Penguin Solutions, Inc. · NASDAQ:PENG

Penguin Solutions — Q4 FY2026 Earnings Presentation

32 slides from Penguin Solutions's earnings presentation, Oct 6, 2026

  1. Slide 1: The AI Factory Platform Company

    The AI Factory Platform Company www.penguinsolutions.com

  2. Slide 2: Disclaimer

    Disclaimer This presentation and the oral communications made during the course of this presentation contain forward -looking statements within the These and other risks, uncertainties and factors are described in greater detail under the sections titled "Risk Factors," "Critical Accounting meaning

  3. Slide 3: Fourth Quarter & Full Year FY26 Financial Results

    Fourth Quarter & Full Year FY26 Financial Results Nasdaq: PENG October 6, 2026

  4. Slide 4: Leadership Announcement

    Leadership Announcement Stephen Cumming has joined Penguin Solutions as our new Chief Financial Officer • Broad experience across infrastructure systems, software, services, and semiconductors • Deep expertise in operational scaling, financial strategy, capital markets, and investor relations • Most

  5. Slide 5: Speakers

    P RE S EN T IN G T OD AY Speakers Kash Shaikh Aaron Johnson President and CEO VP, Finance & Accounting © 2026 Penguin Solutions, Inc. All rights reserved. | 5

  6. Slide 6: Record Fourth Quarter FY26 Results

    Record Fourth Quarter FY26 Results Strong growth and operating leverage - earnings growing faster than net sales Q4 Net Sales Quarterly Company records set in Q4 Up 68% YoY $567M Record Net Sales Q4 Diluted EPS Up 133% Record Operating Income $1.00 YoY Record Net Income AI-driven Businesses, Share o

  7. Slide 7: Full Year FY26 Performance

    Full Year FY26 Performance Disciplined execution of AI Factory Platform strategy accelerated profitable growth FY26 Net Sales FY26 Net Sales ($M) +68% YoY +48% YoY 567 $1.73B Up 26% YoY 479 EPS1 +133% YoY 343 343 EPS1 +79% YoY Company records for full-year FY26 Record Gross Profit Record Operating I

  8. Slide 8: AI Market

    AI Market © 2026 Penguin Solutions, Inc. All rights reserved. | 8

  9. Slide 9: AI's Path to Super Intelligence

    AI’s Path to Super Intelligence AI is moving from chatbot adviser to agentic operator Agentic AI Drives The Entire Data Center On-premises AI Factories Inference at Scale Stack Must Scale Gain Ground Autonomous agents create GPUs, CPUs, and DRAM For persistent inference, on- memory-intensive, latenc

  10. Slide 10: Full-Stack AI Factory Platform

    • Full-Stack AI Factory Platform OEM-like product innovation + Platform = system integrator-like services Our Platform combines five core elements with industry-leading partner technologies, designed to act as a single operating partner for our customers 1. ClusterWareAI AI Factory Platform operatin

  11. Slide 11: Penguin Product-Market Fit for Neocloud Customers

    Penguin Product-Market Fit for Neocloud Customers Customers need more than hardware and assembly Design Build Deploy Manage Penguin Solutions: a single operating partner across the entire lifecycle For neoclouds, we help customers So they can focus on Meet service-level agreements Securing additiona

  12. Slide 12: Business Review

    Business Review © 2026 Penguin Solutions, Inc. All rights reserved. | 12

  13. Slide 13: Advanced Computing Non-hyperscale AI Infrastructure

    Advanced Computing Non-hyperscale AI Infrastructure ▲ 99% YoY Share of Advanced Computing Net Sales 66% Q4 FY26 Net Sales High Growth $154M ▲ 11% YoY Won 6 new AI Infrastructure customers in Q4 4 neoclouds, a large quantitative trading firm, and an enterprise customer. AI Infrastructure bookings acc

  14. Slide 14: Land and Expand Go-To-Market Model: AI Infrastructure Business

    Land and Expand Go-To-Market Model: AI Infrastructure Business Customer momentum with strong growth in neoclouds Customer Wins FY26 17 12 New customers Expanded customer engagements Q4 FY26 Neocloud Growth Neocloud backed Publicly Traded Lektra Global Neocloud by Major Korean Neocloud Provider Neocl

  15. Slide 15: Simplifying Diagnostics with Conversational AI

    Simplifying Diagnostics with Conversational AI ClusterWareAI Operating System Software AI Factory Operations Agent 1. Conversational User Interface Allows ops teams to easily query cluster status and resolve system alerts by turning complex diagnostics into a simple conversation. 2. Rapid Proficienc

  16. Slide 16: Penguin Solutions Is an NVIDIA AI Factory Specialized Partner

    NVIDIA AI Factory Penguin Solutions Is an NVIDIA Specialized Partner AI Factory Specialized Partner Invitation-only designation reflecting the depth of our partnership with NVIDIA More than decade of proven experience designing, building, deploying, and operating NVIDIA- based AI factory infrastruct

  17. Slide 17: Integrated Memory

    Integrated Memory Q4 FY26 Net Sales Record $341M ▲ 158% YoY Added 2 new memory customers in Q4 focus on data center memory, where we believe demand is durable Land and expand model central to growth in FY26, we added 15 new customers and 29 Penguin’s CXL Memory Expansion — 1 TB customers expanded th

  18. Slide 18: We Believe Data Center Memory Demand Is Durable

    We Believe Data Center Memory Demand Is Durable Driven by AI workloads rather than traditional cyclical dynamics Q4 FY26 Memory Wins Leading global Next-generation AI server manufacturer AI inference provider New business in Q4. Platforms supporting large- Expanded relationship as they scale inferen

  19. Slide 19: Optimized LED

    Optimized LED Q4 FY26 Net Sales Growth $72M ▲ 7% YoY Executing with discipline Delivering on its innovation roadmap Positive cash flow © 2026 Penguin Solutions, Inc. All rights reserved. | 19

  20. Slide 20: Strategy Is Working; Growth Is Profitable & Broadening

    Strategy Is Working; Growth Is Profitable & Broadening We believe we are at the early stages of a long-term profitable growth opportunity AI Infrastructure Memory Our Strategy Is Working; Operating Leverage Our Value-Creation Growth Is Broadening Driving Profitable Growth Opportunity Is Durable AI-d

  21. Slide 21: Financial Review

    Financial Review © 2026 Penguin Solutions, Inc. All rights reserved. | 21

  22. Slide 22: Fourth-Quarter and Full-Year FY26 Net Sales Detail

    Fourth-Quarter and Full-Year FY26 Net Sales Detail1 Product Net Sales $510M 27% Advanced Computing Q4 FY26 $567M Optimized LED total net sales Services Net Sales 60% 13% Integrated Memory $57M Product Net Sales $1.48B 32% Advanced Computing $1.73B FY26 Optimized LED 53% total net sales Services Net

  23. Slide 23: AI Demand Driving Growth in Memory + AI Infrastructure

    AI Demand Driving Growth Integrated Memory + Non- in Memory + AI Infrastructure AI-Driven Hyperscale AI Infrastructure Business represented 78% of Q4 FY26 net sales and grew 141% versus Q4 FY25 Q4 FY26 Total Company Net Sales of $567M Integrated Advanced Optimized Memory Computing LED AI-Driven Busi

  24. Slide 24: Operating Results

    Operating Results 1 ($M except per share amounts) Q4 FY26 Q3 FY26 Q4 FY25 FY26 FY25 Net sales $567 $479 $338 $1,731 $1,369 Advanced Computing $154 $138 $138 $559 $648 Integrated Memory $341 $275 $132 $924 $464 Optimized LED $72 $66 $67 $249 $256 2 Non-GAAP gross profit $163 $135 $104 $508 $425 Non-G

  25. Slide 25: Q4 FY26 Balance Sheet and Cash Flow Highlights

    Q4 FY26 Balance Sheet and Cash Flow Highlights ($M) Q4 FY26 Q3 FY26 Q4 FY25 Working Capital Net Accounts Receivable $796 $704 $308 Days Sales Outstanding 46 days 53 days 51 days Inventory $749 $498 $255 Days of Inventory 48 days 42 days 51 days Accounts Payable $817 $736 $267 Days Payable Outstandin

  26. Slide 26: Our Outlook

    Our Outlook © 2026 Penguin Solutions, Inc. All rights reserved. | 26

  27. Slide 27: FY27 Outlook

    FY27 Outlook GAAP Outlook Adjustments Non-GAAP Outlook Net sales 40% YoY Growth +/- 10% — 40% YoY Growth +/- 10% Gross margin 27% +/- 2% 1% (A) 28% +/- 2% Operating expenses $329 million +/- $10 million $(54) million (B)(C) $275 million +/- $10 million Diluted earnings per share $3.50 +/- $0.70 $0.9

  28. Slide 28: Thank You

    Thank You The AI Factory Platform Company www.penguinsolutions.com

  29. Slide 29: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Three Months Ended Year Ended (In thousands, except percentages) August 28, May 29, August 29, August 28, August 29, 2026 2026 2025 2026 2025 GAAP gross profit $ 155,900 $ 133,214 $ 96,731 $ 478,925 $ 394,274 Stock-based compensation expense 1,463 1,411 1,324 5,782 6

  30. Slide 30: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Three Months Ended Year Ended (In thousands, except percentages) August 28, May 29, August 29, August 28, August 29, 2026 2026 2025 2026 2025 GAAP effective tax rate (153.9) % 14.0 % (12.8) % (22.3) % 41.0 % Effect of adjustments 173.9 % 3.3 % 37.8 % 42.3 % (16.0) %

  31. Slide 31: GAAP to Non-GAAP Reconciliations

    GAAP to Non-GAAP Reconciliations Three Months Ended Year Ended (In thousands, except per share amounts) August 28, May 29, August 29, August 28, August 29, 2026 2026 2025 2026 2025 Diluted earnings per share: GAAP diluted earnings per share $ 1.29 $ 0.68 $ 0.11 $ 2.60 $ 0.28 Effect of adjustments (0

  32. Slide 32: Convertible Dilution

    Convertible Dilution (In Thousands of Shares) (In Thousands of Shares) (In Thousands of Shares) (In Thousands of Shares) Stock Share Capped Dilution to Stock Share Capped Dilution to Stock Share Capped Dilution to Stock Share Capped Dilution to Price Dilution Calls PENG Price Dilution Calls PENG Pri

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