Pure Storage(US:PSTG)2026-02-27 00:32Summary of Everpure (NYSE:PSTG) FY Conference Call - February 26, 2026 Company Overview - Company Name Change: Pure Storage has rebranded to Everpure to reflect its expanded capabilities in the enterprise storage industry [11][14] - Acquisition: The company acquired 1touch to enhance its data management capabilities, allowing for better context and usability of stored data [13][19] Financial Performance - Quarterly Earnings: Everpure reported its first billion-dollar quarter with revenues of approximately $1.06 billion, marking a 16% year-over-year growth for the full year and a 20% growth in Q4 compared to the previous year [15][16] - Future Guidance: The company anticipates a 28% growth in Q1 year-over-year and a 19% growth for the entire year [15][16] - Competitor Comparison: Competitors are experiencing low single-digit growth rates, indicating Everpure's strong market position [16] Industry Dynamics - NAND Flash Supply Chain: Everpure has begun selling to hyperscalers, significantly increasing its responsibility for NAND flash supply. The company has long-term contracts in place but acknowledges the volatility in the spot market due to high demand and supply shortages [22][23][24] - NAND Pricing: The company noted that NAND prices have seen dramatic increases, with some products doubling in price within four months [23][24][90][96] - Transition from HDD to Flash: Everpure predicts that by 2028, virtually no new HDD enterprise data center systems will be sold, despite HDDs currently representing around 80% of gigabytes in hyperscalers [45][60] Competitive Positioning - DirectFlash Technology: Everpure's DirectFlash technology offers a 30%-40% price performance improvement over traditional SSDs, positioning the company uniquely in the market [66][67] - Power and Cooling Efficiency: Everpure's solutions require significantly less power, space, and cooling compared to HDDs and SSDs, making them attractive to hyperscalers [67][71] Market Trends - AI and Data Management: The company is focusing on making data more manageable and useful for analytics and AI, addressing the need for real-time data processing [135][136] - Hyperscaler Demand: Hyperscalers are currently price insensitive due to their urgent need for capacity, which is driving demand for Everpure's solutions [116][117] Strategic Partnerships - Nutanix Partnership: Everpure is seeing increased demand for alternatives to VMware, with Nutanix being a key partner in providing solutions for customers looking to transition away from VMware [172][173] Key Takeaways - Market Share Growth: Everpure is experiencing significant growth in its core business, with expectations to capture more market share in a $40 billion industry [187] - Focus on Core Business: The company emphasizes that the core business, which is growing rapidly, should receive more attention than the smaller AI segment, which currently contributes less than 10% of revenues [188][190] Conclusion - Everpure is positioned strongly in the enterprise storage market with innovative technology, robust financial performance, and strategic acquisitions. The company is navigating industry challenges effectively while focusing on long-term growth and market share expansion.