SMART Global Holdings, Inc. Ordinary Shares - SGH STOCK NEWS

SMART Global Holdings (SGH) reported its financial results for the third quarter of fiscal 2024. The company achieved net sales of $300.6 million, reflecting a 5.5% increase from the previous quarter. GAAP EPS improved to $0.10 from a loss of $(0.26) in the prior quarter, while non-GAAP EPS rose by 37% to $0.37 from $0.27. The company's gross margin also saw improvement, with GAAP gross margin at 29.6% and non-GAAP gross margin at 32.3%, compared to 28.8% and 31.5%, respectively, in the prior quarter.

Despite the positive quarter-over-quarter performance, net sales declined compared to the same period last year. Memory Solutions revenue dropped to $91.6 million from $109.5 million, and Intelligent Platform Solutions revenue decreased to $145 million from $170.9 million. For the fourth quarter, SGH projects net sales of approximately $325 million and a diluted EPS of $0.03, with non-GAAP EPS expected at $0.40.

SMART Global Holdings (SGH) has announced the grant of inducement awards to its new CFO, Nate Olmstead. These awards were approved by SGH's independent Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4) and are part of the company's 2021 Inducement Plan. Nate Olmstead will receive time-based restricted share units (RSUs) and performance-based restricted share units (PSUs), each representing 61,331 ordinary shares. The RSUs will fully vest over four years, with 25% vesting after the first year and the rest in equal quarterly installments. The PSUs will vest based on SGH's total shareholder return relative to the median company in the Russell 2000 Index over a three-year period. The number of shares that may be earned under the PSUs ranges from 0% to 200% of the target, contingent upon continued employment.

SMART Global Holdings (SGH) has appointed Nate Olmstead as its new Senior Vice President and Chief Financial Officer (CFO). Reporting directly to CEO Mark Adams, Olmstead will lead SGH's global finance organization, encompassing accounting, internal audit, investor relations, financial planning and reporting, tax, and treasury. Olmstead brings over 20 years of experience in financial leadership at global technology companies, having recently served as CFO of Logitech and held various senior finance roles at Hewlett Packard Enterprise and Hewlett Packard Company.

CEO Mark Adams praised Olmstead's extensive experience and operational expertise, highlighting his ability to manage scalable businesses. Olmstead expressed enthusiasm about joining SGH, emphasizing the company's innovative solutions and the opportunity to drive growth and deliver value to stakeholders.

Penguin Solutions, a brand under SGH (Nasdaq: SGH), has announced an expansion of its OriginAI solution. This includes validated AI architectures with NVIDIA technology, supported by intelligent cluster management software and expert services. The solution aims to simplify AI deployment and enhance return on investment by offering predictable performance from clusters ranging from hundreds to thousands of GPUs.

The solution features 1-pod, 4-pod, and 16-pod configurations, scaling up to 16,000 GPUs, incorporating NVIDIA H100 GPUs and Penguin's Scyld ClusterWare 12.2 software. Penguin's managed services ensure over 95% cluster efficiency and higher GPU throughput. Penguin Solutions is an NVIDIA-certified Elite OEM with extensive experience, having managed over 75,000 GPUs.

SMART Global Holdings (SGH) announced that it will host a webcast and conference call for its Q3 FY24 earnings on July 9, 2024, at 1:30 p.m. PT / 4:30 p.m. ET. The financial results will be released in a press release before the call. Investors can access the live webcast through the company's website, or listen to the call by dialing in domestically or internationally. A replay will be available on the SGH investor relations website for a year, and a telephonic replay will be accessible for one week post-call.

SGH (Nasdaq: SGH) will host an Analyst Day on July 16, 2024, from 10 a.m. to 12:30 p.m. Eastern Time at the Nasdaq MarketSite in New York City.

CEO Mark Adams and the senior leadership team will present an overview of SGH's strategy and long-term growth vision.

Advanced registration for the event is required due to space. A live webcast and replay will be available on SGH's website.

SMART Global Holdings (NASDAQ: SGH) has announced the grant of inducement awards to its new president of Intelligent Platform Solutions, Pete Manca, who began his role on April 8, 2024. The awards, approved by SGH's independent Compensation Committee, include 106,042 time-based restricted share units (RSUs) and 106,042 performance-based restricted share units (PSUs) at the target level. These grants aim to incentivize Mr. Manca’s employment with the company, as per Nasdaq Rule 5635(c)(4).

The RSUs will vest over four years, with 25% vesting on April 20, 2025, and the rest vesting quarterly. The PSUs will vest based on SGH's total shareholder return (TSR) relative to the median of the Russell 2000 Index after a three-year performance period. The maximum number of shares that can be earned under the PSUs is 200% of the target.

Cree LED, a subsidiary of SGH (Nasdaq: SGH), has received four 2024 BrightStar Awards from LEDs Magazine for its innovative LED products. The recognized products include XLamp® XP-G4 White LEDs, J Series® 2835 Pro9™ LEDs, J Series® 5050C E Class LEDs, and High-Brightness LEDs. These awards highlight Cree LED's advancements in performance, reliability, efficiency, ease of integration, and innovation. The XLamp® XP-G4 White LEDs offer improved optical performance for various lighting applications. The J Series® 2835 Pro9™ LEDs provide high efficacy for indoor lighting, while the J Series® 5050C E Class LEDs deliver outstanding efficacy at 228 lumens per watt. The High-Brightness LEDs are ideal for large-format displays. Cree LED's recognition underscores its commitment to advancing LED technology and offering high-performance, innovative solutions to its customers.

Stratus Technologies, an SGH company (Nasdaq: SGH), has announced the release of Stratus Redundant Linux (SRL) 3.0 and everRun 8.0. SRL 3.0, designed for the Stratus ztC Edge platform, enhances edge infrastructure by providing built-in virtualization and fault tolerance, improving performance by up to 30%. It also adds over two dozen RESTful API calls for better manageability and supports a wider range of Linux guest operating systems. The company has shifted to Ubuntu Linux for SRL development.

everRun 8.0 extends these features to heterogeneous x86-based infrastructures and supports Intel's fourth-generation Xeon Scalable processors. Both SRL and everRun software aim to improve edge infrastructure security, manageability, and performance. The upgrades are available at no cost for customers with Stratus Support contracts.