☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2025 OR For the transition period from to Commission File Number 001-38102 PENGUIN SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Cayman Islands 98-1013909 (State or othe ...

Exhibit 99.1 Press Release FOR IMMEDIATE RELEASE Quarterly Financial Results PENGUIN SOLUTIONS REPORTS Q2 FISCAL 2025 FINANCIAL RESULTS Revenue up 28% compared with year-ago quarter Company raises midpoint of annual revenue outlook Milpitas, Calif. – April 2, 2025 – Penguin Solutions, Inc. ("Penguin Solutions," "we," "us," or the "Company") (NASDAQ: PENG) today reported financial results for the second quarter of fiscal 2025 and announced the planned retirement of Chief Operating Officer ("COO") and Preside ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 29, 2024 Registrant's telephone number, including area code: (510) 623-1231 Securities registered pursuant to Section 12(b) of the Act: OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 00 ...

Exhibit 99.1 Press Release FOR IMMEDIATE RELEASE PENGUIN SOLUTIONS REPORTS Q1 FISCAL 2025 FINANCIAL RESULTS Revenue up by 24% vs. Q1 FY24, highlighted by 49% growth in Advanced Computing "Our strong performance this quarter, highlighted by a 49% year-over-year increase in Advanced Computing revenue, reflects the continued execution of our strategy to support customers navigating the complexities of AI infrastructure implementation," said Mark Adams, CEO of Penguin Solutions. "Our approach as a provider of d ...

Title of each class Trading Symbol(s) Name of each exchange on which registered Ordinary shares, $0.03 par value per share PENG Nasdaq Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commis ...

Financial Performance - Net sales for fiscal year 2024 were $1.2 billion, down from $1.4 billion in fiscal year 2023[3] - Q4 FY24 net sales were $311 million, down 1.7% compared to the year-ago quarter[3] - Penguin Solutions reported total net sales of $1,170.8 million for the year ended August 30, 2024, compared to $1,441.3 million in the previous year, representing a decrease of 18.8%[17] - The company's gross profit for the year ended August 30, 2024, was $340.8 million, down from $415.2 million in the previous year, a decline of 17.9%[17] - Operating income for the year ended August 30, 2024, was $18.3 million, compared to $8.7 million in the previous year, an increase of 109.4%[17] - Net loss attributable to Penguin Solutions for the year ended August 30, 2024, was $52.5 million, compared to a net loss of $187.5 million in the previous year, an improvement of 72.0%[17] - Net income (loss) from continuing operations was $(23.792) million for the three months ended August 30, 2024[24] Gross Margin and Profitability - GAAP gross margin for fiscal year 2024 was 29.1%, up 30 basis points from fiscal year 2023[3] - Non-GAAP gross margin for fiscal year 2024 was 31.9%, up 20 basis points from fiscal year 2023[3] - Non-GAAP gross profit for the three months ended August 30, 2024, was $96,007 thousand, compared to $96,962 thousand for the three months ended May 31, 2024[18] - Non-GAAP gross margin for the three months ended August 30, 2024, was 30.9%, compared to 32.3% for the three months ended May 31, 2024[18] Earnings Per Share (EPS) - GAAP EPS for fiscal year 2024 was $(0.85), compared to $0.15 in fiscal year 2023[3] - Non-GAAP EPS for fiscal year 2024 was $1.25, compared to $2.52 in fiscal year 2023[3] - Non-GAAP diluted earnings per share for the three months ended August 30, 2024, was $0.37, compared to $0.37 for the three months ended May 31, 2024[20] Segment Performance - Intelligent Platform Solutions segment net sales for fiscal year 2024 were $554.6 million, down from $749.7 million in fiscal year 2023[4] - Memory Solutions segment net sales for fiscal year 2024 were $356.4 million, down from $443.3 million in fiscal year 2023[4] - LED Solutions segment net sales for fiscal year 2024 were $259.8 million, up from $248.3 million in fiscal year 2023[4] - Penguin Solutions' Intelligent Platform Solutions segment generated $554.6 million in net sales for the year ended August 30, 2024, a decrease of 26.0% compared to the previous year[17] - The Memory Solutions segment reported net sales of $356.4 million for the year ended August 30, 2024, down 19.6% from the previous year[17] - The LED Solutions segment generated $259.8 million in net sales for the year ended August 30, 2024, an increase of 4.6% compared to the previous year[17] Expenses - Research and development expenses for the year ended August 30, 2024, were $81.5 million, down 10.0% from the previous year[17] - Selling, general and administrative expenses for the year ended August 30, 2024, were $233.9 million, a decrease of 10.3% compared to the previous year[17] - Share-based compensation expense for the three months ended August 30, 2024, was $10,359 thousand, compared to $11,192 thousand for the three months ended May 31, 2024[22] - Amortization of acquisition-related intangibles for the three months ended August 30, 2024, was $9,747 thousand, compared to $9,766 thousand for the three months ended May 31, 2024[22] - Restructure charge for the three months ended August 30, 2024, was $325 thousand, compared to $465 thousand for the three months ended May 31, 2024[22] - Depreciation and amortization expenses totaled $15.381 million for the three months ended August 30, 2024[24] Cash Flow and Liquidity - Cash and cash equivalents increased to $383.147 million in 2024 from $365.563 million in 2023[23] - Accounts receivable, net rose to $251.743 million in 2024 from $219.247 million in 2023[23] - Inventories decreased to $151.213 million in 2024 from $174.977 million in 2023[23] - Total current liabilities dropped to $327.596 million in 2024 from $426.250 million in 2023[23] - Long-term debt reduced to $657.347 million in 2024 from $754.820 million in 2023[23] - Net cash used for operating activities was $(12.156) million for the three months ended August 30, 2024[24] - Capital expenditures and deposits on equipment amounted to $(5.795) million for the three months ended August 30, 2024[24] - Net cash used for financing activities from continuing operations was $49.88 million for the period ending August 30, 2024, compared to $73.31 million for the previous quarter[25] - Total repayments of debt amounted to $224.7 million for the period ending August 30, 2024, a significant increase from $7.21 million in the same period last year[25] - Proceeds from debt issuance were $192.69 million for the period ending August 30, 2024, compared to $0 in the previous quarter[25] - Net cash decrease in cash, cash equivalents, and restricted cash was $70.31 million for the period ending August 30, 2024, compared to a net increase of $11.46 million in the previous quarter[25] - Cash, cash equivalents, and restricted cash at the end of the period were $383.48 million, down from $453.79 million at the beginning of the period[25] - Payments to acquire ordinary shares totaled $3.32 million for the period ending August 30, 2024, compared to $2.13 million in the previous quarter[25] - Proceeds from issuance of ordinary shares were $1.75 million for the period ending August 30, 2024, down from $3.82 million in the previous quarter[25] - Net cash provided by financing activities from discontinued operations was $0 for the period ending August 30, 2024, compared to a net use of $0.43 million in the same period last year[25] - Effect of changes in currency exchange rates was $0 for the period ending August 30, 2024, compared to a negative impact of $0.08 million in the previous quarter[25] - Cash, cash equivalents, and restricted cash at the beginning of the period were $453.79 million, up from $442.33 million in the previous quarter[25] Outlook and Projections - Fiscal year 2025 net sales outlook is 15% YoY growth +/- 5%, with a GAAP gross margin of 30% +/- 1%[6] - The company's non-GAAP effective tax rate for fiscal 2024 is projected to be 28%, which may be subject to change due to various factors[14] Non-GAAP Metrics - Non-GAAP operating income for the three months ended August 30, 2024, was $33,739 thousand, compared to $33,325 thousand for the three months ended May 31, 2024[18] - Adjusted EBITDA for the three months ended August 30, 2024, was $39,293 thousand, compared to $38,825 thousand for the three months ended May 31, 2024[21] - Non-GAAP net income attributable to Penguin Solutions for the three months ended August 30, 2024, was $20,007 thousand, compared to $20,221 thousand for the three months ended May 31, 2024[22] - GAAP net income (loss) attributable to Penguin Solutions for the three months ended August 30, 2024, was $(24,547) thousand, compared to $5,616 thousand for the three months ended May 31, 2024[22]

SMART Global Today SGH SMART Global $27.30 +4.08 (+17.57%) 52-Week Range $12.66 ▼ $27.88 Price Target $29.83 Add to Watchlist SMART Global Holdings' NASDAQ: SGH repositioning efforts have set it up to achieve record-high share prices soon. The company's Q3 results aren't perfect, but include critical details that will support the market over time. Among them are improved profitability and a return to growth supported by AI. The AI industry and the applications spawned by it need high-quality memory and LED ...

Q3 FY24 Highlights Non-GAAP gross margin of 32.3%, above the mid- point of our guidance range Strong balance sheet with cash and short-term investments of $468 million OUR BUSINESS LINES Intelligent Platform Solutions − Revenue up 3% quarter over quarter − Multi-million dollar software and services engagement Announced OriginAI® Offering Memory Solutions − 30% of total SGH revenue 8-DIMM DDR5 CXL add-in card; received our first production sale to an AI compute vendor; strong design-in & customer sampling ac ...

Financial Data and Key Metrics - Total Q3 revenues were $301 million, in line with the midpoint of guidance [19][35] - Non-GAAP gross margin was 32.3%, up from 31.6% YoY and 31.5% sequentially, driven by improved mix within IPS and higher service revenue [20][35] - Non-GAAP diluted EPS was $0.37, above the midpoint of guidance [19][35] - Cash and short-term investments totaled $468 million at the end of Q3 [35] - Inventory turns improved to 8.4x in Q3 from 6.8x in Q2, primarily due to timing of receipts and shipments [21] Business Line Performance Intelligent Platform Solutions (IPS) - IPS revenue was $145 million, representing 48% of total revenue [43] - Achieved multi-million dollar non-hardware win, providing only software and managed services [79] - Secured follow-on orders from hyperscaler, defense, and education verticals [79] - Biggest wins to-date with ztC Edge and ztC Endurance fault-tolerant computing platforms [79] Memory Solutions - Memory revenue was $92 million, representing 30% of total revenue [16][43] - Received first 8 DIMM CXL Add-In Card production sale to an AI compute vendor [17] - Introduced E3.S non-volatile CXL design combining DRAM and NAND devices [17] LED Solutions - LED revenue grew 6% sequentially to $64 million, representing 21% of total revenue [40][43] - Backlog and channel visibility are improving [40] - Cree LED's advanced R&D capabilities and robust IP portfolio set the stage for sustained innovation [41] Market Data and Key Metrics - Memory pricing has started to recover, with inventory normalizing at largest customers heading into Q4 [4] - The broader LED market environment suggests consolidation is likely in the sector at some point [41] Company Strategy and Industry Competition - The company is uniquely positioned to enable companies across the technology ecosystem in AI design, build, deploy, and management [12] - 25 years of deep experience in high-performance computing (HPC) differentiates the company as a partner that can rapidly and reliably deploy advanced systems [13] - The company is committed to delivering exceptional value to customers and stakeholders as it continues to innovate and strengthen its position in AI and HPC [27] Management Commentary on Operating Environment and Future Outlook - The company expects Q4 revenues to be approximately $325 million at the midpoint, with IPS revenues up in the low double-digits sequentially [47] - Memory revenues are expected to be up slightly in the low-single digits sequentially, while LED revenues are expected to be up slightly in the low-single digit range [81] - The company is navigating a challenging environment with global macroeconomic headwinds and ongoing supply chain constraints, especially in the IPS business [26] Other Important Information - The company retired $75 million of its term loan in Q3, bringing down the principal amount by $112 million since Q1 to $425 million [23] - The company has $77.7 million available for future share repurchases under its authorizations [22] - The company will hold its Investor Day on July 16 in New York City at the NASDAQ MarketSite [6] Q&A Session Question: How is IPS' go-to-market strategy changing? - The company has brought on new sales leadership over the last 6-12 months and hired Dave Osborne as SVP of Partnership and Alliances to expand reach and capabilities [29][65] - The company is seeing success in oil and gas and financial institutions, with a broader set of markets attracted to its reliable solutions [58] Question: Can you speak more about the largest wins for ztC Edge and Endurance? - The primary markets adopting these systems are oil and gas and financial institutions, with implementation time frames varying based on customer needs [58] Question: What was Stratus' contribution in the quarter? - The company does not break out brands like Stratus on a go-forward basis, but any product sold at the Edge and back in the data center on-prem environment includes software and services along with the hardware platform [82] Question: Can you give us an idea of the puts and takes of the margin pressure you're seeing? - The margin pressure is primarily due to a mix issue, with more hardware shipped in the quarter than software services [69][70] Question: What are you seeing near term and further out in the memory business? - The enterprise Memory Solutions business is less volatile than the high-volume consumer business in memory, with demand forecasts for Q4 and beyond looking strong [71]

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ahead of this earnings release, the estimate revisions trend for SMART Global: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to ...