Penguin Solutions, Inc.

Listed Company

PENGCIK 0001616533NasdaqLarge AcceleratedSemiconductors & Related DevicesDelawareFY ends Aug 29

Period

FY 2025

Revenue

$1.37B

Net Income

$25.39M

Total Assets

$1.62B

Equity

$394.25M

Shares Out

50.75M

Op. Cash Flow

$109.08M

Business

Penguin Solutions, Inc. is an end-to-end technology company that designs, builds, deploys and manages high-performance, high-availability computing, memory and LED solutions for enterprise and specialized applications. It offers HPC and AI infrastructure and management software, Stratus fault-tolerant computing platforms and services, SMART Modular memory and storage products and supply chain services, and Cree LED chips and packaged components. The company operates through three business segments: Advanced Computing, Integrated Memory and Optimized LED. It sells directly and via distributors, value-added resellers and integrators to OEMs, enterprises and government customers across North America, Asia and Europe.

Summary from filing dated 2025-10-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Total net sales	1,369	1,171	1,441	1,396	1,056
Total cost of sales	975	830	1,026	1,005	818
Gross profit	394	341	415	391	238
Research and development	80	82	91	77	60
Selling, general and administrative	238	234	261	205	158
Impairment of goodwill	16	0	19	0	0
Change in fair value of contingent consideration	0	0	29	41	32
Other operating expense	2	7	7	234,000	3
Total operating expenses	336	322	406	324	254
Operating income	58	18	9	67	−16
Interest expense, net	7	28	36	24	—
Other non-operating expense	2	21	12	350,000	−582,000
Total non-operating expense	9	49	48	25	17
Income (loss) before taxes	49	−31	−40	42	−32
Income tax provision (benefit)	20	11	−49	18	10
Net income (loss) from continuing operations	29	−42	10	24	−42
Net loss from discontinued operations	0	−8	−195	44	64
Net income (loss)	29	−50	−186	69	23
Net income attributable to noncontrolling interest	3	3	2	2	1
Net income (loss) attributable to Penguin Solutions	25	−52	−188	67	21
Preferred stock dividends	9	0	0	—	—
Income available for distribution	17	−52	−188	—	—
Income allocated to participating securities	1	0	0	—	—
Net income (loss) available to common stockholders, basic	15	−52	−188	—	—
Net income (loss) available to common stockholders, diluted	15	−52	−188	—	—
Continuing operations	0.29	−0.85	0.16	0.45	−0.89
Discontinued operations	0	−0.15	−3.94	0.9	1.33
Basic (in usd per share)	0.29	−1	−3.78	1.35	0.44
Continuing operations	0.28	−0.85	0.15	0.41	−0.89
Discontinued operations	0	−0.15	−3.8	0.81	1.33
Diluted (in usd per share)	0.28	−1	−3.65	1.22	0.44
Basic (in shares)	53	52	50	49	49
Diluted (in shares)	54	52	51	54	49

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Cash and cash equivalents	454	383	366	313	223
Short-term investments	0	6	25	0	—
Accounts receivable, net	308	252	219	355	313
Inventories	255	151	175	264	364
Other current assets	47	75	52	33	51
Total current assets	1,064	868	907	1,152	951
Property and equipment, net	93	107	119	97	156
Operating lease right-of-use assets	59	60	68	72	41
Intangible assets, net	88	121	160	78	101
Goodwill	146	162	162	55	74
Deferred tax assets	99	85	74	5	—
Other noncurrent assets	69	71	15	15	22
Total assets	1,617	1,475	1,506	1,572	1,345
Accounts payable and accrued expenses	319	219	182	354	484
Current debt	20	0	36	8	25
Deferred revenue	74	64	48	31	—
Other current liabilities	61	45	33	58	74
Total current liabilities	474	328	426	516	584
Long-term debt	442	657	755	576	340
Noncurrent operating lease liabilities	63	61	66	67	32
Other noncurrent liabilities	30	30	29	15	9
Total liabilities	1,009	1,075	1,277	1,194	1,026
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.03 par value; authorized 30,000 shares; 200 shares of convertible preferred stock issued and outstanding as of August 29, 2025, redemption amount of $200,500; no shares issued or outstanding as of August 30, 2024	203	0	—	—	—
Common stock, $0.03 par value; authorized 200,000 shares; 62,756 shares issued and 52,738 shares outstanding as of August 29, 2025; 60,226 shares issued and 53,277 shares outstanding as of August 30, 2024	2	2	2	2	2
Additional paid-in capital	552	513	477	448	396
Retained earnings	47	30	82	251	185
Treasury stock, 10,018 shares and 6,949 shares held as of August 29, 2025 and August 30, 2024, respectively	−206	−154	−132	−108	−51
Accumulated other comprehensive income	18,000	10,000	−206	−222	−222
Total Penguin Solutions stockholders equity	394	391	222	372	310
Noncontrolling interest in subsidiary	11	8	7	7	9
Total stockholders' equity	406	399	229	379	319
Total liabilities, temporary equity and stockholders' equity	1,617	1,475	1,506	1,572	1,345

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-08-31	FY 2024 2024-08-31	FY 2023 2023-08-31	FY 2022 2022-08-31	FY 2021 2021-08-31
Depreciation expense and amortization of intangible assets	56	66	72	47	35
Amortization of debt issuance costs	3	4	4	10	—
Stock-based compensation expense	41	43	39	37	31
Loss on extinguishment debt	3	23	16	653,000	0
Deferred income taxes, net	−14	−11	−64	−20,000	−2
Other	−2	−3	4	582,000	−598,000
Accounts receivable	−56	−32	163	−98	−48
Inventories	−102	24	95	31	−100
Other assets	8	9	7	−10	15
Accounts payable and accrued expenses and other liabilities	131	54	−256	−45	193
Payment of acquisition-related contingent consideration	0	−29	−74	0	0
Net cash provided by operating activities from continuing operations	113	106	64	39	123
Net cash used for operating activities from discontinued operations	−4	−28	41	66	31
Net cash provided by operating activities	109	77	104	105	153
Capital expenditures and deposits on equipment	−9	−19	−39	−20	−17
Proceeds from sales and maturities of investment securities	66	39	0	—	—
Purchases of held-to-maturity investment securities	−59	−20	−25	0	—
Purchases of non-marketable investments	0	−11	−4	0	—
Acquisition of business, net of cash acquired	0	0	−213	0	−36
Other	−2	−1	475,000	−875,000	−1
Net cash used for investing activities from continuing operations	−3	−12	−281	−21	−53
Net cash provided by investing activities from discontinued operations	28	119	−17	−18	−31
Net cash provided by investing activities	25	108	−299	−39	−84
Repayments of debt	−300	−351	−22	−127	0
Payments to acquire common stock	−52	−21	−25	−57	−49
Payment of acquisition-related contingent consideration	0	−21	−28	0	0
Net cash paid for settlement and purchase of capped calls	0	−16	−4	0	—
Distribution to noncontrolling interest	0	−1	−2	−4	0
Proceeds from debt	0	193	295	271	0
Proceeds from issuance of common stock	9	10	43	12	15
Payment of premium in connection with convertible note exchange	0	0	−14	0	0
Payment of preferred stock cash dividends	−8	0	0	—	—
Proceeds from issuance of convertible preferred stock, net of issuance costs	191	0	0	—	—
Proceeds from borrowing under line of credit	100	0	0	84	173
Fees paid for revolving line of credit financing	−3	0	0	—	—
Other	0	−582,000	−6	−10	−6
Net cash provided by (used for) financing activities from continuing operations	−63	−209	237	61	−15
Net cash used for financing activities from discontinued operations	0	−606,000	−805,000	13	18
Net cash provided by (used for) financing activities	−63	−210	236	74	3
Effect of changes in currency exchange rates	0	−1	5	239,000	154,000
Net increase (decrease) in cash, cash equivalents and restricted cash	71	−27	47	140	72

Filings

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