Penguin Solutions, Inc. (PENG) is a global enterprise solutions provider specializing in high-performance computing, artificial intelligence (AI) infrastructure, and advanced memory solutions. The company delivers innovative, high-availability technologies tailored for enterprise needs, including AI factory offerings and LED-based solutions. PENG operates globally, serving a diverse customer base of OEMs, commercial enterprises, and government entities.
- Advanced Computing - Focuses on high-performance computing and AI solutions, enabling enterprises to deploy cutting-edge AI infrastructure and optimize computational workloads.
- Integrated Memory - Provides advanced memory solutions designed to meet the complex requirements of enterprise applications and data-intensive operations.
- Optimized LED - Specializes in LED-based solutions, offering innovative lighting technologies for various applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark Adams ExecutiveBoard | President and CEO | Board member at Cadence Design Systems, Inc. and Seagate Technology Holdings plc | Mark Adams has been CEO since 2020, leading PENG through significant growth, including a 24.4% YoY revenue increase in Q1 FY25. Previously held executive roles at Micron Technology and Lumileds. | View Report → |
Anne Kuykendall Executive | SVP and Chief Legal Officer | None | Anne Kuykendall joined PENG in 2021 and was promoted to Chief Legal Officer in 2023. She played a key role in the company's rebranding and compliance efforts. | |
Jack Pacheco Executive | EVP, COO, and President of Integrated Memory | None | Jack Pacheco has been with PENG since 2004, serving in various leadership roles. Currently oversees operations and the Integrated Memory division. | |
Nate Olmstead Executive | Senior Vice President and CFO | None | Nate Olmstead joined as CFO in 2024, previously serving as CFO at Logitech International and holding senior finance roles at Hewlett-Packard. | |
Pete Manca Executive | SVP and President of Advanced Computing | None | Pete Manca joined PENG in 2024 to lead the Advanced Computing segment, contributing to 47% of the company's FY24 revenue. Previously held leadership roles at Dell Technologies and Egenera. | |
Bryan Ingram Board | Director | Board member at Aviat Networks, Inc. | Bryan Ingram has been a director since 2018. He retired from Broadcom in 2020, where he held senior leadership roles, including SVP and GM of the Wireless Semiconductor Division. | |
Mark Papermaster Board | Director | CTO and EVP at AMD; Member of multiple advisory boards, including IEEE and the Global Semiconductor Alliance | Mark Papermaster joined PENG's board in 2022. He is a seasoned technology executive, currently serving as CTO at AMD, and has held leadership roles at Cisco, Apple, and IBM. | |
Mary Puma Board | Director | Director at Ciena Corporation, Allegro MicroSystems, Inc., and Entegris, Inc.; Chair of SEMI | Mary Puma joined PENG's board in 2023 after retiring as CEO of Axcelis Technologies. She has decades of experience in the semiconductor industry. | |
Maximiliane Straub Board | Director | Board member at two private companies | Maximiliane Straub has been a director since 2019. She has held senior finance roles at Bosch and other organizations and was recognized as a top woman in the auto industry. | |
Min Yong Ha Board | Director | Chief Development Officer at SK Telecom; Board member at Pacific Telecom, ID Quantique, Rebellions Inc. | Min Yong Ha joined PENG's board in 2024 as part of SK Telecom's strategic investment. He has extensive experience in AI and corporate strategy. | |
Penelope Herscher Board | Chairperson of the Board | Chair of Lumentum Holdings, Inc.; Board member at FORVIA SA and one private company | Penelope Herscher has been Chairperson since 2021. She has extensive experience as a technology executive and board member, including CEO roles at First Rain and Simplex Solutions. | |
Randy Furr Board | Director | None | Randy Furr has been a director since 2017. He previously served as CFO at Bloom Energy and Spansion Inc., and as President and COO at Sanmina Corporation. |
Research analysts who have asked questions during Penguin Solutions earnings calls.
Kevin Cassidy
Rosenblatt Securities
4 questions for PENG
Samik Chatterjee
JPMorgan Chase & Co.
4 questions for PENG
Ananda Baruah
Loop Capital Markets LLC
2 questions for PENG
Denis Pyatchanin
Stifel Financial Corp.
2 questions for PENG
Matthew Calitri
Needham & Company
2 questions for PENG
Michael Ng
Goldman Sachs
2 questions for PENG
Nick Doyle
Needham & Company
2 questions for PENG
Rustam Kanga
Citizens Capital Markets and Advisory
2 questions for PENG
Thomas O’Malley
Barclays Capital
2 questions for PENG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Stratus Technologies | 2023 | SGH acquired Stratus Technologies for a $225 million cash purchase plus up to a $50 million contingent earnout, which was settled in cash; the acquisition, completed in August 2022 and contributing net sales in FY 2023, strategically enhances SGH’s Intelligent Platform Solutions by adding advanced high-availability and fault-tolerant computing platforms for data centers and edge environments. |
Recent press releases and 8-K filings for PENG.
- Penguin Solutions reported a strong fiscal year 2025, with revenue growing 17% year-over-year to $1.37 billion and non-GAAP diluted EPS increasing 53% to $1.90. The company evolved into a leading provider of AI infrastructure solutions, expanding its Advanced Computing pipeline and deploying its first international AI infrastructure implementation.
- For fiscal year 2025, Advanced Computing revenue grew 17% to $648 million, driven by a 75% increase in HPC AI revenue from non-hyperscalers. Integrated Memory revenue also saw significant growth, increasing 30% to $464 million.
- For fiscal year 2026, Penguin Solutions initiated an outlook for net sales to grow 6%, plus or minus 10% year-over-year, and non-GAAP diluted EPS of approximately $2, plus or minus $0.25. This outlook incorporates a 14% unfavorable year-over-year impact due to the planned wind-down of the Penguin Edge business and the assumption of zero hardware sales to hyperscale customers.
- The company refinanced its debt, reducing total gross debt by $200 million, and reported net debt of $16 million at the end of the fiscal year. The board also authorized a $75 million increase in its stock repurchase authorization, bringing the total remaining authorization to $112 million.
- Penguin Solutions reported Net Sales of $1.37 billion for FY25, an increase of 17% compared to FY24, and $338 million for Q4 FY25, up 9% year-over-year.
- The company achieved Non-GAAP diluted EPS of $1.90 for FY25, a 53% increase over FY24, and $0.43 for Q4 FY25, up 18% year-over-year.
- Penguin Solutions closed a $200 million SK Telecom strategic investment and refinanced debt, reducing total gross debt by $200 million and achieving net debt of $16 million at FY25 year-end.
- The company repurchased 16K shares for $296K in Q4 FY25 and announced a new $75 million stock repurchase authorization in October 2025.
- For FY26, Penguin Solutions anticipates Non-GAAP diluted EPS to be $2.00 +/- $0.25.
- Penguin Solutions reported strong fiscal year 2025 financial results, with revenue growing 17% year-over-year and non-GAAP diluted EPS increasing 53% to $1.09.
- Key strategic accomplishments in FY 2025 included securing a $200 million investment from SK Telecom, deploying its first international AI infrastructure, and strengthening partnerships.
- For fiscal year 2026, the company projects net sales growth of 6% plus or minus 10% and non-GAAP diluted EPS of $2 plus or minus $0.25. This outlook incorporates a 14 percentage point headwind from the wind-down of the Penguin Edge business and no hyperscale hardware sales.
- The board authorized a $75 million increase in the stock repurchase program, bringing the total remaining authorization to $112 million, and the company reduced its total gross debt by $200 million through refinancing.
- Penguin Solutions reported Fiscal Year 2025 net sales of $1.37 billion, representing a 17% increase compared to the prior year, with GAAP diluted EPS of $0.28 and Non-GAAP diluted EPS of $1.90.
- For the fourth quarter of fiscal 2025, net sales were $338 million, an increase of 9% versus the year-ago quarter, and Non-GAAP diluted EPS was $0.43.
- On October 6, 2025, the Audit Committee of the Board of Directors approved a $75 million common stock repurchase authorization.
- The company provided a fiscal year 2026 outlook, projecting 6% year-over-year net sales growth (+/-10%) and Non-GAAP diluted earnings per share of $2.00 (+/-$0.25).
- Penguin Solutions, Inc. announced leadership changes as part of an updated organizational structure intended to accelerate growth, support product innovation, and further enable go-to-market strategies, underscoring its transformation to an AI Infrastructure Solutions Company.
- Tony Frey was appointed SVP and Chief Revenue Officer, effective August 25, 2025, and will oversee global sales for the Advanced Computing and Integrated Memory segments.
- Ted Gillick was appointed SVP of Strategy and Corporate Development, effective August 4, 2025.
- Pete Manca ceased serving as SVP and President of Advanced Computing on July 28, 2025, with his role eliminated in the revised organizational structure.
- Penguin Solutions, Inc. completed a refinancing of its credit facilities on June 24, 2025, establishing a new $400 million Revolving Credit Facility that matures in 2030.
- This new facility replaces the previous $300 million Term Loan A Facility due 2027 and $250 million Revolving Credit Facility due 2027, which were repaid and terminated.
- The company repaid $300 million outstanding under the existing facilities by borrowing $100 million from the new facility and using $200 million in available cash, thereby reducing its funded debt by $200 million.
- The initial interest rate for the new Credit Facilities is based on the Secured Overnight Financing Rate (SOFR) plus 1.75%.
- Penguin Solutions, Inc. has received board approval to redomicile its Cayman Islands parent company to the United States, a move aimed at streamlining its organizational and regulatory structure.
- The redomiciliation plan involves exchanging existing Cayman Islands ordinary and convertible preferred shares one-for-one for common stock and convertible preferred stock of a new Delaware corporation, with completion anticipated in Q3 2025 pending shareholder and Cayman Court approvals.
- Following the redomiciliation, the company’s common stock will continue to trade under the ticker PENG on the Nasdaq Global Select Market, reflecting its ongoing strategic focus in the U.S. market.