Slide 1: The AI Factory Platform Company
The AI Factory Platform Company www.penguinsolutions.com
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
Slide 3: Fourth Quarter & Full Year FY26 Financial Results
Fourth Quarter & Full Year FY26 Financial Results Nasdaq: PENG October 6, 2026
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
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
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 $1.00 YoY Record Net Income AI-driven Businesses, Share o
Slide 7: Full Year FY26 Performance
Full Year FY26 Performance Disciplined execution of AI Factory Platform strategy accelerated profitable growth FY26 Net Sales FY26 Net Sales ($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
Slide 8: AI Market
AI Market © 2026 Penguin Solutions, Inc. All rights reserved. | 8
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
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
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
Slide 12: Business Review
Business Review © 2026 Penguin Solutions, Inc. All rights reserved. | 12
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
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
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
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
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
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
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
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
Slide 21: Financial Review
Financial Review © 2026 Penguin Solutions, Inc. All rights reserved. | 21
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
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 $567M Integrated Advanced Optimized Memory Computing LED AI-Driven Busi
Slide 24: Operating Results
Operating Results 1 ($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 $425 Non-G
Slide 25: Q4 FY26 Balance Sheet and Cash Flow Highlights
Q4 FY26 Balance Sheet and Cash Flow Highlights ($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
Slide 26: Our Outlook
Our Outlook © 2026 Penguin Solutions, Inc. All rights reserved. | 26
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
Slide 28: Thank You
Thank You The AI Factory Platform Company www.penguinsolutions.com
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
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) %
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
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