---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-000948"
form_type: "8-K"
ticker: "PENG"
cik: "0001616533"
company_name: "Penguin Solutions, Inc."
filed_at: "2024-01-09T23:59:59+00:00"
generated_at: "2026-06-07T01:31:06.918657+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# SGH Q1 rev $274.2M (-30% YoY); GAAP EPS ($0.23); record gross margins; $75M buyback

## Summary
- Net sales $274.2M, down 30% YoY; Memory Solutions $85.7M, Intelligent Platform $118.8M, LED $69.8M.
- Record GAAP gross margin 30.2% (+160 bps YoY); record non-GAAP gross margin 33.3% (+200 bps YoY).
- GAAP diluted EPS $(0.23) vs $(0.08) YoY; non-GAAP EPS $0.24 vs $0.75 YoY.
- Divestiture of 81% of SMART Brazil closed Nov 29, 2023; classified as discontinued operations.
- Audit Committee approved $75M share repurchase authorization; $150M total over two years.

## SEC filing metadata
- accession: 0001628280-24-000948
- form_type: 8-K
- ticker: PENG
- cik: 0001616533
- company_name: Penguin Solutions, Inc.
- filed_at: 2024-01-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1616533/000162828024000948/0001628280-24-000948-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1616533/000162828024000948/sgh-20240109.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-000948
- JSON: https://secwatch.observer/filing/0001628280-24-000948.json
- Plain text: https://secwatch.observer/filing/0001628280-24-000948.txt

## Key facts
- Earnings Releases
  Penguin Solutions, Inc. reported first quarter of fiscal 2024 results: revenue $274.2 million.
  - Period: first quarter of fiscal 2024
  - Revenue: $274.2 million
  - Result: reported results
  source text: The following discussion relates to our continuing operations, which exclude SMART Brazil. First Quarter Fiscal 2024 Highlights for Continuing Operations • Net sales of $274.2 million, down 30.0% versus the year-ago quarter • Record GAAP gross margin of 30.2%, up 160 basis points versus the year-ago quarter • Record Non-GAAP gross margin of 33.3%, up 200 basis
  evidence_url: https://www.sec.gov/Archives/edgar/data/1616533/000162828024000948/0001628280-24-000948-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.