MILPITAS, Calif.—Penguin Solutions, Inc. (Penguin Solutions, Nasdaq: PENG) has announced the successful completion of its name change from SMART Global Holdings, Inc. to Penguin Solutions, Inc., a move that reflects the Company’s strategic transformation and evolving focus on key areas such as artificial intelligence (“AI”) infrastructure deployment, advanced memory enterprise solutions and high-performance computing. Effective today, the Company’s ordinary shares are trading under the new ticker symbol “PENG” on Nasdaq.
“Uniting our company under one brand, Penguin Solutions, highlights our transformation into an enterprise solutions company focused on overcoming the challenges of complex infrastructure deployment,” said Mark Adams, president and CEO of Penguin Solutions. “Penguin Solutions combines our broad set of cutting-edge solutions and technical knowledge, positioning us to partner with our customers to deliver innovation, rapid time-to-production, optimized long-term performance, high availability, reliable security, and lasting value.”
The Cree LED brand, another SGH business unit specializing in application-optimized LED chips and components designed for high performance and reliability, will continue to do business as Cree LED.
Fiscal 2024 Highlights
- Net sales of $1.2 billion versus $1.4 billion in fiscal year 2023
- GAAP gross margin of 29.1%, up 30 basis points versus fiscal year 2023
- Non-GAAP gross margin of 31.9%, up 20 basis points versus fiscal year 2023
- GAAP EPS of $(0.85) versus $0.15 in fiscal year 2023
- Non-GAAP EPS of $1.25 versus $2.52 in fiscal year 2023
Fourth Quarter Fiscal 2024 Highlights
- Net sales of $311 million, down 1.7% versus the year-ago quarter
- GAAP gross margin of 28.0%, down 90 basis points versus the year-ago quarter
- Non-GAAP gross margin of 30.9%, down 80 basis points versus the year-ago quarter
- GAAP EPS of $(0.46) versus $1.17 in the year-ago quarter
- Non-GAAP EPS of $0.37 versus $0.35 in the year-ago quarter
“We are pleased with our Q4 results, highlighted by our third consecutive quarter of sequential top line growth,” said Mark Adams, CEO of Penguin Solutions. “Our Company’s transition to Penguin Solutions reinforces our commitment to solving the complexities of AI infrastructure, managing our customers’ implementations with the design, build, deployment, and management of cutting-edge AI solutions,” concluded Adams.
Annual Financial Results
Quarterly Financial Results
Business Outlook
As of October 15, 2024, Penguin Solutions is providing the following financial outlook for fiscal year 2025:
Penguin Solutions, SMART Global Holdings, SGH, and Cree LED are trademarks or registered trademarks owned within the family of companies owned by Penguin Solutions, Inc. All other trademarks are the property of their respective owners.
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