PENG·AI/HPC infrastructure systems + specialty memory + LED components (Semiconductors & IT hardware/services)

Penguin Solutions

ConvictionModerate

Design, integrate and service AI/HPC computing platforms (Advanced Computing), plus specialty DRAM/Flash memory modules for harsh/embedded environments (Integrated Memory) and LED components (Optimized LED). Asset-light integrator/services mix: hardware + software (cluster management, fault-tolerant Stratus) + managed services; revenue tied to AI data-center buildout and the memory pricing cycle.

Revenue

~$1.35B TTM$1.37B FY2025 (vs $1.17B FY2024

Rev growth

+12% FY2026Eraised guide, +/-5%) vs FY2025 +17% YoY; Q2 FY2026 net sales -6% YoY at $343M

Gross margin

Q2 FY26: 27.3% GAAP / 31.2% non-GAAPFY2025 28.8% GAAP / 31.0% non-GAAP; FY26E ~28% non-GAAP guide

Op margin

Q2 FY26: 13.2% non-GAAPGAAP lower); FY26E opex ~$250M +/- $5M

Capex intensity

low -- integrator/services modelnot a fab owner (specific capex not broken out in quarter

Market cap

~$3.12BNasdaq: PENG, as of 2026-07-02

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-10-21. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$1.5B

FY’22

$1.8B+21%

FY’23

$1.4B-21%

FY’24

$1.2B-19%

FY’25

$1.4B+17%

Margins & balance sheet — FY’25

Gross margin28.8%

Operating margin4.2%

Net margin1.9%

Net debt$3M

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Penguin Solutions

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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