Penguin Solutions Inc
penguinsolutions.comWhat Do They Do?
Sells AI computing systems and software, memory and storage products, and LEDs to enterprise and government customers, OEMs, and manufacturers.
10-K for FY2026, filed Oct 20, 2026Our Advanced Computing segment delivers AI infrastructure solutions that help customers design, build, deploy, and manage next-generation…View ↗
Our Integrated Memory segment designs, develops, and delivers advanced memory and storage solutions that address performance, capacity, and…View ↗
Our Optimized LED segment offers a broad portfolio of application-optimized LEDs focused on improving lumen density, intensity, efficacy…View ↗
In Advanced Computing, we sell our AI and HPC products to enterprise and government customers in AI cloud services, energy, financial…View ↗
In our Integrated Memory segment, we sell memory solutions to OEM customers in industrial, government, networking and communications…View ↗
Our Optimized LED segment sells LED chips and components to manufacturers and electronic component distributors. We sell our Optimized LED…View ↗
How Do They Make Money?
Customers generally pay for products shortly after delivery. The company earns service revenue when design or installation is complete, as managed support is provided, and when supply-chain goods ship.
10-K for FY2026, filed Oct 20, 2026
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10-K for FY2026, filed Oct 20, 2026
FY2026 revenue by product or service ↗
$1.7B
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10-K for FY2026, filed Oct 20, 2026
$1.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Products
Sold outright
10-K for FY2026, filed Oct 20, 2026 |
86%
FY2023: 83%
|
Products, FY2026
$1.5B Sources
|
Sold outright |
|
Services
|
14%
FY2023: 17%
|
Services, FY2026
$250.5M Sources
|
Who Are Their Customers?
Sells directly and through distributors, resellers and systems integrators to OEMs, enterprises and government customers. LED products also go through distributors to manufacturers and end users.
10-K for FY2026, filed Oct 20, 2026
10-K for FY2026, filed Oct 20, 2026
A significant portion of our net sales is concentrated with a select number of customers. Sales to our ten largest customers were 56%, 66%…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2026, but spent more cash than it brought in: free cash flow was −$163.5M.
10-K for FY2026, filed Oct 20, 2026
$165.6MView ↗
10-K for FY2026, filed Oct 20, 2026
$180.6MView ↗
10-K for FY2026, filed Oct 20, 2026
−$163.5MView ↗
How Are They Changing?
Growing. Revenue grew 24% in 4 years, from $1.4B in FY2022 to $1.7B in FY2026, about 6% a year.
AI factory focus
The earlier report described broad computing platforms spanning edge, core and cloud; the latest report frames its offering around an AI factory platform combining compute, software, memory and services for AI data centers.
10-K for FY2023, filed Oct 20, 2023 10-K for FY2026, filed Oct 20, 2026
Penguin Edge exited
The earlier report described Penguin Edge products and a plan to wind down legacy offerings; the latest report says the Penguin Edge portfolio has been discontinued.
10-K for FY2023, filed Oct 20, 2023 10-K for FY2026, filed Oct 20, 2026In the fourth quarter of fiscal 2026, we fully discontinued our Penguin Edge product portfolio, which previously combined our SMART…View ↗
Brazil memory business exited
The earlier report described an agreement to sell a majority interest in the Brazil memory business; the latest report says the remaining interest was sold, completing the divestiture.
10-K for FY2023, filed Oct 20, 2023 10-K for FY2026, filed Oct 20, 2026On November 29, 2023, we completed the divestiture of an 81% interest in SMART Modular Technologies do Brasil – Indústria e Comércio de…View ↗
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