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Penguin Solutions (NASDAQ: PENG), formerly SMART Global Holdings, reported its Q4 and full-year fiscal 2024 results. The company's name change reflects its focus on AI infrastructure, advanced memory solutions, and high-performance computing. Key highlights include:
- FY2024 net sales of $1.2 billion, down from $1.4 billion in FY2023
- Q4 FY2024 net sales of $311 million, down 1.7% year-over-year
- FY2024 GAAP EPS of $(0.85), compared to $0.15 in FY2023
- Q4 FY2024 GAAP EPS of $(0.46), versus $1.17 in the year-ago quarter
- Non-GAAP EPS for FY2024 of $1.25, down from $2.52 in FY2023
The company reported its third consecutive quarter of sequential top-line growth in Q4. For FY2025, Penguin Solutions projects 15% YoY growth in net sales (±5%) and non-GAAP diluted EPS of $1.70 (±$0.20).
Penguin Solutions, Inc. (Nasdaq: PENG) has completed its brand transition from SGH - SMART Global Holdings, Inc., evolving into a comprehensive end-to-end infrastructure solution provider. Building on 25 years of high-performance computing (HPC) expertise, Penguin Solutions now designs, builds, deploys, and manages next-generation enterprise infrastructure for AI and beyond.
The transition unifies the company's business lines, creating new opportunities for innovation in designing and delivering comprehensive solutions—from core to cloud to edge—for next-generation applications. Penguin Solutions offers customized solutions addressing specific enterprise needs and complex business problems.
Mark Adams, president and CEO of Penguin Solutions, emphasized that this brand unification highlights their transformation into an enterprise solutions company focused on overcoming complex infrastructure deployment challenges. The Cree LED brand, another SGH business unit, will continue to operate under its current name.
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