Exhibit 99.1 Press Release FOR IMMEDIATE RELEASE SGH REPORTS SECOND QUARTER FISCAL 2024 FINANCIAL RESULTS IPS revenue up 19 percent sequentially; total SGH revenue of $285 million Pete Manca to Lead IPS Business SGH today also announced the appointment of Pete Manca as President of Intelligent Platform Solutions ("IPS"). Mr. Manca brings extensive experience building businesses that deliver high-performance solutions to enterprise customers. Prior to joining SGH, Mr. Manca served as a Senior Vice President ...

SMART Global Holdings, Inc. (NASDAQ:SGH) Q1 2024 Earnings Conference Call January 9, 2024 4:30 PM ET Company Participants Suzanne Schmidt - Head, Investor Relation Mark Adams - Chief Executive Officer Jack Pacheco - Chief Operating Officer Ken Rizvi - Chief Financial Officer Conference Call Participants Kevin Cassidy - Rosenblatt Securities Brian Chin - Stifel Nick Doyle - Needham Operator Good afternoon. Thank you for attending the SMART Global Holdings First Quarter Fiscal 2024 Earnings Call. My name is V ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) Cayman Islands 98-1013909 (State or other jurisdiction of incorporation or organization) c/o Walkers Corporate Limited 190 Elgin Avenue George Town, Grand Cayman Cayman Islands KY1-9008 (I.R.S. Employer Identification No.) (Address of Principal Executive Offices) (Zip Code) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the qu ...

Revenue of $86M; 31% of total SGH revenue − Excludes Brazil, which is reflected in discontinued operations Specialty Memory − Pricing stabilizing; customer inventories remain elevated; lead-times low − Increasing activity with customers on new product offerings: • Compute Express Link • Enterprise SSDs with Storage Endurance Tiering • ZefrTM ZDIMM Ultra-high reliability memory modules for Cloud Service Providers − Despite market headwinds, our value-add business model achieved 8% operating margin LED Soluti ...

Financial Performance - SMART Global Holdings reported net sales of $443.3 million in 2023 for its Memory Solutions segment, a decrease of 19.7% from $551.7 million in 2022[28]. - Intelligent Platform Solutions (IPS) generated net sales of $749.7 million in 2023, up from $441.0 million in 2022 and $344.8 million in 2021, reflecting a significant growth trajectory[35]. - The LED Solutions group reported net sales of $248.3 million in 2023, a decrease from $403.2 million in 2022 and an increase from $224.6 million in 2021, indicating fluctuations in market demand[42]. - Sales to the ten largest end customers accounted for 60% of total net sales in 2023, compared to 62% in 2022 and 59% in 2021, showing a slight decrease in customer concentration[56]. - SMART Global Holdings reported net sales of $443.3 million, $551.7 million, and $486.2 million for its Memory Solutions segment in fiscal years 2023, 2022, and 2021, respectively[28]. - The Intelligent Platform Solutions segment achieved net sales of $749.7 million, $441.0 million, and $344.8 million in fiscal years 2023, 2022, and 2021, respectively[35]. - The LED Solutions group reported net sales of $248.3 million in 2023, down from $403.2 million in 2022 and $224.6 million in 2021[42]. Acquisitions and Divestitures - The company completed the acquisition of Stratus Technologies for a cash purchase price of $225 million, with potential contingent consideration of up to $50 million based on performance[22]. - An agreement was made to divest an 81% interest in SMART Brazil for approximately $205 million, expected to close by early 2024[24]. - The divestiture of SMART Brazil is aimed at refocusing on high-performance solutions for enterprise customers, enhancing financial position for strategic investments[25]. - The company has completed five acquisitions since 2018, including Cree LED in 2021 and Stratus Technologies in 2022, to diversify its business[19]. Workforce and Employee Engagement - As of the end of fiscal year 2023, SMART Global Holdings employed approximately 3,000 employees globally, with a majority in China, Malaysia, and the United States[21]. - The workforce consists of approximately 3,000 full-time employees globally, with no work stoppages reported[77]. - The company emphasizes a "people first" strategy, focusing on employee engagement, development, and diversity[76]. - The company is committed to maintaining a safe work environment and promoting employee wellness through various programs[82]. - The company is committed to diversity, equity, and inclusion, with a Global Diversity Council focusing on equal opportunity employment[81]. - The company offers a pay-for-performance compensation philosophy, including a bonus program linked to business performance[83]. Research and Development - Research and development expenses increased to $90.6 million in 2023, up from $77.5 million in 2022 and $59.9 million in 2021[67]. - The company has approximately 370 research and development personnel worldwide as of August 25, 2023[67]. - The focus of research and development includes next-generation DRAM products, high availability server architecture, and innovations in LED products[64]. - The focus of product development includes next-generation DRAM products, enterprise memory, and Flash-based products targeting industrial and enterprise markets[64][65]. - The company owns or exclusively licenses approximately 1,874 patents and has 269 pending patent applications as of August 25, 2023[73]. - The company emphasizes collaboration with customers to deliver technically advanced products that meet specific needs and enhance performance[66]. Strategic Initiatives and Market Position - The company’s strategic initiatives include investments in new products and technologies to enhance its market position and customer offerings[19]. - The company’s Memory Solutions group offers advanced memory solutions critical to sectors like AI and machine learning, with a focus on high-availability computing[28]. - SMART Global Holdings is focused on delivering high-quality products and services while ensuring efficient time-to-market and build-to-order flexibility[18]. - Penguin Computing offers a robust portfolio including servers, software, and cloud-based solutions, focusing on AI and HPC applications[36]. - Stratus provides high-availability platforms that support critical applications across various industries, enhancing productivity and efficiency[40]. - The company aims to address complex customer needs through advanced engineering and design capabilities, promoting new standards and custom solutions[66]. Manufacturing and Supply Chain - The manufacturing facilities are certified under various international standards, ensuring quality and compliance in production processes across multiple locations[46]. - The company utilizes third-party contract manufacturers and has developed capabilities for large-scale systems and HPC clusters[50]. - General economic conditions and supply chain issues have led to significant material shortages, impacting manufacturing capabilities and costs[58]. - The company has established relationships with leading semiconductor suppliers, including Samsung and Intel, to secure materials and maintain competitive pricing[56]. Market Challenges - The ongoing effects of COVID-19 have led to fluctuating sales volumes and disruptions in product development and marketing activities[27]. - Environmental regulations may pose risks, including potential liabilities related to contamination at leased facilities[85].

Financial Data and Key Metrics Changes - Total sales for fiscal 2023 reached $1.44 billion, a 3% increase from $1.4 billion in fiscal 2022, driven by strong growth in the IPS segment despite headwinds in memory and LED segments [107] - Non-GAAP gross margins improved to 31.7% in fiscal 2023, up from 29.2% in fiscal 2022, marking a record for the company [77][109] - Non-GAAP diluted earnings per share for fiscal 2023 were $2.52, down from $2.65 in fiscal 2022 [109] Business Line Data and Key Metrics Changes - IPS sales totaled $145 million in Q4, representing 46% of total sales, with services revenue contributing 19% of total revenue [85] - Specialty Memory revenue was $105 million in Q4, accounting for 33% of total sales, remaining flat compared to the previous quarter [90] - LED Solutions generated $66 million in Q4, up 3% sequentially, representing 21% of overall sales [97] Market Data and Key Metrics Changes - The consumer memory market has seen a dramatic decline in demand, impacting sales forecasts for Brazil, which were lower than anticipated [8][10] - Elevated inventory levels among key customers have affected buying patterns in the memory segment, leading to challenges in forecasting [91] Company Strategy and Development Direction - The company is transitioning from a memory module provider to an enterprise solutions company, focusing on high-performance and high-availability solutions [72][74] - The acquisition of Stratus Technologies has expanded the IPS offerings and added significant high-margin recurring services revenue [73] - The divestiture of SMART Brazil is aimed at aligning resources towards developing high-performance enterprise solutions [74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential in AI and advanced computing, indicating a focus on customer engagement and deployment of AI solutions [3][19] - The company anticipates that IPS revenue will be weighted towards the second half of fiscal 2024 due to current visibility challenges [89][66] - Management noted that while memory pricing is stabilizing, demand remains lower than expected, with inventory burn-off expected in the coming quarters [11][39] Other Important Information - The company reported a strong balance sheet with cash and short-term investments totaling $391 million at the end of Q4 [124] - The anticipated completion of the sale of 81% of SMART Brazil operations is expected by the end of calendar 2023 or early 2024 [65][100] Q&A Session Summary Question: What would the top and bottom line results and guidance have looked like if Brazil was included? - Brazil represented $30 million in actual sales for Q4, but sales were lower than anticipated, impacting overall guidance [7][8] Question: What is the outlook for memory and IPS in the upcoming quarters? - Management indicated that memory revenues are expected to be down sequentially due to market softness and inventory levels, while IPS may also see a decline [126][127] Question: Can you provide new targets for long-term gross margin excluding SMART Brazil? - Long-term margin expectations have not been outlined yet, but the company has been running above 30% margin levels recently [42][44] Question: What is the expected impact of CXL on future revenue? - CXL revenue is expected to ramp up more significantly in fiscal 2025 and 2026, with initial products being released this year [45][48]

Financial Data and Key Metrics Changes - Non-GAAP gross margins increased to 28%, up 230 basis points from the year-ago quarter [6] - Non-GAAP diluted earnings per share were $0.66 on sales of $383 million [6][39] - Cash flow from operations was approximately $41 million, with cash and cash equivalents reaching a record $401 million [6][17] Business Line Data and Key Metrics Changes - IPS sales totaled $171 million, representing 45% of total sales, with a 31% increase year-over-year excluding Stratus Technologies [32] - Memory sales were $148 million, with operating margins of approximately 8% [35] - LED Solutions generated $64 million, up 15% sequentially from the previous quarter [11] Market Data and Key Metrics Changes - The LED market is showing signs of recovery, with customer design activity improving [36] - The company expects modest revenue growth in the LED segment for the fourth quarter [37] Company Strategy and Development Direction - The company is focusing on delivering high-performance, high-availability enterprise solutions, particularly in AI and HPC [24][31] - A divestiture of the majority stake in SMART Modular Brazil is aimed at refocusing on enterprise solutions [18] - The company is optimistic about growth opportunities in AI and machine learning over the next three to five years [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging global economic environment but expressed confidence in the company's positioning for future growth [6][24] - The company anticipates that the divestiture will be accretive to non-GAAP gross margins and earnings per share [19] Other Important Information - The company reported a decrease in operating expenses due to cost containment initiatives [15] - Inventory levels decreased to $226 million, driven by reductions in IKEA and memory inventories [16] Q&A Session Summary Question: Growth in IPS business and AI interest - Management noted significant growth in the RFQ funnel, particularly from Tier 2 and Tier 3 cloud providers, and highlighted interest in financial and healthcare sectors [27] Question: AI exposure as a percentage of total revenue - Management indicated difficulty in quantifying AI revenue but estimated exposure to be over $250 million for fiscal '23 [56][70] Question: LED market trends - Management observed improving customer design activity and revenue growth in the LED segment, despite ongoing channel burn [72] Question: Brazil divestiture impact - Management stated the divestiture would be neutral to slightly positive for non-GAAP EPS and highlighted plans for capital allocation post-transaction [78][84] Question: Competitive landscape and advantages - Management emphasized the company's focus on providing customized solutions and the importance of customer relationships over hardware-only sales [66][90]

Financial Highlights - SGH's Q3 FY23 revenue reached $383 million, exceeding the guidance midpoint of $375 million +/- $20 million[10, 24] - Non-GAAP gross margin was 28%, a 230 basis point increase compared to the year-ago quarter[14] - Non-GAAP EPS was $0.66, surpassing the Q3 FY23 guidance range of $0.30 - $0.50[10, 14] - Cash and cash equivalents totaled $401 million, a 7% increase compared to Q2 FY23[10] - Cash flow from operating activities totaled $41 million[10] Segment Performance - Intelligent Platform Solutions revenue was $171 million, accounting for 45% of total SGH revenue, up 31% compared to Q3 FY22 excluding Stratus Technologies[16, 27] - Memory Solutions revenue was $148 million, representing 39% of total SGH revenue, relatively flat sequentially[18, 27] - LED Solutions revenue was $64 million, contributing 17% of total SGH revenue, a 15% sequential increase[21, 27] Strategic Initiatives - SGH announced an agreement to divest an 81% interest in its Brazil operations, aligning with the strategy to focus on high-performance solutions[18] - The divestiture of SMART Modular Brazil is expected to be immediately accretive to non-GAAP gross margins by approximately 200+ basis points and neutral to slightly positive to non-GAAP EPS[35] - The up-front cash payment for selling 81% interest is approximately $138 million, based on an enterprise value of $205 million[33, 35] Q4 FY23 Guidance (Non-GAAP) - Net sales are expected to be $375 million +/- $25 million[40] - Gross margin is projected at 28% +/- 1%[40] - Operating expenses are anticipated to be $71 million +/- $2 million[40] - Diluted earnings per share are forecasted at $0.45 +/- $0.15[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 26, 2023 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 001-38102 SMART GLOBAL HOLDINGS, INC. (Exact name of registrant as specified in its charter) Cayman Islands 98-1013909 (State or other jurisdicti ...

Financial Data and Key Metrics Changes - The company achieved record non-GAAP gross margins of 28.9% and non-GAAP earnings per share of $0.76, exceeding the high end of guidance on sales of $429 million [15][39] - Cash flow from operations exceeded $100 million in the quarter, with a strong balance sheet including $376 million in cash and cash equivalents [15][43] - Non-GAAP operating expenses for Q2 were $72.5 million, down from $74.4 million in the previous quarter [24] Business Line Data and Key Metrics Changes - IPS sales reached a record $222 million, representing 52% of total sales, more than doubling compared to the same quarter last year [16][40] - Memory Solutions Group sales were $151 million, accounting for 35% of total sales, with a sequential decline attributed to lower worldwide memory pricing and reduced demand for PCs and mobile phones [9][40] - LED Solutions Group sales totaled $56 million, or 13% of overall sales, facing challenges due to soft demand and customers reducing inventory levels [55][40] Market Data and Key Metrics Changes - The Brazil Memory Business is stabilizing, with expectations for growth driven by solid-state drives, 5G, and DDR5 applications [10] - The company noted ongoing macroeconomic headwinds affecting demand across various segments, particularly in the LED market [55] Company Strategy and Development Direction - The company is focused on long-term growth tied to trends in AI, machine learning, data analytics, 5G, enterprise storage, and specialty lighting [5][59] - The integration of Stratus Technologies is expected to enhance service offerings and improve revenue stability [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the memory business, citing steps taken by larger suppliers to balance supply and demand [21][65] - The company is navigating a challenging environment while continuing to invest in long-term growth [62] Other Important Information - The company repurchased 677,000 shares for $11 million during the quarter, with a total of approximately $58 million spent under the share repurchase authorization since April 2022 [44] - Inventory decreased to $294 million at the end of Q2, down from $416 million in the prior quarter, driven by higher IPS shipments [42] Q&A Session Summary Question: Can you provide details on the stabilization of memory solutions? - Management indicated that both specialty memory and Brazil memory are stabilizing, with a bottoming out of pricing and demand appearing to stabilize [60][78] Question: What is the visibility for the IPS business beyond Q3? - Management noted that they are building backlog towards the end of the fiscal year, with optimism about growth markets such as AI and machine learning [66][67] Question: How is the services mix expected to change in the back half of the year? - Management expects the services portion to be similar to Q2 levels, potentially slightly higher, driven by a strong services component within IPS [93][95] Question: What are the demand signals in the LED business, particularly in China? - Management noted a combination of improved channel behavior and direct customer demand signals, providing encouragement for Q3 visibility [105] Question: Can you elaborate on the channel inventory for the memory business? - Management clarified that they have limited channel exposure in the memory business, primarily selling directly to OEMs and contract manufacturers [106]