centers and edge locations.”
38. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our solutions include the Stratus ztC Endurance™ compute platforms which are designed to deliver 99.99999% availability.”
39. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In Advanced Computing, we sell our HPC and AI products to enterprise and government customers in AI cloud services, energy, financial services, hyperscale, and education; fault-tolerant computing products and services to enterprise customers in financial services, telecom, energy, transportation, healthcare, retail and industrial automation”
40. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Products include dynamic random access memory (“DRAM”) modules, solid-state/flash storage and other advanced integrated memory solutions critical to networking and telecom, data analytics, AI and ML.”
41. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our offerings include an extensive lineup of DRAM modules across a variety of DRAM technologies, including legacy synchronous DRAM, double data rate (“DDR”), DDR2, DDR3 and leading-edge, high-performance DDR4 and DDR5 DRAM devices.”
42. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “SMART CXL Memory is available as a memory expansion add-in-card (AIC) in our Penguin Solutions Altus® AMD EPYC™ based servers, providing expansive memory for AI workloads.”
43. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “A Zefr memory module undergoes a rigid proprietary screening process which is performed on OEM original memory modules or SMART Modular Technologies memory modules to deliver ultra-high reliability for demanding workloads.”
44. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In our Integrated Memory segment, we sell memory solutions to OEM customers in industrial, government, networking and communications, enterprise storage and compute, and other vertical markets.”
45. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We are a primary supplier of longer-lifecycle solutions to OEM customers for diverse end markets within industrial, government, networking and communications, enterprise storage and computing as well as other vertical markets.”
46. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We offer a wide array of supply chain services including procurement, logistics, inventory management, temporary warehousing, programming, kitting and packaging services.”
47. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “This segment was formed after our acquisition of Cree LED in March 2021 and offers products under the Cree LED® brand.”
48. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “The Cree LED product offering includes both chips and packaged LED components.”
49. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Cree LED chip products include blue and green LED chips based on gallium nitride and related materials.”
50. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “our Optimized LED products enable our customers to develop and market LED-based products for lighting, video displays and specialty lighting applications.”
51. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “A substantial portion of our Optimized LED products are sold to distributors that stock inventory and sell our products to their customers”
52. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In 2025, 2024, and 2023, sales to our ten largest end customers (including sales to contract manufacturers and original design manufacturers (“ODMs”) at the direction of such end customers) accounted for 66%, 58%, and 60% of total net sales respectively.”
53. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Net sales to an Advanced Computing customer were 18.2%, 18.4% and 23.3% of total net sales in 2025, 2024 and 2023, respectively. Net sales to an Integrated Memory customer was 14.1% of total net sales in 2025.”
54. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our products are generally manufactured on a build-to-order basis. Our sales are made primarily pursuant to customer purchase orders and are not based on long-term supply agreements.”
55. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On May 26, 2025, we entered into an agreement with SKT, a related party, under which we anticipate providing solutions to support SKT’s future AI data center infrastructure initiatives. SKT, through Astra AI Infra, a special purpose vehicle formed by SKT, holds more than 10% of the voting interest of the Company.”
56. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “For the year ended August 29, 2025, we recognized a total transaction amount of $50.7 million for cash received for payment on the fulfillment of AI hardware solutions and installation services, of which $32.4 million of the order was completed and recognized as revenue for the year ended August 29, 2025.”
57. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
58. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Net sales by geographic area, based on customer ship-to location, were as follows”
59. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our manufacturing facilities in Newark and Fremont, California and Penang, Malaysia, which support our Integrated Memory and Advanced Computing operations”
60. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “For our HPC and AI products, we have developed capabilities for design and development of large-scale systems and dense HPC and AI clusters that have significant power and cooling requirements, with manufacturing and testing conducted at our Fremont, California facility.”
61. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “For our fault tolerant products, we primarily use third-party manufacturers with assembly in our Ireland facility for certain product lines.”
62. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “While we do not own or operate wafer fabrication facilities, we have capabilities for subsequent stages of the product manufacturing cycle. In our manufacturing facilities in Huizhou, China, we receive LED chips from third-party wafer fabrication facilities, prepare and package dies into LED components, test components, and in some cases, assemble components on substrates or printed circuit boards to manufacture LED products.”
63. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In our memory and LED businesses, we have adopted a “Fab-Light” business model to reduce our capital expenditures and operating expenses, while affording greater flexibility in adapting to shifts in demand and other market trends.”
64. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.”
65. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our contract manufacturers include NEC Corporation, Advantech Co., Ltd. and Celestica Inc.”
66. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We purchase almost all of our materials from our suppliers on a purchase order basis and generally do not have long-term commitments from suppliers.”
67. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Purchases from our two largest suppliers were $0.6 billion, $0.4 billion and $0.5 billion in each of 2025, 2024 and 2023, respectively.”
68. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Over the past few years, we have been transforming our business from a holding company structure to a global enterprise solutions provider.”
69. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “A substantial portion of our growth over the last several years has been driven by acquisitions, and we intend to continue to use corporate development as an engine for growth.”
70. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On August 29, 2022, we completed the acquisition of Stratus Technologies. At the closing, we paid a cash purchase price of $225.0 million, subject to certain adjustments.”
71. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In the second quarter of 2024, we paid in full $50.0 million related to the Stratus Earnout.”
72. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On November 29, 2023, we completed the divestiture of an 81% interest in SMART Brazil to Lexar Europe B.V., an affiliate of Shenzhen Longsys Electronics Co. Ltd.”
73. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “The SMART Brazil operations were previously reported as part of our Integrated Memory segment.”
74. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “the Company sold its remaining equity interest in Zilia Technologies including rights to the derivative financial instrument referred to as the deferred cash adjustment originally provided for under the divestiture of the 81% interest in Zilia Technologies (formerly SMART Modular Technologies do Brasil”
75. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “On March 30, 2026, the Transaction closed and cash proceeds of $39.6 million, net of withholding taxes of $6.5 million, were received.”
76. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On June 30, 2025, we consummated the U.S. Domestication of the parent company of our corporate group from the Cayman Islands to the State of Delaware in the United States.”
77. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “By approximately the end of calendar 2025, we expect to fully discontinue our Penguin Edge product portfolio, which had brought together our SMART Embedded Computing™ (“SMART EC”) and SMART Wireless Computing™ (“SMART Wireless”) brands under the unified Penguin Edge brand.”
78. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Penguin Edge technology has become obsolete and is only sold to a small number of customers who we expected to phase out the technology.”
79. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “As a result, we recorded impairment charges of $16.1 million and $19.1 million in 2025 and 2023, respectively, to impair the carrying value of Penguin Edge goodwill.”
80. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “On December 13, 2024, we closed the SKT Investment (as defined below) by SK Telecom Co., Ltd. (“SKT”). Pursuant to the SKT Purchase Agreement, we sold to Astra AI Infra LLC, an affiliate of SKT (“Astra AI Infra”), 200,000 convertible preferred shares, par value $0.03 per share (the “Issued Cayman CPS”) at a price of $1,000 per share or an aggregate price of $200.0 million (the “SKT Investment”).”
81. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “The holder of Issued CPS may convert such holder’s Issued CPS into shares of common stock at any time”
82. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “The Issued CPS entitle the holder to receive dividends of six percent per annum, cumulative, and payable quarterly in-kind or in cash at our option.”
83. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “The Investor Agreement and the CPS Cayman Certificate of Designation provided for certain rights and restrictions relating to the SKT Investment, including but not limited to board representation rights, pro rata rights, registration rights and consent rights, and standstill provisions, disposition restrictions and voting obligations.”
84. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Additionally, Min Yong Ha, an executive of SKT, is a member of our Board of Directors.”
85. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “As of August 29, 2025, we owned or exclusively licensed approximately 1,650 patents, which are set to expire between 2025 to 2050, and had 442 pending patent applications.”
86. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We believe the duration and scope of our most relevant patents are sufficient to support our business, which as a whole is not significantly dependent on any particular patent or other intellectual property rights.”
87. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “While many of our products contain proprietary aspects and are protected by patents, some of our products are built around mature industry standards and have less patent protection. For these products, we rely on trade secret rights to protect our proprietary interests.”
88. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Across our Penguin Solutions business segments, our principal competitors include: •Specialty memory products providers; •Memory semiconductor manufacturers that also manufacture DRAM modules and Flash products; •Supply chain service providers, including distributors and third-party logistics providers; •Compute and storage systems providers”
89. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “LED product manufacturers; •Enterprise IT server vendors; and •Manufacturers of industrial computers.”
90. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Some of our global competitors are large international companies that have substantially greater financial, technical, marketing, distribution and other resources as well as greater name recognition and longer-standing relationships with customers and suppliers than we do.”
91. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “These competitors tend to have limited customization and service capabilities and are generally focused on higher-volume memory, storage, or compute products that are manufactured to industry-standard specifications.”
92. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In addition, some of our competitors are also our suppliers or customers.”
93. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Economic and political uncertainty caused by the U.S. tariffs imposed on goods from China and other countries by the current administration, and any corresponding tariffs and related retaliatory actions or currency devaluations from China or such other countries in response, has negatively impacted and may in the future negatively impact our business.”
94. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Tariffs have in the past increased, and may in the future, increase our cost of materials, particularly within our LED business, and have in the past caused us and may in the future cause us to increase prices to our customers”
95. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We also have a manufacturing facility in Huizhou, China for Optimized LED”
96. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In particular, we continue to experience extended lead times for certain components that are incorporated into our overall solutions, which impacts how quickly we are able to ramp existing and new customer projects and may negatively affect gross margins due to changes in shipment timing and product mix.”
97. The record on this page: the filed annual figures (EDGAR's company facts)
98. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Net sales increased by $198.0 million, or 16.9%, in 2025 compared to the prior year, primarily due to higher sales from our Advanced Computing and Integrated Memory business segment.”
99. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Net sales decreased by $270.5 million, or 18.8%, in 2024 compared to the prior year, primarily due to lower sales and weakness in our Advanced Computing and Integrated Memory segments, partially offset by moderate growth in our Optimized LED segment.”
100. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Gross margin decreased to 28.8% in 2025 compared to 29.1% in 2024 primarily due to unfavorable mix from higher product revenue in our Advanced Computing segment and a higher mix of Integrated Memory sales.”
101. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Advanced Computing segment had net sales of $648.4 million, $554.6 million and $749.7 million in 2025, 2024 and 2023, respectively.”
102. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Advanced Computing $ 648,417 47.4 % $ 554,552 47.4 % $ 749,708 52.0”
103. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Advanced Computing net sales increased by $93.9 million, or 16.9%, compared to the same period in the prior year, primarily due to higher hardware sales driven by increased demand for AI solutions and HPC.”
104. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Advanced Computing net sales decreased by $195.2 million, or 26.0%, primarily related to lower hardware sales year over year due to the unpredictable nature of large project engagements, which may not occur with the same frequency or scale each year.”
105. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Advanced Computing operating income increased by $19.7 million, or 20.7%, in 2025 compared to the prior year primarily due to increased net sales driven by increased demand for AI solutions, as well as lower subcontract services”
106. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “These non-GAAP measures exclude certain items, such as stock-based compensation expense; amortization of acquisition-related intangible assets”
107. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Integrated Memory segment had net sales of $464.2 million, $356.4 million and $443.3 million in 2025, 2024 and 2023, respectively.”
108. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Integrated Memory 464,249 33.9 % 356,426 30.4 % 443,264 30.8”
109. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Integrated Memory net sales increased by $107.8 million, or 30.3%, compared to the same period in the prior year, primarily due to higher sales volumes of flash and DRAM products stemming from improved market demand.”
110. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Integrated Memory net sales decreased by $86.8 million, or 19.6%, primarily due to lower sales volumes of flash and DRAM products to our OEM customers, driven by macroeconomic environment challenges.”
111. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Integrated Memory operating income increased by $21.2 million, or 94.7%, in 2025 compared to the prior year primarily due to increased net revenue”
112. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Integrated Memory operating income decreased by $51.2 million, or 69.6%, in 2024 compared to the prior year primarily due to lower sales and gross profit due to lower sales volumes of flash and DRAM products.”
113. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Optimized LED segment had net sales of $256.1 million, $259.8 million, and $248.3 million in 2025, 2024, and 2023, respectively.”
114. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Optimized LED 256,128 18.7 % 259,818 22.2 % 248,278 17.2”
115. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Optimized LED net sales decreased by $3.7 million, or 1.4%, compared to the same period in the prior year, primarily due to lower direct sales across China and Europe.”
116. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Optimized LED net sales increased by $11.5 million, or 4.6%, primarily due to higher demand as channel partners addressed low inventory carrying levels.”
117. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Optimized LED operating income increased by $6.5 million, or 252.7%, in 2025 primarily due to higher gross profit, stemming from a more favorable product mix. Optimized LED operating loss improved by $7.4 million, or 153.0%, in 2024”
118. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Optimized LED 9,004 2,553 (4,820)”
119. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We expect increased AI adoption and broader implementation by enterprises within but not limited to verticals such as financial services, energy, government and education, as well as increased sovereign AI adoption, as organizations seek scalable infrastructure solutions”
120. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “we anticipate growing demand for higher performance and reliability memory solutions, such as our CXL family of products, to support both traditional use cases and increasingly complex AI applications, although there can be no assurance that such demand will materialize as expected or at all.”
121. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “shifts in our customer mix, including expected trends with respect to growth in demand from non-hyperscaler customers for HPC and AI solutions; and margin being driven by the proportion of higher margin software and managed services within our Advanced Computing sales.”
122. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Additionally, our revenue and margins will be negatively impacted by the winding down of our Penguin Edge business, which we expect to wind down and discontinue by approximately the end of calendar 2025.”
123. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “Net sales increased by $154.5 million, or 47.6%, and $133.9 million, or 13.0%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in the prior year, primarily driven by strong growth for our Integrated Memory segment.”
124. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “Integrated Memory net sales increased by $144.9 million, or 111.4%, and $251.1 million, or 75.6%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in the prior year, primarily driven by strong momentum across DRAM and Flash, as accelerating AI-driven demand drove favorable pricing and increased volume.”
125. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “Advanced Computing net sales increased by $5.1 million, or 3.8%, and decreased by $105.3 million, or 20.6%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in the prior year, with the third-quarter increase driven by strength in our non-hyperscale AI infrastructure business, partially offset by the wind down of our Penguin Edge business, and the nine-month decrease reflecting both the ongoing Penguin Edge wind down and hyperscale hardware sales in 2025 that did not recur in 2026.”
126. Penguin Solutions, Inc., Form 10-Q filed 2026-07-07: “Optimized LED net sales increased by $4.4 million, or 7.2%, and decreased by $11.9 million, or 6.3%, in the third quarter and first nine months of 2026, respectively, compared to the same periods in the prior year, with the third quarter increase primarily attributable to stronger channel demand and higher direct sales, while the decrease for the nine-month period reflects a broad-based decline in demand across the business.”
127. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “In 2025, 2024 and 2023, we had two, one and one customers account individually for over 10% of our net sales.”
128. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “As of August 29, 2025, two Integrated Memory customers accounted for more than 10% of accounts receivable.”
129. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our Integrated Memory segment also offers SMART Supply Chain Services, which provides customized, integrated supply chain services to enable our customers to better manage supply chain planning and execution, reduce costs and increase productivity.”
130. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Our global footprint allows us to provide these services to customers and their manufacturing partners in many regions of the world.”
131. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “Advanced Computing operating income decreased by $15.7 million, or 14.1%, in 2024 compared to the prior year primarily due to lower sales from our Penguin Computing business”
132. Penguin Solutions, Inc., Form 10-K filed 2025-10-21: “We depend on third-party suppliers for key components of our products as well as certain raw materials, such as commodity DRAM components from offshore foundries that we use in our specialty memory products, third-party wafers that we use in our memory and LED businesses and HPC and AI components for our Advanced Computing business; the costs of such components and raw materials may fluctuate from time to time due to market conditions.”

Where the revenue comes from

By geography: United States 57%, China 14%, Other 12%, Mexico 11%, Europe 7%. As tagged in its annual report (Form 10-K, filed 2025-10-21).

Who runs it

Shaikh, Kashif (President and CEO); Adams, Mark (President and CEO); Cumming, Stephen (SVP and CFO); Johnson, Aaron Michael (Interim CFO); Olmstead, Nathan (SVP and CFO); Pacheco, Jack A (EVP, COO, Pres, Integrated Mem); Kuykendall, Anne (SVP and Chief Legal Officer); Frey, Anthony George (SVP and Chief Revenue Officer); Clark, Joseph Gates (SVP and Pres, Optimized LED); Manca, Peter J (SVP, Pres, Advanced Computing); and 6 more. 16 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-08.

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